Essar Oilfield Services eyes 20% rise in revenues at Rs 3.6 bn in FY19

Essar Oilfield Services eyes 20% rise in revenues at Rs 3.6 bn in FY19Essar Oilfield Services Ltd is eyeing a 20 per cent jump in revenues next fiscal as the country’s focus on raising domestic output propels a stagnant rig hire market. The company, which owns 16 rigs used for drilling of oil and gas, is expected to end the current fiscal with a revenue of Rs 3 billion, up from Rs 1.05 billion in the previous year, its CEO Rajeev Nayyer said. “In the next fiscal, we are expecting a 20 per cent rise in revenues to Rs 3.6 billion” as more of the company’s rigs are hired by explorers, he told PTI. Of the 16 rigs it holds, 15 are on-land drilling rig and one is submersible rig.

Source: Business Standard