Oil India Bags Dolphin Drilling's Blackford Unit For Andaman Offshore Blocks

Oil India Ltd. announced that the company signed a contract with Norway's Dolphin Drilling Ltd. for the hiring of Dolphin's anchor-moored, semi-submersible drilling unit called Blackford.

The Blackford Dolphin will be deployed for drilling in Andaman offshore blocks to undertake exploration activities, according to an exchange filing released on Monday.

On July 2, the company's board of directors approved the proposal to issue bonus shares. The issuance will be in a 1:2 ratio to eligible shareholders, as reported in an exchange filing. Currently, the company's paid-up share capital is Rs 1,084.4 crore, which will increase to Rs 1,626.6 crore following the bonus issue.

Shares of Oil India closed 2.51% lower at Rs 557 per share, as compared to a 0.13% decline in the Sensex.