Jindal Drilling Industries Ltd.'s fourth quarter earnings will be adversely impacted by the $9.1 million settlement for an arbitration award.
The settlement has been sourced from the company's reserves and its sister companies and will impact the balance sheet, Chairman DP Jindal told BloombergQuint in an interview. The settlement amount, however, is far lower than the claim of $31.77 million relating to the Noble Edholt jack-up rig, he added.
Jindal expects financials to improve in 2018-19 supported by a rise in oil prices.
Shares jumped as much as 16.5 percent to its highest in over a month, after the announcement.
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