John Energy Limited (JEL) Ahmedabad based onshore drilling and workover segment service provider is planning to spend Rs. 196 crore for acquisition of a new rig and installation of new machineries at owned rigs during the current fiscal. Presently, the company has a fleet of 30 rigs comprising 15 drilling and 15 workover rigs. The company has executed significant capex over the past four years ended March 31, 2014, with net asset addition of Rs. 550 crore.
The company has a strong clientele of the established and reputed E&P players such as Oil and Natural Gas Corporation Limited, Cairn India Limited, etc. Also, the company has entered the overseas market by bagging a contract from Sonatrach, a reputed and resourceful E&P company based in Algeria.
The company’s order book increased from Rs. 736.97 crore as on September 1, 2013 to Rs. 1,241.70 crore as on April 1, 2014. For the year 2013-14, the company has clocked a turnover of Rs. 520.17 crore with a profit after tax (PAT) of Rs. 58.27 crore.