1985 - The Comp. was incorporated as a private limited Comp. on 25th
May, at Mumbai & was converted into a public limited company
on 31st August, 1987. It was promoted as a joint venture company
by Tata Industries limited [TILs], & Sedco Forex International
Drilling Inc. [Sedco Forexs], Republic of Panama, part of
Schlumberger Group of Companies. The Comp. was promoted as a
joint venture to provide drilling & related services for
production of oil & other hydro-carbon & mineral resources.
The Comp. provide drilling & related services for the
exploration & production of oil & other hydro-carbon and
mineral resources both on-shore & off-shore in India.
- The Comp. obtained its first off-shore drilling, contract from
ONGC, pursuant to the Government of India efforts to encourage
Indian joint venture companies to enter into offshore oil
1987 - On 24th Febraury, Tata Industries limited [TILs], & Sedco Forex of
the Schlumberger Group entered into a joint agreement for
promotion of joint venture Comp. with 39.9% shareholding by
TIL & its affiliates, 39.9% shareholding by Sedco Forex & the
balance by public.
- The Technical Assistance & licence Agreement dated 24th
February, between HITECH & also Sedco Forex Technology Inc.
[SFTs], provides for transfer of state-of-the-art
technical information pertaining to the drilling of wells from
SFT to HITECH on an on-going basis.
- 20 shares subscribed for by signatories to the Memorandum of
Association. 52,49,980 shares then issued at par out of which,
the following shares reserved & allotted on a firm basis:
[is] 10,44,780 to Tata Industries Ltd.; [iis] 2,10,000 to Kalimati
Investment Co. Ltd.; [iiis] 3,15,000 to Tata Robins Fraser Ltd.'
[ivs] 5,25,000 to Shapoorji Palonji and Co. Pvt. limited and
[vs] 20,94,800 to Sedco Forex International Drilling Inc. Panama.
Out of remaining 10,60,400 shares, 2,62,500 reserved for
preferential allotment to employees [including Indian working
directorss]/workers of Comp. but only 5,700 taken up; The
balance 7,97,900 along with 2,56,800 not taken up by employees,
offered for public subscription during November 1987 [all taken
1989 - The Comp. proposed to import the rig & supply vessels on
hire. The Comp. couldn't execute the order placed by ONGC for
charter hire of second 300 ft. jack-up rig due to
non-availability of suitable jack-up rig in the international
market at a reasonable price.
- Authorised capital increased in 1988-89. During October 1989,
131,25,000 shares of Rs 10 each issued on rights basis for cash
at par in the ratio of 5:2. Additional 19,68,750 shares allotted
to retain over-subscription. Simultaneously another 6,56,250
shares issued under the stock option scheme [only 13,000 shares
taken ups]. The remaining unsubscribed portion of 6,43,250 equity
shares allowed to lapse.
1990 - The Semi-submersible based floating oil production system
`Tahara' having an annual production capacity of one million
tonnes of oil was also on charter hire with ONGC.
- The Comp. obtained the import approvals for purchase of 6000
Mtrs. on shore drilling rig.
1991 - The Comp. with the assistance of its foreign collaborator was
pursuing all possibilities of charter hiring of `Tahara' or its
sale alternatively. Shares fully called up in 1991-92.
1992 - The Comp. entered into a technical collaboration agreement with
Krakow Oil and Gas Comp. of Poland for provision of technical
support & specialised personnel for Company's
onshore drilling activity. Apart from this, discussions
pertaining to terms of technical collaboration for its offshore
drilling activity was on with a foreign drilling company.
1995 - The Comp. hired MARINE-201 from Marine Drilling Companies, USA
to perform the said drilling operation.
1996 - The HITDRILL-2 operating at Andhra Pradesh was totally destroyed
in a fire carried by a blowout in an ONGC well on which the
rig was operating. During the year the Comp. secured a
contract from Vaalco Energy [Indias] Inc. for installation and
operation of Floating Oil Production System [FPSs] at the PY-3
oilfield, Offshore Pondicherry.