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History of Hitech Drilling Services India Ltd.

YEAR EVENTS 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 drilling.

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 ups].

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.