Punj Lloyd bags Rs 469 cr order from ONGC, stock up 3%

New Delhi: Engineering, procurement and construction company Punj Lloyd Group today said it has bagged a Rs 469 crore order from state-run ONGC for laying a submarine pipeline in the Mumbai High oil and gas field in the Western Offshore.

“The project, worth Rs 469 crore, is scheduled for commissioning in May, 2013,” Punj Lloyd said in a filing to the BSE.

The scope of work involves survey, design, engineering, procurement, fabrication and installation of 122 km of submarine pipeline, among other objectives.

[caption id=“attachment_142302” align=“alignleft” width=“380” caption=“The project is a part of ONGC’s efforts to develop the WO-16 cluster field. Screengrab/punjlloyd.com”]  [/caption]

“We are happy to receive this repeat contract from ONGC. With our expertise of both offshore pipelines and platforms, coupled with our self-owned pipe-laying barges, we are confident of delivering this project to our clients’ satisfaction,” Punj Lloyd Director PK Gupta said.

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The project is a part of ONGC’s efforts to develop the WO-16 cluster field, located South-East of the SH complex in the Mumbai High Field in water depths of 75-80 metres.

Punj Lloyd has previously executed two offshore pipeline projects for ONGC.

“With this contract, the order backlog for the Punj Lloyd Group on a consolidated basis has gone up to Rs 27,178 crore,” the company said.

Shares of the company were being quoted at Rs 49.65 on the BSE in afternoon trade today, up 6.09 percent vis-a-vis the previous day’s close.

PTI