Pipavav wins contract worth Rs 255 cr for maintaining oil rigs

 

Private sector shipbuilder Pipavav Defence and Offshore Engineering Company today bagged a contract worth Rs 255 crore for maintaining and dry docking of deep water draft oil rigs.

"Pipavav Defence has significant contracts for oil and gas assets and for the first time in the country, such critical and complex work is being done in India in this sector," the company said in a BSE filing.

"Pipavav Defence bags prestigious contract for maintaining and dry docking of deep water draft oil rigs amounting to Rs 255 crore," it said.

It, however, did not disclose the name of its client.

The order comes just a week after the shipbuilder won a contract worth Rs 1,160 crore for building two specialised offshore vessels from a European client.

The company is also negotiating with several large oil and gas players globally to enter into long-term contracts for building, conversion, maintaining and dry docking of equipment vital for energy security, it further said.

According to the company, its offshore facilities are amongst the largest in the world and it is focusing on building, maintaining, refurbishing, converting and dry docking of Oil platforms, FPSO, Deep water draft rigs and other speciality oil and gas assets for global clients including ONGC.

Last week, the company had said that its order book has crossed $2 billion mark and it is looking to close at least three more contracts in the next two quarters in the offshore and naval segment.

Shares of the company today fell 4.97% to close at Rs 65.00 apiece on the BSE in an overall weak market.