Welspun Corp bags major offshore pipes supply contract in Australia

Welspun Corp on Wednesday (11 March) said it secured a major offshore pipes supply contract in Australia for the Barossa offshore Development project from Allseas Marine Contractors Australia.

The project is owned by a joint venture, which comprises ConocoPhillips Australia, SK E&S Australia and Santos Offshore. The contract scope comprises manufacturing & supply of 270 km (87 KMT) pipes for critical offshore application.

This is a first for Welspun in the quality conscious Australian offshore Industry & reaffirms Welspun's strategic position in supplying pipes for challenging offshore projects across the globe. With this recent order, which will be executed from India, the company's global order book stands at robust 1,139 KMT after considering order execution up to February 2020.

Welspun Corp's consolidated net profit surged 643% to Rs 223.48 crore on a 23.8% rise in net sales to Rs 2,844.67 crore in Q3 December 2019 over Q3 December 2018.

Welspun Corp is a welded line pipe manufacturing company engaged in offering solution in line pipes with a capacity to manufacture longitudinal submerge-arc welded (LSAW), spiral helical submerged arc welded (HSAW) and high frequency electric resistance welded (HFERW)/high frequency induction (HFI) electrical resistance welded (ERW) pipes.

Shares of Welspun Corp were down 8.96% to Rs 113.25. The scrip hovered in the range of Rs 101.10 to Rs 125.90 so far.

The stock is down 32.66% in three consecutive sessions from its recent closing high of Rs 168.20 as on Thursday, 5 March 2020.

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