BHEL signs MoU with US rig maker

The Hyderabad unit of power equipment maker, Bharat Heavy Electricals Limited (BHEL) has signed a memorandum of understanding with National Oil Well Varco, a US-based oil and gas drilling equipment firm, to build 35 AC (alternating current)deep land drilling rigs in phases.

“AC technology rigs are eco-friendly and highly fuel-efficient with less maintenance cost. With this deal, BHEL’s turnover for oilrigs will increase to Rs 400 crore,” a company statement said.