Punj Lloyd shines on bagging offshore project in Saudi Arabia

Punj Lloyd is currently trading at Rs. 48.85, up by 1.70 points or 3.61% from its previous closing of Rs. 47.15 on the BSE.

The scrip opened at Rs. 47.95 and has touched a high and low of Rs. 49.85 and Rs. 47.50 respectively. So far 6, 16,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 64.10 on 09-Jan-2013 and a 52 week low of Rs. 39.00 on 04-Mar-2013.

Last one week high and low of the scrip stood at Rs. 47.55 and Rs. 45.05 respectively. The current market cap of the company is Rs. 1,621 crore.

The promoters holding in the company stood at 37.15% while Institutions and Non-Institutions held 24.34% and 38.51% respectively.

Punj Lloyd Group, a leading engineering, procurement and construction (CPC) conglomerate, has bagged an offshore project in Al-Khafji, Saudi Arabia from Al-Khafji Joint Operations. The project, worth Rs 314 crore amounting $57.75 million, is scheduled for commissioning in September, 2014. With this contract, the order backlog for the Punj Lloyd Group on a consolidated basis has gone up to Rs 24,004 crore, reflecting the total value of unexecuted orders as on December 31, 2012 and orders received after that day.

Al-Khafji Joint Operations (KJO) is a joint operation of two national companies - Aramco Gulf Operations Company (AGOC) and Kuwaiti Gulf Oil Company (KGOC), for oil and gas exploration, development and production in the offshore area of the partitioned neutral zone between Saudi Arabia and Kuwait.

The scope of work for the project entails detail design, engineering, procurement, testing, transportation and construction/installation of a new 20” OD crude transmission line, 40 km submarine rigid pipeline, mechanical completion, pre-commissioning, commissioning / start up, and performance testing. The scope also includes modification work at RataWi Gathering Station, scraper launcher, tie-ins with existing facilities including utilities, valves and piping, riser and riser clamps, dad, extension for Installation of new facilities and onshore section at Al-Khajl from landfall to scraper receiver, tie-ins with existing facilities including utilities, valves and piping.

The purpose of this project is to install arms crude transmission fine as replacement for the existing transmission line. Besides ensuring safe operation, the new transmission line shall be designed for intelligent pigging for the purpose of monitoring the pipeline’s internal condition and shall be provided with suitable valving arrangement that will meet International standards and ensure safety and adequate protection of the pipeline arid associated facilities while in operation.