Punj Lloyd rockets on bagging EPC offshore contract worth Rs 469 crore from ONGC

28 Nov 2011

Punj Lloyd is currently trading at Rs. 49.15, up by 2.35 points or 5.02% from its previous closing of Rs. 46.80 on the BSE.

The scrip opened at Rs. 47.75 and has touched a high and low of Rs. 49.75 and Rs. 47.70 respectively. So far 503732 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 117.40 on 04-Jan-2011 and a 52 week low of Rs. 44.40 on 24-Nov-2011.

Last one week high and low of the scrip stood at Rs. 49.75 and Rs. 44.40 respectively. The current market cap of the company is Rs. 1554.21 crore.

The promoters holding in the company stood at 37.16% while Institutions and Non-Institutions held 23.59% and 39.25% respectively. 

Punj Lloyd Group, a leading engineering, procurement and construction (EPC) conglomerate, has bagged an offshore project in Bombay High, Mumbai from ONGC. The project, worth Rs 469 crore ($97.3 million), is scheduled for commissioning in May, 2013.

The scope of work for the project entails surveys, designing, engineering, procurement, fabrication, anti-corrosion and weight coating, load out, tie down/sea fastening, tow-out/sail-out, transportation, installation of 122 km of submarine pipeline (diameter ranging from 8”-14”), risers and I/J tubes, modifications on existing facilities, hook-up, and testing. It would also include commissioning of laying rigid submarine pipelines in six segments for Oil & Gas, sub-sea tie-in ICP at Hears trunk line and topside modifications at BBP and BCPA2 Complex in B&S field.

ONGC intends to develop the WO-16 cluster field located South East of SH process complex of Mumbai High Field in water depth of 75 to 80m. Well fluid gathered at WO-16 from WO-5, WO-15 and B-119/121 well heads will be sent to MOPU (Sagar Samrat modified as a Mobile Offshore Processing Unit) for initial 6 years starting from 2013 to 2019 to handle the produced oil and gas.

For ONGC, Punj Lloyd has executed two offshore pipelines projects - the Uran Trombay Gas Pipeline and the Uran Trombay Jawahardweep Pipeline, 20” and 36” diameter respectively and prestigious Heera Redevelopment Project comprising 4 Wellhead Platforms, SPM & Offshore Pipelines (57 km rigid + 10 km flexible pipeline + composite cable). Other than its offshore pipeline work in India, Punj Lloyd also laid the Panaran Pemping Gas Pipeline and Phase 8 & 9 of the Tunu Field Development project of Indonesia.

Punj Lloyd has an experience of execution of the complex Heera Redevelopment Project in Mumbai for ONGC, Betara and South Utility Platforms in Indonesia and PCF (platform compressor facilities) in Thailand. Its barges, Kuber and Mahesh I, with their sophisticated navigation, communication and accommodation facilities and pipe-laying equipment have been its key assets in the successful delivery of these complex offshore jobs.

With this contract, the order backlog for the Punj Lloyd Group on a consolidated basis has gone up to Rs Rs 27,178 crore, reflecting the total value of unexecuted orders as on September 30, 2011 and orders received after that day.

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