Man Industries inks technical collaboration pact with OMS Oilfield; stock zooms 3%

Man Industries (India) Ltd. (MIIL), has entered into a technical collaboration and know-how agreement with Singapore-based OMS Oilfield Services Pte. Ltd. (OMS), one of Asia’s leading oilfield services and manufacturing companies, through its subsidiary Company, Man Offshore & Drilling Ltd. (MODL).

As part of the agreement, OMS will be responsible to grant MODL know-how, trademarks, and technology to manufacture specialty connectors and cross over for operations in India. MODL will be manufacturing high-quality specialty connectors and cross-overs for large diameter conductors and surface casing for oil and gas well construction as per the technological expertise of OMS.

This agreement would provide Man Industries access to superior technology in manufacturing value-added products which will help the company to expand the existing product offering and cater to the growing demand in the niche segment of the Oil & Gas Industry.

Man Industries (India) Ltd is currently trading at Rs102.60 up by Rs3.1 or 3.12% from its previous closing of Rs99.50 on the BSE. The scrip opened at Rs99.90 and has touched intraday high and low of Rs104.50 and Rs99.15 respectively.