Welspun Corp wins major offshore pipes supply contract in Australia; stock skids 3.5%

The contract scope comprises manufacturing & supply of 270 km (87 KMT) pipes for critical offshore application.

Mar 11, 2020 09:03 IST India Infoline News Service

Welspun Corp
Shares of Welspun Corp slipped 3.5% in the morning trade on Wednesday despite order win.

The company has secured a major offshore pipes supply contract in Australia for the Barossa offshore Development project from Allseas Marine Contractors Australia PTY Ltd. 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 global order book stands at robust 1,139 KMT after considering order execution up to February’ 2020, it added.

The stock is currently trading at Rs119.90, down by Rs4.5 or 3.62% from its previous closing of Rs124.40 on the BSE.

The scrip opened at Rs121.90 and has touched a high and low of Rs125.90 and Rs118.40 respectively.

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