United Drilling Tools appoints reputed Marketing Associate and Representative in Vietnam for oil -; gas biz; Stock hits new high

11 Jan 2022 , 02:02 PM

United Drilling Tools on Tuesday announced the appointment of a reputed Marketing Associate and Representative in Vietnam to promote its products for Oil & Gas exploration equipments in the region.

This representation will open opportunities for UDTL to expand its market base in Vietnam with major E&P companies like Vietnam National Petroleum Group, Vietnam Oil and Gas Group, Vietsovpetro, PJSC Rosneft Oil Company, Petro – Vietnam and PerencoSA.

The company has executed several orders through its marketing representatives. Recently, some of its bids are under active consideration for projects in Vietnam, which are expected to convert into orders.

Further, recent expansion of offshore exploration and production (E&P) activities in Vitenam have steadily created a growing market for oil and gas equipments with an addressable market size estimated at approximately Rs400cr. This will open up a sizable opportunity for UDTL to increase its market share in Vietnam.

At around 2 pm, United Drilling was trading at Rs555.45 per piece up by Rs44.65 or 8.74% on Sensex.

The stock has hit a new 52-week high of Rs561.75 per piece in the early deals of Sensex.