Welspun Corp secures offshore pipes supply contract in Australia

Welspun Corp Limited, a flagship company of Welspun Group, has today informed the bourses that the company has secured a major offshore pipes supply contract in Australia.

This contract is for Barossa Offshore Development Project from Allseas Marine Contractors, Australia. Under this contract, the company has to manufacture and supply of 270 km (87 KMT) pipes for critical offshore application.

The project is owned by a joint venture, which comprises ConocoPhillips Australia, SK E&S Australia and Santos Offshore.

As of 9MFY20, the company’s global order book stood at 1,305 KMT valued at Rs 108 billion (US $1.51 billion). Now with this latest order win, the company’s global order book stood at 1,139 KMT after considering the order execution up to February 2020.

In today’s trading session, the stock of Welspun Corp cracked by 19 per cent and made 52-week low of Rs 101.10 on BSE.