Ramunia Holdings Bhd announced that it has been awarded a U.S. $685 million contract from India’s Oil and Natural Gas Corporation Ltd according to AFX News.
Ramunia's subsidiaries Ramunia International Sercives Ltd and Ramunia Fabricators Sdn Bhd received the notification of award from ONGC for a submarine pipeline project in the Heera-Panna-Bassein block of the Bombay offshore basin, about 60 to 90 kilometers west of Mumbai city.
Ramunia reported that the contract includes updating existing facilities, engineering, fabrication, and surveys and testing. The pipeline project will be completed in water depth ranging from 60 to 75 meters.
Ramunia has suspended share trading for this announcement, although the company expects the contract to prove a positive influence on earnings in the fiscal years ahead.
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