Great Offshore has been awarded a lump-sum turn key engineering contract of around Rs.234 crores by ONGC. The contract execution is scheduled to be completed by the middle of CY 2010.
The Engineering Procurement Installation & Commissioning contract scope involves carrying out engineering, procurement, fabrication, transportation and installation of barge bumpers, boat landings, riser protectors on 79 of ONGC’s offshore platforms aimed at accomplishing ONGC’s commitment to enhancing safety. The work will be carried out at production/process platforms in the western Indian fields of Mumbai High, Bassein & Satellite and Neelam & Heera.
This contract represents an important milestone in Great Offshore’s attempt to grow its engineering services and projects earnings to complement its offshore logistics and drilling services earnings. Consolidated revenues from engineering services and projects during FY 2007-08 attributed to around Rs.25 crores.
“It’s been our consistent endeavor to diversify the growth drivers for our business. This contract is a big step in that direction. It is a formidable leap for the Company in terms of business positioning. As in the past, it is the Company’s endeavor to live up to the expectations and aspirations of all our stakeholders,” said Vijay K. Sheth, Vice Chairman cum Managing Director.
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