Punj Lloyd Wins $290M Heera Order from ONGC

Construction giant, Punj Lloyd, along with its offshore engineering arm - PT Sempec Indonesia, a wholly owned subsidiary, has secured its single largest Offshore Platform Project--the prestigious Heera Redevelopment Project--on an EPC basis from Oil & Natural Gas Corporation Limited (ONGC). The order, valued at around US$ 290 million, was won after meeting ONGC's stringent qualification criteria.

Heera field is located about 80 km West of Mumbai in the Arabian Sea on the continental shelf of Western India. The project scope of work includes surveys (pre-engineering, pre-construction/pre-installation and post-installation), design, engineering procurement, fabrication, Loadout, tiedown/sea fastening, transportation, installation, hook-up, testing, pre-commissioning and commissioning of 4 unmanned platforms, 70 km of submarine pipeline (rigid & flexible), laying of 25 km of composite cables, modifications of 7 existing platforms and installation of a new SBM in Mumbai High South.

The work is scheduled to be completed within 16 months.

The consortium qualified for the project based on the experience of PT Sempec, which has executed offshore platform projects. PT Sempec was acquired by the Group as part of Singapore based Sembawang E&C, in June 2006.The strategic acquisition by Punj Lloyd will make it a significant player in the marine oil & gas production facilities.

Commenting on the order, Mr Atul Punj, Chairman - Punj Lloyd said, "This order is a major milestone for the company as it catapults Punj Lloyd into the exclusive club of EPC service providers for marine oil & gas production facilities. With this order, the bar has been raised for the Company, as this is its single largest EPC project and a first in the offshore platform business."

This order has been won against stiff competition from local and international companies.

With this, the order backlog for the group is Rs 15,880 crore. This is the total value of unexecuted orders as of September 30, 2006 and new orders received till date.

Punj Lloyd, listed on BSE and NSE, is amongst the largest engineering and construction companies in India providing integrated design, engineering, procurement, construction and project management services for energy and infrastructure sector projects with operations spread across many regions in the Middle East, Caspian, Asia Pacific, Africa and South Asia.

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