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PSL Bags Additional Orders Worth Rs. 742 Crore For Various International/Domestic Projects - Company & Its Foreign Subsidiary Secure New Projects Within the Offshore Oil & Gas, Water, & Petroleum Storage Segments


PSL - Tuesday, February 14, 2012

PSL Limited, a global leader in manufacturing and coating of pipes for transporting hydrocarbon products, water products, and steel structural applications, and the largest manufacturer of high-grade large diameter Helical Submerged Arc Welded (HSAW) pipes in India, today announced that both the company and its Middle Eastern subsidiary PSL FZE, based in Sharjah, UAE, have bagged orders cumulating over Rs. 742 crore for the manufacture of pipes and the provision of ancillary coating services. The orders are with leading international and domestic infrastructure majors such as M/s. Leighton Offshore, M/s. Larsen & Toubro, M/s. Nagarjuna Construction Company, M/s. Pratibha Industries, and assorted other customers, and have all been secured in Q4 FY2011/12 till date.

The foreign order component comprises the award of an offshore pipe coating project by Leighton Offshore, Malaysia, for an SPM Pipeline Project in Iraq. The scope of work includes coating approximately 66 kms. of 48-inch diameter bare line pipes, and the contract has been awarded to PSL FZE despite stiff competition from well-established pipe coating companies based in the Middle East. PSL had earlier worked successfully as a subcontractor for Leighton India on its SPM pipeline projects in both Vishakhapatnam and Kandla, and this had been an important factor for favourable award of works in favour of PSL FZE.

Mr. Ashok Punj, MD, PSL Limited stated “With oil prices at current levels, Iraq and other Arabian Gulf Nations are looking forward to ramping up their infrastructure capabilities to boost export capacities. Thus, the market for supply of pipe and attendant coating services is quite positive, and PSL FZE is accordingly geared with vendor approvals from major clients like Abu Dhabhi Marine Operating Company and Qatar Petroleum to serve this requirement.”

PSL also announced that the company has secured orders from large domestic companies L&T, NCC, and Pratibha for water pipeline projects being implemented in the states of Gujarat and Tamilnadu. The company’s Kandla and Chennai pipe mills, respectively, shall be pressed to meet these pipe supply requirements.

Mr. Punj added “These customers have placed firm orders on PSL mills in order to both optimize their logistic and procurement costs, and ensure timely completion of their water pipelines in accordance with project schedules. The pipes manufactured by PSL at its various locations across the country hence offer the best solution to these repeat customers on a regular basis.”

Following the receipt of these projects, the standalone order book of PSL Limited stands at approximately Rs. 2,900 crore, while the consolidated order book is approximately Rs. 3,500 crore, with various high-value bids still outstanding and currently awaiting award.




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