United Drilling Tools Ltd appoints marketing associate in Vietnam

United Drilling Tools Ltd. (UDTL) (BSE - 522014, NSE - UNIDT) has appointed a reputed Marketing Associate and Representative in Vietnam to promote its products for Oil & Gas exploration equipments in the region.

UDTL has executed several orders through its marketing representatives. Recently, some of its bids are under active consideration for projects in Vietnam, which are expected to convert into orders.

This representation will open opportunities for UDTL to expand its market base in Vietnam with major E&P companies like Vietnam National Petroleum Group, Vietnam Oil and Gas Group, Vietsovpetro, PJSC Rosneft Oil Company, Petro - Vietnam and PerencoSA.

Further, recent expansion of offshore exploration and production (E&P) activities in Vitenam have steadily created a growing market for oil and gas equipments with an addressable market size estimated at approximately INR 400 Crores. This will open up a sizable opportunity for UDTL to increase its market share in Vietnam.

Brief on Vietnam Oil & Gas Market

Vietnam oil and gas market is expected to grow at a CAGR of more than 4.57% during the forecast period of 2020 - 2025. The crude oil reserves in Vietnam are the 24 largest in East Asia after China with 4.4 billion barrels or 630 million tons. The estimated market size for Oil & Gas Exploration equipments is around INR 400 Crores.

The major E&P Companies Petro Vietnam (PVN) and Japanese operator JX Nippon have signed an agreement on the continued production and development of Vietnam's offshore reserves.

Shares of United Drilling Tools Limited was last trading in BSE at Rs. 510.80 as compared to the previous close of Rs. 507.10. The total number of shares traded during the day was 17174 in over 1374 trades.

The stock hit an intraday high of Rs. 523.80 and intraday low of 504.00. The net turnover during the day was Rs. 8778998.00.

Source : Equity Bulls

Keywords

UnitedDrillingTools INE961D01019 UNIDT MarketingAssociate Representative Vietnam