United Drilling Tools Ltd announces order awarded by Vedanta Limited - Order book

United Drilling Tools Ltd. (UDTL) (BSE - 522014, NSE - UNIDT) is pleased to announce that the Company has been awarded an order worth INR 1,486.62 MN from Vedanta Limited,( Cairn Oil & Gas) a leading global diversified natural resources company.

This order pertains to the supply of Oil Country Tubular Goods (OCTG), including casing, tubing, pup joints, and X-overs, to be delivered over a period of three years. The significant order pertains to the supply of various sizes of Oil Country Tubular Goods (OCTG) and accessories for offshore and deep basin applications. This significant order further strengthens UDTL's position in the oil and gas industry and reflects the trust that Vedanta, one of the world's most renowned resource companies, places in UDTL's high-quality products and services.

The global Oil Country Tubular Goods (OCTG) market was valued at approximately USD 24.93 billion in 2023 and is expected to grow significantly, reaching an estimated USD 46.61 billion by 2032. This projected growth presents a substantial opportunity for UDTL to expand its product line and capitalize on the increasing demand in the near future.

Commenting on the order book position, Shri Pramod Kumar Gupta, Chairmancum-Managing Director said, It is with great pleasure that we announce the successful receipt of this prestigious order despite facing intense competition from industry leaders such as Sumitomo Corporation, Marubeni Corporation and secured this contract. We are excited about this accomplishment and remain committed to delivering the highest quality of service , while ensuring the continued success and growth of our partnership with our esteemed customers.

The company continues to strengthen its position as a trusted provider of oil drilling equipment, with a commitment to expanding its product portfolio through ongoing research and development. These efforts keep the company at the forefront of technological advancements, focusing on improving product quality. Its robust quality control processes are designed to ensure that all products consistently meet international standards.

Shares of United Drilling Tools Limited was last trading in BSE at Rs. 274.90 as compared to the previous close of Rs. 275.15. The total number of shares traded during the day was 3472 in over 303 trades.

The stock hit an intraday high of Rs. 289.55 and intraday low of 272.40. The net turnover during the day was Rs. 989162.00.

Source : Equity Bulls

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