United Drilling Tools Ltd bags order from OIL India Ltd

United Drilling Tools Ltd. (UDTL) (BSE - 522014, NSE - UNIDT) has been awarded a order worth INR 80.84 MN from OIL INDIA LIMITED (OIL), one of India's premier public sector undertakings and a key player in the exploration, development, and production of crude oil and natural gas in India.

The awarded order involves the supply of 2000 meters of Large OD Casing Pipe with connector, which will be delivered over a period of three-months.

We are proud to partner with OIL on the prestigious Andaman project for offshore exploration and deep well with depth of upto 4200 Mtr, which heightlights the confidenance in the quality and realibity of UDTLs products. At UDTL, we understand the high stakes of this critical venture, and we are committed to delivering high-performance products that meet the stringent requirements of this important offshore and energy-driven initiative.

We are a trusted partner of other PSUs and this order highlights the growing relationship between UDTL and public sector enterprises and demonstrates the company's continued ability to meet the demands of the oil and gas sector and continued growth of the company's business within the energy sector.

According to the India Brand Equity Foundation (IBEF), India's oil demand is projected to reach approximately 11 million barrels per day by 2045. This increasing demand, coupled with the expansion of well casing, drilling, and production activities in the oil and gas sector, presents significant growth opportunities for the drilling equipment industry. As a result, this projected rise in oil demand provides UDTL with substantial prospects for future growth and the potential to further strengthen its position in the market and achieve long-term success.

Commenting on the order book position, Shri Manoj Kumar Arora, Chief Financial Officer of the Company, stated that the receipt of aforementioned orders reflects the company's product quality and commitment to timely delivery. He emphasised that customer satisfaction remains the top priority, and the company is dedicated to fulfilling its commitments with excellence.

The Company is fully committed to enhancing and strengthening our research and development initiatives and focus is on improving the overall quality, performance, and efficiency of each product to meet international standards. This commitment to excellence in research, development, and quality control is fundamental to our mission of delivering reliable, high-quality products to our customers.

Shares of United Drilling Tools Limited was last trading in BSE at Rs. 226.40 as compared to the previous close of Rs. 233.45. The total number of shares traded during the day was 868 in over 119 trades.

The stock hit an intraday high of Rs. 233.45 and intraday low of 220.80. The net turnover during the day was Rs. 196161.00.

Source : Equity Bulls

Keywords

UnitedDrillingTools INE961D01019 OrderWin OILIndia