Punj Lloyd is targeting revenues of around Rs 2,700 crore in 2010-2011 from its oil drilling business. Last year, this segment contributed about Rs 1,400 crore to the group?s revenues, about 12% of the company?s total revenues of 11,700 crore. To boost this segment, the engineering, procurement and construction conglomerate, has acquired its fourth pipe-laying barge for approximately $100 million. The 120 metre long pipe-lay barge, constructed in China, is capable of laying pipes with diameters between four and 60 inches, in water depths of up to 150 metres. The barge can also help maintain and repair existing pipes. HK Kaul, executive president ( technical) Punj Lloyd said the vessel was capable of earning Rs 0.9 crore per day, if utilised optimally.
?The barge will add a new dimension to Punj Lloyd?s offshore business because it is capable of laying pipes in the western offshore oilfields including the famous Mumbai high oilfields of ONGC,? Kaul said.
