SRIL wins Rs 2,880-mn ONGC contract

Chennai: The Chennai-based SAAG RR Infra Ltd (SRIL), a subsidiary of SAAG Consolidated, Malaysia, has bagged a Rs 288-crore contract from ONGC for charter hire of two offshore modular workover rigs.

The Managing Director of SRIL, Mr R. Sriram, said the company would provide and operate offshore modular conventional electric workover rigs that could improve efficiency and productivity of oil wells. This would be in technical collaboration with SAAG Drilling and Well Services (SDWS), a wholly-owned subsidiary of SAAG.

According to Mr Sriram, SRIL became the first Indian company to bag the workover rigs contract. Till a couple of years ago ONGC used jack-up rigs for maintenance of its oil wells. As this was expensive, the public sector company switched over to workover rigs and utilised the services of a US company.

Workover rig services of SRIL would be 10-20 per cent competitive as the company would be banking on localisation in a big way, said the Group Chief Executive Officer of SAAG Conslidated, Mr Anand Subramanian.

SRIL is into execution of civil, mechanical and electrical works for specialised structures and buildings, water and sewerage projects. Its clientele include ISRO, BELM, Degremont and several others.

The company is currently executing projects for Puravankara, Hiranandani and Mantri developers. Currently the order book for infrastructure division for the next 15 months is at around Rs 120 crore, he said. With healthy order book position in infrastructure division and the recent order from ONGC, both totalling Rs 400 crore, the company is poised for trebling its top line in two years. In 2006-07 the company registered turnover of Rs 45 crore, he said.