Mumbai, July 13 -- United Drilling Tools has received a repeat export order from Trident East of Russia for the supply of the Puma Connector and associated accessories used in the oil and gas industry. The company notified the stock exchanges pursuant to listing obligations and the relevant SEBI master circular, describing the transaction as a commercial international order awarded in the ordinary course of business. The filing identified the security identifiers and stated that the order was placed by an international entity.
The order covers the supply of Puma Connector assemblies together with accessories customised for drilling operations and is to be executed over a period of five to six months. The company reported the estimated contract value as Rs 9.31 million (mn), equivalent to Rs 9,307,245, and indicated that delivery and execution will follow standard commercial terms. The procurement is described as a standalone contract rather than a related party transaction.
The disclosure specified that neither the promoter nor promoter group has any interest in the contracting entity and that the contract will not constitute a related party transaction. United Drilling Tools Limited confirmed that the contract will be transacted on an arm's length basis under its existing export procedures. The repeat nature of the order was presented as a continuation of existing commercial engagement with the Russian buyer.
The company secretary, Anand Kumar Mishra, submitted the compliant filing to the exchanges and recorded the details in the corporate records. United Drilling Tools Limited said it will provide updates to the exchanges if there are material changes to the contract value or schedule. The firm reaffirmed that the transaction falls within its core activities of manufacturing and supplying oil drilling equipment and services.
Published by HT Digital Content Services with permission from Construction World.