India''s PSL Ltd bags $55.5 million Qatar order

Chennai: Pipe coating and pipe manufacturer PSL Ltd has bagged $55.5 million pipeline coating and related services order from Saipem Ltd- the EPC contractor for Dolphin Pipeline project in Qatar promoted by Dolphin Energy Ltd. According to PSL there is a strong likelihood of the company increasing its business in the project.

The contract was handed to PSL after Saipem evaluated the Indian company''s Kandla facility.

Speaking about the order Ashok Punj, managing director, PSL said, "This is the first time, Indian capabilities are being utilized to service offshore pipe coating requirements in the Gulf. The impact of the deal would get reflected in the company''s books during the second half of this fiscal."

PSL expects to complete the immediate requirement by the end of 2005 since Saipem/Dolphin Energy intend to undertake deep sea pipe laying activities commencing in the fourth quarter of 2005.