Punj Lloyd, a global EPC services provider in energy and infrastructure domains, today announced it has signed a memorandum of understanding (MoU) to invest Rs 403 crore for acquiring 25.1% stake in Pipavav Shipyard (PSL).According to an official release issued by Punj Lloyd to the BSE today, this strategic investment to support its offshore business growth will give it access to capabilities like fabrication facilities for platforms, SBMs, rigs and jackets to exploit opportunities in this sector.The company is currently executing the Heera Field Redevelopment project for ONGC. The PSL facility can also be used for fabrication of vessels for petrochemicals and refineries.Punj Lloyd expects to gain through this association given the increasing demand for offshore facilities in India and abroad and with the ongoing shortage of shipyard capacity in India and globally. Growth in the shipyard industry is expected to be over 30% per annum in the next few years, the release said.In view of the robust oil prices and the substantial E&P activities in the country, the opportunity for revamping existing offshore platforms and deploying new platforms by upstream oil and gas companies is expected to be significant, the release added.In a separate release, the company today announced its subsidiary Sembawang Engineers and Constructors, a global EPC services provider in energy and Infrastructure domains, has secured a contract worth over Singapore dollar (SGD) 250 million (about Rs 666 crore) for sub-structural works at the Sentosa Integrated Resort Development, being developed in Singapore.According to an official release issued to the BSE today, the contract was awarded by Resorts World at Sentosa, a wholly-owned subsidiary of Genting Group. The scope of work in the contract includes the construction and completion of the raft foundation, three levels of the basement and all associated mechanical & engineering work for the development. The project is scheduled to be completed by August 2008.
