Man Industries (India) rose 1.51% to Rs 101 after the company said that it has entered into a technical collaboration and know-how agreement with Singapore-based OMS Oilfield Services.
OMS Oilfield Services is one of Asia's leading oilfield services and manufacturing company. It currently operates 11 manufacturing facilities across Singapore, Thailand, Indonesia, Malaysia, Brunei and Saudi Arabia.
OMS manufactures and supplies a wide range of oilfield equipment, OCTG/tubular accessories and provides engineering, threading, testing and other associated services in the oil and gas industry.
Man Industries has entered into the technical collaboration agreement through its subsidiary company Man Offshore & Drilling (MODL).
As part of the agreement, OMS shall grant MODL know-how, technology and trademarks to manufacture specialty connectors and cross over for operations in India.
MODL shall manufacture high-quality specialty connectors and cross over for large diameter conductor and surface casing for oil and gas well construction as per the technological expertise of OMS.
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This agreement would give Man Industries access to superior technology in manufacturing value added products which will aid the company to increase the existing product offering and cater to the growing demand in the niche segment of oil & gas industry.
Man Industries (India) is the flagship company of well diversified Man Group, having presence in India, UAE & USA. It is one of the largest players in LSAW pipes, spirally welded pipes and coating systems catering to critical projects globally.
The company's consolidated net profit rose 2.49% to Rs 31.33 crore on a 13.78% increase in sales to Rs 630.92 crore in Q3 FY22 over Q3 FY21.
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