Reliance Defence and Engineering surges on partnership with ALLRIG
DSIJ Intelligence / 07 Oct 2016
Reliance Defence and Engineering (RDEL) has signed a MOU with ALLRIG, USA a global leader in service support for onshore and offshore installations.
Reliance Defence and Engineering (RDEL) has signed a MOU with ALLRIG, USA a global leader in service support for onshore and offshore installations. The strategic partnership between duo companies would bring high quality services at competitive cost and lower turnaround time to upstream companies operating in the Indian subcontinent with respect to Jack-up rigs, Drilling rigs and other floating/ fixed oil & gas assets.
RDEL and ALLRIG association are uniquely positioned to tap about Rs 7000 crore market in upcoming 10 years. The association will be helpful in providing solutions for class approved spares, repairs, upgradation and warranty support for critical equipments for older assets where OEM support is not feasible. The association will particularly target ONGC and other regional drilling contractor communities. ALLRIG can localise its presence and can provide array of services including quayside and dry docking works.
The share price of RDEL increased by 4.89 per cent on bourses in early trades and is trading at Rs 61.65 on an intraday basis.
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