Mumbai, Sep 22 : Engineering firm Punj Lloyd today said it has secured a contract worth USD 42 million (Rs 190.67 crore) from Libya-based Waha Oil Company for deployment of two onshore rigs in Libya.
In a filing with the Bombay Stock Exchange, Punj Lloyd said its drilling services subsidiary Punj Lloyd Upstream has secured the contract for drilling exploratory wells in the Gialo oilfield of Sirte Basin.
"With the contract in Libya, we hope to expand our presence in the onshore drilling space. The country's upstream sector has a promising business environment with sizeable reserve and service potential," Punj Lloyd Upstream CEO Vikram Walla said.
Waha Oil Company, the second largest crude oil producer in Libya, is a joint venture between government-owned National Oil Company and US-based Conoco Phillips, Amerada Hess and Marathon Corporation, the filing said.
Shares of Punj Lloyd closed at Rs 293.90, down 562 per cent on the BSE.
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