The contract is for supply of approximately 61,000 MT bare pipes and bends which will be used for offshore production and transport of gas.

“We have cumulatively received total orders of approximately 191,000 MT of line pipes, to be executed from our India and USA facilities,” the company said in a statement.

Welspun further stated that these line pipes shall be used for extreme sour service application, thus making this project extremely challenging & reinforces the company's position as one of the top line pipe manufacturer of the world.

The energy scenario across the globe is changing due to various geopolitical reasons and the company is well placed to secure further projects in the Oil & Gas sector both in international as well as domestic market, it added.

Welspun Corp is engaged in the business of production and coating of high grade submerged arc welded pipes, hot rolled steel plates and coils.

The company's consolidated net profit stood at Rs 165.39 crore in Q1 FY24, steeply higher from Rs 4.11 crore posted in Q1 FY23. Net sales soared 207.9% to Rs 4,069.27 crore in Q1 FY24 as compared with Rs 1,321.82 crore in Q1 FY23.

The scrip fell 2.57% to currently trade at Rs 439.40 on the BSE.