Oct 01: Weatherford, Schlumberger bagged the deal
8Meanwhile, a ban on a supplier of packers to ONGC has forced a ratings downgrade for the company
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Oil and Natural Gas Limited's tender that was floated last year for the  procurement of the ERD packers for the ONGC's eastern offshore asset has finally been finalised and LOAs' have been issued. As per the sources, a total of 5 companies namely Dubai based Weatherford Oil Tools, Baker Huges - Singapore, Hallirburton - Singapore, US based American Completion Tools and Schlumberger, Dubai were in the race for the prestigious contract.

 

Furthermore Dubai based Weatherford and Schlumberger emerged as the winners for supply of packers. Earlier ONGC had banned Delhi based Botil Oil Tools India Private Limitedfor supply of ERD and PBR packers for an overall period of 5 year till 2021. The revenue of the company was Rs. 33.51 crore for Financial Year 2017-18 in comparison to Rs. 72 crores in FY2016-17.
The significantly lower revenues during FY2018 were due to weak order inflow.  Moody's backed ICRA  has downgraded its rating from A2 to A3 as per a report