Essar Shipping wins two orders worth $25 million

Essar Oilfield Services India will execute the drilling of the oil wells in Brunei

New Delhi: Essar Shipping, a part of Essar Group, said that it has received two drilling contracts worth $25 million from New Sino Oil Company and BG Shirke, reports PTI.

Essar Shipping has received an order from New Sino Oil Company to drill five wells in Brunei and from BG Shirke for their first exploration venture, a company statement said.

“The two contracts are expected to generate total revenues in the region of $25 million over a period of about 15 months,” the statement said.

Essar Oilfield Services India Ltd (EOSIL), a wholly-owned subsidiary of Essar Shipping, will execute the drilling of these wells.

“Essar Shipping has been executing drilling contracts for various international oil and gas majors. The drilling business is contributing significantly to maintain a healthy top line and operating margins for Essar Shipping,” AR Ramakrishnan, managing director, Essar Shipping, said.

EOSIL provides contract drilling and related services to oil and gas companies worldwide, operating both offshore and onshore.

Essar Shipping shares closed 1.65% higher at Rs30.75 per share on the Bombay Stock Exchange, while the Sensex ended marginally lower at 17,373.

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Seshasayee Paper approves merger of SPB Papers with itself

The Board of Directors of Seshasayee Paper approved the share exchange ratio of one equity share of Seshasayee Paper for 11 equity shares of SPB Papers

Chennai: The Board of Seshasayee Paper approved the merger of group company SPB Papers with itself, reports PTI.

In a filing to the BSE (Bombay Stock Exchange), the Erode-based company said the board of directors at its meeting “have approved the ‘Scheme of Amalgamation’ for the amalgamation of SPB Papers Ltd with Seshasayee Paper and Boards Ltd.”

The Board also approved the share exchange ratio of one equity share of nominal value of Rs10 each of Seshasayee Paper for eleven equity shares of the nominal value of Rs10 each of SPB Papers.

Seshasayee Paper and Boards shares closed 1.1% lower at Rs203.10 per share on the Bombay Stock Exchange, while the Sensex ended marginally lower at 17,373.

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IPL chief seeks match referee's report on Zinta incident

Preity Zinta was visibly agitated and reacting vigorously during the strategic time out period against the controversial dismissal of Kings XI batsman Shaun Marsh last night

New Delhi: Indian Premier League chairman Rajiv Shukla on Friday said that he had sought a report from the match referee over the incident involving Kings XI Punjab owner Preity Zinta during her side's IPL match against Kolkata Knight Riders in Mohali, reports PTI.

Mr Zinta was seen visibly agitated and reacting vigorously during the strategic time out period against the controversial dismissal of Kings XI batsman Shaun Marsh last night.

Mr Shukla said that he had asked the match referee Roshan Mahanama of Sri Lanka to submit a report to him at the earliest on the incident.

"I have sought a report from the match referee on the entire issue. I will also take Preity Zinta's version on the incident," Shukla told PTI.

It all started when Shaun Marsh was ruled out in a controversial manner in the 14th over. The left-hander under edged a Brett Lee delivery to KKR wicketkeeper Manvinder Bisla, who nodded that he had taken the catch cleanly even though TV replays suggested that there was a doubt with the decision.

It took Kings XI captain Adam Gilchrist's invention to calm down the Bollywood actor after she apparently had an exchange of words with the match officials.

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