United Drilling Tools surges after receiving design patents in the United Kingdom
This design patent registration shall be valid for a period of 5 years.
United Drilling Tools Ltd is a leading manufacturer of wireline and well service equipment, gas lift equipment, downhole tools and large OD casing connector. The company today announced that it has received registration for design patents in the United Kingdom for their multi-start casing pipe connectors, metal to metal seal casing pipe connectors and weight set casing pipe connectors. This design patent registration shall be valid for a period of 5 years.
The company has been manufacturing and supplying these connectors under the trade name UDT Leopard, UDT Swift and UDT Lynx connectors for the last 15 years. Being the only manufacturer of these connectors in India, it has a strong foothold in the Indian Oil and Gas upstream segment and is a sole supplier to major Indian oil PSUs like ONGC and OIL India.
Moreover, the successful design patent registration in the UK shall provide greater opportunities to the company to market and supply their products in the global market which is currently valued at approximately Rs 5000-8000 crore.
Owing to this development, at 3.15 pm, the share price of United Drilling Tools Ltd was trading at Rs 441.10, which was an increase of 5.25 per cent from the previous day’s closing price of Rs 419.10 on BSE.