ABG Shipyard gets Rs 1,040cr repeat order

* Order Book Position at Rs 8,277 crore

Mumbai, December 17, 2007: ABG Shipyard, India's largest private shipyard Company has received repeat orders worth about Rs 1, 040 crore (USD 265 mn) from it existing four international customers. The orders are from Lamnalco Ltd, Maridrive and Oil services, Precious Shipping and ESLL for the construction of nine vessels.

Following this fresh order, the total order book position stands at Rs 8,277 crore.

Orders from Lamnalco Ltd:

Lamnalco placed orders for two vessels amounting to USD 34.20 mn. The vessels will be 53 M LOA 80T BP. The vessel is used of tow/move derrick, lay barge, anchor handling and berthing etc. ABG has already constructed and delivered seven vessels to Lamnalco and five vessels are under construction.

Maridrive and Oil Services SAE Egypt:

Maridrive has placed orders for two vessels amounting to USD 46 mn. The vessel is designed for multi purpose roles such as anchor handling, towing, transport pipes etc. As of date, ABG has delivered 3 vessels to Maridrive and 4 vessels are in advance stage of construction.

Precious Shipping Ltd (PSL), Thailand, and ESLL, Cyprus:

PSL and ESLL have placed an order for construction of three and two DWT 54,000 bulk carrier for USD 184.48. ABG is constructing 12 bulk carriers for PSL.

PSL has been recently declared as number one shipping company in the world across all sectors of shipping by a leading global shipping company i.e Marine Money, New York.

Commenting on the order, Mr. Dhananjay Datar, CFO, ABG Shipyard, said: "It's a moment of victory for ABG as some of the best ship owners in the world with interest in diverse shipping segments like offshore oil and gas, bulk carriers, diving and subsea operations have repeatedly reposed their faith in our shipyard. This kind of fierce customer loyalty will definitely augur well for us in coming years."

ABOUT ABG Shipyard

ABG Shipyard Limited is the largest private sector shipyard in India. The company is an established manufacturer of marine ships, including bulk carriers, deck barges, interceptor boats, anchor handling supply ships, driving support ships, tugs and offshore vessels.

The company since 1990 has delivered over 100 ships of various types to domestic and international customers. Of this, nearly 50 percent of the deliveries have taken place in the last five years. The company continues to ride the crest of boom wave in ship building industry as is evident from its strong order book position.

Looking at the prospects of Indian shipbuilding industry, it has been observed that project management skills and cost competitiveness remains the significant advantage of domestic shipbuilding industry considering the two major parameters of shipbuilding viz. steel fabrication, labour, price, quality and timely delivery.