Cochin Shipyard arm inks contract with Norwegian company

Cochin Shipyard said that its wholly owned subsidiary, Udupi Cochin Shipyard (UCSL) has entered into contract with Wilson ASA, Norway, for design and construction of 4 nos. of 6300 TDW dry Cargo Vessels.

Wilson ASA, a company headquartered in Bergen, Norway, is the leading short sea fleet operator in Europe and transports about 15 million tonnes dry cargo across Europe. The company operates a fleet of around 130 vessels ranging from 1500 to 8500 DWT.

The Vessel is of 100 Meters length and has a deadweight of 6300 Metric Tonnes at a design draft of 6.5 Metres. The Vessels shall be designed by Conoship International, Netherlands and shall be constructed as an environment friendly diesel electric vessel for the transport of general cargo in the coastal waters of Europe. The overall project of 8 vessels is worth about Rs 1,100 crores and is to be executed within September 2028.

 

Agreement has also been entered into for additional 4 vessels of the same type which will be formally contracted within September 19, 2024. The overall project of 8 vessels is worth about Rs. 1,100 crore and is to be executed within September 2028.

Cochin Shipyard is engaged in shipbuilding & ship repair. As on 31 March 2024, the Government of India held 72.86% total voting right in the company.

The company reported a consolidated net profit of Rs 258.88 crore in Q4 FY24, steeply higher than Rs 39.34 crore recorded in Q4 FY23. Revenue from operations zoomed 114.31% to Rs 1,286.05 crore in the March quarter as against Rs 600.09 crore reported in the same period a year ago.

The scrip declined 1.13% to end at Rs 2,212.60 on Friday, 28 June 2024.

Powered by Capital Market - Live News