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i-maritime News Service

Pipavav Defence wins Rs 1,160 crore contract from European client - 2013-06-18

Pipavav Defence and Offshore Engineering Company (PipavavDefence) bagged a Rs 1,160 crore contract for building two specialised offshore vessels for a European client. The value of the contract is Rs 1,160 crore to be delivered over next 12-16 months, the company said in a filing to the BSE. "Pipavav Defence is proud to be selected to build such assets for the global market," it said.

The company said its order book has crossed USD 2 billion mark and it is looking to close at least three more contracts in the next two quarters in the offshore and naval segment. "Pipavav Defence is the first yard in India to receive rights from global giants like Transocean, ONGCand Noble, among others, due to its world class dry dock and state-of-the-art infrastructure to build and dry dock offshore assets besides Naval warships," the company said.

It added that it also received interest from the European investor for investment in the company, which will be subject to approval by the Board of Directors, shareholders and required statutory approvals.

Source: The Economic Times