ABG Shipyard secures Repeat Order from Lamnalco, Cyprus

ABG Shipyard Ltd has announced that the Company has secured a repeat order for Construction of 1 No. APS 100 MT Tug, at a price of US $ 13.50 million from Lamnalco Ltd, Cyprus.

This is the 12th Ship order from Lamnalco Ltd, Cyprus to the Company. The Company had already delivered 6 vessels and other 5 vessels (besides the present order) are under Construction for the Lamnalco Ltd. Cyprus.

Lamnalco Group of Companies was founded in 1963 as an equal partnership between Alireza Group, one of the Arabian Peninsula's principal Arab contracting Companies and the Royal Boskalis Westminister Group, and Anglo-Dutch group of Companies providing dredging and port/terminal construction services worldwide.

Lamnalco Ltd was formed to operate the Jebel Dhanna Oil Terminal for the Abu Dhabi Petroleum Company (ADPC) from its opening in 1963 until the nationalization of the oil Company in 1978. The fleet strength of the group is over 90 vessels.

General information about the vessel is as under:

1. Order for - Construction of 1 No. APS 100 MT Tug.

2. Value of the Vessel - US $ 13.50 million (INR 600.0 Mio)

3. Delivery period - By May 19, 2009.

Following this order the order book position of the Company, as on date, stands at about 34,554.0 Mio (US $ 776.8 Mio).

Source : Equity Bulls

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