Western India Shipyard diversifies into rig repairs, ship building

Western India Shipyard Ltd has announced that the Company has instituted measures for business and financial restructuring and has diversified into the lucrative areas like Rig repairs and ship building with a view to fully utilize the facilities of its dry dock and wet repair berths, machine shops, portal cranes, skilled manpower and other utilities at its shipyard at Mormugao Harbor, Mormugao, Goa. The Company main business continues to be on repair of coastal and foreign going vessels.

As regards rig repairs, the Company has successfully carried out major repairs to four Jack Up Oil Rigs namely, JUR Sagar Jyoti, Aban III, Pride Pennsylvania and Trident-2. In view of the excellent facilities and services provided by the Company, the Company has won major repair orders for 3 more Jack Up Oil Rigs during the period from Dec, 2006 to mid-Feb, 2007 and the repair revenue is expected to be about Rs 80 mn. The orders are from Transocean Offshore International Ventures Ltd of Mumbai, one of the large Rig Operators in India. The first Rig namely Trident 12 arrived on December 26, 2006 and the two others are expected at the yard in the first week of January 2007.

As regards shipbuilding, the construction of The 'Jock Up Barge' namely, PMC-1 of the value of about Rs 18.81 crore by the Company for PMC Projects (India) Pvt Ltd, is proceeding smoothly and the vessel is expected to be delivered sometime in Jan/Feb 2007.

Source : Equity Bulls

Keywords