The Hindu Business Line : Cochin Shipyard posts record performance

The yard has started off the financial year 2006-07 in the right note by securing four more export orders in shipbuilding, senior officials at the CSL said.

Kochi , June 14

The public sector Cochin Shipyard Ltd has achieved an all-time-high performance in ship building for the year 2005-06, as it recorded a production crossing 1,00,000 dwt this year.

The yard had registered a record production of 1,01,663 dwt in 2005-06 as compared with 62,517 dwt in the previous year. The shipyard had achieved a provisional net profit of Rs 18 crore (Rs 12.10 crore). The net worth stood at Rs 284.85 crore (Rs 266.62 crore).

The yard has started off the financial year 2006-07 in the right note by securing four more export orders in shipbuilding, senior officials at the CSL said.

The company signed a contract with a Norwegian company for construction of four UT 755 L N type Platform Supply Vessels, with option for additional four vessels.

The contracts were signed in May this year in Oslo, Norway. The ships are to be delivered within 30 months, the officials added.

Apart from this, CSL's present order book consists of five bulk carriers for Clipper, Bahamas, eight Passenger Supply Vessels for a Norwegian Company and the Air Defence Ship for the Indian Navy.

Ship repair

In the ship repair front, the yard has three major orders from ONGC for repairs and upgradation of the jack up rig Sagar Kiran, mobile offshore drilling units (MODU) Sagar Bhushan and Sagar Vijay, now nearing completion. The yard bagged the repair orders for these three oilrigs worth Rs 372 crore.

By undertaking these critical projects, CSL has become part of India's efforts for self-sufficiency in oil exploration, the officials said.

Through these export orders the yard could establish its expertise quality workmanship and sound business values in the international market.

Strong reputation

Having established its reputation in the international market, CSL is getting number of enquiries from abroad for new building orders, the officials said adding, that the yard hopes to diversify into niche products and markets and emerge as a renowned corporate entity fostering growth.