19 July 2007

Cochin Shipyard Delivers a Platform Supply Vessel for Norwegian Owners and lays the keel for another

1. Cochin Shipyard delivered a Platform Supply Vessel - named “ Sea Angler” Ship No BY 58 to M/s Deep Sea Supply, Norway, today. This is the third vessel being delivered this calendar year of a series of eight ships being built for this owner The delivery protocol was signed by Shri C K Thomas, Chief General Manager (Small Ship Division and Forward Planning ) on behalf of CSL and Mr Odd Boye, New Building Manager on behalf of M/s Deep Sea Supply , Norway. During the day, keel was laid for BY-60 the fifth of the series of PSV by Shri A J Peter , Chief General Manager ( Materials). Cmde M Jitendran, Chairman and Managing Director presided over both the functions in the presence of various senior officers.

2. The first two vessels of this series were delivered in Jan and April 2007 and are rendering good service in offshore fields off Congo in West Africa.

3. This platform supply vessels is of the popular UT- 755-L design. There are about 130 vessels of this design which are already built/ being built all over the world. The vessel is designed for satisfying the specific demands of the offshore industry for transport of Deck cargo, Pipes, Liquid cargo, Cement / Barrite etc and unloading to rigs and production platforms, pipe-laying barges etc. These vessels are the workhorse of offshore oil field industry which acts as a lifeline carrying all operational supplies and stores to far off offshore installations. As the Offshore Industry moves into deeper waters, demand for such advanced vessels is expected to be higher. These ships have been designed by Rolls Royce ship technology group. The ship is built and classified under the most stringent rules and regulations of Det Norske Veritas and is classed for unmanned engine room and dynamic positioning grade I. The vessel also satisfies ‘CLEAN’ notation of DNV, which signifies high standards of environmental safety.

4. The yard is constructing 17 Platform Supply Vessels for European clients. Apart from this, 2 bulk carriers for M/s Clipper, Bahamas, is under advanced construction. Total order book of CSL is 19 ships amounting to over Rs 2000 Crores. This is excluding the Air Defence Ship for the Indian Navy, which is a very prestigious order for CSL.

5. Yard has proposed a Small Ship Division, which has received the in principle approval of the Ministry of Shipping and Planning Commission. CSL’s shipbuilding achievement this year was an all time high of 181000 DWT surpassing the previous best of 110206 DWT achieved in the year 2005-06. In 2006-07, the net profit is expected to be around Rs 58 Crores (Provisional) which is three times that of last years figure of Rs 18 crores and the turnover is expected to be (approx) Rs 800 Crores which is twice that of the previous years 418 crores. (Figures are provisional subject to Audit).

By V.KALA
Company Secretary
Mob : 9895705113