Pipavav Defence secures contract worth Rs 1,160 crore

17 Jun 2013

Pipavav Defence and Offshore Engineering Company has secured contract worth Rs 1,160 crore to build two specialised offshore vessels for its European client. The said order is expected to be delivered over next 12 to 16 months. Following this, the company crosses $2 billion order book mark and looking to close at least 3 more contracts in the next 2 quarters in the Offshore and Naval segment.

Pipavav Defence is the first yard in India to receive rigs from Global giants like Transocean, ONGC and 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 has also received interest from the European investor for investment in the Company. It will be subject to the approval by the Board of Directors, Shareholders and required statutory approvals.

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