News: ABG Shipyard bags contract from Netherlands co

(BL 12/06/2006) Mumbai - ABG Shipyard Ltd, the flagship company of the ABG group, on Monday said it has bagged a Rs 98 crore order for construction of a diving support vessel, from Netherlands-based Vroon Offshore BV.

The company has bagged the Rs 98 crore order for the construction of a unit of 78 metre length overall (LOA) diving support vessel, the company informed the Bombay Stock Exchange.

Another order of Rs 96.02 crore for construction of another vessel is in the pipeline from the Netherlands-based company, it said.

The delivery period for the order is 24 months from the effective date of contract subject to the availability of engine and propulsion package.

As it is an export order, it is entitled for subsidy as per the prevailing shipbuilding subsidy scheme of the government.

The aggregate of the orders in hand with the company would amount to about Rs 2,300 crore. The shares of the Surat-based company were trading at Rs 236, up 2.83 per cent at the BSE.