India: Two PSVs Launched at Cochin Shipyard

Cochin Shipyard yesterday launched two ships, BY 91 and BY 92, both Platform Supply vessels for M/s PSV Holdings Inc, Cyprus. These ships were launched by Mr John Arne Johnsen, Project Manager Deep Sea Supply and Mr Baby Thomas, Executive Director, Cochin Shipyard Ltd respectively.

Both these vessels are of PSV 05 L CD type, designed by STX OSV AS, Norway and are classed under the rules and regulations of Det Norske Veritas (DNV). This 82.2 x 17.00 x 7.60 meter vessels are the high end Diesel electric PSVs equipped with four Nos. 1200 KW Diesel Generator sets and two Nos 1600 KW input power azimuth thrusters. The vessels have been assigned ‘CLEAN DESIGN’ notation by DNV signifying the highest levels of environmental compliance and also installed with Ballast Water Treatment Plant to prevent and ultimately eliminate risks to the environment arising from the transfer of harmful aquatic organisms and pathogens. The vessels with accommodation for 28 persons also meets the requirement of COMF class signifying high comfort levels due to special arrangement to attain very low levels of noise and vibration.

Cochin Shipyard presently has 27 ships on order consisting of 20 Fast Patrol Vessels, 5 Offshore Support ships for Indian and foreign owners, 1 Buoy Tender vessel for the Department of Lighthouses and Lightships and the Prestigious Aircraft Carrier for the Indian Navy. CSL has entered into the high niche technological area of Offshore Support Vessels for the oil industry incorporating high end technology like clean design, electric propulsion, comfort class notation, etc. Since 2005 CSL has built and delivered 40 ships for owners based at various parts of the world viz Bahamas, Norway, Netherlands, Greece, USA and Saudi Arabia. Apart from this CSL has delivered 3 Anchor Handling Tugs to Shipping Corporation of India. In the year 2011-12 CSL delivered 5 Platform Supply Vessels, for various international and domestic owners. This financial year CSL has so far delivered 4 Offshore Support Ships to Shipping Corporation of India. CSL is hoping to deliver two more ships during the financial year 2012-13.

The growth of CSL has been phenomenal in the last five years. The turnover has doubled from 720 crores in 2006-07 to Rs 1416 crores in 2011-12. The profit has tripled from 86 crore to 253 crores in the same period.

Recently, CSL entered into a contract with Cochin Port Trust for setting up of an international Shiprepair facility at the Cochin Port Trust area. This new facility is expected to help the shipyard increase its market share in the repair of small and medium ships. The yard has also identified other expansion plans for growth. The feasibility of raising funds through an IPO to finance these projects is being examined.

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CSL, January 10, 2013; Image: STX OSV