Abg Shipyard Ltd News

India's state-owned Cochin Shipyard Ltd (CSL) has started preliminary discussions to buy a controlling stake in debt-ridden ABG Shipyard Ltd, Livemint reported quoting un-named sources close to the development. Earlier, three suitors - Reliance Defence, Shapoorji Pallonji Group and the UK’s Liberty House - have shown interest in buying ABG, even as its lenders try to force the ship maker out of a debt recast mechanism and recover their dues. However, sources say that they have backed out one by one. Now that Shapoorji Pallonji and Co. Ltd has decided to back out of the discussion, CSL entered the fray. ABG Shipyard’s lenders have been in talks with several strategic investors for a while. A controlling stake in ABG may be valued at Rs400-500 crore, the second of the two people said.

ABG Shipyard Ltd, which was one of the largest shipbuilding company in the country operating in the private domain, has decided to divest its entire stake in its subsidiary Western India Shipyard Ltd (WIS). The company’s board has agreed to invite suitable bid from the prospective investor and negotiate the deal including best price,  it said in a filing with stock exchanges. "Board of Directors of the company, in their meeting held today, i.E. October 6, 2016 have decided and approved, inter alia, divestment of its subsidiary Western India Shipyard Ltd and authorised Executive Director and other company officials, jointly to invite suitable bid from the prospective investors and negotiate the deal including the best price, terms and conditions with them," it said in a regulatory filing.

The cash-strapped Indian shipbuilder ABG Shipyard will likely close the deal for a 51 per cent stake sale by the end of this financial year, its managing director and CEO Syed Abdi said. Syed said the company had narrowed it down to one player for the stake sale and was looking to raise about Rs 500 crore for its working capital requirements. ABG Shipyard Ltd was in talks with a clutch of domestic and international investors for selling as much as 51% in the country’s largest shipbuilder. India’s largest private shipbuilder is in the midst of a corporate debt restructuring (CDR) exercise under which the creditors led by State Bank of India agreed last year to recast Rs.11…

India's largest private shipbuilding company ABG Shipyard is in talks with Privinvest Holding SAL to sell stake. A report says that Privinvest is expected to acquire up to 49% stake in ABG. A report in the ET NOW says both the companies entered into an exclusivity period for the transaction on May 29. Privinvest may get 3 board seats and new management to ABG Shipyard post the deal, says report. Privinvest Holding which has shipbuilding operations across the world is interested in picking majority stake in ABG Shipyard not only to have a presence in India but to also gain from its defence licence to build warships. This will be a much needed lifeline as ABG has been struggling to stay afloat a year after its Rs 11…

Last month Maritime Reporter spent some time with Vivek Seth, CEO, of Qatar-based Halul Offshore  Services Company, for his insights on the impact of low oil prices in the Middle East and beyond. What is your background? I became part of the Milaha family when I joined Halul Offshore in February 2014 as CEO. I am a second generation Marine Engineer. After sailing as a C/E I took my first shore job as Technical superintendent in Hong Kong for more than two years. Subsequently, I got my Masters in Business Administration from UK.

ABG Shipyard Ltd has tied up with Gaztransport and Technigaz (GTT) of France for the maritime transportation and storage of liquefied natural gas (LNG), reports Livemint. With this pact, ABG has become the third Indian company to secure technology collaboration to build LNG carriers. The Shipyard is preparing for a tender set to be issued by GAIL (India) Ltd for hiring nine new LNG ships that will haul gas from the US from December 2017. “We have signed an agreement with GTT for technology transfer for building LNG ships,” a spokesman for ABG Shipyard said. GTT, one of the world’s top designers of containment systems, which does not own a yard…

ABG Shipyard Ltd has clarified with reference to the news item appearing in the Media on March10, 2015 titled "L&T in race to buy ABG Shipyard stake". The Bombay Stock Exchange had sought clarification from ABG Shipyard Ltd with respect to news published in ET Now that said either L&T is taking ABG Shipyard over or there is a strategic investment being made by L&T into the company. In a notification to the stock exchanges, the company confirmed that no such negotiations were taking place and the company is not aware of any information that has to be announced to the Exchanges which could explain the aforesaid movement in the trading and that which is required to be disclosed to the stock exchanges as per Clause 36 of the Listing Agreement.

The enthusiasm, dedication and passion for ship building have helped ABG Shipyard Ltd remain in the forefront. Speaking to Maritime Reporter & Engineering News, Major Arun Phatak (right) points out that it is more important to be a responsible shipbuilder demonstrating with solid results rather than empty talk. Unruffled by the slump in shipping freight rates, ABG Shipyard Ltd., the largest private shipbuilder in the country, has persisted on a high-growth trajectory. With a record delivery of 158 specialized and sophisticated vessels to date, the versatility of the shipyard and expertise to build a complex and wide range of vessels speaks volumes about ABG’s potential and vibrant track record.

Shipping Corporation of India Ltd (SCI) has signed ashipbuilding contract for acquisition of six 80 Ton Bollard Pull Anchor Handling, Towing and Supply Vessels (AHTSVs), with M/s. ABG Shipyard Ltd,. according to a report on http://www.equitybulls.com.

Ship Equip announced a contract with Varada Marine to install its SEVSAT (Ship Equip VSAT) maritime broadband solution on the company’s entire fleet of Offshore Supply Vessels. Varada Marine, a company with its head office in Kristiansand, Norway, has announced an extensive new building program at ABG Shipyard Ltd in India. Deliveries of SEVSAT systems will commence in step with the new building program, with the first system already delivered to the yard.

Shipbuilding companies ABG Shipyard Ltd and Bharati Shipyard Ltd missed Street estimates for the June quarter. ABG's net profit fell by 20% from the year-ago period to '38.41 crore, while that of Bharati fell 41% to '22.12 crore. ABG's net performance was hit by higher depreciation costs and an exceptional item worth '13.75 crore relating to a one-time loss booked on sale of shares in Great Offshore Ltd. ABG's depreciation costs increased to '13.66 crore from '4.53 crore last year on account of part capitalization of the project at its Dahej shipyard. Bharati's performance at the net level was hit mainly on account of 127% increase in interest costs to '54.68 crore. Revenue and operating profit margins at both firms increased.

's ABG Shipyard Ltd. said it has won an order worth about $136.6m from UK-based Sealion Shipping. Ltd. to build 3 subsea multipurpose vessels for Toisa Ltd.

India’s ABG Shipyard Ltd plans to invest to expand capacity to meet the rising global demand for building large cargo carrying ships. After the expansion, the company hopes to build large size ships, including very large crude carriers (VLCCs) at its shipyard located at Magdalla Port in Surat, Gujarat, said Rishi Agarwal, managing director of ABG. A VLCC can typically carry as much as 320,000 tonnes of crude oil. ABG is currently building its second shipyard across 40 acres at Dahej in Gujarat at a cost of Rs950 crore. The first phase of the project will give the company facilities the ability to build eight ships simultaneously, with each ship having a capacity of 120,000 tonnes. These ships will meet growing demand in the dry bulk (cargo) segment.

India’s largest engineering and construction firm Larsen & Toubro Ltd. (L&T) is negotiating with global shipping fleet owners to build ships worth over $1b, but the company cannot finalize these orders because it still hasn’t received the requisite clearances for its shipyard from a local government. L&T plans to set up the country’s biggest shipbuilding facility at Kattupalli in Tamil Nadu in an effort to tap growing domestic and global demand for ships. The company will invest around Rs3,000 crore in the shipyard and port project and will build cargo ships, warships and offshore oil rigs. The shipyard at Kattupalli will be capable of building 25 big ships in a year and repair another 50-60 ships.

The Tata group is looking at the possibility of entering the shipbuilding business even as India looks to boost its shipbuilding capabilities to meet growing global demand for cargo carrying ships. The Tata group has shown interest in building a shipyard near Shivrajpur in Gujarat after the state government invited expressions of interest from private firms, according to a senior Gujarat government official. The group, which makes everything from salt to cars, is conducting a feasibility study on the project, said people familiar with the matter who did not wish to be identified. Tata Steel Ltd makes steel, a key input for constructing ships.

Gujarat, India’s top maritime state by cargo handled at state-owned ports, is finalizing a shipbuilding policy that has set an ambitious target to grab more than half of the country’s shipbuilding market by 2020, an official at the western state’s maritime regulator said. The state will be the first in the country to have a separate policy on shipbuilding. A draft policy prepared by the government seeks to extend tax holidays to shipbuilding projects for five years. Such projects will also be entitled to the same fiscal and duty benefits as those granted to so-called special economic zone (SEZ) projects of the Union government, said G.R. Jadega, technical adviser to the Gujarat Maritime Board.

ABG Shipyard Ltd has announced that the company has delivered two vessels. The 173 ft. long, 90 Ton Bollard Pull Azimuth Drive Propulsion AHTS is able to carry out Anchor handling Towing Rescue, Offshore Supply, Transport Pipes, fresh water, diesel oil, Stores, Materials and equipment, move men and materials between platforms and shore, external fire fighting and other related duties. The vessel is to supply, support the Floating Production Offloading Storage (FPSO) vessels, offshore oil and gas field on a twenty four (24) hour per day basis. The Lamnalco Macaw is the second vessel to be delivered to Lamnalco in this financial year. The Company has so far delivered 7 vessels, including the present one, to Lamnalco Group.

Yarmouth Coastguard received a mayday call from the yacht Whispa reporting that they had been in collision with a commercial vessel 7 miles south east of Lowestoft. The wooden built 45 foot yacht with 2 people on board made the mayday call to the coastguard after being in collision with the 4,000 ton gas carrier Gas Monarch in Fog. The Gas Monarch was carrying a cargo of 2,500 tonnes of propane. The weather at the time of the incident was reported as North West force 2/3 with 0 visibility in fog. Yarmouth Coastguard requested the launch of the Lowestoft RNLI lifeboat to go to the aid of the yacht and the crew. The lifeboat and yacht were met on arrival at Lowestoft by the Lowestoft Coastguard rescue team. The Gas Monarch stood by the yacht Whispa until the arrival of the lifeboat.

ESL Shipping Oy, a subsidiary of Aspo Plc, has secured a contract to order two new ice-strengthened dry cargo vessels from the Indian ABG Shipyard Ltd. Expanding ESL Shipping's so-called Eira class, the vessels will be approximately 18,800 dwt bulk carriers equipped with on-deck cranes, and they will be designed to meet the highest Finnish ice class (1A Super). The total value of the investment will be around $60.5M. The vessels are destined for operation in the Baltic Sea and will be commissioned in 2008 and 2009. A similar vessel ordered from China at the end of 2003 is about to be commissioned in January 2006. The vessel investment will be financed with cash, loans and with the revenue from the sale of current fleet assets.

ABG Shipyard Ltd has bagged a repeat order for construction projects from Sea Tankers Management Company Ltd. The company would construct six anchor handling tug vessels each for a price of $9.99m aggregating $59.94m, for Sea Tankers, a part of John Fredriksen's Group. The six vessels will be delivered at an interval of three months each beginning from December 2007, and ending March 2009. With this repeat order for six more vessels the company has an order for total 12 vessels from Sea Tankers Management Company Ltd. (Source: Hindu Business Line)

ABG Shipyard Ltd has announced that the Company has secured a order for construction of 1 unit 78M LOA Diving Support Vessel at a price of Euro 16,540,000 from Vroon Offshore B.V., The Netherlands. The company is already building two vessels for Vroon Offshore B.V. Source: Equity Bulls

ABG Shipyard Ltd shipyard has won a repeat order from Gujarat Ambuja Cements Limited. With this new order the Company has an Order Book. ABG Shipyard nnounced the order for construction of a Self Loading and Unloading vessel of 4,000 DWT Bulk Cements Carrier at a price of $9m. Gujarat Ambuja Cements Ltd., currently owns 7 vessels, all built by ABG Shipyard Ltd in the past. With this order it will increase the number of vessels to 8 for Gujarat Ambuja Cements Ltd. The length of the vessel is 97 Meter. The delivery period for the vessel is by 30th June, 2008. With the above order in terms of INR approximately Rs.45 Crores for one confirmed vessel

arware Offshore Services in association with Norway-based Havyard Leirvik AS signed a memorandum of understanding for marketing and sale of ships built by Havyard Leirvik A.S. and ship designs produced by Havyard Maritime A.S., a part of the Havyard Group to Indian shipping companies and Indian yards. Consequent to signing the MoU, the company and Havyard Maritime A.S. have obtained an order for 4 nos. Havyard 842 design from ABG Shipyard Ltd.India. This would result in new revenue segment for the company. The company anticipates a tremendous growth in this segment, considering the pool of software design talent available in the country and the experience and knowledge that company has in offshore and shipping industry.