ABG Shipyard Wins Order Worth Rs. 1000 Crore

ABG_ShipyardIndia's biggest private sector shipbuilder ABG Shipyard Ltd ABG Shipyard Ltd has announced that the company has bagged a repeat order for 2 vessels amounting to USD34.20 million from Lamnalco of Cyprus. The vessels will be a 53 M LOA 80T B P Azimuthing Production Support Vessel.

According to the company, The vessel is designed to be used for tow / move derrick / lay barge / rigs, tanker handling and berthing with push / pull capability, anchor handling duties, move equipments and materials between barge and shore, external fire fighting, maintenance and pollution control, etc.

Till date, ABG has constructed and delivered 7 vessels to Lamnalco and further 5 vessels are under construction.

The company has also won orders for additional 2 vessels from Maridive and Oil Services of Egypt, valued at $46 million. The vessels will be a 72M LOA 13OT B P anchor handling tug / supply vessels.

An official release has articulated that the twin screw vessel is for operation in unrestricted waters and is designed for multi purpose roles such as anchor handling, towing, transport pipes, fresh water, diesel oil, bulk cement, stores, materials and equipments, move men and materials between platforms and shore, evacuate casualties, external fire fighting and anti pollution control etc.

The company has till date delivered 3 vessels to Maridive & Oil Services S.A.E., while 4 vessels are under advance stage of construction.

The company presently holds market cap worth Rs. 4791 crore, PE Ratio of 36.92; EPS of 25.49 and BV of 105.31. The firm had showed a net profit of Rs 34 crore for the quarter ended September 2007 as against Rs. 27 crore in same quarter of last year. However, the stock presently trading at Rs. 942 on NSE, was down by 0.14% compared with previous close of Rs. 944.