Cochin Shipyard Ltd (CSL) has signed a contract for construction of 20 fast patrol vessels for Coast Guard valued at Rs 1,500 crore, according to Exim News Service.
This is the biggest contract given by the Coast Guard. This order, secured under tough competition from Defence and private yards, has taken the present order book position of CSL to 36 ships valued at approximately Rs 6,000 crore, a press release said.
The fast patrol vessels have a speed of 35 knots and a length of 50 metres. Under the contract, the first ship is to be delivered in 20 months and one every three months thereafter.
Despite the global economic crisis, CSL performed well in 2009-10. The profit before tax for the fiscal improved by 34 per cent and stood at Rs 331.25 crore, as against Rs 247.63 crore for 2008-09. The net profit was Rs 223 crore, reflecting an increase of 39 per cent compared with Rs 160 crore for 2008-09.
The company earned a total shipbuilding income of Rs 1,012 crore during 2009-10, as against Rs 986 crore during 2008-09.
During 2009-10, CSL delivered five offshore support vessels to various buyers from Norway, Germany and the US.
In 2010-11 so far, the yard has already delivered six offshore support vessels for companies in the US and the Netherlands.