Bharati Shipyard forays into South America

Bharati Shipyard Ltd has announced that the Company has signed a contract with UP OFFSHORE (BAHAMAS) LTD, for construction and supply of two Platform Supply Vessels.

The Contract value of these two vessels is US $43.30 million (approximately Rs 180 crores).

It is the first time in the history of Indian shipbuilding industry that an INDIAN COMPANY has received a shipbuilding contract from a SOUTH AMERICAN COUNTRY.

Mr. P C Kapoor, Managing Director, of the Company said: "We are extremely proud to announce that Bharati Shipyard is the first Indian shipbuilding Company to have bagged this order. The UP Offshore prestigious order reinforces BSL's premier ranking amongst the leading shipbuilding Company across the world in the offshore segment."

A Platform Supply Vessel (PSV) is a ship specially designed to support offshore oil platforms. The primary function of these ships is to service the offshore oil platforms including supply of Drilling mud, pulverized cement, diesel fuel, portable and non-portable water and chemicals used in the drilling process.

UP Offshore (Bahamas) Ltd., a subsidiary of Ultrapetrol (Bahamas) Ltd., is engaged in construction and operation of Platform Supply Vessels that provide services to offshore petroleum exploration and production Companies primarily in the North Sea and Brazil.

Ultrapetrol group operates in four business segments with a total fleet of 568 vessels consisting of Offshore Supply Vessels, Ocean Fleet (including Suezmax OBOs), River Fleet and Passenger Fleet.

Source : Equity Bulls

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