L&T signs US$ 94.95 million shipbuilding contract with BigLift of Spliethoff Group, Amsterdam

Larsen & Toubro Ltd (L&T) has announced that the Company has won another key contract for construction of two ships valued at over US$ 94.95 million from BigLift Shipping BV of the Netherlands, a part of the Spliethoff Group. The order further establishes the entry of the Company"s venture into shipbuilding last year. The vessels will be built at the existing shipyard that is a part of the Company"s state-of-the-art engineering complex at Hazira, Surat.

Mr. M V Kotwal, Sr. Executive Vice President (Heavy Engineering) and Member of the Board of the Company, Mr. Aric Peters, Managing Director, BigLift and other Company"s officials were present during the signing ceremony held in Mumbai.

BigLift Shipping, of Netherlands is a shipping Company that specialises in the worldwide transportation of heavy lifts and project cargoes, with a history going back as far as 1973 when it was founded under the name of Mammoet Shipping. Its management had expressed the desire to continue the Company"s association with the Company for its future vessel acquisition programme across a series of vessels.

BigLift Shipping is currently operating 13 heavy lift vessels having a maximum lifting capacity of 1400 MT. The new vessel ordered on the Company are multipurpose heavy lift vessels to be equipped with two Huisman Heavy lift mast cranes each having an SWL of 900 MT, and a total lifting capacity of 1800 MT in tandem.

Production of the ships is scheduled to commence in June 2008 and the vessels shall be delivered by March 2010. The vessels will be able to carry all kinds if dry cargo as well as project cargoes and heavy lift in the most efficient manner.

The vessels have a length of 154.8 m, beam 26.5 m & 18680 t deadweight and shall be delivered in November 2009 and March 2010.

Source : Equity Bulls

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