KMEW Expands Presence with Maiden 60-Ton ASD Tug Contract at V.O. Chidambaranar Port

Knowledge Marine & Engineering Works Ltd. (KMEW) (BSE: 543273) is pleased to announce that it has been awarded a work order by V.O. Chidambaranar Port for the "Supply, Manning, Operation, and Maintenance of One (1) 60T Bollard Pull and above highly manoeuvrable Azimuth Stern Drive (ASD) Tug." The contract is valued at ₹ 96.25 crores (Rupees Ninety Six Crores Twenty Five Lakhs) including taxes for a period of seven years.

These tugs are used for controlling the vessels in confined port spaces for towing, pulling or pushing of capsize vessels of 80,000 tons and above for safe berthing and unberthing operations.

The company has secured its first-ever contract for the supply of 60-ton bollard pull ASD tug. This maiden contract for a 60-ton bollard pull tug signifies not only a step forward in terms of capacity and capability but also highlights the company's ability to scale its marine segment to meet more complex and demanding requirements.

The inclusion of a higher-capacity tug in its fleet reflects the company's ongoing commitment to providing innovative and reliable maritime solutions to meet the evolving demands of the industry.

Notably, this is the second contract awarded by V.O. Chidambaranar Port, where the company is already successfully executing an earlier contract for a high-speed patrol boat. This back-to-back success at the southern port underscores the company's strong ability to deliver a diverse range of specialized port ancillary services. With a strengthened presence in southern India, the company is well-positioned to stay ahead of the competition, providing critical services that drive the efficiency and success of maritime operations.

The company will deploy a newly constructed 60-ton bollard pull ASD tug to execute the contract. The tug will be designed and built to meet advanced technical standards and will be mobilized within the stipulated timeframe to ensure timely project execution.

Commenting on the Work Order, Mr. Sujay Kewalramani, CEO of Knowledge Marine & Engineering Works Ltd said "This is a significant achievement for KMEW wherein we have secured our maiden contract for supply of 60-ton bollard pull (ASD) tug. This marks a key milestone in our growth and capacity expansion. Today, the Port sector requires more than 100 such tugs. With the award of this contract, we are now poised and qualified to cater to this requirement. This achievement deepens our relationships with existing ports and creates exciting opportunities with newer ports, ensuring that KMEW remains at the forefront of port ancillary services as the industry continues to evolve."

Shares of Knowledge Marine & Engineering Works Ltd was last trading in BSE at Rs. 2370.05 as compared to the previous close of Rs. 2362.15. The total number of shares traded during the day was 15706 in over 2239 trades.

The stock hit an intraday high of Rs. 2483.05 and intraday low of 2341.80. The net turnover during the day was Rs. 37666261.00.

Source : Equity Bulls

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KnowledgeMarineandEngineeringWorks INE0CJD01011 KMEW OrderWin