Cochin Shipyard partners with Seatrium Letourneau USA to make mobile offshore drilling units
“We would like to inform that Cochin Shipyard Limited (CSL) has entered into a Memorandum of Understanding (MOU) with Seatrium Letourneau USA, Inc. (SLET) for the design and critical equipment for jack-up rigs for the Indian Market,” the company said in a stock exchange filing.
This collaboration combines CSL’s extensive expertise in ship construction and engineering with SLET’s renowned design capabilities in offshore drilling technology.
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“Building on CSL’s extensive experience in ship construction and engineering and SLET’s renowned technical expertise and design capabilities, this partnership aims to capitalize on opportunities for Mobile Offshore Drilling Units (MODUs) designed to meet the needs of the Indian market,” Cochin Shipyard said.
The move aligns with the government’s ‘Make in India’ initiative.
Cochin Shipyard reported a 4% year-on-year (YoY) increase in net profit at ₹189 crore for the second quarter that ended September 30, 2024. In the corresponding quarter of the previous fiscal, Cochin Shipyard posted a net profit of ₹182 crore.
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The company’s revenue from operations increased 13% to ₹1,143.2 crore against ₹1,011.7 crore in the year-ago period. At the operating level, EBITDA was up 3.2% to ₹197.3 crore in the second quarter of this fiscal over ₹191.2 crore in Q2 FY24.
The EBITDA margin stood at 17.3% in the reporting quarter versus 18.9% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.
Shares of Cochin Shipyard Ltd ended at ₹1,298.50, up by ₹2.80, or 0.22%, on the BSE today (November 22).
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(Edited by : Shoma Bhattacharjee)
