Varun Shipping gets contract from Brazil's Petrobras

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Varun Shipping gets contract from Brazil's Petrobras

Varun Shipping Company has signed Rs 690 crore four year contract with Brazil state firm Petrobras to supply three anchor handling towing and supply vessels.

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Varun Shipping Company has signed Rs 690 crore four year contract with Brazil state firm Petrobras to supply three anchor handling towing and supply vessels.

The company could get additional Rs 690 crore if the contract is extended for further four years.

"The initial time charter contracts are for a firm period of four years with an extension option in favour of Petrobras for another four years," Varun Shipping said Wednesday.

Varun Shipping shares surged 4.9% to Rs 28.10 in late afternoon trading on NSE.