Pipavav secures $2bn contract from European client

Moneycontrol Bureau

Pipavav Defence and Offshore Engineering Company Limited has bagged a USD 2 billion (Rs 1160 crore) contract to build two specialised offshore vessels for a European client.

The contract is to be delivered over the next 12 to 16 months.

With this, Pipavav Defence has crossed the USD 2 billion order book mark and is looking to close at least three more contracts in the Offshore and Naval segment during the next two quarters, the firm said in a filing to the BSE.

Shares of the company climbed over a percent to Rs 69.75 post this announcement.

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Last month, the company  said it has bagged orders worth Rs 595 crore for specialised offshore vessels from a European client.

In April this year, the company had said that it is in advanced stages of discussions with DCNS for a strategic partnership. This may include selling some stake to the French defence firm by Pipavav, one of the leading shipyards in the country.

Pipavav Defence is the first yard in India to receive rigs from global giants and has also received interest from European, subject to statutory approvals