Mumbai: Mumbai-based shipbuilder Pipavav Defence and Offshore Engineering Co. Ltd said Monday it got a Rs.400 crore contract for the repair and maintenance of Oil and Natural Gas Corp. Ltd (ONGC) offshore oil rig Sagar Laxmi.
“The company has been selected among the top global competitors and is expected to few more similar contracts in the near future. The company has also secured highly prestigious contracts for dry docking and maintenance of critical rigs of oil and gas conglomerates like Transocean and Noble,” Pipavav Defence said in a filing to stock exchanges.
In November, Mint reported that Sweden’s Saab AB will pick up a stake in Pipavav Defence for Rs.201 crore, the first strategic investment made by a global defence company in an Indian shipbuilder focused on defence production.
Saab will own 3.5% of Pipavav Defence after the transaction is completed and will have an option to increase it to 10%, according to a senior executive of the company who declined to be named.