Knowledge Marine & Engineering Works has secured its third green tug contract from the Mumbai Port Authority, with the order valued at Rs. 2.79 bn. The contract covers the chartering of a new battery-operated electric tug with a 60 t bollard pull capacity, along with manning, operations, maintenance and complete technical management.

The company, which operates in marine infrastructure and dredging, said the latest contract would be supported through its subsidiary, Knowledge Shipyard. The subsidiary is also undertaking the construction of the company’s other green initiatives. The order follows two earlier green tug contracts secured by the company.

Knowledge Marine said the simultaneous construction of multiple green tugs at a common shipbuilding platform would support greater standardisation, repeatability and execution efficiency. It added that the approach would help build specialised technical capabilities for constructing next-generation marine assets and create a more scalable shipbuilding process.

The company’s chief executive, Sujay Kewalramani, said the vessel would be constructed alongside the other two green tugs at the company’s shipbuilding platform. He said building multiple vessels at the same time would strengthen execution capabilities and technical expertise, while the company’s marine operations experience and shipbuilding capabilities would support expertise across the assets’ lifecycle, from construction and commissioning to operations and maintenance.

Shares of Knowledge Marine & Engineering Works ended the previous session 1.9 per cent higher at Rs. 2,882 apiece. The stock has gained 7.1 per cent over the past month and is up 49.6 per cent so far this year. The contract further expands the company’s involvement in battery-powered marine assets and strengthens its position in the emerging green tug segment.