Cochin Shipyard Eyes $550 Million Jack-Up Rig Deal with ONGC

03 Dec 2024 CW Team

The shipyard has bolstered its prospects by signing a Memorandum of Understanding (MoU) with Seatrium Letourneau USA, Inc. (SLET), a subsidiary of Singapore-based Seatrium Ltd, for design and critical equipment supply for these rigs. The partnership aligns with India's "Make in India" initiative, aiming to enhance local manufacturing capabilities for Mobile Offshore Drilling Units (MODUs).

In its stock exchange filing on November 22, CSL highlighted that this collaboration leverages its shipbuilding expertise and SLET’s advanced technical and design capabilities to meet the demands of India's offshore energy sector. Seatrium Ltd, formed after Sembcorp Marine’s acquisition of Keppel Offshore & Marine in 2023, affirmed its commitment to delivering innovative and efficient offshore solutions through this partnership.

ONGC’s board has already approved the rig construction project, which aims to replace aging rigs in operation for over four decades. According to Om Prakash Singh, Director of Technology and Field Services at ONGC, the move to build rigs locally will help Indian shipyards develop expertise in manufacturing advanced offshore platforms.

This potential order would enable Cochin Shipyard to diversify its portfolio, which currently includes cargo vessels, passenger ships, dredgers, hybrid tugs, and defence ships such as aircraft carriers and ASW Corvettes.

Under the government's financial assistance scheme for shipbuilding, MODUs and jack-up rigs are categorised as specialised vessels eligible for state aid. The scheme, set to expire in March 2026, provides a 14% subsidy for orders secured until March 2025, with a reduced 11% subsidy in its final year. There is no cap on subsidies for specialised vessels like MODUs, unlike standard ships where aid is capped at Rs 400 million.

The Ministry of Ports, Shipping, and Waterways is currently drafting a new shipbuilding policy that proposes enhanced subsidies, including 25% for specialised vessels and up to 30% for green and futuristic technology ships. The revised scheme, expected to run until 2034 with possible extensions through 2047, aims to provide long-term stability and visibility for domestic shipyards.

(ET)

Cochin Shipyard Ltd (CSL), India’s largest commercial shipbuilder, is in advanced discussions with Oil and Natural Gas Corporation Ltd (ONGC) for a potential $550 million order to construct two offshore jack-up oil drilling rigs, sources have revealed. The shipyard has bolstered its prospects by signing a Memorandum of Understanding (MoU) with Seatrium Letourneau USA, Inc. (SLET), a subsidiary of Singapore-based Seatrium Ltd, for design and critical equipment supply for these rigs. The partnership aligns with India's Make in India initiative, aiming to enhance local manufacturing capabilities for Mobile Offshore Drilling Units (MODUs). In its stock exchange filing on November 22, CSL highlighted that this collaboration leverages its shipbuilding expertise and SLET’s advanced technical and design capabilities to meet the demands of India's offshore energy sector. Seatrium Ltd, formed after Sembcorp Marine’s acquisition of Keppel Offshore & Marine in 2023, affirmed its commitment to delivering innovative and efficient offshore solutions through this partnership. ONGC’s board has already approved the rig construction project, which aims to replace aging rigs in operation for over four decades. According to Om Prakash Singh, Director of Technology and Field Services at ONGC, the move to build rigs locally will help Indian shipyards develop expertise in manufacturing advanced offshore platforms. This potential order would enable Cochin Shipyard to diversify its portfolio, which currently includes cargo vessels, passenger ships, dredgers, hybrid tugs, and defence ships such as aircraft carriers and ASW Corvettes. Under the government's financial assistance scheme for shipbuilding, MODUs and jack-up rigs are categorised as specialised vessels eligible for state aid. The scheme, set to expire in March 2026, provides a 14% subsidy for orders secured until March 2025, with a reduced 11% subsidy in its final year. There is no cap on subsidies for specialised vessels like MODUs, unlike standard ships where aid is capped at Rs 400 million. The Ministry of Ports, Shipping, and Waterways is currently drafting a new shipbuilding policy that proposes enhanced subsidies, including 25% for specialised vessels and up to 30% for green and futuristic technology ships. The revised scheme, expected to run until 2034 with possible extensions through 2047, aims to provide long-term stability and visibility for domestic shipyards. (ET)

Real Estate

01 Dec 2025

Serene, Gardencity to Develop Rs 3 Billion Senior Living Project in Bengaluru

Serene Communities, a leading senior living brand, has partnered with Gardencity Realty to develop a premium senior living community in Budigere, one of Bengaluru’s fastest-growing residential micro-markets. The project will span approximately 300,000 sq ft, with a Gross Development Value of about Rs 3 billion, and will add roughly 250 senior-friendly residences to the city’s growing retirement housing segment.The launch forms part of Serene Communities’ national expansion strategy. The company has 11 new projects under development with a planned investment of Rs 25 billion that will add..

Real Estate

01 Dec 2025

Alliance City Developers Marks Major 2025 Milestones in Vile Parle

Alliance City Developers Realtors has announced significant project milestones and expansions in 2025, underscoring what the company terms a transformational year. The developer completed multiple residential projects and launched two premium developments in Vile Parle (East), one of Mumbai’s most sought-after neighbourhoods.During the year, Alliance Legacy in Matunga (East) received its Occupancy Certificate (OC), while Alliance Eternis in Borivali (West) and Alliance Vista in Vile Parle (East) were granted Completion Certificates (CC), marking final project delivery. Alliance Abhimanyu is ..

Infrastructure Energy

03 Dec 2025

Moro Hub and PwC Middle East Partner to Accelerate Smart City Solutions

Moro Hub, a subsidiary of Digital DEWA, the digital arm of Dubai Electricity and Water Authority (DEWA), has announced a strategic collaboration with PwC Middle East to advance Smart City, Integrated Command Centre (ICC), Critical Infrastructure Monitoring and Internet of Things (IoT) initiatives across the region. The partnership brings together Moro Hub’s digital infrastructure and IoT capabilities with PwC’s global expertise in digital trust, smart city strategy and cybersecurity to support the UAE’s vision for intelligent and sustainable cities.“Our collaboration with PwC Middle Ea..