Knowledge Marine gains on $40M Myanmar contract approval

27 May 2024 CW Team

It was stated that the contract, valued at $ 4.85 million for a duration of one year, translated to approximately Rs 403.18 million at the prevailing exchange rate of per $ 83.13.

The project was to be executed over the span of one year.

The issuance of the order came subsequent to the successful completion of a similar dredging project, which had been awarded by the Myanmar Port Authority to KMEW in October 2023.

With this recent contract win, marking their third consecutive international order, the company had secured a significant milestone. This followed their initial project with the Government of India and the subsequent dredging of the Yangon River. The contract, valued at $ 4.85 million, surpassed the previous order of $ 2.20 million received in October 2023.

The scope of the contract encompassed the maintenance of the Yangon River, an essential element among the nine ports along the Myanmar coast.

Sujay Kewalramani, the CEO of Knowledge Marine & Engineering Works, expressed his delight, stating that they were pleased to announce their latest achievement of securing a repeat international contract with the Myanmar Port Authority.

He emphasised that this accomplishment served as a testament to their expertise and execution in dredging operations. Winning this international contract, which was more than double the value of the previous order, represented a significant milestone for KMEW, highlighting their successful expansion into global markets.

Their operations in Myanmar, alongside ongoing projects in Bahrain, were stated to solidify their presence and competitiveness on the international stage. Kewalramani reiterated that timely and efficient project execution remained their hallmark, and this win further bolstered their global positioning.

Knowledge Marine & Engg Works was described as being engaged in the business of owning, chartering/hiring, along with manning, operating, and technically maintaining marine crafts, dredging, and repairs/maintenance of marine crafts and marine infrastructure, along with allied works in India.

Knowledge Marine & Engineering Works (KMEW) had advanced by 1.18% to close at Rs 1290, following the company's announcement of receiving a letter of award (LoA) from the Myanmar Port Authority for the maintenance dredging of the Yangon River. It was stated that the contract, valued at $ 4.85 million for a duration of one year, translated to approximately Rs 403.18 million at the prevailing exchange rate of per $ 83.13. The project was to be executed over the span of one year. The issuance of the order came subsequent to the successful completion of a similar dredging project, which had been awarded by the Myanmar Port Authority to KMEW in October 2023. With this recent contract win, marking their third consecutive international order, the company had secured a significant milestone. This followed their initial project with the Government of India and the subsequent dredging of the Yangon River. The contract, valued at $ 4.85 million, surpassed the previous order of $ 2.20 million received in October 2023. The scope of the contract encompassed the maintenance of the Yangon River, an essential element among the nine ports along the Myanmar coast. Sujay Kewalramani, the CEO of Knowledge Marine & Engineering Works, expressed his delight, stating that they were pleased to announce their latest achievement of securing a repeat international contract with the Myanmar Port Authority. He emphasised that this accomplishment served as a testament to their expertise and execution in dredging operations. Winning this international contract, which was more than double the value of the previous order, represented a significant milestone for KMEW, highlighting their successful expansion into global markets. Their operations in Myanmar, alongside ongoing projects in Bahrain, were stated to solidify their presence and competitiveness on the international stage. Kewalramani reiterated that timely and efficient project execution remained their hallmark, and this win further bolstered their global positioning. Knowledge Marine & Engg Works was described as being engaged in the business of owning, chartering/hiring, along with manning, operating, and technically maintaining marine crafts, dredging, and repairs/maintenance of marine crafts and marine infrastructure, along with allied works in India.

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