State-owned defence shipbuilder Garden Reach Shipbuilders & Engineers Ltd (GRSE) has emerged as the lowest bidder for the construction of four Platform Supply Vessels (PSVs) for Oil and Natural Gas Corporation (ONGC), marking the first commercial shipbuilding tender to be finalised following the Union Cabinet’s approval of the ₹69,725 crore Maritime Development Fund and shipbuilding incentive package aimed at promoting domestic shipbuilding.
According to industry sources, GRSE quoted ₹258 crore per vessel, securing the lowest bid in the price opening held on Thursday. The total value of the contract is estimated at ₹1,032 crore.
The tender attracted participation from major public and private shipyards, including Cochin Shipyard Ltd, Hindustan Shipyard Ltd, L&T Shipbuilding, and Titagarh Naval Systems Ltd.
Platform Supply Vessels are essential for supporting offshore oil and gas exploration and production activities. They transport equipment, supplies, fuel, water and personnel to offshore installations, playing a vital role in ensuring uninterrupted offshore operations.
As the successful bidder, GRSE will also be eligible for the Government of India’s financial assistance scheme for commercial shipbuilding, under which shipyards receive incentives ranging from 15% to 20% of the project cost, further strengthening the competitiveness of India’s domestic shipbuilding sector.
