Knowledge Marine & Engineering Works (KMEW) advanced 2.93% to Rs 1230 after the company announced the receipt of letter of award (LOA) from the Dredging Corporation of India for the capital dredging work at the Paradip Port.
The contract, valued at Rs 7.50 crore, will be executed within 4 months excluding the monsoon season.
The said order involves undertaking capital dredging to clear the hard patches in the North Dock Complex area of Paradip Port. KMEW will deploy its existing vessel River Pearl 2 Grab Hopper Dredger for the said project.
Sujay Kewalramani, CEO of Knowledge Marine & Engineering Works, said: “We are thrilled to announce our new contract for our existing vessel River Pearl 2.
Our focus on exploring new segments complements our steadfast dedication to our traditional business areas. This dual approach allows us to employ our extensive expertise and ensure timely execution in all our endeavors. A key aspect of our strategy is the effective utilization of our advanced equipment, such as the Grab Hopper Dredger River Pearl 2.
We are also pleased to highlight our focus on strengthening asset utilization, which has enabled us to win continuous orders and keep our dredgers actively engaged. This strategy not only optimizes the use of our assets but also ensures the successful execution of our projects, reinforcing our leadership in the industry.”