Oil and Natural Gas Corporation (ONGC) has signed a contract worth over ₹1,000 crore with Garden Reach Shipbuilders & Engineers Ltd. (GRSE) on 15 October 2026 for the construction of four hybrid electric Platform Supply Vessels (PSVs), strengthening India’s indigenous shipbuilding capabilities and supporting greener offshore operations.
The contract was digitally signed in the presence of Cdr. Shantanu Bose (Retd.), Director (Shipbuilding), GRSE; Satyan Kumar, Director (Strategy and Corporate Affairs), ONGC; Bhaskar Chowdary Nettem, Director (Production), ONGC; and Ratnesh Kumar, Chief Corporate Strategy, ONGC.
The order marks the first phase of ONGC’s plan to procure 25 offshore support vessels by 2030, with the company targeting ownership of approximately 30% of its offshore fleet. The new vessels will support offshore oil and gas exploration and production activities.
Equipped with hybrid electric propulsion systems and advanced dynamic positioning capabilities, the vessels are expected to enhance operational reliability, improve fuel efficiency and reduce the environmental footprint of offshore operations.
The initiative aligns with the government’s Maritime Amrit Kaal Vision 2047, reinforcing India’s commitment to domestic shipbuilding, sustainable maritime operations and long-term energy security.