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India Equity Research Reports, IPO and Stock News
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World class facilities…
Pipavav Shipyard Ltd (Pipavav) is one of the largest shipyards in the
world capable of constructing vessels up to 4,00,000 DWT. The shipyard
has one of the best infrastructure facilities and uses modular
construction technology, which allows Pipavav to reduce the
construction and delivery time of vessels. The company has also
entered into strategic tie-ups with Sembcorp, KOMAC, SAAB,
Rosoboron and Northrop, which would provide access to the latest
technology and enable Pipavav to procure large defence orders. In
addition, a strong and diversified order book also provides good
earnings visibility to Pipavav.
World class infrastructure set-up with modular construction technology
Pipavav operates one of the largest single location shipyards in the world
capable of constructing vessels up to 4,00,000 DWT. The facilities include
shipbuilding, ship repair and fabrication complex. It has adopted a
modular construction technology, which constructs parts of the ship in
fabrication workshops that are then lowered in the dry dock for final
assembly and launching. This is the most advanced technology and is
adopted by the largest and best shipyards in the world i.e. Samsung and
Hyundai. It would enable Pipavav to reduce construction time of vessels.
Strong and diversified order book provides earnings visibility
Pipavav has a strong order book comprising defence, offshore and dry
bulk vessels with gross order book of | 6300 crore. This provides revenue
visibility for the next three years. Further, almost 50% of the order book
comprises non-commercial vessels, which is an added advantage.
Company Background
Pipavav is a wholly-owned subsidiary of SKIL and was incorporated as
Pipavav Ship Dismantling and Engineering Ltd on October 17, 1997. In
April 2005, IL&FS became a shareholder and the name of the company
was changed to Pipavav Shipyard Ltd (Pipavav). The shipyard is located
about 130 km from Bhavnagar in Gujarat.
It operates the largest shipyard facility at a single location in India and is
also among the largest in the world and capable of constructing vessels
up to 4,00,000 DWT. It can construct dry bulk vessels, tankers, offshore
vessels and defence vessels. Pipavav commenced commercial operations
in April 2009.
The shipyard was constructed at a total cost of | 3000 crore, which was
financed through | 1200 crore of promoter equity, | 500 crore raised
through IPO and | 1300 crore of debt.
Key takeaways
World class infrastructure set-up
Pipavav operates the largest shipyard facility at a single location in India
and is also among the largest in the world. The dry dock is 662 metres in
length and 65 metres in width and is capable of constructing vessels up to
4,00,000 DWT. PSL is spread over an aggregate area of 491 acres,
comprising an SEZ unit spread over 235 acres and an EOU spread over
257 acres. The two sites are connected by a dedicated corridor road of
approximately 4.5 km in length. The facilities include shipbuilding, ship
repair and offshore fabrication complex. It also has the capability to
construct offshore platforms, SBMs, rigs, jackets, vessels, etc. for
upstream oil & gas sector companies both in India and abroad. It has
installed two Goliath cranes, each with a lifting capacity of 600 tonnes. By
locating the workshops and fabrication facilities in an SEZ, Pipavav has
the dual advantage of being able to reserve the maximum area of water
frontage available at the shipyard site for ship assembly, offshore
fabrication and ship repair activities while carrying out its fabrication and
other similar activities at the fabrication complex. The blocks
manufactured at the fabrication complex are pre-outfitted to the
maximum extent. When ready, the blocks are moved to the dock side for
pre-erection of mega giga-blocks followed by lowering them on the dock
floor for final assembly and vessel launching.
Modular construction – Provides edge along with faster turnaround
Pipavav has employed modular process of building ships. This breaks
down a complete ship into internal parts and then simultaneously
fabricates various parts of the ship in fabrication workshops. This method
allows Pipavav to build several ships at once, depending on the capacity
of the fabrication workshops. Large pre-fabricated workshops and RCC
workshops are constructed for the fabrication of blocks, which include
steel stacking, treatment, cutting, forming, blasting, painting, welding and
sub-assembly of panels followed by assembly of blocks and outfitting. A
ship is constructed in the fabrication unit in blocks of approximately ~600
tonnes each and the blocks are transported with the help of a goliath
crane onto the dry dock and assembled. This method ensures that the dry
dock is occupied by the new build vessel for the minimum possible time.
This, in turn, leads to a reduction in the construction time of vessels.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
World class facilities…
Pipavav Shipyard Ltd (Pipavav) is one of the largest shipyards in the
world capable of constructing vessels up to 4,00,000 DWT. The shipyard
has one of the best infrastructure facilities and uses modular
construction technology, which allows Pipavav to reduce the
construction and delivery time of vessels. The company has also
entered into strategic tie-ups with Sembcorp, KOMAC, SAAB,
Rosoboron and Northrop, which would provide access to the latest
technology and enable Pipavav to procure large defence orders. In
addition, a strong and diversified order book also provides good
earnings visibility to Pipavav.
World class infrastructure set-up with modular construction technology
Pipavav operates one of the largest single location shipyards in the world
capable of constructing vessels up to 4,00,000 DWT. The facilities include
shipbuilding, ship repair and fabrication complex. It has adopted a
modular construction technology, which constructs parts of the ship in
fabrication workshops that are then lowered in the dry dock for final
assembly and launching. This is the most advanced technology and is
adopted by the largest and best shipyards in the world i.e. Samsung and
Hyundai. It would enable Pipavav to reduce construction time of vessels.
Strong and diversified order book provides earnings visibility
Pipavav has a strong order book comprising defence, offshore and dry
bulk vessels with gross order book of | 6300 crore. This provides revenue
visibility for the next three years. Further, almost 50% of the order book
comprises non-commercial vessels, which is an added advantage.
Company Background
Pipavav is a wholly-owned subsidiary of SKIL and was incorporated as
Pipavav Ship Dismantling and Engineering Ltd on October 17, 1997. In
April 2005, IL&FS became a shareholder and the name of the company
was changed to Pipavav Shipyard Ltd (Pipavav). The shipyard is located
about 130 km from Bhavnagar in Gujarat.
It operates the largest shipyard facility at a single location in India and is
also among the largest in the world and capable of constructing vessels
up to 4,00,000 DWT. It can construct dry bulk vessels, tankers, offshore
vessels and defence vessels. Pipavav commenced commercial operations
in April 2009.
The shipyard was constructed at a total cost of | 3000 crore, which was
financed through | 1200 crore of promoter equity, | 500 crore raised
through IPO and | 1300 crore of debt.
Key takeaways
World class infrastructure set-up
Pipavav operates the largest shipyard facility at a single location in India
and is also among the largest in the world. The dry dock is 662 metres in
length and 65 metres in width and is capable of constructing vessels up to
4,00,000 DWT. PSL is spread over an aggregate area of 491 acres,
comprising an SEZ unit spread over 235 acres and an EOU spread over
257 acres. The two sites are connected by a dedicated corridor road of
approximately 4.5 km in length. The facilities include shipbuilding, ship
repair and offshore fabrication complex. It also has the capability to
construct offshore platforms, SBMs, rigs, jackets, vessels, etc. for
upstream oil & gas sector companies both in India and abroad. It has
installed two Goliath cranes, each with a lifting capacity of 600 tonnes. By
locating the workshops and fabrication facilities in an SEZ, Pipavav has
the dual advantage of being able to reserve the maximum area of water
frontage available at the shipyard site for ship assembly, offshore
fabrication and ship repair activities while carrying out its fabrication and
other similar activities at the fabrication complex. The blocks
manufactured at the fabrication complex are pre-outfitted to the
maximum extent. When ready, the blocks are moved to the dock side for
pre-erection of mega giga-blocks followed by lowering them on the dock
floor for final assembly and vessel launching.
Modular construction – Provides edge along with faster turnaround
Pipavav has employed modular process of building ships. This breaks
down a complete ship into internal parts and then simultaneously
fabricates various parts of the ship in fabrication workshops. This method
allows Pipavav to build several ships at once, depending on the capacity
of the fabrication workshops. Large pre-fabricated workshops and RCC
workshops are constructed for the fabrication of blocks, which include
steel stacking, treatment, cutting, forming, blasting, painting, welding and
sub-assembly of panels followed by assembly of blocks and outfitting. A
ship is constructed in the fabrication unit in blocks of approximately ~600
tonnes each and the blocks are transported with the help of a goliath
crane onto the dry dock and assembled. This method ensures that the dry
dock is occupied by the new build vessel for the minimum possible time.
This, in turn, leads to a reduction in the construction time of vessels.
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