Hot Pursuit     24-May-24
Knowledge Marine ends higher after bagging LoA for $40 mn contract in Myanmar
Knowledge Marine & Engineering Works (KMEW) advanced 1.18% to end at Rs 1290 after the company announced that it has received a letter of award (LoA) from the Myanmar Port Authority for the maintenance dredging of the Yangon River.

The contract is valued at USD 4.85 million for a period of one year. At the prevailing exchange rate of Rs 83.13 per USD, the value of the said contract is Rs 403.18 million.

The aforementioned project has to be executed over a period of one year.

The said order follows the successful completion of a similar dredging project awarded by Myanmar Port Authority to KMEW in October, 2023.

The company has secured its third consecutive international order with the recent contract win, following the initial project with the Government of India and the subsequent dredging of the Yangon River. The contract, valued at USD 4.85 million, is more than double the previous order of USD 2.20 million received in October, 2023.

The contract scope includes the maintenance of the Yangon River, a critical component among the nine ports along the Myanmar coast.

Sujay Kewalramani, CEO of Knowledge Marine & Engineering Works, said: “We are delighted to announce our latest achievement: securing a repeat international contract with the Myanmar Port Authority.

This accomplishment is a testament to our expertise and execution in dredging operations. Winning this international contract in more than double of the value of previous order is a milestone for KMEW, as it underscores our successful expansion into global markets.

Our operations in Myanmar, alongside our ongoing projects in Bahrain, solidify our presence and competitiveness on the international stage. Timely and efficient project execution remains our hallmark, and this win further strengthens our global positioning.”

Knowledge Marine & Engg Works is engaged in the business of owning, chartering/hiring along with manning, operation and technical maintenance of marine crafts, dredging and repairs/maintenance of marine crafts and marine infrastructure and allied works in India.

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