Seatrium and Cochin in MoU drilling rigs tie-up
India hopes to become a top-five shipbuilder in the coming decade
(Source: Cochin)
Seatrium Letourneau USA (SLET) has signed a memorandum of understanding (MoU) with India’s Cochin Shipyard for the supply and design of equipment for jack-up rigs, with the aim of meeting demand for mobile offshore drilling units (MODUs) in the Indian offshore market.
"This collaboration represents a significant milestone in Seatrium’s commitment to advancing India’s offshore energy industry with innovative, reliable, and efficient solutions,” said a joint statement from 25 November.
India is hoping to become self-sufficient in shipbuilding and ship repair, with the Modi administration having announced a goal for India to become a “top-5 shipbuilding nation” in the coming decade – a goal supported by so-called ‘de-China-fication’ drives among businesses in the west.
While facilities at India’s biggest shipyard are tiny compared with the drydocks of Shanghai, it is thought the yard’s proximity to one of the world’s largest shipbreaking economies could reduce the carbon content of the steel used to build vessels and equipment.
Cochin Shipyard’s share price has dropped 20% in the past six months, and the Indian Government announced that it would be selling a 5% stake in Cochin last month.
