Walkers re-enters ship-building
Walkers Colombo Shipyard (Pvt) Ltd, a subsidiary of MTD Walkers PLC,
has completed the construction of its first vessel, a barge named 'Seagulf
1', to re-enter the local ship building industry.

The launch of Seagulf 1 |
The barge designed and constructed entirely by in-house engineering
teams under the guidance of Managing Director of Walkers Colombo
Shipyard (Pvt) Ltd., Dr. Sarath Obeysekera, was launched recently at the
Walkers Colombo Shipyard in the Mutwal Harbour. "We are extremely
pleased with the rapid progress made by the Marine Engineering sector of
the Group and hope to see growing contribution to Revenue and Profits
from this sector," said Viraj de Silva, Chief Financial Officer of MTD
Walkers PLC and Director of Walkers Colombo Shipyard (Pvt) Ltd.
MTD Walkers PLC expanded its presence in the marine engineering
sector in 2015 by unveiling its plans to open a state-of-the-art ship
repair facility in the Mutwal Harbour with an investment of USD 8.5
million.
Funding for the development of the yard was procured through the
proceeds of a Rs. 3 billion debenture issue in September 2015.
"The commencement of operations at the Group's first Shipyard will
provide us a natural hedge and allow us to raise future capital at very
competitive rates in the international market," said Executive Director,
Walkers Colombo Shipyard (Pvt) Ltd., Mahesh Yogarajan.
The 3.5 acre facility upon completion will be equipped with a
shiplift and transfer system, one of the first in the Sri Lankan Marine
Engineering sector, capable of accommodating a broad range of vessels up
to 1,250 tonnes. Walkers CML also envisages to provide much needed
repair services to the fishing boat industry by installing boat lifts in
many fishery harbours to cater for lifting of boats up to 60 tons.
The shipyard has already launched the construction of two tug boats
which will be used to assist operations at the shipyard when it begins
commercial operations in January. |