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 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.