Knowledge Marine and Engineering shares extend gains, close 7% higher after new order win

Knowledge Marine and Engineering Works informed the exchanges, in a filing on August 19, that the New Mangalore Port Authority has awarded it an order for hiring a River Sea Vehicle (RSV) Type IV Security Patrol Boat with a speed of over 25 knots. The time period for the order is five years, and the total consideration for the order is ₹9.69 crore, the company informed the bourses.

As a part of the contract, Knowledge Marine and Engineering Works will provide supply, manning, operation, and maintenance services for the patrol boat. The patrol boat will be operational under the direction of the Central Industrial Security Force (CISF).

Knowledge Marine and Engineering Works also said in an official release that the introduction of a RSV Type 4 Patrol Boat, with speeds exceeding 25 knots, offers it a significant advantage over current patrol boats operating at 20 knots. The company plans to deploy the boat ahead of schedule. The company said in the release that the order win is the company's first contract with the New Mangalore Port Authority.

Earlier on June 10, the company informed the exchanges that it had received a Letter of Award (LOA) from the VO Chidambaranar Port Authority for the supply, manning, operation, and maintenance of a High-Speed Patrol Boat (HSPB) with a speed of 20 knots or more. The contract was awarded to the company on a hire basis for a period of five years. The consideration for the contract was over ₹5.86 crore.

Knowledge Marine and Engineering Works is engaged in the business of owning, chartering, and hiring of marine crafts. The company also provides services for marine crafts, such as manning, operation, technical maintenance and dredging.

Knowledge Marine and Engineering Works shares closed at ₹1,255 apiece, up 7.26%, on the BSE.