Malta Shipyards Ltd has secured a significant contract for the conversion of a heavy lift barge for a Dutch client, according to a press statement published by the Investments, Industry and IT Ministry. The contract will include lengthening, fitting of propulsion equipment as well as and fitting of the accommodation facilities.
The value of the contract value is in excess of Lm7 million and will commence immediately with completion planned for the fourth quarter 2006.
The Shipyards is also expecting to secure another significant offshore contract during March, with work to commence in May for approximately three months.
Over the last three years, the Shipyards have been successful in reducing reliance on the Ship repair sector, moving into other areas of business that offer better commercial value. This diversification covers areas such as offshore repair (oil rigs) cruise liners, offshore construction and specialist conversion works.
Minister Dr Austin Gatt stated, “to secure the Shipyards future and that of its employees in 2006 and beyond, it is vital that further improvement be made in respect of Timekeeping and Production efficiency to register the necessary and planned significant reduction in the losses. Now that the turnover targets for the year are nearly secured, its up for the Shipyard and its employees to deliver.”
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