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By Ravi Ladduwahetty

Colombo Dockyard Ltd (CDL) the monopoly Colombo Stock Exchange listed bluechip engaged in ship repairs, will shortly enter into a new line of business when it commences repairing of oil rigs and dredgers.

CDL is currently negotiating with the Oil and Natural Gas Corporation of India (ONGC), and the Dredger Corporation of India to repair oil rigs and dredgers within the Port of Colombo, CDL's Chief Commercial Manager B.J.Subasinghe told the Daily News yesterday.

This is indeed a new line of business for CDL which has been repairing, blasting and painting ship hulls in which we have improved our productivity tremendously, he said.

ONGC is a premium corporate which deals with the transportation of oil and natural gas and this along with the Dredger Corporation of India, should yield around US$ 10 million (around one billion rupees) in the first year. Oil rigs are a specialised kind of vessels which have repairs in the oil rigs and jack up rigs. The Market is very attractive for Colombo as these Indian vessels have now opted to come to Colombo in contrast to Singapore which was their hither to repair destination.

There are also possibilities of CDL going to joint venture partnerships with some of these companies. He said that CDL has tremendously improved its productivity in the repair of ship hulls which has a direct bearing on the turnaround time of the ship. CDL is also specialised in the hull blasting and painting which entails the surface preparation of the ship and this is deemed mandatory in the global shipping industry when it comes to bulk carriers.

The Company has maintained stringent performance standards while enhancing its position against regional competition.

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