22 March 2006

The Web
Business Today

Shipyards secure conversion contract

Malta Shipyards Ltd has secured a contract for the conversion of a heavy lift barge for a Dutch client valued in excess of Lm7 million.
The significant contract will include lengthening, fitting of propulsion equipment and fitting of the accommodation facilities.
Works will commence immediately with completion planned for the fourth quarter 2006. It is anticipated that works may lead to an additional contract.
The Shipyard expects to secure another significant offshore contract during March, with work to commence in May for approximately three months.
This work will provide the Shipyards with the turnover necessary for 2006.
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.
In a statement the shipyards said that in order to secure the future 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 losses.

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