KMEW Lands $4.85 Million Contract, Doubling Previous Order's Value

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KMEW Lands $4.85 Million Contract, Doubling Previous Order's Value

Team FS

24/May/2024

Key Points:

Knowledge Marine & Engineering Works Ltd. (KMEW) lands a significant $4.85 million maintenance dredging contract for the Yangon River from the Myanmar Port Authority.
The new contract value is more than double the previous award, reflecting KMEW's growing reputation and expertise in the international marine industry.
CEO Sujay Kewalramani emphasizes the strategic importance of this win for KMEW’s global expansion and continued success in delivering efficient project execution.

In a significant stride towards expanding its global footprint, Knowledge Marine & Engineering Works Ltd. (KMEW), listed on the Bombay Stock Exchange, has been awarded a prestigious maintenance dredging contract by the Myanmar Port Authority. This contract, valued at an impressive USD 4.85 million, is set for execution over the fiscal year 2024-2025 and underscores KMEW’s growing expertise and reliability in the marine industry.

A Testament to Excellence and Reliability
The new contract follows the successful completion of a similar dredging project by KMEW in October 2023. This prior experience has evidently instilled confidence in the Myanmar Port Authority, leading to this repeat order. The current contract’s value of USD 4.85 million is more than double the previous award of USD 2.20 million, highlighting KMEW’s ability to deliver high-quality services and maximize profitability.

Strategic Deployment of Assets
KMEW will utilize its existing asset, the Trailing Suction Hopper Dredger River Pearl 8, for the maintenance of the Yangon River. This dredger has been stationed in Myanmar since 2021, ensuring that the project will benefit from a vessel already familiar with the local maritime conditions. The efficient use of this asset will not only facilitate timely project completion but also optimize operational costs, contributing to the overall success of the venture.

Significance of the Contract
The scope of the contract includes maintaining the Yangon River, a vital waterway among Myanmar’s nine coastal ports. Effective maintenance of this river is crucial for the country’s maritime infrastructure, ensuring smooth navigation and the efficient functioning of its ports. The successful execution of this project will enhance KMEW’s reputation as a reliable partner in international dredging operations and reinforce its competitive edge in the global market.

Boosting Foreign Exchange and Global Presence
This contract win is poised to generate substantial foreign exchange for KMEW, underscoring the importance of its international operations. The company's ability to secure and execute large-scale projects abroad is a testament to its robust operational capabilities and strategic vision. CEO Sujay Kewalramani expressed his delight over the achievement, highlighting that this milestone is a significant step in KMEW’s journey towards becoming a global leader in the marine engineering sector.

CEO’s Vision and Future Prospects
Commenting on the Letter of Award (LOA), Mr. Sujay Kewalramani, CEO of KMEW, stated, “We are delighted to announce our latest achievement: securing a repeat international contract with the Myanmar Port Authority. This accomplishment is a testament to our expertise and execution in dredging operations. Winning this international contract in more than double the value of the previous order is a milestone for KMEW, as it underscores our successful expansion into global markets. Our operations in Myanmar, alongside our ongoing projects in Bahrain, solidify our presence and competitiveness on the international stage. Timely and efficient project execution remains our hallmark, and this win further strengthens our global positioning.”

A Track Record of Success
This contract marks KMEW's third consecutive international order, following its initial project with the Government of India and subsequent dredging operations in Myanmar. Such a consistent track record of securing and successfully executing international projects reflects the company’s strategic prowess and commitment to excellence.

Building on Strong Foundations
KMEW's ongoing projects in Bahrain, combined with its operations in Myanmar, are indicative of its solid foothold in the global market. The company’s ability to manage multiple international projects concurrently speaks volumes about its organizational strength and resourcefulness.

Conclusion: A Bright Future Ahead
With this new contract, KMEW not only solidifies its presence in Myanmar but also sets a strong precedent for future international endeavors. The company’s strategic use of assets, coupled with its unwavering commitment to quality and efficiency, positions it as a formidable player in the global marine engineering industry. As KMEW continues to expand its horizons, it is poised to achieve even greater milestones, driving growth and profitability for its stakeholders.

This major contract win with the Myanmar Port Authority is more than just a business achievement; it is a significant leap towards establishing KMEW as a global leader in the marine and dredging industry. As the company sails towards new horizons, its journey is sure to inspire and set benchmarks for others in the industry.

Also Read : RBI Approves Record ₹2.11 Lakh Crore Dividend Payout to Central Government for 2023-24

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KMEW Lands $4.85 Million Contract, Doubling Previous Order's Value

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