Garden Reach Shipbuilders & Engineers Limited has informed the Exchange about signing of Memorandum of Intent (MoI) and Memorandum of Understandings (MoUs) in Norway - Reg 30
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During an official delegation visit to Norway on 04 June 2025, GRSE signed three international agreements. First, an MoI with German firm Carsten Rehder Schiffsmakler und Reederei GmbH & Co. KG for building four follow-on 7,500 DWT Multi-Purpose Vessels — a continuation of the eight vessels already under construction at GRSE's Kolkata shipyard, featuring hybrid propulsion and modern cybersecurity standards; the firm contract is targeted by 31 August 2025. Second, an MoU with Dubai-based Aries Marine, an independent engineering and design firm, to collaborate on offshore platform and vessel design and expand GRSE's reach in the global offshore market. Third, an MoU with an unnamed global engine manufacturer on the same day.
Positive for shareholders — these international partnerships strengthen GRSE's export order pipeline, signal entry into the offshore segment, and reinforce its position as a credible global shipbuilder, which could support future revenue growth.