Swan Defence and Heavy Industries Limited has informed the Exchange regarding a press release dated February 24, 2026, titled "SDHI to complete 5 offshore support vessels for San Maritime".
SWANDEF · price
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Awaiting price reaction for this filing.
Swan Defence and Heavy Industries (SDHI), formerly Reliance Naval and Engineering, will complete five Offshore Support Vessels (OSVs) for Kakinada-based San Maritime India Pvt. Ltd. San Maritime has already begun docking the vessels at SDHI's Pipavav shipyard, where they will be finished under IR Class certification to serve the offshore industry. The hulls were originally part of SDHI's NCLT-driven acquisition of RNEL, later sold to San Maritime, with construction started under the previous ownership and now being revived. The project is expected to strengthen Indian-flag tonnage, create maritime jobs, and support the government's indigenous shipbuilding push. The work will be executed at Pipavav, home to India's largest dry dock (662m x 65m) and a 1.2 km waterfront.
Positive for shareholders — demonstrates that SDHI is actively utilising its Pipavav shipyard capacity through third-party vessel completion contracts, showcasing operational revival under new leadership and adding to its order book. Could support sentiment, though financial value of the deal was not disclosed.