Cochin Shipyard has recently achieved a significant expansion in the offshore rig maintenance sector, further consolidating its position as a reliable player in India’s maritime and energy infrastructure ecosystem.
Cochin Shipyard, a state-owned enterprise in India, announced that it has signed a major contract with Oil and Natural Gas Corporation (ONGC) of India to provide dry docking and major lay-up maintenance services for a jack-up drilling rig. The contract is worth approximately 2 billion rupees and will last for 12 months.
The contract covers comprehensive dry docking and lay-up repair services – a critical component of maintaining and repairing offshore drilling rigs while they are idle or in storage. Jack-up drilling rigs are vital assets in offshore oil and gas exploration, and regular maintenance ensures their safety, reliability and operational readiness.
Cochin Shipyard stated that it will leverage its robust technical expertise, advanced infrastructure, and skilled workforce to ensure the delivery of high-quality results within the stipulated timeframe.
Cochin Shipyard has explicitly stated that in this project, no promoter, promoter group, or group company has any financial or commercial interest relationship with ONGC. The company further confirms that this contract does not constitute a related-party transaction, ensuring operational transparency and full compliance.
This contract highlights the growing collaboration among India’s major public sector undertakings (PSUs). ONGC’s award of the repair work to Cochin Shipyard aligns with the government’s “Make in India” and “Atmanirbhar Bharat” initiatives, while also supporting the development of domestic maritime capacity and promoting the adoption of indigenous solutions in key sectors such as offshore energy and marine infrastructure.
Headquartered in New Delhi, ONGC is India’s largest producer of crude oil and natural gas. Founded in 1956, ONGC strives to meet the nation’s energy needs while driving technological advancement, sustainable development, and innovation in the oil and gas industry.
ONGC currently owns 113 drilling rigs, including 38 offshore rigs, and the number is growing. ONGC also owns approximately 90 well-servicing rigs. Of the 38 offshore rigs, 20% are owned, while the rest are leased. Regarding land rigs, only approximately 20% are leased, while the rest are owned.
In addition to maintaining drilling rigs, ONGC is also in exploratory talks with Indian shipyards to build two jack-up drilling rigs worth approximately $500 million to $550 million. The plan has reportedly been approved by the ONGC board of directors.
It is understood that before 1990, Indian local shipyards had built two jack-up drilling platforms and one floating drilling platform for ONGC. However, in the decades since then, Indian shipyards have not built offshore drilling platforms.
Cochin Shipyard, headquartered in Kochi, Kerala, is India’s largest shipbuilding and repair facility. Established in 1972, Cochin Shipyard is a “Little Giant” category central public sector enterprise under the Ministry of Shipping. Cochin Shipyard specializes in the construction and repair of various types of vessels, including defense ships, offshore platforms, and commercial vessels. Through strategic contracts with the Indian Navy and Coast Guard, Cochin Shipyard plays a key role in the development of India’s maritime infrastructure and defense preparedness.