RNAVAL

Pipavav Shipyard Limited has informed the Exchange vide its letter dated November 03, 2010 regarding " Licence for Warship Production."

Pipavav Shipyard Limited has informed the Exchange that "One of our Customers viz. Golden Ocean Group Limited had referred the shipbuilding contracts to arbitration,and that both parties were exploring the option of resolving the issue bilaterally. We are pleased to inform you that negotiations with the said Golden Ocean Group Limited and its two associate/group companies ('GOGL') have been concluded sucessfully. Please note that GOGL has withdrawn arbitration proceedings initiated against the Company referred to in our letter dated December 18, 2009".

Pipavav Shipyard Limited has informed the Exchange that Setaf sas of France, one of the customers of Pipavav Shipyard Limited has cancelled the order for one 74,500 DWT Panamax Vessel with aggregate contract value of US$ 36.00 million. This vessel was to have been delivered in 2009, but was delayed. The installation of the Goliath crane was delayed on account of delay in issue of visas for expatriate Chinese workmen.

Pipavav Shipyard Limited has informed the Exchange that "Pipavav Shipyard Limited has signed the Contract with Oil and Natural Gas Corporation Limited ('ONGC') for construction and supply of 12 Nos. Offshore Support Vessels ('OSVs') at an aggregate value of approximately US$ 111.849 Mn (approx. INR 513.83 Crores). Vide the said Contract ONGC also reserved the right to place order for Spares upto US $ 1.764 Mn (approx. INR 8.10 Crores) for the OSVs".