Cochin Shipyard signed contracts for construction and supply of Two (2)nos Autonomous Electric Ferry for ASKO Maritime AS, Norway with an option to build 2 more identical vessels in 15 July 2020. This Autonomous Electrical vessel project is an ambitiousproject in Norway partially funded by the Norwegian Government aimed at emission-free transportof goods across the Oslo fjords. These vessels will be managed by M/s. Massterly AS, a companysetup to take technical management and operate autonomous vessels, a joint venture betweenM/s. Kongsberg, the world leader in autonomous technology and M/s. Wilhelmsen, one of thelargest Maritime shipping companies. Once in operation, these vessels will create a new benchmark for the merchant shipping world in the field of Autonomous Vessels with Zero CarbonEmission.

The 67 Mtr long vessels will initially be delivered as a Full-Electric Transport Ferry, powered by1846 kWh capacity battery. After commissioning of autonomous equipment and field trials inNorway, it will operate as a fully autonomous ferry of ASKO that can transport 16 fully loadedStandard EU trailers in one go across the fjords. The vessels are designed by Naval Dynamics,Norway using Kongsberg Maritime systems, with detailed engineering to be carried out by CSL.They will be built under DNV GL Classification and flagged in Norway, under the rule regulationsof the Norwegian Maritime Authority.

The plate cutting ceremony of the two Autonomous Electric Vessels being built for ASKO Maritime AS, Norway was held on 25 November 2020. The plate cutting ceremony is one of the initialmilestones in the vessel construction process

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Net profit of Cochin Shipyard declined 47.80% to Rs 108.36 crore in the quarter ended September 2020 as against Rs 207.57 crore during the previous quarter ended September 2019. Sales declined 32.43% to Rs 657.40 crore in the quarter ended September 2020 as against Rs 972.87 crore during the previous quarter ended September 2019.

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Net profit of Cochin Shipyard declined 48.09% to Rs 107.16 crore in the quarter ended September 2020 as against Rs 206.45 crore during the previous quarter ended September 2019. Sales declined 32.43% to Rs 657.40 crore in the quarter ended September 2020 as against Rs 972.87 crore during the previous quarter ended September 2019.

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Cochin Shipyard will hold a meeting of the Board of Directors of the Company on 12 November 2020.

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