26.2.2024 11:01:12 CET | Nekkar ASA | Non-regulatory press releases

26 February 2024 – Syncrolift Pvt. Ltd, a company owned by Nekkar-owned Syncrolift AS and Varya Pvt. Ltd., has been awarded a five-year contract for ongoing maintenance of a ship transfer system currently installed at the Indian Navy’s naval ship repair yard in Karwar, India.

The total contract value is approximately NOK 23 million over the five-year period. It is the third consecutive time the joint venture wins this maintenance agreement.

Syncrolift Pvt. Ltd. was established by Syncrolift and Varya Pvt. Ltd. in 2023 to capitalize on India’s growing market potential and tap into the country’s rich reservoir of talent and manufacturing competence.  Syncrolift owns 80 percent of the shares in Syncrolift Pvt. Ltd., while Varya Pvt. Ltd. owns the remaining 20 percent.

“Our Indian partnership company won this contract in competition with local suppliers. This success serves as a testament to our unique combination of global shiplift expertise and local execution capabilities,” says Rolf-Atle Tomassen, managing director of Syncrolift AS.

In 2019, Syncrolift initiated a project to generate more aftersales and service revenues from its extensive global installed base of ship lifts and transfer systems. In 2023, Syncrolift’s service revenue accounted for 18 percent of the company’s total revenue – in line with the company’s strategic priorities.

“This award secures stable local activity level over several years. We are delighted to support the Indian Navy in ensuring that their repair yard functions as cost-effectively as possible,” adds Tomassen.

Syncrolift is the world's leading manufacturer of shiplifts and transfer systems having won 60 percent of all shiplift contracts during the past ten years. The company is a wholly owned subsidiary of Oslo-listed Nekkar ASA. 

(ENDS)

Contacts

  • Ole Falk Hansen, CEO, +47 988 14 184, ir@nekkar.com

About Nekkar ASA

Nekkar (OSE: NKR) is an industrial technology group offering impact technologies combined with high-end software solutions. The group combines 50 years' heritage from the world's number one shiplift company, Syncrolift, with new investments into sustainable, digitalised technology businesses that aim to unlock growth within ocean-based industries such as offshore energy, renewables and aquaculture.

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