23-04-2018

Cochin Shipyard sees Rs 185 mn loss due to ONGC ship fire incident

The expected loss due to the fire onboard Sagar Bhushan, the oil rig of Oil and Natural Gas Corporation Ltd (ONGC) at the ship repairing facility of Cochin Shipyard Ltd (CSL) in Kochi, which claimed the lives of five people, is Rs 185.1 million.

In a regulatory filing on Saturday, CSL said that the company has completed a damage survey on the ship and has estimated the expected loss to the shipyard on account of the fire accident to be Rs 185.1 million.

"However, CSL has an insurance cover for the vessel under Ship Repairer's liability policy for Rs 150 million. The claim has been lodged with the insurance company," it said.

The incident occured on February 13, and the preliminary assessment has been that it was caused by momentary explosion of high impact near the A/C plant, situated above the ballast tank. This left five people dead immediately and seven injured.

Source: Business Standard

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