ABG Shipyard: Essar Shipping rigs 40% done

ABG Shipyard Ltd has completed almost 40% work on the two rigs for Essar Shipping Ports and Logistics Ltd and is receiving payments for the same in instalments, Dhananjay Datar, chief financial officer of the shipbuilding firm, told ‘NewsWire18’ on Monday. The order for these self-elevating jack-up rigs was booked in October. Earlier this year, some analysts had raised eyebrows after ABG Shipyard started working on the $480 million (Rs2,362 crore today) Essar rig orders and also posted revenue of Rs160 crore in October-December, despite Essar reportedly not paying the amount due.
The company had then said though the amount was unrealized, it was reflected in its accounts as work had started on the rigs.