Cochin Shipyard wins EUR 60m hybrid SOV order 2024

What Cochin Shipyard announced

State-owned Cochin Shipyard Limited (CSL) said it has secured another international order from UK-based North Star Shipping, an offshore renewables operator, to build a hybrid Service Operation Vessel (SOV). The order is part of North Star’s offshore wind support work and will be deployed under a contract with Siemens Gamesa. CSL described the vessel type as central to a growing, specialised renewables services segment. The company said the new contract builds on an earlier order placed by North Star during the year. A CSL source put the value of the new order at EUR 60 million. The contract also includes an option for two additional vessels.

Where the vessel will be deployed

CSL said the hybrid SOV will be used at the Scottish Power Renewables East Anglia THREE offshore wind farm, located off the Suffolk coast. The vessel is intended to support service, maintenance, and operational needs at the wind farm. For offshore wind operators, SOVs act as “walk-to-work” platforms, keeping technicians close to turbines and reducing downtime during maintenance windows. The deployment detail matters because it links CSL’s export order flow to a specific European offshore wind project, rather than a generic vessel sale. It also positions CSL as a builder for offshore renewables logistics, where technical specifications and delivery discipline are key. CSL has framed this as part of a push into high-end and niche global renewable energy vessel construction.

Vessel design and key equipment

CSL said the SOVs are 85-metre vessels designed by VARD AS, Norway, based on the “proven 4 19 design”. The vessels feature a fully electric azimuth propulsion system, which supports manoeuvrability and station-keeping in offshore conditions. Mission equipment includes a 3D motion-compensated gangway system (walk2work), which helps transfer technicians and equipment safely between the vessel and turbine platforms even in moving seas. The vessels are also planned to include a Dynamic Positioning System, a standard requirement for offshore wind support operations where precise positioning reduces operational risk. CSL said the vessels will have high-standard interiors to accommodate up to 80 technicians and crew.

Hybrid-electric configuration and emissions angle

CSL stated the propulsion architecture is hybrid-electric, powered by four diesel generator sets combined with a large lithium battery pack. The company said this set-up is intended to achieve significant emissions reduction compared with conventional designs. The hybrid configuration is relevant for offshore wind support because vessels often operate on varying duty cycles, including standby and low-speed operations, where battery support can reduce fuel burn. While CSL did not quantify emissions savings, it positioned the design as aligned with the offshore renewable industry’s sustainability objectives. The inclusion of batteries alongside generator sets also suggests a focus on operational flexibility and compliance with evolving environmental expectations in European waters.

Classification and standards

CSL said the vessels are to be classed with DNV Norway. It also noted that the accommodation would carry DNV comfort ratings, reflecting an emphasis on crew habitability for longer offshore deployments. In offshore wind operations, comfort standards matter because technicians and crew often stay offshore for extended periods. Classification also acts as a quality benchmark for international clients, especially in Europe where project owners and operators typically demand compliance with established class society requirements. CSL’s repeated reference to DNV in the project details signals the contract’s alignment with international norms for offshore service vessels.

Repeat business and client commentary

CSL’s Chairman and Managing Director Madhu Nair said the company was happy to be chosen again as North Star’s preferred partner and linked the order to North Star’s goals in the offshore renewable segment. North Star’s chief technology officer James Bradford said the company selected CSL for the second SOV newbuild due to CSL’s track record of delivering high-quality vessels on time and within budget. The combination of repeat ordering and public justification from the buyer indicates that delivery performance is a key differentiator in this segment. CSL has also said it is currently building two Commissioning Service Operation Vessels (CSOVs) for a European client, underlining its ongoing work in offshore support vessels beyond this North Star contract.

Project milestones already disclosed

CSL has also disclosed multiple build milestones related to North Star SOV projects through dated updates, indicating the project has progressed through key shipbuilding stages.

Market and stock context mentioned

The article notes CSL’s share price at Rs. 1,911.70 and says the stock was up by more than 180% in 2024. While the order value is stated in euros, the market relevance for Indian investors is tied to CSL’s export visibility and order book quality, particularly in niche vessel categories. The disclosure of a specific international client, end deployment location, and option clause provides more granularity than a standard contract headline. At the same time, the article does not disclose delivery timelines, payment milestones, or margin assumptions for the contract.

Key deal facts at a glance

Why this order matters for CSL

This contract sits within a specialised global segment where vessel capability, compliance, and delivery timelines are critical. CSL is positioning itself as a builder for offshore renewables support, a category that typically demands higher specification standards than conventional vessels. The option for two more vessels is also notable because it can potentially extend the relationship beyond a single ship, though the article does not confirm whether the option will be exercised. CSL’s mention of ongoing CSOV builds for a European client adds context that the yard is already executing similar projects for international customers. For investors tracking CSL, the key takeaway from the disclosed information is continued momentum in export orders tied to offshore wind operations.

Conclusion

Cochin Shipyard’s EUR 60 million hybrid SOV order from North Star adds another international offshore wind-linked project to its portfolio, with an option for two more vessels. CSL has also reported successive build milestones through 2025, indicating progress on related SOV programmes. The next concrete updates are likely to come through further construction milestones and delivery-related announcements as the vessels move from fabrication to outfitting and trials.