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ONGC Floats ₹1,000-Crore Global Tender for Offshore Vessels, Favours Local Shipyards

State-owned ONGC has invited global bids to build four Platform Supply Vessels (PSVs) worth over ₹1,000 crore, with preference for Indian shipyards under the ‘Make in India’ initiative. Local yards will get the order if their bids fall within 10% of foreign competitors. Issued a day before Prime Minister Narendra Modi launches India’s shipbuilding push from Bhavnagar, the tender aligns with the government’s strategy to make India a global shipbuilding hub. PSVs are crucial for offshore oil and gas operations, supporting logistics and platform activities. A joint working group estimates oil companies will require 112 vessels over the next 10–15 years, including tankers and gas carriers. Currently, ONGC hires most of its ships from the market, often overseas. By owning vessels, ONGC seeks to cut dependency on rentals and manage costs. The government’s revamped Shipbuilding Financial Assistance Policy and a proposed ₹25,000 crore Maritime Development Fund aim to boost local shipbuilding.