Project Update

RNS Number : 6156R

SKIL Ports & Logistics Limited

10 March 2016

 

10 March 2016

SKIL Ports & Logistics Limited

("SPL" or the "Company")

Project Update

SKIL Ports & Logistics (SPL) is pleased to provide the following update in regard to the development of its port and logistics project in Navi Mumbai, India.

The Company is pleased to report that good progress continues to be made at the site. Reclamation has continued to progress since the last update, with four temporary piles and three permanent piles having been completed. The piling gantry is now erected and there has been further dredging in the berth pocket. The Company's website has been updated with photographs taken on 9 March. Further drone footage will be uploaded on the website in the near future.

The Company continues to receive regular updates and reports from the project contractors. Now that work has continued uninterrupted for a number of months, the Company and its engineers have more empirical data from which to gauge progress and schedule the overall milestones to completion. SPL remains satisfied with progress. However, it has become apparent that certain work streams will take longer than previously scheduled. In particular, a change to the design of the piling gantry had to be made whilst on site and there has been a knock on effect of this on other work streams.   In addition, a new configuration had to be made for the batching plant and, overall, a more conservative view is being taken of the timetable.

Taken together, the Company now estimates that the facility will become operational during December this year. The revised construction schedule includes the following key milestones;

§ Completion of 30 hectares of reclamation by June 2016

§ Completion of dredging in the approach channel by July 2016

§ Equipment order by July 2016

§ Completion of 400 meters of jetty by the end of 2016

§ Completion of dredging in the harbour basin by end of 2016

§ Installation of infrastructure utilities by November 2016

SPL recognises that construction projects of this magnitude inherently come with execution risks and the precise timing of specific milestones may change. The Company will update shareholders against these milestones as appropriate.

Enquiries:
SPL	Nikhil Gandhi/Pavan Bakhshi/Jay Mehta
	C/O Redleaf Communications
	[phone]
Cenkos Securities plc	Stephen Keys/Camilla Hume
(Nomad and Broker)	[phone]
Redleaf Communications	Charlie Geller/Harriet Lynch
(Financial PR)	[phone]
	[e-mail]

 

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