Company officials said profit margins are higher on ship repairs as it involves more value addition and less material than in building new vessels.
The yard also has a full order book until the end of next year, the spokesman said.
It is building or has on order two 250 passenger vessels for an Indian customer and four multipurpose support vessels for the Singapore unit of Greatship India.
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Petroleum companies looking for oil and gas in Indian waters were deploying more offshore support vessels, a yard spokesman said.
"There are more offshore support vessels coming here - we've capitalised on the trend and are servicing the offshore support vessels calling this region.
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An offshore support vessel owned by Bourbon Offshore called recently for emergency repairs, the first instance the firm, one of the biggest offshore fleet owners in the world, used repair facilities in Colombo.
"The shipyard has been fine tuning her service package to meet the offshore support vessel requirements,