Release Date:
Release ID: 2867

Garware Offshore to invest USD 55 million to acquire a new Multipurpose Platform Supply Vessel

Garware Offshore Services Limited, a leading offshore vessel owner cum operator has signed a contract for the acquisition of a Havyard 832 L SE Multipurpose Platform Supply Vessel (MPSV) at approximate cost of USD 55 million. The new MPSV which is scheduled to be delivered in the third quarter of FY 2011 is a state of the art vessel.

Commenting on the contract, Mr. Aditya Garware, Vice Chairman and Managing Director, Garware Offshore, said “As part of our growth strategy we are consistently looking at opportunities of fleet growth. This new acquisition is aligned to this vision of the Company”.

The new vessel is DP2, FiFi1 and has CLEAN Notation, capable of performing in harsh environments like the Arctic waters. The vessel will have Diesel Electric Propulsion, which will offer potential customers significant savings in fuel consumption. In addition to the above, the vessel will also have the following –

 an optional Moon Pool (used for ROV Operations);

 the hull will be strengthened for fitment of an Offshore Heave Compensated Crane;

 fitted with SCR (Selective Catalyst Reactors) for reduction of NOx, SOx emissions;

 accommodation for approx. 50 persons.

About Garware Offshore:

Garware Offshore Services Ltd. (GOSL), was incorporated in 1976. The Company initially started with operating general cargo vessels, but eventually diversified into the field of offshore vessels. The Company is expanding its fleet size, and has taken delivery of 4 platform supply vessels (PSVs) and 1 AHTSV, which are used as support vessels for offshore oil exploration activities and 1 more PSV is scheduled for delivery by end of FY 09. In addition to this, two 60T AHTSVs are scheduled for delivery by end of FY 09. With the latest entrant of MPSV the total fleet size would be 9 vessels by FY 2011. The Company has realized the huge potential in the growing offshore industry and thus aims to expand its fleet size to 14 vessels in the coming 1-3 years.


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