Garware Offshore to Acquire Barge for $25M

Thursday, November 08, 2007
Diversifying services from its core business of leasing out ships for oil and gas exploration, Garware Offshore Services Ltd. is acquiring a construction barge from a Chinese manufacturer for $25m. According to a company official, the deal details have been discussed and the order would be finalized sometime this week. The barge, to be delivered by the second quarter of 2009, is being acquired through 100 per cent financing via its Singapore subsidiary on a bareboat charter basis. The deal gives Garware an option for a second order, too. The name of the Chinese company was not disclosed. These barges are required for the maintenance of oil and gas exploration platforms and have an earning potential of $25,000 per day in India, in fair weather conditions. Meanwhile, realizing the demand for new vessels for deep water drilling activities, the company had ordered two new platform supply vessels (PSV) and anchor handling tugs (AHT) each. The vessels are due to be delivered by the end of 2008. The new AHTs would also give the company an edge over the 25-odd AHTs in the country, which are all more than 20 years old. The company has chartered two of its PSVs and four of its existing AHTs to ONGC and is looking forward to renewal of the contract of one of the PSVs with British Gas with a rate hike of 15-20 per cent in January 2008, Akolkar said. He, however, denied any plans to enter ship-building presently. [Source: http://sify.com]
Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Patrol Boats

As First Victims Mourned, Italian Navy Searches On

Italy held a funeral service on Tuesday for 13 migrants who died in the worst shipwreck in the Mediterranean in recent history, while the navy continued its search for other victims of the disaster.

Buoys in Disputed Waters Roil South China Sea Dispute

Buoys stretched "as far as eye could see" - Philippine sailor. The Philippine navy recently found a large steel marker bearing Chinese inscriptions and hundreds

MTU Powers RSN Navy's Littoral Mission Vessel

MTU to power eight Republic of Singapore Navy’s new patrol vessels. Employees and guests, including senior representatives from the Republic of Singapore Navy (RSN) and Ministry of Defence,

Barges

Carlyle Group Acquires LMC

Global alternative asset manager The Carlyle Group today announced the acquisition of Lauderdale Marine Center (LMC), the nation's largest yacht repair facility

Propulsion Under Wireless Remote Control

Thrustmaster of Texas, Inc. has been supplying wireless remote controls for thrusters since the 1980s, offering products that are supported through their lifecycles

ContainerTug B.V. Releases Two New Models

Young Dutch ship design, engineering and construction company ContainerTug B.V. follows on the introduction of the ContainerTug 600S early last year with the release

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0951 sec (11 req/sec)