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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Patrol Boats

China, Russia Navies to hold S. China Sea Drills

China and Russia will hold "routine" naval drills in the South China Sea in September, China's defence ministry spokesman Yang Yujun told a news conference on Thursday.

Nigeria Becomes Piracy Kidnapping Hotspot, says IMB

Despite global improvements, kidnappings are on the rise, with 44 crew captured for ransom in 2016, 24 of them in Nigeria, up from 10 in the first half of 2015.

ASEAN Breaks South China Sea Deadlock

Manila drops request to refer to court ruling in statement. Southeast Asian nations overcame days of deadlock on Monday when the Philippines dropped a request

Barges

ATB Design Comes of Age

The emerging trend of marrying the design of an articulated tug and barge (ATB) to a particular propulsion system to maximize efficiencies of that system has, of late,

Container-on-barge Returns to Baton Rouge

Container-on-barge services have returned to the Port of Greater Baton Rouge to provide the petrochemical industry with another option to move its products.   Operated by SEACOR AMH,

Cenac Marine to Christen New Vessel, Donate Barge

A ceremony will be held July 29 at Cenac Marine Services headquarters in, Houma, La. To commemorate the christening of its newest vessel, M/V Quincey Cenac, as

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Ship Repair Shipbuilding / Vessel Construction Sonar Winch
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: 0.0573 sec (17 req/sec)