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 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Patrol Boats

Gondan to Build Spanish Patrol Boats

Gondan Shipyard has recently signed a contract with the Guardia Civil, Spain’s Civil Guard, for the building of two patrol boats. The aluminum and fiber (PRFV ) vessels will measure 20.

Coast Guard Responds to Grounded Freighter in Lake St. Clair

The Coast Guard has responded Sunday to a 656-foot freighter that was hard aground in the downbound shipping channel of Lake St. Clair. Initial reports indicate

House Subcommittee Hearing Highlights “Dismal State” of U.S. Icebreaking Capability

At the July 23, 2014, hearing of the House Subcommittee on Coast Guard and Maritime Transportation on “Implementing U.S. Policy in the Arctic” the committee chairman, Rep.

Barges

Horizon Delivers 4th 74’ Towboat for Canal Barge Co.

Horizon Shipbuilding, Inc., Bayou La Batre, AL, has delivered the fourth in a series of 74’ towboats to Canal Barge Company, Inc. of New Orleans, LA.    The Jane

Samudra Containership Rationalisation Hits Revenues

Diversified Singapore-based containership owners Samudra Group reports registered revenue of USD 96.9 million for the second quarter ended 30 June 2014, a 7.6% decline from USD 104.

Nation’s Vessel Operators Join EPA as SmartWay Affiliate

The American Waterways Operators, a 350-member trade association representing the U.S. tugboat, towboat and barge industry, announced today that it joined the SmartWay Transport Partnership,

 
 
Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1309 sec (8 req/sec)