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

Patrol Boats

Delta "T" Hooks for Offshore Customer

Gaining further ground into the offshore crane market, Delta "T" Systems supplied Cranston Eagle hooks to crane manufacturer Appleton Marine, Inc.   These cranes

Somali Pirates free Indian Sailors after 4 Years

Somali pirates have freed seven Indian sailors detained for close to four years in exchange for an undisclosed ransom, Somali officials and a maritime monitoring group said on Friday.

Australia’s Newbuild LHD Enroute Homeport

Australia’s first Landing Helicopter Dock (LHD) ship, NUSHIP Canberra has been farewelled from Melbourne as she departs for Sydney. NUSHIP Canberra departed

Barges

Petrobras P-66 Platform Module to Boost Production

The P-66 platform’s first modules, built at the Tomé Ferrostaal Consortium’s Module Plant located at the Port of Maceió, Alagoas, are now ready and loaded on the São Tomé barge.

Kirby Corp. Announces Record 3Q Results

Record 2014 third quarter earnings per share of $1.34 compared with $1.21 in the 2013 third quarter, which included a $0.08 benefit due to the reduction of the United earnout liability.

Bouchard Wins Industry Safety Award

Bouchard Transportation Co., Inc., an independently-owned oceangoing petroleum barge company, received the 2014 AMS Tug & Barge Safety Award from the American Maritime Safety, Inc.

 
 
Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Sonar
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: 0.1512 sec (7 req/sec)