India’s Shipping Companies Look to Offshore Investments

Friday, April 21, 2006
With the boom in the oil and gas exploration sector, fueled by the recent awarding of new blocks under NELP VI, Indian shipping companies are tanking up to sharpen their focus on the offshore segment. Only last month, Oil and Natural Gas Corporation (ONGC) came out with a tender for chartering of around 26 offshore supply vessels, with mobilization requirement up to the third week of November. Shipping companies such as Great Eastern Shipping, Varun Shipping and Mercator Lines have lined up significant investments in this sector in the current fiscal. In fact, the boom in the offshore sector is one of the reasons that prompted GE Shipping to de-merge its offshore division into a separate company, Great Offshore Ltd, to get higher valuations from this business. The company, which has a fleet of 33 offshore supply vessels, has on order six new offshore supply vessels involving a cost of $86m in the current fiscal. Varun Shipping, which is primarily in the LPG transportation business, also has plans to invest between $80m-$100m for acquiring offshore assets, including platform supply vessels and specialized vessels. Mercator Lines has forayed into offshore business by placing an order for construction of a premium offshore jack-up oil rig with Keppel FELS. Scheduled to be delivered by March 2009, the rig will meet operations requirements in water depths of up to 350 feet. In the last four years, ONGC and Oil India Ltd made 25 significant hydrocarbon discoveries, including 10 offshore, while the private sector has made 32 significant discoveries, both in NELP and pre-NELP blocks. These discoveries were made in five major areas — Mahanadi-NEC offshore, Krishna-Godavari offshore, Gulf of Cambay, on-land Rajasthan and Cambay basin. (Source: Hindu Business Line)
Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Fugro Achieves Innovation through Integration

When Aberdeen-based Diamond Offshore wanted to add new functionality to the existing helideck monitoring system on the Ocean Guardian drilling rig in the North Sea,

BMT ARGOSS Awarded OHSAS 18001

BMT ARGOSS, an operating company of BMT Group Ltd. has been awarded the universally recognized standard for occupational health and safety, BS OHSAS 18001. BMT ARGOSS,

Transocean Prices Initial Public Offering

Transocean Partners LLC, a Marshall Islands limited liability company formed by Transocean Ltd., has announced  the pricing of its initial public offering of 17,

 
 
Maritime Security Maritime Standards Offshore Oil Pipelines Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction Sonar 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: 0.1026 sec (10 req/sec)