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Our Bureau

Mumbai , Nov. 23

Garware Offshore Services Ltd has drawn up an acquisition plan involving procurement of about 14 offshore supply vessels by 2010 in the wake of the boom in offshore oil exploration and production activities in the country. It has just completed the acquisition of a new platform supply vessel, which has been delivered and will shortly leave for India from a Norwegian shipyard. The vessel, which will be given to TransOcean on a three-year contract, will fetch an annual revenue of Rs 25 crore.

The company currently has four anchor handling tugs-cum-supply vessels, which are deployed with ONGC till May.

The company's Vice-Chairman and MD, Mr Aditya Garware, pointed out that oil and gas exploration activities across the globe was witnessing huge investments.

Garware Offshore had recently entered into a MoU with Havyard Leirvik AS for exclusive representation in the Indian market for supply of vessels to Indian shipping companies and supply of Havyard designs to Indian shipyards.

With this forward integration, the company has submitted a technical expression of interest to ONGC for construction of 28 offshore supply vessels on behalf of Havyard Leirvik.

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