The Hindu Business Line : Garware Offshore to expand fleet

Garware Offshore Services Ltd is planning to expand its fleet of Platform Supply Vessels (PSVs), fitted with the latest dynamic positioning system, in the wake of the surge in demand for offshore vessels. The company has already placed orders for three PSVs, which would be delivered by 2007, and has plans to buy four anchor-handling tugs.

The increased activity in the offshore oil and gas exploration sector, especially in deep waters, coupled with the spiralling charter rates, has made PSV charter business more attractive in recent years, according to Mr Aditya Garware, Vice-Chairman and Managing Director of Garware Offshore.

Mr Garware was addressing the media on board MV Kailash, which is the second PSV acquired by the company in last one year. Dynamic positioning system (DPS) helps automatically maintain a ship's position, apart from allowing operations at sea where mooring or anchoring is not feasible.

Mr Garware said that the vessels to be acquired should be in ready-to-sail condition from shipyard or second hand vessels with maximum usage of five years.

Mr Garware added that the newly acquired MV Kailash has already been chartered at $15,500 per day to offshore drilling company Transocean for three years. It will serve ONGC platforms at Bombay High and can handle 3,318 tonnes of cargo, he said.