In the wake of the present boom in offshore oil exploration and production activities in the country, Garware Offshore Services has drawn up an acquisition plan involving the procurement of about 14 offshore supply vessels by 2010, reports Financial Express. 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, would be given to TransOcean on a 3-year contract, and is expected to fetch an annual revenue of Rs 250 million. The company currently has four anchor handling tugs-cum-supply vessels, which are deployed with ONGC, till May. The companys vice-chairman and MD, Mr Aditya Garware feels that oil and gas exploration activities across the globe are witnessing huge investments.
Garware Offshore had recently entered into a MoU with Havyard Leirvik AS for exclusive representation in the Indian market for the 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 the construction of 28 offshore supply vessels on behalf of Havyard Leirvik.