| Mr. Sandeep P. Akolkar, President "� Finance, Garware Offshore, said , "The subsidiary has been incorporated in view of the potential business opportunities that the Company is attempting to take advantage of in the International Oil & Gas space. The subsidiary's main area of business will include "in and out" chartering of ships to E&P Companies as well as to provide all marine offshore and logistics services internationally." |
| Garware Offshore Services Ltd. (GOSL) is all set to ride the boom in offshore E&P (Exploration & Production) sector with its expansion plans and is planning to increase its fleet size from the current 7 vessels to 11 by CY 08. |
| Offshore Oil and Gas Service Industry is all set to witness boom on back of steeply rising investments in offshore E&P activity. All over the globe, the expenditure in offshore |
| E&P is expected to rise to around US$ 70bn in FY11, 30% of total E&P expenditure. The rising offshore E&P activity would result into huge demand for offshore vessel. The demand for offshore vessel has already been rising by 4.5% YoY against 1.7% YoY increase in crude oil production. |
| About Garware Offshore Services Ltd |
| Garware Offshore Services Ltd. (GOSL) was incorporated in 1976. The company initially started with operating of general cargo vessels, but eventually diversified into a much lucrative field of offshore vessels. The company is expanding its fleet size, and has taken delivery of 3 platform supply vessels (PSVs), which are used as support vessels for offshore oil exploration activities and 2 more PSVs are scheduled for delivery in Mar-08 and Dec-08. In addition to this, two 60T AHTSVs are scheduled for delivery in mid 2008. The company has realized the huge potential in the growing offshore industry and thus aims to expand its fleet size in the coming 1-3 years. |
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