Garware Offshore Services today said it plans to acquire five more offshore vessels at a cost of $100 million to augment its fleet to meet the growing oil exploration and production market.
"We are in the process of acquiring five new vessels by February 2009 to add to our existing fleet of eight vessels," Garware Offshore President-Finance Sandeep Akolkar told PTI.
Garware Offshore, whose clientele boasts of ONGC and Reliance, currently has a four anchor handling tugs (AHT) and platform supply vessels (PSV) each.
The company is on an expansion spree, it has acquired an anchor handling tug a couple of weeks ago and more purchases are lined up for the near future, he said.
It is also in the process of acquiring two more AHT's this fiscal, which is being procured by its Singapore arm -- Garware Offshore International Services.
The deliveries of these would be made in two phases -- one by October this year and the other by February 2009.
Apart from this, the company would also acquire a PSV in January 2009.
"We are purchasing two more vessels, but these will not be reflected in our books as it is being bought through bareboat charter. This crane has the capacity of ferrying 300 workers to the offshore field, apart from hosting a workshop," Akolkar added.
