Garware Offshore Services has said it would invest about $96 million over the next 18 months to add three ships to its existing nine-vessel fleet.
"We will be taking deliveries of an anchor-handling tug-cum supply vessel (AHTSV) and a platform supply vessel (PSV) at the end of February," Garware Offshore Services President Finance Sandeep Akolkar told PTI.
"The AHTSV cost us about $16 million and the PSV about $25 million," he added.
Besides, it will acquire a large PSV for about $55 million, the delivery for which will be in October 2010.
Akolkar said the company has enough cash on its books to buy vessels. "Our fleet consists of 9 vessels now and we will be adding a construction barge and a 60-tonnne anchor-handling tug (small AHT) to our fleet in July this," he said.
The vessels would be bought through its wholly-owned Singapore subsidiary, Garware Offshore International Services, on a bareboat charter basis, arranged for by the NFC bank, he said.
The bareboat charter will give the company an option to buy the vessel within 10 years of deployment.
In its Q3 results declared on January 31, the company posted a 69 per cent jump in net profit at Rs 9.97 crore over the same period last year.
Revenues shot up by 88 per cent at Rs 45.52 crore against the total income of 24.23 crore in the same period last year.
"Our earnings have been consistent. The per day rates for our vessels are laid down in the contract, so fluctuations in crude oil prices do not affect our earnings, even though bidding rates have softened by 5-10 per cent," he said.
