Buoyed by huge expansion plans of domestic and international oil majors in the offshore space, Indian shipping companies are planning to take a plunge by acquiring assets such as offshore supply vessels (OSVs), platform supply vessels (PSVs), anchor handling tug-cum-supply vessels (AHTSVs) and multi-support vessels (MSVs). |
Companies including Mercator Lines, Indian Oiltanking, Shreyas Shipping, SKS Logistics, Pratibha Shipping, West Asia Maritime and other small players are planning to get into the offshore segment. |
Offshore support ships are generally used to transport man, machine and material to help oil and gas exploration and production activities taking place on the offshore rig. |
The existing offshore shipping service companies are busy augmenting their fleet to capitalise on the huge shortage of offshore support assets. |
Pratibha Shipping managing director Sunil Pawar said: "We are foraying into the offshore segment by acquiring three to four floating production storage and offloading (FPSO) vessels." |
Indian Oiltanking (IOTL), a 50:50 joint venture between Indian Oil and Oiltanking GmbH of Germany, is planning to acquire OSVs to cash in on the boom. |
What has triggered off this sudden binge is the fact that India is readying itself for the seventh round of the New Exploration and Licensing Policy (NELP-VII), in which world's largest oil companies are likely to participate. |
"Under NELP-VII, 80 "� 85 blocks will be auctioned to the oil majors. This will fuel demand for the offshore shipping assets," said an industry analyst. |
Incidentally, DG Shipping has recalled 27 offshore vessels of the ONGC, citing safety reasons. This has also created an acute shortage in the market.
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New players
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