Garware Offshore to Buy PSVs

2 May 2011 (Last Updated May 2nd, 2011 18:30)

Garware Offshore is to invest $110m over 18 months in acquiring two large platform support vessels. The company will raise the funds for the planned investment over the next three to six months through debt and equity. Sandeep Akolkar, Garware Offshore president of finance, t

Garware Offshore is to invest $110m over 18 months in acquiring two large platform support vessels.

The company will raise the funds for the planned investment over the next three to six months through debt and equity.

Sandeep Akolkar, Garware Offshore president of finance, told Reuters that the offshore market is looking robust, demand is good with oil prices hovering above $100, and that there is a lot of exploration activity.

The vessels will be delivered within two years, and the firm hopes to sign the contracts after May this year.

The new vessels will be used by Garware Offshore’s Netherlands-based subsidiary.