Global Offshore to Procure Two PSVs

16 May 2011 (Last Updated May 16th, 2011 18:30)

Global Offshore plans to spend $110-112m on the addition of two more platform supply vessels (PSVs) of 4,500dwt each to its fleet. The deliveries are expected to take place within 18-24 months' time. Global Offshore president for finance Sandeep Akolkar said the funds will be

Global Offshore plans to spend $110-112m on the addition of two more platform supply vessels (PSVs) of 4,500dwt each to its fleet.

The deliveries are expected to take place within 18-24 months’ time.

Global Offshore president for finance Sandeep Akolkar said the funds will be arranged through 80% of debt.

Global Offshore is to sell its oldest PSV, Garware 1, because its contract with ONGC has ended.

The company expects to receive up to $1.1m from the sale of this 27-year old asset.