Great Eastern Shipping to Build Two New AHTS Vessels

Great Eastern Shipping Company's subsidiary, Greatship Global Offshore Services Pte Ltd., has signed a contract for two newbuild Anchor Handling Tug Supply Vessels (AHTS).

GE Shipping's wholly owned subsidiary GIL is pursuing business opportunities in the offshore oil field services business. GE Shipping has committed to invest in GIL around Rs 590 crores towards equity contribution of which around Rs 305 crores has already been infused towards equity subscription at a premium of Rs 90 per share.

The 80 T AHTS vessels ordered with Colombo Dockyard Ltd. are scheduled to be delivered one each during Q4 FY 2008-09 and Q1 FY 2009-10. This brings the total new building order book of GIL and its subsidiaries at 10 Offshore Supply Vessels (2 PSVs and 8 AHTSVs) to be delivered over the next 2 years. Apart from this, a second hand modem PSV is scheduled to be delivered during Q2 FY 2007-08 while the 350 feet new building Jack Up rig ordered with Keppel is due for delivery during Q3 FY 2009-10.

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