GE Shipping Orders New Jackup

Great Eastern Shipping Company Ltd (GE Shipping) has placed an order for a new build jackup. The rig will be a self-propelled independent leg cantilever jackup. The order was placed with Bharati Shipyard Ltd. The rig will be capable of drilling in water depths of 350 feet. Delivery is scheduled for the fourth quarter of 2008.

This order will add to the company's current fleet of two drilling units and will be transferred to Great Offshore Ltd subsequent to the demerger.

With this, the Company's orderbook stands at 16 vessels - in terms of new builds, 5 MR and 4 LR1 Product tankers (aggregating 0.51 Mn dwt), 5 OSVs (4 AHTSVs and 1 PSV) & 1 jackup unit and a modern second hand Suezmax crude carrier.

Besides this, the Company through its subsidiaries has an orderbook of 6 offshore units i.e. 5 OSVs (2 PSVs, 2 AHTSV's and 1 secondhand PSV) and a new build Jackup.

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