garware offshore incorporates 100% subsidiary in singapore

Published July 10th, 2007 - 16:37 GMT

As part of its Global strategy Garware Offshore Services Limited (GOSL), a leading offshore vessel supplying company announced incorporation of 100% subsidiary in Singapore in the name and style of "Garware Offshore International Services Pte. Limited",

Mr. Sandeep P. Akolkar, President – Finance, Garware Offshore, said, “The subsidiary has been incorporated in view of the potential business opportunities that the Company is attempting to take advantage of in the International Oil & Gas space. The subsidiary's main area of business will include "in and out" chartering of ships to E&P Companies as well as to provide all marine offshore and logistics services internationally.”

Garware Offshore Services Ltd. (GOSL) is all set to ride the boom in offshore E&P (Exploration & Production) sector with its expansion plans and is planning to increase its fleet size from the current 7 vessels to 11 by CY 08.

Offshore Oil and Gas Service Industry is all set to witness boom on back of steeply rising investments in offshore E&P activity. All over the globe, the expenditure in offshore

E&P is expected to rise to around US$ 70bn in FY11, 30% of total E&P expenditure. The rising offshore E&P activity would result into huge demand for offshore vessel. The demand for offshore vessel has already been rising by 4.5% YoY against 1.7% YoY increase in crude oil production.