GE Shipping Singapore subsidiary signs contract for 2 AHTSVs

Great Eastern Shipping Company Ltd (GE Shipping) has announced that Greatship Global Offshore Services Pte Ltd., Singapore a wholly owned subsidiary of Greatship Holdings BV, Netherlands has signed a contract for 2 nos new building Anchor Handling Tug cum Supply Vessels (AHTSVs). Greatship Holdings BV, Netherlands is a wholly owned subsidiary of Greatship (India) Ltd (GIL).

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 - AHTSVs 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.

The stock was trading at Rs.343.85, up by Rs.7.95 or 2.37%. The stock hit an intraday high of Rs.348 and low of Rs.331.05. The total traded quantity was 154378 compared to 2 week average of 818100.

Source : Equity Bulls

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