GE Shipping places New building order for 2 state of the art PSV's

Great Eastern Shipping Company Ltd (GE Shipping) has announced that Greatship Global Offshore Services Pte Ltd, Singapore has signed a contract for 2 new building Multi Purpose Platform Supply & Support Vessels with Keppel Singmarine Pte Ltd, Singapore. These vessels are expected to join the Company's fleet in Q2FY 2009-10. The Multi Purpose Platform Supply & Support Vessels are of 4600+ dwt, fitted with DP-2 and have diesel electric propulsion. The vessels, which are also prepared for helideck and offshore crane, are larger and technologically more advanced than any PSV currently operational in the Indian waters.

Greatship Global Offshore Services Pte Ltd is wholly owned by Greatship (India) Ltd (GIL), which in turn is a wholly owned subsidiary of the Company.

GIL and its subsidiaries already have a new building order book of 10 new building Offshore Supply Vessels (2 mid sized PSV's and 8 AHTSV's) and 1 new building 350 feet Jack up Rig. Apart from this, there is also 1 second hand modem PSV which is to be delivered in Q2 FY 2007-08.

The stock closed the day at Rs.329.90, down by Rs. 6.20 or 1.84%. The stock hit an intraday high of Rs.339.45 and low of Rs.328.40. The total traded quantity was 124720 compared to 2 week average of 180494.

Source : Equity Bulls

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