Sical Logistics subsidiary buys latest generation PSV for $ 31.3 mn

Sical Logistics Ltd has on October 18, 2006 has announced that Bergen Offshore Logistics Pte Ltd. The Company's wholly-owned subsidiary based in Singapore, has acquired a latest generation specialty 470 MKII class platform supply vessel (PSV) for USD 31.3 million. All legal formalities of the sale have been completed and the delivery of vessel taken by Bergen Offshore from Aker Yards in Molde, Norway.

A PSV provides offshore logistics such as supplies and cargo transport for deepwater offshore drilling.

The acquisition of Siem Mollie, acquired from Siem Mollie SA, Norway, is the first acquisition of a new build offshore PSV by an Indian Company. Post the acquisition, the PSV has been renamed Sical Torino.

Sical Torino would be deployed in the North Sea where such vessels are in large demand owing to the surge of deepwater drilling in recent years. The Company's existing off logistics business operates and manages 15 offshore supply vessels for India’s leading energy exploration company, ONGC Ltd.

Built in Norway in 2006, the 73.4m long, 3570 tonne dead weight vessel is registered under the Singapore flag. The PSV is built to top international specifications including a well deck for maximum protection for cargo and crew.

Sical Torino's cutting edge features include:

1. The latest Dynamic Positioning 2 system, which enables the best of performance and stability even in rough sea conditions;

2. The ability to carry methanol-worldwide, few PSVs can do so;

3. Deck space of 700 sq m;

4. The ability to carry bulk cargoes used by new generation deepwater platforms.

The Company Vice Chairman Ashwin Muthiah said that the purchase of Siem Mollie by Bergen Offshore, close on the heels of Bergen Offshore’s acquisition by the Company in end September 2006, clearly indicates that offshore logistics is a top strategic priority at the Company.

"The surge in demand for oil and gas has led to a sharp increase in deepwater drilling, and, consequently, the demand globally for specialized high capability platform vessels for deepwater offshore logistics," Mr Muthiah said. "On performance, features, and safety, the MKII is built to the latest specifications and is perfectly suited for the harsh and demanding North Sea waters. We see the Sical Torino as a significant strategic addition to Sical’s arsenal for offshore logistics," he added.

Source : Equity Bulls

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