Garware Offshore signs MOU with Havyard Leirvik AS

Garware Offshore Services Ltd has announced that the Company has signed a Memorandum of Understanding (MOU) with Havyard Leirvik AS, a Yard in Norway, for exclusive representation for the marketing and sale of Ships built by Havyard Leirvik A.S. and Ship Designs produced by Havyard Maritime A.S., a part of the Havyard Group to Indian Shipping Companies and Indian Yards.

Havyard Leirvik A.S. is one of the largest Shipbuilding Yards in Europe, based in Norway.

As a result of this MOU, the Company and Havyard Maritime A.S., have received an order for 4 Nos. Havyard 842 design to ABG Shipyard Ltd., India. This will result in a new revenue segment for the Company.

The Company is also planning to set up a first of its kind Knowledge Process Outsourcing (KPO) for "Workshop Design Centre" in India in collaboration with Havyard Leirvik AS which will design all types of Marine assets. In view of the pool of Software Design talent available in the Country and the experience and knowledge that Company has in Offshore & Shipping Industry, the Company expects an impressive growth in this segment.

This KPO will provide various solutions to Vessel Yards and Buyers, by customizing designs to suit individual customers requirements. The Design Centre will aim at not only catering to the Indian market but also the International market as well, in view of a robust demand for all types Marine assets, particularly in Oil & Gas Sector, throughout the world. The Company believes that its existing relationships with Yards will be of immense benefit in this venture.

Source : Equity Bulls

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