Garware Offshore secures $15 mn order in Africa

MUMBAI: Shipping firm Garware Offshore Services on Friday said it has acquired a 15 million dollar (about Rs 69.29 crore) contract for supplying a vessel in South Africa.

The company has secured a three-year firm contract for supplying its anchor handling vessel. The vessel is scheduled to be delivered in the last quarter of this year, Garware Offshore said in a filing to the Bombay Stock Exchange.

"With the delivery of this vessel the fleet size will touch nine vessels inching us closer to our target of 13-14 vessels by FY 2010," Garware Offshore Services Vice Chairman and Managing Director Aditya Garware said.

The annual revenue from this contract would be about Rs 22 crore, the filing added. In July, the company had deployed a vessel in Vietnam for a contract period of up to three years.

Shares of Garware closed at Rs 180, up 5.51 per cent on the BSE.