Garware Offshore to acquire construction barge

MUMBAI: Shipping firm Garware Offshore Services on Thursday said it will acquire a construction barge, scheduled to be delivered in July, 2009.

The company's subsidiary, Garware Offshore International Services Pte Ltd (GOISPL) has signed a contract in this regard, Garware Offshore said in a filing to the Bombay Stock Exchange.

Upon completion of formalities, the said barge, would be chartered to Garware Offshore for a period of up to 10 years on delivery, the company added.

A barge is a flat-bottomed boat, built mainly for river and canal transport of heavy goods. Shares of Garware were trading at Rs 246.65, up 6.06 per cent on the BSE in afternoon trade.