GE Shipping upgrades 2 vessels to tap sub-sea constn mkt

MUMBAI: In order to tap the burgeoning sub-sea construction markets, both globally as well as in the country, Great Eastern Shipping on Friday said it has upgraded two of its vessels, making them capable of multiple operations and outputs.

GE Shipping would upgrade the two vessels to Multi Support Vessels (MSVs) through its subsidiary company Greatship (India) Ltd, the company said in a filing to the Bombay Stock Exchange.

The company had contracted two multi-purpose platform supply and Support vessels to be delivered in the third and fourth quarters of 2009-10.

These vessels have been upgraded and would become part of an exclusive and limited global fleet of MSVs capable of multiple operations and outputs.

MSVs play a critical role in new construction and in maintenance of various offshore assets and equipment.

Greatship (India) currently own and operate three Platform Support Vessels (PSVs), two in India and one in the North Sea. Besides, along with its subsidiaries, it has an order book of 16 vessels and one rig under construction.

Shares of GE Shipping were trading at Rs 498, up 4.78 per cent on the BSE in afternoon trade.