Sical Logistics' Singapore subsi buys PSV

MUMBAI: Chennai-based Sical Logistics Ltd has said its Singapore-based wholly-owned subsidiary has acquired a platform supply vessel (PSV) for Rs 141.67 crore (31.3 million dollars).

All the legal formalities of the sale have been completed and the delivery of the vessel was taken by Bergen Offshore from Aker Yards in Norway and was renamed as Sical Torino, the company informed the Bombay Stock Exchange.

Sical Logistics had acquired Bergen Offshore in the end of September this year.

The latest generation specialty 470 MKII class PSV provides offshore logistics like cargo transport for deepwater offshore drilling.

"The surge in demand for oil and gas has led to a sharp increase in deepwater drilling, and, consequently, the demand globally for specialised high capability platform vessels for deepwater offshore logistics," Sical Logistics Vice Chairman Ashwin Muthiah said.

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 offshore 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.

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," Muthiah added.