Varun Shipping to acquire two AHTS vessels

New Delhi, Jan 28 (UNI) Varun Shipping Company Ltd will acquire two 2001-built Anchor Handling and Towing Supply (AHTS) vessels to expand its asset base in the oil and gas exploration and production industry.

These vessels have brake hosepower (bhp) of around 16,000 T and Bollard Pull in excess of 180 tonnes. While one of the vessels is scheduled to be delivered by January-end, the second one will join the company's exisiting fleet in April-May.

''These modern and highly sophisticated world class vessels will be used for deep sea oil exploration going on in North Sea, Bay of Bengal and Atlantic Ocean off the coasts of Nigeria, Brazil and Mexico,'' the company said.

These vessels have been designed by Norway-based reputed designer Vik-Sandvick and are fitted with the Dynamic Positioning (DP) which ensures that they can safely maintain position off the offshore installations.

''The two vessels will be among the most powerful AHTS vessels with highest Bollard Pull under the Indian flag. As few such vessels exist in the world, the acquisition of these vessels by the company will establish a new milestone in offshore support services for India's oil industry,'' the company added.

With acquisition of the vessels, the company has completed an investment of around 320 million dollars of its proposed expansion plan of 400 million dollars.

UNI