Mumbai: Bharati Shipyard will construct and supply an offshore support vessel to integrated offshore oilfield services provider Great Offshore for $64.80 million (Rs266 crore).

Bharati Shipyard has signed a contract with Great Offshore for construction and supply of the multi-purpose offshore support vessel for a contract value of $64.80 million, the company informed the Bombay Stock Exchange (BSE) in a statutory filing.

The vessel has a diesel electric propulsion system with five generators of a total power of 10500 KW (14000HP). The vessel has all the equipment to support ROV, Diving, Sub sea operations, it added.

The vessel also has dynamic positioning system and integrated power management system with full redundancy for DP2 operation.

The vessel is equipped with a very sophisticated electro hydraulic knuckle boom crane which is active heave compensated and is suitable for depths up to 3000 m and lifting capacity of up to 150 tonnes.

Among other features, the vessel has a helipad and anchor handling/towing winch of 300 tonnes.

The contract is in lieu of an earlier order dated 24 March for one multipurpose offshore support vessel valued at $17.44 million (nearly Rs77.51 crore) ordered by Great Offshore, Bharati Shipyard said, adding this is the first time that such a sophisticated and technologically advanced multipurpose offshore support vessel is being made in India.

Great Offshore is the largest offshore services fleet owner in India.

The company has recently added seven new vessels, which are at the high end with high earning accretive assets. All these vessels have been deployed on a daily long-term contract basis where they will be bring revenues of Rs60 lakh per day, which translates into total revenue of Rs200 crore per year. For FY07 the company is likely to post a turnover of close to Rs550 crore with a net profit of Rs150 crore - an EPS of Rs36-37.