Garware Offshore in marketing deal with Norwegian ship yard Havyard Leirvik

Mumbai: Garware Offshore Services Ltd has signed a memorandum of understanding (MoU) with Havyard Leirvik AS to market ships built by the Norwy-based ship builder.
Garware Offshore will market ships built by the Norwegian yard and ship designs by Havyard Maritime AS to Indian shipping companies and yards.

Havyard Leirvik is one of the largest shipbuilding yards in Europe. Garware Offshore and Havyard Maritime have received an order for four Havyard 842 design to ABG Shipyard Ltd., India. This will result in a new revenue stream for the company, Garware Offshore said.

Garware Offshore is also planning to set up a workshop design centre in India in collaboration with Havyard Leirvik. The proposed design centre will design all types of marine assets. With a pool of software engineers in the country and its experience in offshore shipping industry, Garware Offshore expects an impressive growth in this segment.

This knowledge process outsourcing (KPO) will provide various solutions to vessel yards and buyers, by customising designs to suit individual customers requirements. The proposed design centre by Garware Offshore will aim at not only catering to the Indian market but also the international market, in view of the robust demand for all types marine assets, particularly in the oil & gas sector, throughout the world.

The Reserve Bank of India (RBI), meanwhile allows foreign institutional investors (FIIs) to purchase equity shares and convertible debentures of Garware Offshore Services up to 60 per cent of the paid-up capital of the company.

FII purchases into Garware Offshore Services under the portfolio investment scheme have been allowed following the passing of a resolution at the company's extraordinary general meeting, RBI said in a press release.

On Jan. 25, the company approved to authorize the board of directors to issue, offer and allot securities up to $25 million or its equivalent in rupee including premium, in one or more tranches in terms of qualified institutional placement to the qualified bidders for the acquisition of offshore related assets.