Global Offshore plans to spend $112m on expansion

MUMBAI, May 14 (Business Standard): Global Offshore, formerly known as Garware Offshore Services, plans to spend $110-112 million on adding two more Platform Supply Vessels (PSVs) of 4,500 dead weight tonne (dwt) each to its fleet. Sandeep P Akolkar, president - finance, Global Offshore, confirmed: "We do have plans (to expand)." However, he said these plans were on the drawing board and it will take a couple of months to firm up details. "The deliveries will happen 18-24 months down the line." The funding will be met through 80 per cent of debt. "The remaining will be equity. That could either be through internal accruals or we may even go for some fund raising. We are looking at private placements, preferential warrants, etc," Akolkar said.