Sical subsidiary buys latest generation PSV for $31.3 mn

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Sical subsidiary buys latest generation PSV for $31.3 mn

Sical subsidiary buys latest generation PSV for $31.3 mn

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RELATED NEWS Sical Logistics makes smart moves Sical to acquire Singapore-based Bergen Offshore Logistics Sical Logistics advances 5.16% Sical Logistics Q1FY07 net Rs 114.5 mln,up 37% on year ALSO READ See latest News about ONGC See previous management interviews See what other Experts & Brokerages are saying about ONGC ONGC BSE | NSE 25/05/12 Are Mutual Funds betting on ONGC?

Sical Logistics Ltd today announced that Bergen Offshore Logistics Pte Ltd, Sical's wholly-owned subsidiary based in Singapore, has acquired a latest generation specialty 470 MKII class platform supply vessel (PSV) for USD 31.3 million. All legal formalities of the sale have been completed and the delivery of vessel taken by Bergen Offshore from Aker Yards in Molde, Norway.

A PSV provides offshore logistics such as supplies and cargo transport for deepwater offshore drilling.

The acquisition of Siem Mollie, acquired from Siem Mollie SA, Norway, is the first acquisition of a new build offshore PSV by an Indian company. Post the acquisition, the PSV has been renamed Sical Torino.

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. Sical'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 73.4 m long, 3570 tonne dead weight vessel is registered under the Singapore flag. The PSV is built to top international specifications including a well deck for maximum protection for cargo and crew.

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