Great Offshore commences USD 32 mn. time charter

April 2nd, 2009

Great Offshore Limited has commenced a firm charter with Gujarat State Petroleum Corporation Ltd. (GSPC) for its 2008 built AHTSV - “Malaviya Nine”. The firm charter aggregating USD 32 mn. with GSPC is for an initial period of 2 years with an embedded option.

The 165 Tons bollard pull, UT 722 design, modern AHTSV was acquired in August 2008 by Great Offshore (International) Ltd., a wholly owned subsidiary of Great Offshore Ltd. Since acquisition, “Malaviya Nine” has been operating in the spot market in and around South East Asia.

On conversion of the above vessel into Indian flag, all its current fleet of 41 offshore assets fly the Indian flag. Of the diverse offshore oilfield service support fleet of 27 vessels, 14 assets are capable of supporting deep water operations.

Great Offshore