Garware Offshore to buy five supply vessels; stock surges 20%

Garware Offshore Services Limited, a well-reputed shipping services firm,  plans to buy three anchor handling tugs-cum-supply vessels at an approximate cost of US $13.5 million to US $15.5 million each.

According to the company, two of the three vessels will be scheduled for delivery in June and August 2008, while the third one will be delivered in February 2009.

Apart from this, the company will also buy two platform supply vessels, for approximately $27 million each. These are scheduled for delivery in June 2008 and January 2009.

Garware Offshore Services Ltd. reported a 156% increase in net profit at Rs 8.38 crore for the quarter to December 2007. Sales increased by 90% to Rs 26.61 crore.

The company shares touched a high of Rs 242 on the NSE after the news. It ended the day at Rs 240, up Rs 38 or 19% over the previous close. The total volume of shares traded was 27,731 at the NSE. (Tuesday)