Mumbai-based Garware Offshore Service Limited plans to add five more offshore vessels to its existing fleet within the next 12 to 18 months. The five vessels involve a total cost of about $100 million.

Garware Offshore engages in the chartering of anchor handling tugs and platform supply vessels on hire basis in India.

Its vessels involve in the transport of personnel to rigs from onshore bases; delivery of cargo/material to rigs; anchor handling operations; and towing of rigs from one location to another. The company’s client list includes major firms like RIL, ONGC etc.

Under the proposed plan, the company will spend about $ 32 million on two anchor handling tug supply vessels, from which, the first one will be delivered by October this year, while the other is scheduled for delivery in February 2009.

The third vessel being acquired is a $27-million platform supply vessel, which is likely to join the company’s existing fleet of seven vessels in January 2009.

The remaining two vessels worth $41 million — one anchor handling tug and a work barge — are being procured by the company’s Singapore arm, Garware Offshore International Services Pte Ltd. through the bareboat charter route.

Under the agreement, the bank will finance the entire fund requirement for the two vessels and hand them over to company for operation as bareboat charter.