Garware Offshore Services, a leading shipping firm has announced that the company has bagged a contract worth 15 million dollar (about Rs 69.29 crore) for delivering a vessel in South Africa. 

The source close to the company revealed that the proposed three-year contract has been secured for providing its new anchor handling tug cum supply vessel (AHTSV). 

While commenting on the order, Mr. Aditya Garware, Vice Chairman and Managing Director of Garware Offshore Services stated, “With the delivery of this vessel the fleet size will touch nine vessels inching us closer to our target of 13-14 vessels by FY 2010.”

The delivery of AHTSV will commence in the last quarter of this fiscal.

The company is hoping Rs 22 crore as the annual revenue from this contract.

According to the reports, in July, the company had distributed a vessel in Vietnam for a contract period of up to three years. 

While indicating company’s future road map, the board members of Garware Offshore Services revealed that they can eye West Asia market for their business transactions in the near future.

In such a volatile market session, the stock of Garware Offshore Services settled at Rs 178, up 4.27 per cent on National Stock Exchange. The total volume of share treaded was 14,050 at NSE.