In little over a month SCI has taken delivery of another newbuilding, this time an AHTS
The Shipping Corporation of India Ltd., (SCI) accepted delivery of an Anchor Handling, Towing & Supply (AHTS) vessel “m.v. SCI Pawan” yesterday, the 15th of November, 2011.
The company had contracted for the acquisition of two newbuilding 120 Tonne AHTS vessels with Cochin Shipyard Limited on 9th February 2011. The second vessel is expected to be delivered by the end of 2011. Informatively, these vessels are sister vessels of the 2 AHTSVs on order with Cochin Shipyard Ltd, orders for which were placed in June 2009. With delivery of this vessel, SCI has started its foray in the larger capacity offshore services sector.
The vessel has a Bollard Pull capacity of 120 Tonnes making it useful to operate in the deep sea. This AHTS vessel with 2,067 GT and 1,994 DWT has been classed with IRS and is equipped with Dynamic Positioning-I (DP-I) system, Reverse Osmosis Plant, Firefighting (FIFI) equipment and UKOOA (C) compliance. It is designed to comply with the latest and most stringent international regulations. This vessel will be able to offer the essential support and services for growth of the Indian Offshore industry.
According to the company’s spokesman Gajanan Shetti, Deputy General Manager I/C of Public Relations, SCI presently has a fleet of 12 vessels in the offshore sector of which 10 vessels were acquired during the eighties. These vessels have been dedicatedly serving the oil exploration and production sector in India for past more than 25 years. As a National carrier, SCI has been aiming to increase its presence in India’s offshore sector. To promote Indian Shipbuilding industry, SCI has ordered four AHTSVs of 120T BP capacity (two in June 2009 and two in February 2011) and two PSVs with Cochin Shipyard on nomination basis. The service of these vessels would be crucial to the Exploration and Production. E&P operators in the Indian Offshore sector. Apart from serving the nation’s interest, the vessel would also strengthen SCI’s fleet base as well as start a new era in its offshore segment.
With addition of this vessel, SCI’s fleet strength stands at 82 vessels of 5.81 million dwt., which includes 13 offshore supply vessels. Acquisition of the vessel is in line with SCI’s strategy of maintaining a modern and young fleet of vessels. The Company has 25 vessels on order at present and six of these are scheduled for delivery by the end of 2011.
In the second quarter ending September 30th 2011, SCI’s income slumped drastically showing a $28.12 million loss from a $50.13 million profit a year earlier, as higher fuel costs and less ship demolition business pulled down earnings. SCI’s revenue increased 1.5 percent in the July-September quarter from the same period last fiscal year to $207.5 million. The company’s had registered the higher bunker costs, at $74 million from $33 million a year earlier, and the substantial reduction in income from disposal of ships, at $4 million from $25.6 million. Earlier SCI informed that it had cancelled plans to purchase three container ships thus indicating that it has embarked on a cautious approach to expansion.