September 07, 2008

Seaways to foray into offshore oil and gas business

BL reported that Hyderabad based Seaways Shipping is firming up plans to exploit the growing opportunities in the offshore oil & gas business and is looking at a JV with a foreign firm for the purpose.

Mr PVK Mohan CMD of Seaways Shipping said that it plans to provide ancillary services to the sector. India has exploited just about 18% of its offshore potential and has huge business potential. There is also big interest in the sector, which the Seaways Group wants to tap into.

Mr Mohan further added that plans are to increase the number of ships on the west coast to strengthen the domestic cargo base and provide better connectivity for mainline operations.

Seaways Shipping is strengthening its cargo feeder services on both the east and west coast. By the end of 2008, it intends to have a total of 8 ships, each ranging in capacity from the smallest with 228 TEU to the bigger with 800 to 900 TEU capacity ones.