Great Offshore enters into 3 year charter with ONGC

Great Offshore has entered into a 3 year charter commencing end April 2009 with Oil and natural Gas Corporation (ONGC) for three of its vessels, 1 PSV and 2 AHTSVs for operating in offshore India for an aggregate contract value of around $65 million.

Two vessels would commence their respective charters on cessation of their earlier long term charters of around 3 years, while one vessel would migrate from its existing spot fixture to long term charter.

The company has further stated that it is in alignment with the company’s strategy of ensuring utilisation and sustained revenues in most challenging business environment in the best interest of all stakeholders.