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    Deep Sea Supply acquires 20 per cent stake in PSVs

    Vessel & ROV News // June 22, 2006

    Deep Sea Supply has acquired a stake in a newbuilding programme for four UT744L PSVs to be delivered by Cochin Shipyard, India.

    The project is being undertaken by Navigation Finance Corporation and a group of investors.

    The vessels are due for delivery in 2008 (two vessels) and 2009 (two vessels).

    In a statement, Deep Sea Supply said it had acquired a 20 per cent ownership of the project.

    The investment represents an equity injection of approximately US$5 million, which will be paid using the company's cash reserves.

     

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