High rates force ONGC to build own MSVVessel & ROV News // January 25, 2007
With the rates for multi-purpose support vessels (MSV) reaching levels as high as US$60,000 per day in the region, Indian state-owned oil and gas major ONGC is planning to construct and operate its own MSV.
According to sources in the Indian media, the company is in the process of inviting tenders for construction of new MSV.
There are currently around eight MSVs in the Indian market, of which SEAMEC (part of Technip) has four, ONGC two and Great Offshore and HAL Offshore one each.
The MSV vessels are more specialized than conventional platform supply vessels, and have dynamic positioning systems, and thus fetch higher rates.
According to Kamlesh Kotak of Asian Markets Securities Private Limited, who was quoted in one report, ONGC has drawn up significant plans for repair and modification of a number of existing fields and development of new infrastructure at Mumbai High.