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Varun Shipping in pact with Petrobras of Brazil
19 May 2011: Varun Shipping Company, on 18 May 2011, has signed contracts with Petrobras, Brazil, a Government of Brazil undertaking, for three anchor handling towing and supply vessels (AHTS) — Suvarna, Subhiksha and Sudaksha. The initial time charter contracts are for a firm period of four years with an extension option in favour of Petrobras for another four years. The total contract value estimated for the firm period is Rs 690-crore and for the extension period is Rs 690-crore. Accordingly, the total contract value works out to Rs 1,380-crore.
Source: Hindu Business Line