Varun plans fleet expansion

Mumbai-based Varun Shipping Co Ltd plans to spend $400 million during 2008 to expand its fleet, with focus on the offshore sector as well as tankers and gas carriers, according to a senior official of the company.

The firm, which has four AHTS vessels and 16 oil, gas and product carriers, decided last year to enter oil exploration and drilling sector although the management has yet to take any specific decision to acquire rigs.