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Great Offshore registers highest ever quarterly financial performance
January 19th, 2009. 

Q3 FY 2008-09 Income from Ops. at Rs.27,583 lakhs, UP 42 %

Q3 FY 2008-09 PBT at Rs.6,273 lakhs

Q3 FY 2008-09 PAT at Rs.5,772 lakhs

Great Offshore Ltd. at its Board meeting today, approved the standalone - unaudited financial results (provisional) for the third quarter ended December 31, 2008.

Financial Performance (standalone) unaudited during Q3 FY08-09

  1. Total Income at Rs.26,962 lakhs (corresponding Q3FY 2007-08 - Rs.20,165 lakhs)
  2. Operational EBIDTA of Rs.11,572 lakhs (corresponding Q3FY 2007-08 - Rs.10,118 lakhs)
  3. PBT of Rs.6,273 lakhs (corresponding Q3FY 2007-08 - Rs.6,149 lakhs)
  4. PAT of Rs.5,772 lakhs (corresponding Q3FY 2007-08 - Rs.5,504 lakhs)

Financial Performance (standalone) unaudited for 9 months ended on December 31, 2008

  1. Total Income Rs.68,292 lakhs (corresponding period during FY 2007-08- Rs. 54,532 lakhs)
  2. Operational EBIDTA of Rs.24,763 lakhs (corresponding period during FY 2007-08 - Rs.23,740 lakhs)
  3. PBT of Rs.15,294 lakhs (corresponding period during FY 2007-08- Rs.16,915 lakhs)
  4. PAT of Rs.13,975 lakhs (corresponding period during FY 2007-08- Rs.16,082 lakhs)

Hedge Accounting Policy as per principles set out in AS 30 - Financial Instruments: Recognition and Measurement

While the Company borrows from global markets, significant portion of its revenue contracts are either in foreign currency or denominated in foreign currency. This provides adequate natural hedge against fluctuations in exchange rates.

For recognising exchange differences arising due to foreign currency movements, the Company continues to follow an appropriate Hedging Accounting Policy on its foreign currency borrowings by applying the principles set out in AS-30 Financial Instruments: Recognition and Measurement. Adoption of principles of AS -30, as a financial practice enables the Company, to treat any gain or loss on revaluation of its foreign currency borrowings to be accounted in a designated hedging reserve account. On date of making payment towards foreign currency borrowing, the difference between the rate on date of payment and rate on date of contracting the borrowing is recognised in the P& L account.

The Company has w.e.f. 1st April 2008 designated borrowings in foreign currency as hedge instrument to hedge its foreign currency risks of its firm commitments and highly probable forecast transactions (of revenue streams) to be accounted as cash flow hedge.

During the current quarter, the net unrealized exchange difference on foreign currency borrowings aggregating to Rs.2,711 lakhs has been recognized in Hedge Reserve and the total realised exchange loss debited to P&L Account for the 9 months period ended December 31, 2008 amounts to Rs. 1,300 lakhs.

Financials unaudited (Consolidated) for quarter ended December 31, 2008

  • For the third quarter ended December 31, 2008, consolidating all the wholly owned subsidiaries viz. Deepwater Services (India) Ltd. (which has inchartered “Badrinath”), Great Offshore (International) Ltd. (which owns and operates a modern high end AHTSV) and KEI-RSOS Maritime Ltd & Rajamahendri Shipping & Oilfield Services Ltd. (on completion of all procedural formalities in November 2008) the company in aggregate clocked a total income of Rs. 35,022 lakhs, registering a profit after tax of around Rs.7,806 lakhs.

The rise in operational income during the third quarter of FY 2008-09 as compared to Q3 FY 2007-08 is attributable to increase in revenue days due to tonnage accretion, income from in chartering of vessels and significant revenue from marine engineering and projects. This has resulted in a 14% rise in operational EBIDTA during Q3 FY 2008-09 as compared to the corresponding period in previous year.

During Q3FY 2008-09, while the drilling rigs and the harbour tugs were fully utilised (utilisation for the corresponding quarter were 100% and 92% respectively), the offshore support vessels were utilised to the extent of around 94% as against 91 % during Q3 FY 2007-08.


As on January 19, 2009, the owned fleet (including wholly owned subsidiaries) comprises 60 vessels (2 drilling units, a construction barge , a heavy lift vessel, 35 offshore support vessels and 21 harbour tugs).


Since end of November 2008, the Company has made a foray into new operational territory with commencement of charter for its heavy lift vessel. The 1 year firm contract (with embedded options) of US 22 mn with Saudi Aramco is for carrying out operations in Khafji Oilfields.

Revenues from the execution of the lump-sum turnkey engineering contract with regard to barge bumpers, riser protectors on 80 ONGC offshore platforms in the western India oil & gas fields of Mumbai High, Bassein & Satellite and Neelam & Heera for around Rs.23, 400 lakhs have commenced since this quarter. The completion of the total contract will be till mid of CY 2010.

Global economic woes continue to impact the commodity related sectors with oil and gas sector being no exception. Slide in hydrocarbon product demand, constrained cash flows and a tight credit market is meaningfully weakening E&P expenditure budgets. While, intermittent stimulus packages globally induce confidence levels; continuing surprises gloom the economic environment. However, coordinated monetary and fiscal stimulus is expected to improve risk appetite early in the path of achieving global stability.

With deliveries of new building assets in light of dampened demand has lead to softening of spot fixtures for offshore assets relative to the peaks. For NB contract cancellations/ renegotiations due to funding constraints have resulted in project execution delays.

The Company deploys significant part of its assets in India where the E&P sector developments over the past few years have been showing modest growth relative to their international peers. ONGC and its associate companies have a planned E&P outlay of around Rs. 1,30,043 crores in the XI Plan which is 72% higher than the Xth Plan. Other companies in the private sector are as much committed to address the aspect of energy security and have been pursuing towards realisation of this objective. The company has taken effective steps in diversifying its client base by chartering its assets with the leading E&P companies and contractors working in India as well as internationally.

Click here to view the results


Board Meeting to be held on January 19, 2009
January 7th, 2009. 
A meeting of a Board of Directors will be held on January 19, 2009 for considering inter alia, the Unaudited financial results of the Company for the third quarter ended December 31, 2008.  

Mr. Chandan Bhattacharya is appointed as an Additional Director in the Board Meeting held on December 2, 2008.
December 2nd, 2008. 
Mr. Chandan Bhattacharya, around 64 years did his graduation in Bachelor of Arts (Hons.) from Calcutta University and passed CAIIB Examination. He has long 37 years of uninterrupted service in State Bank of India and varied experience in all matters relating to commercial and retail banking, capital markets, merchant banking, mutual funds and factoring apart from insurance and the guilts and securities market at apex level. He has been on the operations forefront with regard to Banking, Trade and Commerce. He has held several distinguished positions and served as Director on the various Boards during his long tenure with State Bank of India. He retired as Managing Director of State Bank of India on 31.1. 2005. After which he joined SEBI Appellate Tribunal as Member in May, 2005 and retired on 12 th January 2007. He is a Senior Advisor of Societe Generale Bank in India. 

Award of charter of around USD 22 million
November 25th, 2008. 
The Company has chartered two of its vessels - Malaviya Thirty Three and Gal Ross Sea to Petroleum Marine Services Co., Egypt.

Accordingly, the vessels have commenced operations in the Khafji Oilfields for Saudi Aramco under one year firm charter with option for two more extensions. The aggregate value of the one year firm charter is around USD 22 million.  

Award of charter of around USD 6 million
November 5th, 2008. 

Great Offshore Ltd., today commenced a firm charter of 150 days with options for its accommodation and hook up barge and an anchor handling tug for an aggregate amount of around USD 6 million. The assets are chartered by Samsung Heavy Industries Company Limited, Korea which is pursuing development projects for ONGC.

The accommodation and hook up barge was under dry dock during the second quarter of FY 2008-09.


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