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Chairman's Report on Poll
September 25th, 2009. 
Report of the Chairman declaring the Results of the Poll taken at the Fourth Annual General Meeting of the Company held on September 24, 2009.

Click here to download the report


Fourth AGM to be held on Thursday, September 24, 2009
September 7th, 2009. 
Fourth Annual General Meeting of the Company will be held on Thursday, September 24, 2009 at 10.00 a.m.

Click here to download the notice

Click here to download addendum to the notice


Q1 FY2009-10 Total Income at Rs. 22, 926 lakhs grows by 27%; Q1 FY2009-10 PAT at Rs.2,220 lakhs grows by 84%
July 29th, 2009. 

Great Offshore Ltd. at its Board meeting today approved the standalone - unaudited financial results (provisional) for the three months ended on September 30, 2009.

Performance (standalone) during Q2 FY2009-2010

Financials unaudited (Standalone)

  • Income from Operations Rs.23,577 lakhs a rise of47% (corresponding Q2FY 2008-09- Rs.15,934 lakhs)
  • Operational EBIDTA of Rs.10,422 lakhs, an increase of 118% (corresponding Q2FY 2008-09- Rs.4,764 lakhs)

In continuation to the past, the Company has adopted principles set out in Accounting Standard (AS) 30 “Financial Instruments : Recognition and Measurement” issued by ICAI in respect of Hedge Accounting Policy. Accordingly, the unrealised exchange gains/loss on revaluation of its foreign currency borrowings has been designated in the Hedging Reserve Account. During the current quarter, the net unrealised exchange loss on foreign currency borrowings aggregating to Rs.470 lakhs has been debited to Hedge Reserve Account and the total realised exchange loss debited to Profit & Loss Account amounts to Rs. 1,057 lakhs. The debit balance in Hedge Reserve Account as on 30th September 2009 is Rs. 9,280 lakhs.

The Company has changed its accounting policy with effect from April 1, 2009 in respect of expenses incurred at the time of five yearly Special Surveys and / or life enhancement programmes by which Class certificates / Operating licenses are renewed and capitalised the said expenses. In the opinion of the Company, the said change in the accounting policy would result in a more appropriate representation of the Financial Statements of the Company. Accordingly, during the Quarter ended 30th September, 2009, the Company has capitalised Rs. 501 Lakhs expenditure incurred during five yearly Special Surveys and charge on Profit & Loss Account is lesser by Rs. 488 lakhs.

During Q2FY 2009-10, drilling rigs were fully utilised as in the corresponding period of FY 2008-09. The offshore supply vessels registered utilisation of around 77.5% (previous period 85%) primarily on account of dry dock and special surveys. The marine construction barge clocked an utilisation of 97 % , while being dry docked during the corresponding period of Q2 FY 2008-09.

The harbour tugs registered a utilisation of 89% (corresponding period 100%).This was mainly attributable to one vessel being in the spot trade , planned dry dock in case of one vessel and passage period taken for proceeding towards deployment territory post new building delivery.

Financials unaudited (Consolidated)

Consolidating the wholly owned subsidiaries, Deepwater Services (India) Ltd., Great Offshore Fujairah FZC LLC , KEI-RSOS and RSOS Limited. , the company for Q2 FY 2009-10 , registered a profit after tax of around Rs.4,566 lakhs on a total income of Rs.28,379 lakhs.


As on September 30, 2009, the standalone fleet comprises 44 vessels (2 drilling units, 2 construction barges, 28 offshore support vessels and 12 harbour tugs). During the quarter, the Company took delivery of a new built Harbour Tug, a Construction Barge and an Anchor Handling Tug.

Subsequently, during the current quarter (Q3FY2009-10), the Company acquired a Platform Supply Vessel resulting in an aggregate fleet size of 45 vessels (2 drilling units, 2 construction barges, 29 offshore support vessels and 12 harbour tugs).

As on September 30, 2009, revenue visibility on charter contracts for owned vessels for the balance period of 6 months for the FY 2009-10 is around Rs. 34,200 lakhs. While the Jack up rig is completing its 3 year charter during Q3FY 2009-10, the drill barge continues to perform its existing charter for the balance half year of FY 2009-10. Individually, the asset classes of offshore support vessels and harbour tugs are covered to the extent of 54 % and 92% of their operating days.

Place: Mumbai

Date: October 31, 2009

For clarifications, kindly address all emails to: investor_services@greatoffshore.com


Outcome of Board Meeting held on May 30, 2009
June 1st, 2009. 
The Board took on record the resignation letter dated May 29, 2009 of Shri. Vijay Kantilal Sheth, from the office of Vice Chairman cum Managing Director of the Company and accepted the same with effect from May 30, 2009.

Appointed Shri. Vinesh Davda as a Director on the Board of Directors of the Company.

Appointed Shri. Soli C. Engineer , President - Technical & Operations as Chief Operating Officer of the Company and as Manager under Companies Act 1956. Constituted a Management Team to facilitate the operations of the Company under the guidance of the Board of Directors.



Great Offshore reports robust financials; belies economic downturn
April 30th, 2009. 

Q4  FY2009


FY 2009


Total IncomeRs. 26,965 lacs    UP 32%Rs. 95,065 lacs   UP 27%
Operating IncomeRs. 25,730 lacs   UP 39%Rs. 89,516 lacs   UP 32%
EBIDTARs. 13,178 lacs    UP 78%Rs. 42,255 lacs   UP 10%
Operating PATRs. 7,110 lacs    UP 206%Rs. 20,893 lacs     UP 4%

Great Offshore Ltd.  at its Board meeting held today approved the audited (standalone) financial results for the Quarter  four  ended March 31, 2009 and  (standalone) as well as  consolidated financial results for the financial year 2008-09 ended on March 31, 2009.

Financial Performance during Q4 FY 2008-09

    ·EBIDTA  Margins improve  - 48% (corresponding Q  - 39% )

    ·    PAT at Rs.7,135 lacs UP 68%

    ·    PAT Margins improve – 26% (corresponding Q -20%)

    ·   Cash EPS ( non annualised) Rs. 25.17 (corresponding Q –Rs. 16.66)

Operational Performance during Q4 FY 2008-09

During the quarter under review, the fleet witnessed near full utilisation.  As compared to the previous quarter, there was growth in operating days in case of owned vessels complemented by  163 revenue days from  inchartered vessels. Additionally, revenues from engineering projects resulted in earnings growth and margin support.  Progress on the Rs. 23,400 lakhs lump-sum turnkey Engineering contract awarded by ONGC during July 2008 has been on time. With execution period spread over mid CY 2010, readiness post fabrication for installation is underway.

Standalone Financial Performance during FY 2008-09


    ·Income from Operations at Rs.89,516 lacs (corresponding FY2007-08 Rs.67,631 lacs) up 32%

    ·EBIDTA of  Rs.42,255 lacs i.e. 44%  (corresponding FY 2007-08  Rs.38,169 lacs) up 10%

    ·PAT at Rs. 21,110 lacs (corresponding FY 2007-08 Rs. 20,321 lacs)

    ·Cash EPS (annualised) of around Rs. 79 (corresponding FY 2007-08 Rs.76.54)

Operational Performance during  FY 2008-09

During the year  under review, rise in earnings was due to increased revenue days,  high yield charter fixtures, significant rise in income from marine construction and  a strong  dollar.  

Consolidated Financial Performance during FY 2008-09

Consolidated results include results of wholly owned subsidiaries -  Deepwater Services (India) Ltd. Great Offshore (International) Limited, Great Offshore Fujairah FZC LLC , KEI-RSOS and RSOS Limited.


    ·Income from Operations at Rs.1,13,925 lacs (corresponding FY2007-08 Rs.79,819 lacs) up 42%

    ·EBIDTA of  Rs.54,119 lacs i.e 47%  (corresponding FY 2007-08  Rs.48,272 lacs) up 12%

    ·PAT at Rs. 27,507 lacs (corresponding FY 2007-08 Rs. 20,163 lacs)

Given the significant downturn in the economy, the Board of Directors has decided to conserve cash and therefore recommended a modest equity dividend of Rs.2.50 per share for the financial year 2008-09. This will  assist the Company in preparing for an opportune time for any further expansion in tonnage due to reduction in new builds/ second hand prices. The outgo on this account is Rs.1,086 lacs including tax on dividend resulting in a dividend payout ratio of around 5%.


As on March 31, 2009 the fleet of 41 vessels comprises 2 drilling units, a construction barge, 27   diverse offshore support vessels and 11 harbour tugs.

There has been a delay in the delivery of the Jack – Up rig. Efforts are underway with the help of all the stakeholders to minimize the consequences of this delay.  The delivery of the multi support vessel is also expected to be deferred to FY 2010-11 due to amendments in the design incorporating improved safety requirements for  enhancing  marketability of the asset  globally.


 During the Q4 FY 2008-09, the company fully redeemed  10% Optionally Convertible Redeemable Preference  shares aggregating Rs.15,000 lacs.

Company  Outlook

As on the end of financial year ending March 31, 2009, revenue visibility of the Company’s current fleet of 41 vessels is around Rs. 74,000 lacs for the FY 2009-10. While the drilling units are fully chartered for the period under reference, the offshore support vessels and harbour tugs  are covered to the extent of 59 % and 84 %  of their operating days respectively.

All queries/clarifications may  kindly be addressed to :  

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