Great Offshore Ltd. at its Board meeting today, approved the standalone - unaudited financial
results (provisional) for the three months ended December 31, 2009.
Financial Performance (standalone) unaudited during Q3 FY09-10
- Total Income at Rs.24,194 lakhs (corresponding Q3FY 2008-09 - Rs.26,901 lakhs)
- Operating EBIDTA of Rs.12,480 lakhs (corresponding Q3FY 2008-09 - Rs.11,572 lakhs)
- PBT at Rs.5,537 lakhs (corresponding Q3FY 2008-09 - Rs.6,273 lakhs)
- PAT at Rs.4,954 lakhs (corresponding Q3FY 2008-09 - Rs.5,772 lakhs)
Financial Performance (standalone) unaudited for 9 months ended on December 31, 2009
- Total Income Rs.69,989 lakhs (corresponding period during FY 2008-09- Rs. 68,100 lakhs)
- Operating EBIDTA of Rs.32,634 lakhs (corresponding period during FY 2008-09 - Rs.24,763
- PBT of Rs.11,560 lakhs (corresponding period during FY 2008-09- Rs.15,294 lakhs)
- PAT of Rs.10,313 lakhs (corresponding period during FY 2008-09- Rs.13,975 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 have been designated in the Hedging Reserve Account. During the
current quarter, the net unrealised exchange gain on foreign currency borrowings aggregating to
Rs. 3,884 lakhs has been credited to Hedge Reserve Account and the total realised exchange loss
debited to Profit & Loss Account amounts to Rs. 225 lakhs. The debit balance in Hedge Reserve
Account as on December 31, 2009 is Rs. 5,621 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 December 31, 2009, the Company has capitalised Rs.
1,383 lakhs ( Rs. 3,838 lakhs for nine months ended December 31, 2009) expenditure incurred
during five yearly Special Surveys and charge on Profit & Loss Account is lesser by Rs. 1,363
lakhs. ( Rs.3,559 lakhs for nine months ended December 31, 2009)
Financials unaudited (Consolidated) for quarter ended December 31, 2008
- For the third quarter ended December 31, 2009, consolidating all the wholly owned
subsidiaries viz. Deepwater Services (India) Ltd. (which has inchartered “Badrinath”), KEIRSOS
Maritime Ltd and Rajamahendri Shipping & Oilfield Services Ltd. the company in
aggregate clocked a total income of around Rs. 29,300 lakhs, registering a profit after tax of
around Rs.6,366 lakhs.
During the third quarter of FY 2009-10, there has been a 9% decrease in operating income in
comparison to the corresponding quarter of FY 2008-09. The marginal decrease is due to a
combination of factors viz. decline in utilisation of offshore supply vessel, inhouse deployment of
vessels for implementation of the barge bumper riser protector project and softer freight
markets in case of vessels operating on the spot market.
The 6% rise in EBIDTA at Rs. 11,609 lakhs is mainly on account of capitalisation of Special Survey
expenses and reduction in other expenses which relate to non recurring professional charges
incurred during Q3FY2008-09 by the Company while pursuing acquisition opportunities. The growth in fleet on acquisition of 2 vessels have resulted in significant rise in interest costs and
During Q3FY 2009-10, drilling rigs continued to be fully utilised similar to their utilisation during the corresponding Q of FY 2008-09. In case of harbour tugs the quarter saw a utilisation to the extent of 96% (corresponding quarter 100% ). The offshore support vessels were utilised to the extent of around 77% as against 94 % during Q3 FY 2008-09.
As on January 30, 2010, the standalone fleet constitutes 46 owned vessels (2 drilling units, 28
offshore support vessels, 2 construction barges , a heavy lift vessel, a floating dry dock and 12
harbour tugs). During the quarter the company took delivery of a modern Platform Supply Vessel
and a Floating Dry Dock.
As on December 31, 2009, revenue visibility on existing charter contracts for owned vessels for the
balance period of 3 months ended March 31, 2010 is around Rs. 20,500 lakhs. While the Jack up rig
and the drill barge continue to perform their respective existing charters with ONGC. The earlier
charters of Jack Up rig will end during Q4 FY 2009-10 , while in case of the drill barge the charter
would end during Q3 FY 2010-11.
During the quarter the Jack Up rig has bagged a firm 5 year charter from ONGC aggregating around
USD 126 mn.
Individually, the asset classes of offshore support vessels and harbour tugs are covered to the extentof 60 % and 100% of their operating days respectively.
Date: January 30, 2010
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