. GOL Offshore .
Home Sitemap Search .
  GOL Offshore .
GOL OffshoreGOL OffshoreGOL OffshoreGOL Offshore
GOL OffshoreGOL OffshoreGOL OffshoreGOL Offshore
GOL OffshoreGOL OffshoreGOL OffshoreGOL Offshore
. Home . About us . Fleet . Investors . Corporate Governance . Careers . Enquiry . Feedback . Contact us .
Press Releases / S. E. Filings

[First] [Prev] 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 [Next] [Last]

Resignation of Company Secretary & Compliance Officer
October 7th, 2008. 
Ms. Falguni Sanghvi, Company Secretary & Compliance Officer has resigned from the services of the Company with effect from October 3, 2008. 

Buyback of shares completed
September 16th, 2008. 
Pursuant to the Public Announcement made on April 16, 2008 on the Buy back of the Equity Shares, we hereby inform that the Company has completed the buy back. The Company has bought 9,78,977 (nine lakh seventy eight thousand nine hundred and seventy seven) equity shares amounting to Rs 55.24 crores as per the terms of the Public Announcement. 

Great Offshore makes foray in port management and single point mooring operations through stake buyout
September 2nd, 2008. 
  • Buyout of 100% stake in existing profit making companies
  • EPS accretive with high revenue visibility
  • Management continuity ensuring stability and synergies

Great Offshore Ltd., has signed Definitive Agreements for acquisition of 100% equity stake in two companies, KEI-RSOS Maritime Ltd. (KEI) and Rajamahendri Shipping & Oilfield Services Ltd. (RSOS) which are based at Rajahmundry and Hyderabad (AP) respectively. Great Offshore will pay an aggregate consideration of around Rs 160 crores. The Transaction is on an all cash basis and is expected to close within 2 months from the date hereof.

This EPS accretive acquisition is in line with Great Offshore’s strategy of maintaining its leadership in the port and terminal and offshore logistics business. It also provides Great Offshore an entry into emerging opportunities in port and terminal administration which is a derivative business arising out of trade growth and port infrastructure development.

Broad overview of the Companies is as under:

KEI and RSOS are in the maritime services business providing offshore support, single point mooring operations and port management services. The Companies have a strong presence on the East Coast of India. Their client list includes majors like ONGC, Reliance Industries Ltd., Bharat Petroleum Corp. Ltd., Indian Oil Corporation Ltd, Cairn Energy, Ratnagiri Gas Power Generation Ltd., PPN Power, Tuticorin Port and Qatar Petroleum.

KEI has also been awarded a contract for providing comprehensive marine operations services for the Gangavaram Port, for a period of 12 years commencing July 2008.

The Companies have a diverse fleet of 19 assets (9 offshore support vessels, and 10 harbour tugs). In addition, the Companies have on order 4 specialised vessels due for delivery during the financial year ended March 31, 2009. All assets, including new builds have contracts ensuring revenue visibility.

For the current financial year ended March 31, 2009, the Companies aggregate revenues are expected to be around Rs 100 crores with a PAT margin of around 30%. For the financial year ended March 31, 2010 financial performance would reflect accretion from growth in fleet on new deliveries apart from income derived from Gangavaram Port marine operations for the complete financial year.

The existing management of KEI and RSOS will continue to manage the day to day businesses.

"The decision to acquire an existing running business is with a view to broad base earnings without diversifying core business risks and ensuring sustainable cash flows and earnings. We are extremely positive of the development and repose full faith and confidence in the management team led by Lieutenant Murthy." said Mr. Vijay K Sheth, Vice Chairman cum Managing Director of Great Offshore Ltd.

" We are happy to work jointly with Great Offshore Limited in its pursuance to grow our business from the existing levels and our team are committed to garner all support to help attain this goal. “said Lieutenant Murthy , Managing Director - KEI - RSOS who is also an accomplished ex Indian Naval Submarine Officer and is based out of Rajahmundry (AP).

Motilal Oswal Investment Advisors (Private) Limited were the exclusive financial advisors to the transaction while Luthra and Luthra were the sole legal advisors representing Great Offshore Limited.


Great Offshore (International) Ltd acquires high end modern AHTSV
August 28th, 2008. 
Great Offshore (International) Ltd., a wholly owned subsidiary of Great Offshore Ltd. has taken delivery of a high end modern Anchor Handling Tug cum Supply Vessel (AHTSV) . The vessel is currently performing a spot charter at around USD 47,000/ day for Murphy Oil at Malaysia. The UT 722 design, 2008 built vessel with 165 Tons bollard pull and an accommodation of 26 is DP 1 and FiFi -1 compliant. Classed with DNV, the vessel is appropriately equipped to meet global standards. Great Offshore has 14 vessels (including the above) capable of deep water operations with 7 of them operating in international waters on various term and spot charters. The current addition further strengthens Great Offshore’s capability of serving clients across North Sea, South and West Africa, Middle East, Far East and Russian Federation waters. With this acquisition, the fleet of Great Offshore stands at 41 assets (2 drilling rigs, 27 diverse offshore support vessels, a marine construction barge and 11 harbour tugs). Place: Mumbai Date: August 28, 2008 

Unaudited results for the quarter ended June 2008.
July 30th, 2008. 
  • Q1 FY08-09 income from operations up by 39%
    • Revenues at Rs. 20,268 lakhs
    • EBIDTA increase of 31%
    • Profit before exceptional items at Rs. 4,196 lakhs up by 20%
  • Exceptional item of Rs.2,364 lakhs represents no current cash outflow
  • Bags prestigious engineering services contract of Rs.23,400 lakhs

Great Offshore Ltd. at its Board meeting today approved the standalone - unaudited financial results (provisional) for the three months ended on June 30, 2008.

Performance (standalone) during Q1 FY08-09

Financials unaudited (Standalone)

  • Income from Operations Rs.20,268 lakhs (corresponding Q1FY 2007-08- Rs. 14,501 lakhs)
  • EBIDTA of Rs.8,427 lakhs, an increase of 31% (corresponding Q1FY 2007-08- Rs.6,398
  • lakhs)

Since a substantial part of the Company’s revenues are dollar denominated, it has been by and large the Company’s policy not to hedge its dollar liability. The Company believes this to be in its longterm interest. In strict compliance with Accounting Standard (AS) 11, the loss arising out of translation of its loan liabilities for acquiring vessels from abroad is disclosed as an exceptional item. The Company intends to advance comply with AS 30 and has launched an exercise to determine what its effective hedge position would imply. This exceptional item represents no current cash outflow.

Financials unaudited (Consolidated)

Consolidating the wholly owned subsidiary, Deepwater Services (India) Ltd., the company registered a profit after tax of around Rs. 2,040 lakhs on a total income of around Rs.22,400 lakhs.


As on July 30, 2008, the fleet comprises 40 vessels ( 2 drilling units, a construction barge and a heavy lift vessel , 25 offshore support vessels and 11 harbour tugs).

Corporate developments


The Company has been awarded an engineering contract on a lump sum turn key basis of around Rs.23,400 lakhs by ONGC to be completed by middle of CY 2010. The EPIC contract dealing with carrying out engineering , procurement, fabrication , transportation and installation of barge bumpers, boat landings, riser protectors on 79 offshore platforms is aimed at accomplishing ONGCs commitment to enhancing safety. The work would be carried out at production/ process platforms operating in three fields of Mumbai High, Bassein & Satellite and Neelam & Heera fields all on the west coast of India.

Status on Inorganic growth opportunity

Further to the announcements made on January 15 and July 7, 2008 respectively, the Company has communicated its decision to discontinue, pursuance of the offer - for purchase of controlling stake in an overseas body corporate which has on order two harsh environment, semi-submersible, sixth generation drilling rigs on order. The decision to withdraw from the above is without any implication of any kind, financial or otherwise on the Company.


As of July 30, 2008, the company has bought back around 8,81,000 equity share under its ensuing buy back programme from May 7, 2008 aggregating around Rs. 5,031 lakhs.

As on June 30, 2008, revenue visibility for the balance period of 9 months for the FY 2008-09 is around Rs. 50,506 lakhs. While the drilling units are fully chartered , individually the asset classes of offshore support vessels and harbour tugs are covered to the extent of 80 % of their operating days.

Click here to view the results. 

Financial Results
Releases/ S E Filings
Investors Information
.Shareholding Pattern
.Unclaimed Dividend List
.Notices of Candidature
Statutory Policies
Investors Services
.Register for Updates


Offshore Drilling


Offshore Logistics
Support Services


Engineering Services


Port & Terminal
Support Services


Ship Repair Services


Inspection Maintenance &
Repair Services



Fleet Explorer

Home . Disclaimer . Privacy Policy . Site Search . Sitemap