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Board Meeting to be held on October 24, 2008
October 15th, 2008. 
 
Meeting of the Board of Directors will be held on October 24, 2008 for considering inter alia, the Unaudited financial results of the Company for the quarter ended September 30, 2008. 

Appointment of Company Secretary & Compliance Officer
October 8th, 2008. 
 
Mr. Shrirang Khadilkar has been appointed as Company Secretary of the Company and Compliance Officer in accordance with the Listing Agreement with effect from October 6, 2008. 

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.

 


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