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.
Date: October 31, 2009
For clarifications, kindly address all emails to: firstname.lastname@example.org