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Delivery of Jack Up Rig
March 18th, 2010. 

On March 18, 2010, Company has taken delivery of a second hand Jack Up Rig, to be renamed as ‘AMARNATH’.

With the delivery of the said Jack Up Rig, the Company’s fleet strength stands as follows:

Type of fleet Nos.
Drilling Rig 3
Offshore Support Vessel 29
Harbour Tug 12
Construction Barge 2
Floating Dry Dock 1
Total 47


Outcome of Board meeting held on March 15, 2010
March 15th, 2010. 

At its meeting held today i.e. March 15, 2010, the Board of Directors has decided to conduct a Postal Ballot, pursuant to Section 192(A) of the Companies Act, 1956 (“the Act”) to pass the following resolutions by the members of the Company:

  1. Special Resolution under Section 81(1A) of the Act, to authorise the Board for further issue of securities upto an amount not exceeding Rs.1750 crores in the form of equity shares, bonds or debentures or other securities;
  2. Reclassification of the Share Capital of the Company and amendment of the Capital Clause of the Memorandum of Association of the Company;
  3. Appointment of Shri Vijay Kumar as Director of the Company;
  4. Appointment of Shri Prakash Chandra Kapoor as Director of the Company;
  5. Appointment of Shri Chetan D. Mehra as Director of the Company;
  6. Special Resolution for appointment of Shri Vijay Kumar as Executive Director of the Company;
  7. Special Resolution for appointment of Shri Prakash Chandra Kapoor as Executive Director of the Company.

Outcome of Board Meeting held on February 19, 2010
February 19th, 2010. 

At its meeting held today, February 19, 2010, the Board of Directors decided:

  1. to seek the approval of the Company in general meeting to raise funds not exceeding Rs. 1750 crores in the form of equity shares, bonds or debentures , or other securities to augment the resources of the Company to provide for offering broad spectrum of services to upstream oil & gas producers to carry out exploration and production activities.
  2. subject to the approval of the Company in General Meeting, to re-classify the existing preference share capital comprised in the Authorised Share Capital into 5 crores equity shares of Rs. 10/- each aggregating to Rs. 50 crores and 10 lakhs cumulative redeemable preference shares of Rs.1000/- each aggregating to Rs. 100 crores.

Outcome of the Board Meeting held on 2nd February, 2010.
February 2nd, 2010. 

This is to inform you that at its meeting held today, February 2, 2010:

  1. the Board of Directors of the Company decided to defer the consideration of raising funds through further issue of securities;
  2. the Board of Directors appointed Shri Vijay Kumar, Shri Prakash Chandra Kapoor and Shri Chetan Mehra as Directors of the Company.

Q3 FY 2009-10 Operating EBIDTA at Rs.12,480 lakhs, UP 7%
Q3 FY 2009-10 EBIDTA at Rs.11,690 lakhs, UP 6%
Q3 FY 2009-10 PBT Margin at 23%
Q3 FY 2009-10 PAT Margin at 20%
January 30th, 2010. 

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 lakhs)
  • 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)

Accounting Policy

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 depreciation.

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.

Revenue Visibility

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.

Place: Mumbai

Date: January 30, 2010

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

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