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Great Offshore commences USD 32 mn. time charter
April 2nd, 2009. 
Great Offshore Limited has commenced a firm charter with Gujarat State Petroleum Corporation Ltd. (GSPC) for its 2008 built AHTSV - “Malaviya Nine”. The firm charter aggregating USD 32 mn. with GSPC is for an initial period of 2 years with an embedded option.

The 165 Tons bollard pull, UT 722 design, modern AHTSV was acquired in August 2008 by Great Offshore (International) Ltd., a wholly owned subsidiary of Great Offshore Ltd. Since acquisition, “Malaviya Nine” has been operating in the spot market in and around South East Asia.

On conversion of the above vessel into Indian flag, all its current fleet of 41 offshore assets fly the Indian flag. Of the diverse offshore oilfield service support fleet of 27 vessels, 14 assets are capable of supporting deep water operations.

Great Offshore inks long term charters
March 31st, 2009. 
Great Offshore Limited has entered into a 3 year charter commencing end April 2009 with ONGC for three of its vessels (1 PSV and 2 AHTSVs) for operating in offshore India for an aggregate contract value of around USD 65 mn.

Two vessels would commence their respective charters on cessation of their earlier long term charters of around 3 years, while one vessel would migrate from its existing spot fixture to long term charter.

This is in alignment with the Company’s strategy of ensuring utilisation and sustained revenues in most challenging business environment in the best interest of all stakeholders.

February 27th, 2009. 
The Company had issued on September 7, 2007, 15,00,000 (Fifteen Lakhs) 10% Optionally Convertible Redeemable Cumulative Preference Shares (OCRCPS) of Rs.1,000/- (Rupees One Thousand only) each aggregating to Rs.150,00,00,000/- (Rupees One Hundred Fifty Crore only).

The Company has decided to redeem the above mentioned OCRCPS, in tranches, together with accrued dividend thereon.  

Change in Company Secretary & Compliance Officer
February 19th, 2009. 
Mr. R. Narayanan has been appointed as Head - Secretarial and Company Secretary of the Company with effect from February 19, 2009. He is also nominated as Compliance Officer under clause 47 of the Listing Agreement.

Mr. Shrirang Khadilkar, who was earlier holding the dual responsibility as Head - Finance & Accounts and Company Secretary continues as Head - Finance & Accounts. 

Great Offshore registers highest ever quarterly financial performance
January 19th, 2009. 

Q3 FY 2008-09 Income from Ops. at Rs.27,583 lakhs, UP 42 %

Q3 FY 2008-09 PBT at Rs.6,273 lakhs

Q3 FY 2008-09 PAT at Rs.5,772 lakhs

Great Offshore Ltd. at its Board meeting today, approved the standalone - unaudited financial results (provisional) for the third quarter ended December 31, 2008.

Financial Performance (standalone) unaudited during Q3 FY08-09

  1. Total Income at Rs.26,962 lakhs (corresponding Q3FY 2007-08 - Rs.20,165 lakhs)
  2. Operational EBIDTA of Rs.11,572 lakhs (corresponding Q3FY 2007-08 - Rs.10,118 lakhs)
  3. PBT of Rs.6,273 lakhs (corresponding Q3FY 2007-08 - Rs.6,149 lakhs)
  4. PAT of Rs.5,772 lakhs (corresponding Q3FY 2007-08 - Rs.5,504 lakhs)

Financial Performance (standalone) unaudited for 9 months ended on December 31, 2008

  1. Total Income Rs.68,292 lakhs (corresponding period during FY 2007-08- Rs. 54,532 lakhs)
  2. Operational EBIDTA of Rs.24,763 lakhs (corresponding period during FY 2007-08 - Rs.23,740 lakhs)
  3. PBT of Rs.15,294 lakhs (corresponding period during FY 2007-08- Rs.16,915 lakhs)
  4. PAT of Rs.13,975 lakhs (corresponding period during FY 2007-08- Rs.16,082 lakhs)

Hedge Accounting Policy as per principles set out in AS 30 - Financial Instruments: Recognition and Measurement

While the Company borrows from global markets, significant portion of its revenue contracts are either in foreign currency or denominated in foreign currency. This provides adequate natural hedge against fluctuations in exchange rates.

For recognising exchange differences arising due to foreign currency movements, the Company continues to follow an appropriate Hedging Accounting Policy on its foreign currency borrowings by applying the principles set out in AS-30 Financial Instruments: Recognition and Measurement. Adoption of principles of AS -30, as a financial practice enables the Company, to treat any gain or loss on revaluation of its foreign currency borrowings to be accounted in a designated hedging reserve account. On date of making payment towards foreign currency borrowing, the difference between the rate on date of payment and rate on date of contracting the borrowing is recognised in the P& L account.

The Company has w.e.f. 1st April 2008 designated borrowings in foreign currency as hedge instrument to hedge its foreign currency risks of its firm commitments and highly probable forecast transactions (of revenue streams) to be accounted as cash flow hedge.

During the current quarter, the net unrealized exchange difference on foreign currency borrowings aggregating to Rs.2,711 lakhs has been recognized in Hedge Reserve and the total realised exchange loss debited to P&L Account for the 9 months period ended December 31, 2008 amounts to Rs. 1,300 lakhs.

Financials unaudited (Consolidated) for quarter ended December 31, 2008

  • For the third quarter ended December 31, 2008, consolidating all the wholly owned subsidiaries viz. Deepwater Services (India) Ltd. (which has inchartered “Badrinath”), Great Offshore (International) Ltd. (which owns and operates a modern high end AHTSV) and KEI-RSOS Maritime Ltd & Rajamahendri Shipping & Oilfield Services Ltd. (on completion of all procedural formalities in November 2008) the company in aggregate clocked a total income of Rs. 35,022 lakhs, registering a profit after tax of around Rs.7,806 lakhs.

The rise in operational income during the third quarter of FY 2008-09 as compared to Q3 FY 2007-08 is attributable to increase in revenue days due to tonnage accretion, income from in chartering of vessels and significant revenue from marine engineering and projects. This has resulted in a 14% rise in operational EBIDTA during Q3 FY 2008-09 as compared to the corresponding period in previous year.

During Q3FY 2008-09, while the drilling rigs and the harbour tugs were fully utilised (utilisation for the corresponding quarter were 100% and 92% respectively), the offshore support vessels were utilised to the extent of around 94% as against 91 % during Q3 FY 2007-08.


As on January 19, 2009, the owned fleet (including wholly owned subsidiaries) comprises 60 vessels (2 drilling units, a construction barge , a heavy lift vessel, 35 offshore support vessels and 21 harbour tugs).


Since end of November 2008, the Company has made a foray into new operational territory with commencement of charter for its heavy lift vessel. The 1 year firm contract (with embedded options) of US 22 mn with Saudi Aramco is for carrying out operations in Khafji Oilfields.

Revenues from the execution of the lump-sum turnkey engineering contract with regard to barge bumpers, riser protectors on 80 ONGC offshore platforms in the western India oil & gas fields of Mumbai High, Bassein & Satellite and Neelam & Heera for around Rs.23, 400 lakhs have commenced since this quarter. The completion of the total contract will be till mid of CY 2010.

Global economic woes continue to impact the commodity related sectors with oil and gas sector being no exception. Slide in hydrocarbon product demand, constrained cash flows and a tight credit market is meaningfully weakening E&P expenditure budgets. While, intermittent stimulus packages globally induce confidence levels; continuing surprises gloom the economic environment. However, coordinated monetary and fiscal stimulus is expected to improve risk appetite early in the path of achieving global stability.

With deliveries of new building assets in light of dampened demand has lead to softening of spot fixtures for offshore assets relative to the peaks. For NB contract cancellations/ renegotiations due to funding constraints have resulted in project execution delays.

The Company deploys significant part of its assets in India where the E&P sector developments over the past few years have been showing modest growth relative to their international peers. ONGC and its associate companies have a planned E&P outlay of around Rs. 1,30,043 crores in the XI Plan which is 72% higher than the Xth Plan. Other companies in the private sector are as much committed to address the aspect of energy security and have been pursuing towards realisation of this objective. The company has taken effective steps in diversifying its client base by chartering its assets with the leading E&P companies and contractors working in India as well as internationally.

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