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Q2 FY2009-10 Income from Operations at Rs.23, 577 lakhs UP by 47%;
Q2 FY2009-10 Total Income at Rs.22, 869 lakhs UP by 27%;
Q2 FY2009-10 PAT at Rs.3, 139 lakhs UP by 85%
October 31st, 2009. 
 

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.

Fleet

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).

Financial

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.

Place: Mumbai

Date: October 31, 2009

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



Click here to view the results

 

Outcome of Board Meeting held on October 31, 2009
October 31st, 2009. 
 
  1. Unaudited Financial Results for the second quarter ended September 30, 2009:
    The Board of Directors of the Company at their meeting held on October 31, 2009, approved the Statement of Unaudited financial results for the second quarter ended September 30, 2009, pursuant to Clause 41 of the Listing Agreement.
  2. Allotment of Shares on conversion of FCCBs:
    The Board of Directors also made an allotment of 91,017 Equity Shares of Rs.10/- each of the Company to Deutsche Bank AG, London, the holder of 7.25% Unsecured Foreign Currency Convertible Bonds due 2012 (FCCBs), on the exercise by the said holder its conversion right in respect of FCCBs aggregating to US$ 2,000,000 (United States Dollar Two Million) at the pre-determined conversion price of Rs.875/- per share in accordance with terms and conditions of the Bonds.
 

Chairman's Report on Poll
September 25th, 2009. 
 
Report of the Chairman declaring the Results of the Poll taken at the Fourth Annual General Meeting of the Company held on September 24, 2009.

Click here to download the report

 

Fourth AGM to be held on Thursday, September 24, 2009
September 7th, 2009. 
 
Fourth Annual General Meeting of the Company will be held on Thursday, September 24, 2009 at 10.00 a.m.

Click here to download the notice



Click here to download addendum to the notice

 

Q1 FY2009-10 Total Income at Rs. 22, 926 lakhs grows by 27%; Q1 FY2009-10 PAT at Rs.2,220 lakhs grows by 84%
July 29th, 2009. 
 

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.


Fleet

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).


Financial
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.

Place: Mumbai

Date: October 31, 2009

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

 


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