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.

Fleet

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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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 30^th 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 30^th 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