A meeting of Board of Directors will be held on April 30, 2009 for considering inter alia, the Audited Financial Results of the Company for the quarter & year ended March 31, 2009 and dividend on equity shares.  

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 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.
 

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.  

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.