Global Offshore Services Ltd
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BSE Code:
501848
NSE Code:
GLOBOFFS
Business Profile
Business Profile
Formerly known as Garware Shipping Corporation, Garware Offshore Services (GARWOFFS) was incorporated on Sep. 20, 1976 by late B D Garware, founder of the Garware group of companies. It is an India-based company that operates in one business segment, chartering of its fleets on hire basis.
Garware Offshore owns and operates 3 anchor handling tugs cum supply vessels (AHTSVs). The functions that these vessels perform are transport of personnel to rigs from onshore bases and vice versa, delivery of cargo to rigs, anchor handling operations and towing of rigs from one location to another. Some of the GARWOFFS `s clients include ONCG, BG, Transocean and Sedco Forex.
Recently, Garware Offshore Services placed an order with Havyard Leirvik, Norway, for two Rolls Royce UT755LN platform supply vessels to be delivered in March 2008 and December 2008 respectively.
The Company`s platform supply vessel, MV Everest has a (BHP) of 5450, DWT of 3096 tons and is employed with BG Exploration and Production India. It`s second platform supply vessel, which is a UT-755 L, is employed on a three year contract from Transocean Offshore International Ventures. GARWOFFS is currently employed with ONGC on a five years contract. Garware Offshore Services is headquarterd at Mumbai, India.
Financials
Garware Offshore Services registered a 2.53 times growth in net profits to Rs 82.79 million for the quarter ended December 2007 from a profit of Rs 32.70 million for the quarter ended December 2006.
Net Sales rose 90.34% to Rs 266.09 million for the quarter ended December 2007 from Rs 139.80 million for the quarter ended December 2006.
Total income rose 79.97% to Rs 267.43 million for the quarter ended December 2007 from Rs 148.6 million for the quarter ended December 2006.
The earnings per share (EPS) of the company stood at Rs 3.48 in the quarter ended December 2007.
Recent Developments
03-APR-08
Garware Offshore Services plans to buy three anchor handling tugs-cum-supply vessels for USD 13 million to 15 million each. Two of the three vessels, used for towing and handling the anchors of offshore construction vessels, are scheduled to be delivered in June and August, while the third one would be delivered in February 2009.The company will also buy two platform support vessels, designed for transportation to and from offshore structures, for USD 25 million to 27 million each, which would be delivered in June and January 2009. The company is expecting to have 13-14 vessels, including those contracted earlier, by 2008/09.
02-APR-08
Garware Offshore Services has sold one of its vessel, "M.V.Garware-II" which was built in 1983.
22-FEB-08
Garware Offshore Services has entered into a Memorandum of Understanding (MoU) for the acquisition of Anchor Handling Tug Cum Supply Vessel (AHTSV) of 60 Tons Bollard Pull fitted with Fire Fighting Equipment (FIFI 1) and Dynamic Position System (DP1). The Vessel is schedule to be delivered to the Company in February, 2009.
24-JAN-08
The Board of Directors of Garware Offshore Services has noted that the contract for charter hire of company`s Platform Supply Vessel `M.V. Everest` expiring in January, 2008, is further renewed for a period of two years by B.G. Exploration and Production India (British Gas) with an upward revision of approximately 20% in the charter hire compared to previous contract.
Future Plans
The company`s future plans and targets include taking its fleet size to 10 vessels by 2008-09; capturing 10% of the Indian offshore market by 2010; expanding its presence to the North Sea, UAE and South-East Asian markets and getting into a management service contract for non-owned assets.