G E Shipping sails smoothly after sale and delivery of support vessel

Great Eastern Shipping Company rose 0.74% to Rs 352 at 15:21 IST on BSE after the company's wholly-owned subsidiary sold and delivered its 2013.-built ROV Support Vessel 'Greatship Ragini' to the buyers.

The announcement was made after market hours on Friday, 18 November 2016.

Meanwhile, the BSE Sensex was down 362.42 points, or 1.39%, to 25,787.82

On BSE, so far 11,100 shares were traded in the counter, compared with an average volume of 30,482 shares in the past one quarter. The stock hit a high of Rs 363.40 and a low of Rs 351 so far during the day. The stock hit a 52-week high of Rs 400 on 19 November 2015. The stock hit a 52-week low of Rs 275 on 2 March 2016.

The mid-cap company has an equity capital of Rs 150.78 crore. Face value per share is Rs 10.

Great Eastern Shipping Company said that Greatship Global Offshore Services, a Singapore incorporated subsidiary of Greatship (India) (GIL), which is a wholly-owned subsidiary of the company, has sold and delivered its 2013.-built ROV Support Vessel (ROVSV) 'Greatship Ragini' to the buyers. With the delivery of this vessel to the buyers, GIL and its subsidiaries currently own and operate five Platform Supply Vessels (PSVs), eight Anchor Handling Tug Supply Vessels (AHTSVs), two Multipurpose Platform Supply and Support Vessels (MPSSVs), five R-class supply vessels and four jack-up rigs, Great Eastern Shipping Company said.

On a consolidated basis, G E Shipping's net profit fell 23.99% to Rs 268.75 crore on 21.12% decline in net sales to Rs 794.51 crore in Q2 September 2016 over Q2 September 2015.

G E Shipping has two main business: shipping and offshore. The shipping business is involved in transportation of crude oil, petroleum products, gas and dry bulk commodities. The offshore business services to the oil companies in carrying out offshore exploration and production activities, through its subsidiary Greatship (India).

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