Global Offshore records total income of Rs 166.56 cr for FY11

Standalone net profit at Rs 42.93 crore for full year; Q4 net at Rs 5.88 crore; Q4 charter earnings Rs 41.05 crore

Global Offshore Services Limited (Formerly known as Garware Offshore Services Limited) one of the leading offshore vessels services providers announced their results for the quarter ended March 31, 2011 with Charter Earnings of Rs. 41.05 crore and Net Profit of Rs. 5.88 crore on stand alone basis. On a consolidated basis, the Charter Earnings was Rs. 50.94 crore with a Net Profit of Rs. 1.55 crore.

Commenting on this development, Aditya Garware, Vice Chairman and Managing Director, Global Offshore Services Limited said, “The Company’s performance has been good. During the quarter, one of Company’s older AHTSV (Garware I) came off contract from ONGC after working with ONGC for more than 25 years”.

He continued to say “On a consolidated basis, the profit has come down because the vessel MV Beaucephalus delivered to the wholly owned subsidiary in The Netherlands worked in the North Sea spot market for part of the quarter as she had to return to a shipyard to be modified / adapted for a long term contract with Petrobras, Brazil. The full effect of this contract will be seen from QII FY 12 onwards.

The Company’s AHTSVs – MV Poorna and MV Mahananda – commenced a 3 year contract each on the West Coast of India from March-11 and April-11 respectively".

The Company also declared a third interim dividend @ 5% for the FY 2010-11. The total interim dividend declared for the FY 2010-11 is 19%.

Global Offshore operates a total fleet of 13 vessels.“The company is committed towards increasing its presence in new geographical markets”, added Mr. Aditya Garware.