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Unaudited Financial Results of Q2 of FY 2007-08
October 18th, 2007. 

In line with the growth in the E&P sector, the Company has achieved a growth of 20% in income from Operations to Rs.15233 lacs in Q2 FY 2007-08 from Rs.12705 lacs in Q2 in FY 2006-07. Correspondingly, the PAT has gone up by 28% to Rs.4961 lacs in Q2 FY 2007-08 from Rs.3879 lacs in Q2 FY 2006-07.

The Company has 40 vessels as on September 30, 2007 as against 36 vessels as on September 30, 2006.

Badrinath (through our WOS, Deepwater Services) began her firm 3-year contract with ONGCL in September 2007 at significantly improved day rates.

Malaviya Thirty Six, our state-of-the-art MSV, commenced her 5-year charter with ONGCL on 5th October 2007.

During the Quarter, we have expanded our operations in the South-East Asia market with the deployment of two of our AHTSVs.

Due to the strong demand for offshore services and the management’s belief in the growth prospects, the Company has raised additional funds of Rs. 150 crores by way of issue and allotment on 7th September 2007 of 15,00,000, 10% Optionally Convertible Redeemable Preference shares of Rs. 1000/- each to Export Import Bank of India. The Company has also raised on 5th October 2007, US$ 42,000,000 by way of issue of Foreign Currency Convertible Bonds (due 2012) which have been listed on the Singapore Exchange Securities Trading Limited (SGX-ST) on 12th October 2007 and which are convertible into equity shares at a price of Rs. 875 per share and YTM of 7.25%.

For Great Offshore Limited

Mehernosh H. Kapadia
Head – Legal & Secretarial and Company Secretary 

Unaudited Financial Results of Q1 of FY 2007-08
July 19th, 2007. 

Income from operation has gone up by 29% to Rs. 14501 lacs for Q1 this year from Rs. 11223 lacs of Q1 last year. This is due to additional revenue of six new vessels and project income which were not there in Q1 last year.

Other income includes exchange gain of Rs. 2072 lacs (unrealised gain Rs. 2044 lacs) due to foreign exchange rate(s) fluctuations on outstanding balances of foreign currency loans and payments (effected during the quarter), taken for acquiring vessels from abroad. This change has been necessitated to reflect the accounts in accordance with the revised accounting standard 11 which has become part of the Companies (Accounting Standards) Rules, 2006 issued by Ministry of Company Affairs vide notification dated 7th December 2006 and made applicable w.e.f. 1st April 2007.

As per this standard, foreign exchange gain / (loss) is worked out on the basis of difference between exchange rate(s) prevailing on the closing exchange rate(s) of last quarter and closing exchange rate(s) of current quarter or payment date. This standard of computation of foreign exchange gain / (loss) and it’s reflection in quarterly accounts has to be followed for each quarter till such loan(s) are fully paid.

Upto the previous quarters i.e. including quarter ended 31 March 2007 such exchange rate(s) differences were adjusted in capital cost (carrying cost) of vessels.

Operating Expenses have gone up by 49% to Rs. 8103 lacs for Q1 this year from Rs. 5432 Lacs of Q1 last year. This is again mainly due to addition of new vessels and project expenses.

Interest and depreciation has gone up because of additional borrowings as a result of the new vessels.

All the above factors have resulted in PAT going up by 60%, taking into account the other income included in para 2 above.

The Company has been awarded a five year contract from Oil And Natural Gas Corporation Limited for its new state of the art Jackup Rig “Samed Shikhar”. The approximate value of the contract is Rs 1000 crores. The contract is slated to commence on or before May 2009.

For Great Offshore Limited
Mehernosh H Kapadia
Head Legal & Secretarial & Company Secretary  

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