Garware Offshore Q2 Results

Highlights:

· Total Income for the quarter ended June 2007, stood at Rs. 19.67 crores

· Profit After Tax for the quarter ended June 2007, at Rs. 5.19 crores

· EPS for the quarter ending June 2007 increased by 18% inspite of increase in equity.

· Received a notification of award of contract from ONGC for charter of its Anchor Handling Tug cum Supply Vessel (AHTSV) "Garware - III" for a 5 year period, annual value of this contract is expected to be Rs. 1,035 lacs

Garware Offshore Services Limited, a leading offshore vessel supplying company announced their quarter results with total income of Rs. 19.67 crores for the quarter ended June 30, 2007, an increase of 49.7% as compared to Total Income of Rs. 13.14 crores for the quarter ended June 06. The Net Profit after Tax for the quarter ended June 2007 was Rs. 5.19 crores as against a PAT of Rs. 4.13 crores for the quarter ended June 2006, an increase of 25.7%. The share capital of the Company has increased from Rs. 1,882.77 lacs in Dec-06 to Rs. 1,927.14 lacs presently, due to conversion of warrants.

During the quarter Garware Offshore has taken the delivery of its third Platform Supply Vessel (PSV) "M. V. Kamet". The same has been deployed with Oil and Natural Gas Corporation Limited (ONGC) for a period of five years with effect from June 25, 2007. The Company also received a notification of award of contract from Oil and Natural Gas Corporation Limited (ONGC) for charter of its Anchor Handling Tug cum Supply Vessel (AHTSV) "Garware - III" for a 5 year period with effect from Jan-08. The annual value of this contract is expected to be Rs. 1,035 lacs. The Company has also contracted to acquire a 60T Anchor Handling Tug cum Supply Vessel (AHTSV) for delivery in mid 2008.

This state of the art vessel will be fitted with Fire Fighting Equipment (FiFi "� 1) and Dynamic Position System - 1 (DP - 1).