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 June 30, 2011 with Charter Earnings of Rs. 33.94 crore and Net Profit of Rs. 5.55 crore on stand alone basis. On consolidated basis, the charter earnings were Rs. 46.16 crore and a Net Loss of Rs. 2.10 crore.
Commenting on this development, Aditya Garware, Vice Chairman and Managing Director, Global Offshore Services Limited said, “The Company’s performance has been satisfactory and we are committed to the growth in the near future. During the quarter PSV MV Kailash, came out of the existing contract in India and was awarded a long term contract in Brazil. This vessel was duly modified and mobilized during the quarter and it will start operating from mid Aug-11.”
He continued to say “On a consolidated basis, the loss is mainly because the vessel MV Beaucephalus, delivered to the wholly owned subsidiary in The Netherlands, was modified and mobilized during this quarter under review and it commenced contract at the end of the quarter with Petrobras, Brazil. The full effect of this contract will be seen from second quarter of FY12 onwards.”
“With the two vessels referred to above, majority of the Company’s assets will be on long term contract. This will be reflected in the ensuing quarters,” he added.