Global Offshore Services Ltd Company Summary

Global Offshore Services Ltd Summary

Incorporated in Sep.76, Global Offshore Services Limited(formerly known Garware Shipping Corporation Limited) was promoted by B D Garware, which belonged to the Garware Group. The Company is involved in the business of Owning, Operating and chartering offshore support vessels. Apart from this, it is providing offshore support services to exploration and production Companies. Its vessels support oil and gas exploration activities as well as offshore projects. The Platform Supply Vessels ( PSVs) owned and operated by the Company and its subsidiary are deployed in India and West Africa.The company came out with a rights issue at a premium of Rs 8, aggregating Rs 9.07 cr, to strengthen its resources for long-term use and meet working capital requirements. In Mar.90, GSCL embarked upon an expansion programme estimated to cost Rs 15 cr to acquire three conventional cargo ships. The trend of increased charter hire earnings continued during the year. The company plans to increase its tonnage and is looking for the right opportunity.The company came out with a rights issue in 1994 at a premium of Rs 12 to finance its modernisation and capital expenditure. The company vessel, M V Shivneri, ran aground in Oct.94 which was declared a constructive total loss by the insurance company.The Company acquired a Platform Supply Vessel (PSV) from a Norwegian Shipping Company during the year 2005. Effective from 16January, 2006, name of the Company was changed to Garware Offshore Services Limited.The Companys first newly constructed Platform Supply Vessel, built by Havyard Leirvik AS, M.V. Kailash, was delivered in Nov 06. The fourth Platform Supply Vessel, M.V. Mana was delivered in June, 2008. The Company set up a WOS at Singapore viz. Garware Offshore International Services Pte. Ltd. (GOISPL) on 2nd July, 2007. Through the Memorandum of Understanding signed with Havyard Leirvik AS for the marketing and sale of designs of Ships, the Company marketed 4 Havyard designs to an Indian Shipyard during period 2007-08.During the year 2009, additional 5 vessels were introduced to the fleet comprising of M.V. Mana, M.V. Poorna, M.V. Meghna, M.V. Makalu and M.V. Mahananda. The Company acquired and subsequently sold the Accommodation Work Barge, viz., Beau Geste which was on aBareboat charter with the Company since 2009.In 2010-11, the Company sold its second hand Platform Supply Vessel M.V. Everest in January, 2010. It sold its second hand Platform Supply Vessel M.V. Mana in 2011. The Companys wholly owned subsidiary in The Netherlands took delivery of one Large Platform Supply Vessel, M.V.Beaucephalus in December, 2010. The Company established a Wholly Owned Subsidiary in The Netherlands, viz., Global Offshore Services B.V., (GOSBV) in 2011. Two of the Companys Anchor Handling Tug cum Supply Vessels (AHTSVs) viz., M.V.Poorna & M.V.Mahananda commenced their operations in 2012. GOSBV acquired 3 Vessels viz M. V. Shergar, M.V. Everest and M.V. Ben Nevis during the year 2012-13. The Company acquired two vessels, one in Global Offshore Services Limited and one in the Netherland subsidiary during 2014-15. Additionally, it acquired one new AHTSV, which is presently trading in the spot market during the year 2015. During the year 2019-20, in conjunction with the Banks, 2 Vessels owned by the Subsidiary in the Netherlands were sold. Of the 9 Vessels being operated on a consolidated basis at the end of March 2020, 7 Vessels were on Term Contract, 1 was trading in the spot market in the North Sea, and 1 was scheduled to be reactivated in a Yard in the UK.During the year 2022-23, 3 of 6 vessels were sold during the year. Post the year 2022-23, in May, 2023, one additional vessel was sold.