Garware Offshore Q1 Income from Operations at Rs. 29.43 crore

Garware Offshore Services Limited, offshore vessel owners announced their quarter results with total income of Rs. 30.81 crore for the quarter ended June 30, 2008, an increase of 56.7% as compared to Total Income of Rs. 19.67 crore for the corresponding period of 2007. The Net Profit after Tax for the quarter ended June 2008 was Rs. 9.95 crore, as against a profit of Rs. 5.19 crores

Commenting on the company’s performance Mr. Aditya Garware, Vice Chairman & Managing Director , Garware Offshore said “Garware Offshore took delivery of its most advanced Platform Supply Vessel “M. V. Mana” in Bergen, Norway. This vessel has been deployed in the “high demand high revenue” Oil Exploration market in the North Sea. Additionally, in July the company has taken delivery of a new AHTSV, M.V. Poorna which has been deployed in the Far East on a Term Contract”

Speaking on the results and the operations, Mr. Garware further added “The Company’s performance indicates significant growth during the quarter. The increase in revenues has been due to two main reasons. These are 1) the revenue of the PSV M.V.Kamet which had not commenced her contract with ONGC till the end of the same quarter last year and 2) the re pricing of some of the contracts of the Existing Vessels.” He added that the company is on schedule in terms of its expansion plans and will shortly take delivery of one more AHTSV, taking the entire fleet to 9 vessels.”