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Global Offshore Services Ltd. Company History and Annual Growth Details

1976 - The Company was Incorporated on 10th September. The Company's
object is to carry on the business as owners, operators, charters
of vessels and conveyance of all kinds.

- The Company was promoted by Shri B.D. Garware.

- It had expanded its fleet to four by acquisition of two more
Danish built general cargo vessels with reefer capacity in 1979.

- 14,99,988 shares held by Garware Nylons Ltd.

1979 - 22,50,000 No. of equity shares issued through a prospectus in
Apr. 1981. Of these 1,12,500 shares were reserved for
subscription by employees and business associates of the Company
and Garware Group and the remaining 21,37,500 shares were offered
to the public.

1980 - As the price of second hand vessels was falling, the Company
deferred the acquisition of such vessels. Subject to the
approval by Government of India the company proposed to sign a
contract with Hyundai Corporation for the construction of one
37,900 DWT Bulk Charter at a cost of US $ 23.98 million for
delivery in September 1983 with an option to order another vessel
on the same terms and conditions within three months.

- The Contract with Hyundai Corporation and Hyundai Heavy
Industrial Co., Ltd., Korea was cancelled.

- A contract was signed with Maroil Engineers & Shipbuilders, Pvt.
Ltd., Singapore for the construction of five such vessels at a
price of US $ 4.55 million each.

1986 - The Company took two boats on bareboat charter from M/s. Swire
Pacific Offshore, Dubai and were given on time charter to Mazagon
Docks, Ltd.

1988 - Approval was obtained from the Government to acquire three timber
general cargo vessels and a memorandum of agreement was entered
into for the two vessels.

1989 - The margins were under pressure due to all round increase in
costs particularly the wages of floating staff and interest.

- The Company acquired m.v. 'Raigad' and m.v. 'Pratapgad'. The
company also acquired m.v. 'Shivneri' at the close of the year.

- During September, the Company offered 3,56,250 - 12.5% secured
redeemable convertible debentures of Rs.100 each on Rights basis
in the prop. 2 debentures : 21 No. of equity shares held.
Additional 73,920 debentures allotted to retain oversubscription.

- Simultaneously, another 17,810 - 12.5% convertible debentures
were issued to employees (including working directors)/workers of
the company on an equitable basis (none were taken up).

- The face value of each debenture was to be converted as

- (i) one equity share of Rs.10 each at par on the date of
allotment of debenture;

- (ii) two equity shares of Rs.10 each at a prem. of Rs.7 per share
after the expiry of 2 years from the date of allotment of

- (iii) two equity shares of Rs.10 each at par or at such premium
as may be decided by the CCI after the expiry of 3 years from the
date of allotment of debentures. Accordinly 4,30,170 No. of
equity shares were allotted in part conversion of (i) debentures.
The remaining face value of each debenture, if any, was to be
redeemed at par at the end of 7 years from the date of allotment
of debentures.

1990 - The gross charter line and freight earnings increased by 23% to
Rs.17.16 crores. This increase was due to the operation of the
three general cargo vessels.

- 4,30,170 shares issued at par in part conversion of debentures
on 11th April.

1991 - Margins were under pressure due to drop in the freight rates,
overall increase in expenditure on stores/spares and repairs,

- The Company issued 47,88,485 rights equity shares of Rs.10 each
at a prem. of Rs.8 per share in the ratio of 1:1. Simultaneously
another 2,52,025 shares of Rs.10 each at a prem. of Rs.8 per
share were also to be issued to the employees/directors of the
company on an equitable basis.

- 8,60,340 shares issued at par in second conversion of debentures.

1992 - The gross charter hire and freight earnings increased by 20% to
Rs.33.83 crores. This increased results was mainly due to
better employment of the cargo vessels, improved charter hire
rates from ONGC for offshore supply vessels of the company.

- The Company proposed to raise Rs.13.06 crores by issue of
59,35,071 No. of equity shares of Rs.10 each at a prem. of Rs.12
per share on rights basis.

- 60,00,781 shares issued on rights basis.

1993 - The Company issued 50,90,510 rights equity shares of Rs.10 each
at a prem. of Rs.8 per share to equity shareholders on a rights
basis in the ratio of 1 rights share for every 1 equity share.
(7,06,340 additional shares were allotted).

- Simultaneously, another 2,52,030 shares of Rs.10 each at a prem.
of Rs.8 per share to the employees on an equitable basis (only
2,52,000 shares were taken up). Additional 1,931 shares were
allotted to State Bank of India.

- 8,28,850 shares issued at par in 3rd conversion of debentures.

1996 - Operating income decreased by 9% when compared to the previous
year to Rs.23.21 crores mainly due to m.v. Raigad not being
operational for more than 3 months on account of dry docking and


-Garware Shipping enters into Ship Building contract with Havyard Leirvik, Norway


-Garware Offshore Services Ltd has informed that the Company has signed a Memorandum of Understanding (MOU) with Havyard Leirvik AS, a Yard in Norway, for exclusive representation for the marketing and sale of Ships built by Havyard Leirvik A.S. and Ship Designs produced by Havyard Maritime A.S., a part of the Havyard Group to Indian Shipping Companies and Indian Yards.


-Garware Offshore Services Ltd has entered into a Memorandum of Understanding (MoU) for the acquisition of one Anchor Handling Tug Cum Supply Vessel (AHTSV) of 60 Tons Bollard Pull fitted with Fire Fighting Equipment (FIFI 1) and Dynamic Position System (DP1).

- Garware Offshore Services Ltd has appointed Mr. Duncan Steele-Bodger as an Additional Director with immediate effect.

- Garware Offshore Services has secured a firm contract for upto 3 years in South Africa for its new Anchor Handling Tug-cum-Supply Vessel (AHTSV) viz. M V Meghna scheduled for delivery in the last quarter of the year.