Garware Offshore Services Ltd

Garware Offshore Services Ltd (GOSL) has received a Letter of Award of Contract from ONGC for its Platform Support Vessel (PSV) "M.V. Kamet", which is due to be delivered in the month of May 2007. The tenure of the contract is of 5 years and as per the company the contract would fetch it revenue of Rs250mn per annum. The charter rate works out to be close to US$16,500 per annum, which is slightly ahead of our expectations of US$15,500/day. The increase, however, translates into only Rs0.1 increased in our EPS estimates for CY07. Two more PSVs are likely to be delivered in the months of March 2008 and December 2008. If the company is able to put these vessels on similar day rates, the upside in earnings could be as much as Rs0.3 in CY08 EPS.
Prayesh Jain
India Infoline Ltd


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