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GOL Offshore Ltd. Stock Analysis

Small Cap
Evaluated by 603 users | BSE: 532786 | NSE: GTOFFSHORE |
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Great Offshore incorporated in 1983, is India's prominent integrated offshore oilfield services provider offering a broad spectrum of services to upstream oil and gas producers to carry out offshore exploration and production (E&P) activities. From drilling services to marine and air...

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Value Creation
 Mar'07Mar'08Mar'09Mar'10Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16
Return on Capital Employed 14.53%13.09%10.63%9.32%4.39%3.58%4.5%7.71%6.68%-23.12%
Growth Parameters
Growth Parameters Colour Code Guide
Net Sales (Rs. Cr.) 5376768951,0078468008439511,048924
Y-o-Y Gr. Rt.-25.9%32.4%12.5%-16.1%-5.4%5.4%12.7%10.3%-11.8%
Adjusted EPS (Rs.) 36.4642.6947.0654.4218.934.514.3631.0112.68-211.66
Y-o-Y Gr. Rt.-17.1%10.2%15.6%-65.2%-76.2%-3.3%611.2%-59.1%-1769.2%
Book Value per Share (Rs.) 163.4193.59186.49276.53305.43253.28264.17272.66305.41103.04
Adjusted Net Profit 13916317520370.516.816.211547.2-788
Net Op. Cash Flow (Rs. Cr.) 226195332409299438351609209310
Debt to Cash Flow from Ops 3.34.785.855.679.76.557.453.89.636.12
Standalone financials take only the parent company into account while consolidated financials take into account financials of the parent company as well as of all its subsidiaries. In most companies consolidated financials should be used for analysis.
GOL Offshore Ltd. should be analysed on a Standalone basis
CAGR
CAGR Colour Code Guide
  9 yrs 5 yrs 3 yrs 1 yr
Net Sales 6.2%1.8%3.1%-11.8%
Adjusted EPS -221.6%-262.1%-464.8%-1769.2%
Book Value per Share -5-19.5-26.9-66.3
Share Price - - - -
Key Financial Parameter
Performance Ratio Colour Code Guide
 Mar'07Mar'08Mar'09Mar'10Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16
Return on Equity (%) 24.421.5422.1123.536.511.621.6911.554.39-103.64
Operating Profit Margin (%) 48.5945.8941.0146.7843.0946.3345.4151.541.6730.69
Net Profit Margin (%) 25.8624.0619.5220.118.342.11.9312.154.5-85.26
Debt to Equity 1.21.052.812.252.553.042.662.281.774.94
Working Capital Days 98137134136349546720836704578
Cash Conversion Cycle -21-21-13-35445-17-48-20-14
Entity Percentage Holding
Promoters 2.63%
Institutions 34.65%
Non-Institutions 62.72%
Pledged *48.2748.2748.2748.2748.2748.270.000.000.000.00
* Pledged shares as % of Promoter's holding (%)
Data is not available for this company.

Data is not available for this company.

Data is not available for this company

Great Offshore incorporated in 1983, is India's prominent integrated offshore oilfield services provider offering a broad spectrum of services to upstream oil and gas producers to carry out offshore exploration and production (E&P) activities. From drilling services to marine and air logistics, from marine construction to port/terminal services and beyond, Great Offshore meets a wide gamut of the offshore requirements of an E&P operator.

Since inception the company has

Great Offshore incorporated in 1983, is India's prominent integrated offshore oilfield services provider offering a broad spectrum of services to upstream oil and gas producers to carry out offshore exploration and production (E&P) activities. From drilling services to marine and air logistics, from marine construction to port/terminal services and beyond, Great Offshore meets a wide gamut of the offshore requirements of an E&P operator.

Since inception the company has serviced major E&P operators in India as well as in the international waters of the North Sea, the Middle East, South Africa and South East Asia with its state-of-the-art vessels that include exploratory rigs, offshore support vessels, anchor handling tug supply vessels and a construction barge. It also provides port and terminal support services through a fleet of harbour tugs.

Wholly Owned Subsidiary Companies:

  • Deep Water Services (India) Limited
  • Great Offshore Fujairah L.L.C. - FZC
  • Great Offshore (International) Limited
  • KEI-RSOS Maritime Limited
  • Rajamahendri Shipping and Oil Field Services Limited
  • Great Offshore Ship Repairs Limited

Business of the company:

Offshore Drilling Services:

Great Offshore provides charter hire of drilling services with three offshore drilling units, Kedarnath, Amarnath and Badrinath. These assets are operated by a team of dedicated and experienced personnel with excellent safety and maintenance record.

‘Great Offshore Limited’ owns the only Drill Barge available in India. ‘Badrinath’ is capable of drilling upto 600 ft. of water depth. ‘Badrinath’ (previously named “GETTYSBURG”) has been providing drilling services for Oil & Natural Gas Corporation since 1976 and has earned a reputation for safe & efficient operations while delivering economically a very high performance. ‘Badrinath’ has successfully drilled over 100 wells in India in both West Coast & East Coast of India and had the privilege of drilling some of the most challenging & prestigious exploratory wells.

‘Kedarnath’ – is an independent leg Jack up rig, built by Marathon Le Tourneau, in Brownsville, Texas. She has been one of the few Rigs operating on Indian Coast for the past two decades. The Rig has provided services to ONGC, Hardy Exploration and Production (India) INC., Mosbacher Indian LLC and Cairn Energy India Pty. Ltd., with the highest standards of safety & efficiency. Kedarnath has also drilled four prestigious and successful wells for ONGC Videsh in Iran.

Offshore Logistics Support Services:

Great Offshore owns and operates a fleet of twenty four Offshore Support Vessels - six platform supply vessels (PSV), four offshore supply vessel (OSV), eleven anchor handling tug supply vessels (AHTSV) and three anchor handling tugs (AHT). The company is the first Indian company to own and operate a platform supply vessel and the first to own and operate a fire fighting support vessel.

With the offshore support vessels, the company undertakes production support, diving support, supply duties for personnel and materials, anchor handling, towing, mooring, rig moving, emergency response/rescue and fire fighting operations.

The company constantly strives to provide vessels with the latest technology and multi-purpose offshore support capabilities. One of its newest vessels, Malaviya Twenty Five, is an FFSV equipped with dynamic positioning, a helideck and external fire fighting capabilities.

The company’s platform supply vessel fleet consists of seven UT755 design vessels with deadweights ranging from 2,600 to 3,300 tons. Its anchor handling tug supply vessels have bollard pull ratings from 50 to 160 tons and power ranging from 4,800BHP to 13,404BHP. They are all fire fighting enabled vessels with search and rescue capabilities. Some vessels are fitted with liquid mud transportation facilities with full circulation systems. Its anchor handling tug vessels have bollard pull ratings between 48 and 70 tons and power ranging from 3,940BHP to 6,440BHP.

The company’s vessels operate in Indian as well as international waters. Its  OSV fleet has worked in India for ONGC, Cairn Energy, BG Exploration and Production, Gujarat State Petroleum Corporation, Hardy Exploration and Production and many others.

The company has commenced international operations in 2001 when Malaviya Two entered service with Saudi Aramco and since then the company has worked for clients such as Hadi Group, IOEC, Doha Marine Services, Lamnalco, NPCC and Valentine Maritime.

Engineering Services:

Great Offshore's Engineering Services division undertakes lumpsum turnkey / EPIC Projects for the offshore oil & gas industry. Its service portfolio encompasses project management, pre-engineering surveys, detailed design and engineering, procurement, on-shore fabrication, transportation, offshore installation, hook-up and commissioning.

Over the last 14 years the company has successfully executed 12 offshore projects on an EPIC basis including topside revamps, structural modifications, underwater installations, process systems upgrades etc. It specializes in the execution of all kinds of brown field projects specifically pertaining to topside process and structure re-engineering and re-vamping.

The company’s Engineering Services work is supported by use of Great Offshore’s own construction support fleet including both barges and vessels. The construction barges ‘Gal Constructor’ and ‘Gal Installer’ – with their own dedicated anchor handling tugs – are designed to offer a complete packaged service to the offshore construction industry.

Gal Constructor can accommodate a maximum of 250 personnel and has a mounted crane with a lifting capacity of 120 tons. The barge is capable of performing activities such as offshore installation; hook-up and modification work; providing assistance in maintenance and repairing of offshore structures; installation of risers; subsea pipeline and cable tie-ins, repairs to pipelines as well as clamp-on projects. Gal Constructor has successfully undertaken many such projects – both in India and internationally – for esteemed customers including L&T, British Gas, ONGC, SOME, Mubarak Marine, Hyundai Heavy Industries, Samsung Heavy Industries and many more.Port and Terminal Support Services:

Great Offshore was the first Indian operator of harbour tugs in India with a presence in almost all major ports. These tugs have excellent maneuvering capabilities : eight of them are fitted with azimuth propulsion systems; one with a Voith system, one with a Z-propeller system and one is a conventionally propelled tug.

The fleet of eleven harbour tugs operate in major ports such as Jawaharlal Nehru Port Trust, Mumbai Port Trust, Kolkata Port Trust, Tuticorin Port Trust, New Mangalore Port Trust as well as in private ports like Gujarat Pipavav Port Limited, Gujarat Adani Port Limited, Hazira Port Pvt. Ltd and Mundra Port. The tugs provide round-the-clock service at ports for berthing / unberthing, towing of vessels, emergency fire fighting and all other harbour operations.

Ship Repair Services:

In Order to support the company’s large flotilla of offshore assets the company has utilized the available pool of technical knowledge and expertise to start a ship repair facility that will cater to the needs of the offshore industry.

The Ship Repair Services will be based at:

  • Mumbai & Navi Mumbai to cater to the vessels operating in the Bombay High Oil fields.
  • Kakinada, in order to cater to the assets operating in the KG Basin (East Cost of India)

The services will encompass:

  • Machinery repairs overhaul
  • Shafting and rudder repairs & Overhauls
  • Steel & Piping repairs & Renewals.

Inspection, Maintenance & Repair:

This division specializes in under water inspection and repairs, currently being on long term charter with IMR Division of ONGC. One of the currently deployed assets, Malaviya Thirty Six, is carrying out Saturation diving for Offshore Platforms NDT Inspection, Marine Growth removals, remedial and repair jobs to a depth of 90 M water and more. This vessel has Air diving capability also which is used on regular basis. The vessel has other capabilities for Pollution monitoring, Fire fighting with water and foam - FIFI 2, Rescue operations etc.

Other assets includes Malaviya Twenty Five, Malaviya Twenty Seven which are on FFSV, Fire fighting and support vessel contract with ONGC on long term, does platform remedial jobs with divers on upper side, SBM maintenance and other jobs viz: Fire Fighting, rescue operation etc. These vessels are built and specialized for these types of operations and operate on DP mode.

Milestone:

  • 1983: Commenced operations as a part of The Great Eastern Shipping Co. Ltd., with the purchase of Malaviya One - India’s first offshore support vessel (OSV). 1985: Formed Great Atwood  is as a joint venture along with Atwood Oceanics Inc., USA and A H Bhiwandiwalla & Company and commenced drilling and exploration activities.
  • 1994: Purchased tug ‘Malini’ and thus became the first private sector operator of harbour tugs in India.
  • 1995: Great Atwood Ltd. is merged with The Great Eastern Shipping Co. Ltd.
  • 1996: Became the first Indian offshore company to gain ISO 9002 Certification.
  • 1999: Established subsidiary in Fujairah.
  • 2000: Signed contract for India’s first Platform Supply Vessel (PSV).
  • 2001: Became the first Indian offshore company to operate in Qatar.2001: Opened a representative office in Dubai.
  • 2002 Commenced North Sea operations with ‘Malaviya Sixteen’ becoming the first Indian company to operate there.Formed United Helicharterers, a joint venture with Qatar General Petroleum Corporation and UB Air Pvt. Ltd. providing helicopter services to the offshore industry.2003 Achieved ISO 9001:2000 certification – the first Indian offshore company to earn this accreditation.
  • 2005 Opened representative office in Malaysia.2005 Commenced operations in South Africa. 2006 Took delivery of India’s first fire fighting support vessel (FFSV), ‘Malaviya Twenty Five’.2006 Signed a contract for a new building 350 ft. Self Propelled (Cantilever type) Independent leg, Jack Up Drilling unit with Bharati Shipyard Ltd.2006 Gained DNV’s Integrated Management System (IMS) accredition conforming ISO 9001:2000, ISO 14001:2004 & OHSAS 18001:1999 Standards.2006 Demerged Offshore operations to form Great Offshore.
  • 2008 Took delivery of Heavy Lift Vessel2008 Forayed into Port management and single point mooring operations through stake buyout in KEI-RSOS.
  • 2009 SPS compliant Accomodation Barge joined the fleet
  • 2010 Commissioned 2000T lift capacity Floating Dry Dock at Mumbai Harbour2010 Took delivery of a Jack-up Rig
Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323
Research Analyst - INH000000719

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