Global Offshore Services on Wednesday reported a net loss of Rs 2.10 crore for the quarter ended June 30 on a consolidated basis mainly because of spending on the vessel ‘M V Beaucephalus’, which will start operating from mid this month.

Formerly known as Garware Offshore Services, Global Offshore’s net profit for the period under review stood at Rs 5.46 crore on a consolidated basis.

The company’s chartered earnings for the quarter stood at Rs 46.16 crore compared to Rs 48.53 crore in the corresponding period a year ago.

“During the quarter PSV M V Kailash vessel came out of the existing contract in India and was given a long term contract in Brazil, which was duly modified and mobilised during the quarter and will start operating from this month,” Global Offshore President, Finance, Mr Sandeep Akolkar told PTI here.

The consolidated loss is mainly because M V Beaucephalus, delivered to the wholly-owned subsidiary in The Netherlands, was modified and mobilised during this quarter under review and it commenced contract at the end of the quarter with Petrobras, Brazil. “The full effect of this contract will be seen from second quarter of FY 12 onwards,” he added.

Global Offshore is expecting around Rs 200-210 crore from earnings and up to 25 per cent growth in net profit in FY12, he said.

The firm is in talks with various yards in Europe to work in a joint venture for investing in additional fleets. “The talks are in nascent stage. However, we are looking at adding another four vessels by FY 14, in phases,” he said.

The investment for this additions is yet to be decided, however, the company has already come up with preferential allotment and is in talks with various investors for this. Currently the company’s fleet size is 12 assets.

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