Interview with Mr. Vijay Sheth, MD, Great Offshore

Interview with Mr. Vijay Sheth, MD, Great Offshore Commissioned in 1983, Great Offshore is India's prominent integrated Lahore oilfields services provider offering a broad spectrum of services to upstream oil and gas producers for carrying out Lahore 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. The company has served 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. Mr. Vijay Sheth, Managing Director, spent a few moments to give an in-depth account to our correspondent, Joseph R. Fonseca prorling the strategy that make things happen at Great Offshore. Here are the excerpts of the interview:

Q) What is the total strength of your fleet and where are your vessels deployed at the moment?

With the current asset base of 41, and an additional 2 assets scheduled to join in early / mid 2009, Great Offshore is the single largest offshore oilfield services provider in India. Its assets include:

• Jack-up (1 + under construction)
• Drill Barge (1)
• Multi Support Vessels (1 + 1 under construction)
• Construction Barge (1)
• High-end Anchor Handling Tug SupplyVessels (10)
• Low-end Anchor Handling Tug Supply Vessels (9)
• Platform Supply Vessels (7)
• Harbour Tugs (1 1)

This scale and wide range of assets enables Great Offshore to provide comprehensive offshore services to its clients. Besides working in India, our vessels are also deployed internationally in the Far East, Middle East and the North Sea.

Q) How many new buildings does Great Offshore have on order and where are they being built? What is their delivery schedule?

We have 2 committed assets being built at Bharati Shipyard Ltd. One is a. rig which is expected to be delivered to us around Jan 2009 and the other is a MSV slated for delivery in May 2009.

Q) What is the other acquisition programme? Do you face any constraints?

We are an integrated offshore services provider offering a broad spectrum of services to Oil Exploration & Production (E&P) majors. The Company has a fleet of 41 state-of-the-art vessels which helps it provide a wide spectrum of services including offshore drilling services, offshore logistics support services, marine construction, port and terminal support services and engineering services.

As a company we will always grow in the space where we are and make sure that each investment enhances overall stakeholders value. With the present set of company's financials (specifically, the debt : equity levels) and overall offshore industry position, the challenge is to see that any further expansion is done judiciously.

Q) Great Offshore has recently taken delivery of a Flat Cargo Carrier. Could you let us know the strategy you have in place in this regard?

Post up-gradation, the vessel would be a multi-faceted OSV (offshore support vessel) with features such as a wider deck, a workshop and crew accommodation. It can be used for several purposes including offshore logistics and marine construction.

Q) To what extent do you propose to enter into international shipping trade besides the offshore activity?

Offshore is our strength and this year 2008 we will be completing 25 years of actual operations. We would like to stick to our strengths.

Q) After de-merger share prices of Great Offshore have sky rocketed. In view of the burgeoning scope for growth of offshore activities as well as ONGC's mushrooming activity what are your future plans?

As a company we will always grow in the space where we are and make sure that each investment enhances stakeholders' value.


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