Garware Offshore Services

YEAR                       EVENTS
 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 
        debentures;
 
      - (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,
        etc.
 
      - 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
        repairs.
 
 2005
 
 -Garware Shipping enters into Ship Building contract with Havyard
 Leirvik, Norway
 
 2007
 
 -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.