Net profit for the year ended 31 March 2012 decreased 26.9% year-on-year to INR743.4m ($13.5m) from INR1.02bn, Great Offshore announced.
Revenue including profit from sale of vessels was recorded at INR8.84bn, edging up from INR8.51bn in the previous year.
Great Offshore said its last quarter recorded a decline in operating income due mainly to its three vessels undergoing major upgrade/modification in preparation of “lucrative and prestigious charters awarded to the company at much improved rates.”
It added that the benefit of this upgrade to its vessels will accrue in 2012-13 and subsequent years.
As at 31 March 2012, Great Offshore boosts a fleet of 43 owned vessels comprising of two drilling units, 25 offshore support vessels, three marine construction assets, one floating dry dock and 12 harbour tugs.
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