Global Offshore Services Ltd

Debt recovery via IBC against Afcons

• Demand notice issued under IBC to Afcons Infrastructure for charter arrears.
• Charter party dated 24.04.2026, vessel chartered for 75 days from 18.05.2026.
• Outstanding amounts include July 2026 charter hire, catering expenses, and demobilization fees overdue.
• Total due Rs 3,04,59,761.44 plus interest to Rs 3,16,20,074.44 (upto 28.09.2026).
• Action taken: demand notice issued through advocates under Insolvency and Bankruptcy Code.
• Date of communication: 30 September 2026.

AGM details

• Date/time: 24 Sep 2026 at 11:30 IST; mode: VC/OAVM.
• Remote e-voting: 21–23 Sep 2026; record date: 17 Sep 2026.

Key resolutions

• Item 1 (Ordinary): Adoption of standalone and consolidated financial statements for FY2026.
• Item 2 (Ordinary): Re-appointment of director by rotation: Mr. Aditya Garware.

Voting results

• Item 1: Passed with requisite majority; 100% in favour.
• Item 2: Passed with requisite majority; 100% in favour.

Director changes

• Director by rotation: Re-appointment approved for Mr. Aditya Garware.

Financial snapshot

• Revenue from operations: Rs 35.72 crore for FY2025-26, up from Rs 32.75 crore.
• EBITDA: Rs 11.67 crore; prior year Rs 7.18 crore.
• Net loss after tax: Rs 11.70 crore; prior year loss Rs 7.97 crore.
• EPS: Rs -3.81 on continuing operations.
• Dividend: no dividend declared for the year.
• Net cash from operating activities: Rs 8.55 crore.
• Closing cash and cash equivalents: Rs 9.05 crore (standalone).

Fleet and operations

• Owns/operates 3 OSVs: Mahanadi, Kamet, Mahananda.
• Mahananda continues East Coast service till Dec 2027.
• Mahanadi charter on West Coast from Sep 2025 to May 2026.
• Kamet upgraded to DP2; 75-day contract from May 2026; 4+1 year contract from Aug 2026 (East Coast).
• Average vessel age: 18.5 years.
• Acquired Mahanadi vessel; funded via 2nd preferential allotment.

Capital structure and liquidity

• Total borrowings: Rs 59.17 crore; long-term Rs 48.60 crore; short-term Rs 10.57 crore.
• Paid-up equity capital: Rs 30.74 crore after warrant conversions (3,07,70,443 shares).
• 2nd Preferential Allotment utilised for vessel acquisition, debt repayment, and capex; details disclosed in notes.
• Name change to Garware Offshore Services Limited effected on 18 Feb 2026.
• AGM scheduled on 24 Sep 2026; remote e-voting facility available.

Corporate governance and filings

• Board size: Six directors; Aditya Garware (Chairman & MD) and M.M. Honkan (Whole-time Director).
• Auditors: D. Kothary & Co.; Secretarial Auditor: Rajkumar R. Tiwari.
• Notice of Forty-Eighth AGM through VC/OAVM; e-voting via CDSL; proxy not allowed.
• Compliance: No adverse secretarial comments; Governance disclosures in annual report.
• Warrants converted; last year’s resolutions included reappointment and name change.

Subsidiaries and group structure

• GOISPL (Singapore) – no operating income; net profit USD 0.66 million; recovery of loan partially reflected in other income.
• Indian wholly owned subsidiaries: Mahanadi Offshore Services Private Limited; Kamet Offshore Services Private Limited.
• Two Indian subsidiaries incorporated in 2026; not yet commenced operations.

Risks, litigation and controls

• Ongoing litigation in England: Ocean Clap Shipping Limited and MT Kailash Sarl vs Garware Offshore; USD 6m and 7.5m claims.
• Company has contested guarantees; no provision recognised to date; monitoring ongoing.
• Audit: No qualifications in standalone or consolidated reports; internal controls adequate per statutory auditors.
• Vigil mechanism in place; no whistleblower complaints during the year.

CSR and sustainability

• During the year, the company did not undertake CSR activities; CSR policy disclosed on the website.

Industry outlook and strategy

• OSV market remains tight with growth potential; high charter rates and limited newbuilds.
• Industry outlook supports growth in deepwater exploration and offshore wind, with 2030-2034 projections favorable.
• Company to pursue streamlining contractual commitments across its three vessels before expansion.

Preferential issue via warrant conversion

• Conversion of warrants into 27,000 equity shares issued to non-promoters on a preferential basis.
• Security: Equity shares of Rs 10 face value, Rs 82 premium, issue price Rs 92 per share.
• Quantity and aggregate value: 27,000 shares; Rs 2,484,000 total.
• Payment terms: shares issued on warrant conversion; no upfront cash disclosed.
• Allottees: Non-promoters; 27,000 shares.
• Mechanism: conversion of warrants into equity shares.
• Nature of consideration: equity shares issued on warrant exercise.
• Approvals: BSE trading approval obtained.
• Trading approval from BSE dated August 21, 2026.
• Distinctive numbers: 30743444 to 30770443.

Charter commencement

• Charter covers one vessel for four years with a possible one-year extension.
• Commencement of operations dated August 17, 2026.

Preferential issue details

• Instrument: 27,000 equity shares of Rs 10 issued at Rs 82 premium on a preferential basis.
• Total shares: 27,000 issued to non-promoters.
• Issue price: Rs 92 per share (Rs 10 face, Rs 82 premium).
• Aggregate amount: Rs 2,484,000.
• Purpose: conversion of warrants into equity for non-promoters.
• Approvals: listing approval obtained for these shares.
• Distinctive numbers: 30743444 to 30770443.

Financial results

• Unaudited standalone and consolidated results for quarter ended 30 June 2026 approved with Limited Review.

AGM

• 48th AGM on 24 September 2026 at 11:30 AM via VC/OAVM.

Capital actions

• 27,000 convertible warrants converted into equity; paid-up capital to Rs 30.77 crore.

Operational developments

• One vessel completed contract with Vedanta Limited.
• Another vessel started short-term contract with Afcons Infrastructure Limited; LOA for four years plus extension.

Audit and regulatory

• Independent Auditor's Review: no material misstatement in standalone or consolidated statements.
• Overseas subsidiary results: revenue Nil; net loss Rs 1.24 Lakhs; total comprehensive income Rs (4.24) Lakhs; not material.
• Two Indian subsidiaries incorporated last year have not yet commenced operations.
• No foreign exchange derivatives exposure.
• No separate reportable segments as per Ind AS 108.

Dematerialisation status and listing

• Securities received for dematerialisation up to 30 June 2026 were confirmed to depositories.
• Securities dematerialised have been listed on the stock exchange where the earlier securities are listed.
• Physical certificates received for dematerialisation were mutilated and cancelled after verification.
• Depository name substituted as registered owner within 15 days of receipt.

Financial Performance

• Board approved unaudited standalone and consolidated financial results for Q3 and nine months ended Dec 31, 2025.
• Consolidated net loss for nine months ended Dec 31, 2025 was Rs. 627.84 lakhs; standalone net loss Rs. 696.11 lakhs.
• Earnings per share for continuing operations (consolidated) was negative Rs. 3.65 basic for Q3 2025.
• Consolidated results include exceptional write-offs: crew salary USD 12,808 and vessel training expenses USD 2,881.43.
• Auditor’s review reports expressed unmodified conclusion on standalone and consolidated results.

Governance & Compliance ️

• Auditor emphasized subsidiary Garware Offshore International Services Pte. Ltd. has negative net worth of Rs. 388.79 lakhs, raising going concern doubts.
• Subsidiary’s unaudited interim financials included in consolidated results; not audited or reviewed by other auditors.
• Implementation of new Indian Labour Codes effective Nov 21, 2025, with no material impact on gratuity liability.

Business Operations & Segment

• Company operates in a single business segment: charter of offshore support vessels.
• No foreign exchange derivatives exposure reported by the company.

Corporate Actions & Decisions

• Filing application for NSE listing deferred until May 2026 due to unmet listing criteria expected by FY 2025-26 end.
• No dividend declared for the period.

Meeting Details ️

• Board meeting held on February 12, 2026, approved results and decisions.