Garware Offshore Services: Rebuilt After the Oil Crash, Now Pushing for Contracted Growth
Frequently Asked Questions
It owns and operates offshore support vessels (OSVs), including platform supply vessels (PSVs) and anchor handling tug cum supply vessels (AHTSVs), and undertakes offshore logistics and marine support activities.
The presentation lists three vessels: M.V. Kamet (DP2 PSV, built June 2007, Norway), M.V. Mahananda (60 Ton AHTSV, built March 2009, China) and M.V. Mahanadi (80 Ton AHTSV, built November 2006, Indonesia).
M.V. Kamet has a 5 year contract from August 2026 under negotiation; M.V. Mahanadi has a 3 to 5 year contract from August or September under negotiation; M.V. Mahananda is covered until December 2027 with a 1 year extension option for the charterer.
The company states it plans to acquire 2 to 3 mid size vessels (80 Ton AHTSV or 3000 DWT PSV) between 2026 and 2028, and also describes stage wise expansion over the next 24 to 36 months.
It states restructuring is complete and lender dues have been settled. It also states that as of March 2026, net debt stood at USD 4.24 million and INR 19 crore, while estimated asset values were around USD 19 million.
The presentation attributes the higher net loss to an increase in finance cost, an increase in depreciation and exceptional items described as forex loss on debt.
Did your stocks survive the war?
See what broke. See what stood.
Live Q1 Earnings Tracker