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Friday, November 6, 2009

Great Offshore Ltd:Future growth outlook and prospects

Scripscan:Great Offshore Ltd

Story:Great Offshore Limited provides integrated offshore oilfield services to oil and gas producers for offshore exploration and production operations in India and internationally. It provides charter hire of drilling services with its two offshore drilling vessels, Kedarnath and Badrinath. Great Offshore also owns and operates Gal Constructor, a construction barge that provides various services to the offshore construction industry; and undertakes lump sum turnkey/EPC projects for the offshore oil and gas industry, which comprise project management, pre-engineering surveys, design and detailed engineering, procurement, fabrication, transportation, offshore installation, and hook-up and commissioning. In addition, it provides logistics support services, such as production support, diving support, supply duties for personnel and materials, anchor handling, towing, mooring, rig moving, emergency response/rescue, and fire fighting services. Further, the company offers port and terminal support services through a fleet of harbour tugs. As on June 30, 2009, the company had a fleet of 41 vessels comprising 2 drilling vessels, a construction barge, a heavy lift vessel, 26 offshore support vessels, and 11 harbour tugs. Great Offshore Limited was founded in 1983 and is based in Mumbai, India.For GOL, we believe the performance in the H2FY10 would be better on account of better spot rates, lower dry docking and higher realization from the rig Kedarnath. Further, the new vessels are expected to contribute significantly to the company's revenues from FY11 onwards. Thus, with the improved crude outlook we remain positive on large offshore players like GOL. We believe the open offer saga presents a strong investment proposition in GOL. We have done various scenario analysis, to arrive at a strategy an investor should adopt while investing in GOL, until the closure of open offer. Based on our most likely scenario, we would recommend investor to BUY GOL’s shares at the current market price of Rs 519.0 and maintain a stop-loss of Rs 502.3 on the 71% of the bought quantity. We maintain the open offer price of Rs 560 as our target price for GOL until the closure of the deal.

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