India's Great Offshore wins 10 bln rupee ONGC order, Q1 pretax rises |
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Published
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Thu, 19 Jul 2007 14:39
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MUMBAI (Thomson Financial) - Great Offshore Ltd said it has won a 10 bln rupee contract for its jack-up rig from Oil & Natural Gas Corp as it reported a rise in first quarter pretax profit.The company said its rig will begin operating under the five-year contract by May 2009.For the quarter ended June 30, Great Offshore posted a pretax profit of 557.4 mln rupees against 420.8 mln last year as income from operations rose to 1.45 bln rupees from 1.12 bln rupees last year.The company attributed the rise in income to six new vessels that were included in its fleet and other project income, which were absent in the first quarter last year.Its operating expenses rose 49 pct year-on-year to 810.3 mln rupees it added.TFN.newsdesk@thomson.comyos/ssa/cm2COPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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India's ONGC signs offshore block swap deal with Brazil's Petrobras 