- Total income of about Rs. 487 crores in Q3 compared to Rs. 399 crores in Q2.
- In dollar terms it is about U$ 72.3 million in 03 against U$ 59.6 million in Q2. That is about a 20% growth in revenues.
- The company is profitable on a standalone basis but on a consolidated basis, it shows a huge loss. that is because the idle rigs are mainly in Singapore company. In the last quarter, five out of the seven rigs were operational in India. So that is why the Indian standalone company is profitable.
- Debt as of December 31st is around $2,140 million. Maturity period is 12 years
- Receivables from Ian have come down marginally from U$ 263 million to US$ 253 million
- The company has a small percentage of business in wind energy. No plans of company to focus further on wind energy
- Year on Year cargo change
Update on Rig operations
- The company has received short term contracts for four rigs
- The company refused to comment on decline on average realizations
- Oil stable at around $55 and there is a good amount of activity in the short term contract space
- There are long term opportunities as well but decision taking on long term opportunities is fairly long
- The company is receiving a lot of enquiries even for long term programs
- ONGC is maintaining its E&P expenditure irrespective of the oil price. The company has now 3 rigs for ONGC and rig for Singapore company working for ONGC
Stake Sale by promoter
- Mrs. Shema Abraham has sold 25000-75000 shares in the company
- She is MD's brother's wife and her holding is very small