OCTOBER-2005
THE COMPANY HAS CONTRACTED FOR THE BUILDING OF A UT-755L      DESIGN PLATFORM SUPPLY VESSEL ( PSV) WITH HAVYARD LEIRVIK AS – A YARD IN NORWAY, SCHEDULED FOR  DELIVERY IN OCTOBER 2006.
 

JANUARY -2006
THE COMPANY  TOOK DELIVERY OF A  UT-755 DESIGN PLATFORM SUPPLY VESSEL (PSV) ON DECEMBER 12, 2005, IN NORWAY. THIS VESSEL, ACQUIRED FROM SOLSTAD OFFSHORE (UK) LTD. IS BUILT IN THE YEAR 2000 AND COMMENCED IT’S CONTRACT WITH BG EXPLORATION AND PRODUCTION INDIA LIMITED ( BRITISH GAS ) ON 14^Th JANUARY 2006 FOR ONE YEAR TERM, WITH TWO 6 MONTH OPTIONS THEREAFTER. THE VESSEL OPERATES ON THE WEST COAST OF INDIA.
 

FEBRUARY-2006
THE COMPANY HAS CONTRACTED FOR THE BUILDING OF A SECOND       UT-755L DESIGN PLATFORM SUPPLY VESSEL (PSV) WITH HAVYARD LEIRVIK AS – A YARD IN NORWAY, SCHEDULED FOR DELIVERY IN APRIL 2007.
 

MARCH-2006 
THE COMPANY’S PSV, MV KAILASH, SCHEDULED FOR DELIVERY IN OCTOBER,2006 HAS BEEN AWARDED THREE YEAR CONTRACT BY TRANSOCEAN OFFSHORE INTERNATIONAL VENTURES LTD.

APRIL 2006.  
ONGC HAS EXERCISED IT’S OPTION OF EXTENDING THE CONTRACTS FOR THE COMPANY’S VESSEL MV GARWARE I, II, III, AND V FALLING DUE IN MAY 2006, FOR A PERIOD OF SIX MONTHS, TILL NOVEMBER 2006.
 

JUNE 2006
THE COMPANY HAS ALLOTTED THE FOLLOWING SECURITIES :
1. 5,00,000 EQUITY SHARES OF RS 10/- EACH AT A PREMIUM OF RS 90/- PER  
    SHARE TO A FOREIGN INVESTOR, INDIA STAR (MAURITIUS) LTD.
2. 17,75,000 CONVERTIBLE WARRANTS OF RS 10/- EACH AT A PREMIUM OF RS 90/-
    PER WARRANT TO PROMOTERS / NON-PROMOTERS.
3. 25,00,000 10% UNSECURED OPTIONAL CONVERTIBLE DEBENTURES OF RS 100/-
    EACH AGGREGATING TO RS 250 MILLION TO A FOREIGN INVESTOR, INDIA STAR
    (MAURITIUS) LTD.

JUNE 2006
THE COMPANY HAS CONTRACTED FOR THE BUILDING OF A TWO UT-755LN DESIGN PLATFORM SUPPLY VESSEL (PSV) WITH HAVYARD LEIRVIK AS –A YARD IN NORWAY, SCHEDULED FOR DELIVERY IN JUNE 2008 AND JANUARY 2009 RESPECTIVELY.

NOVEMBER 2006
THE COMPANY TOOK THE DELIVERY OF  PSV MV KAILASH AND IS CURRENTLY EMPLOYED WITH TRANSOCEAN OFFSHORE INTERNATIONAL VENTURES  LTD. ON  3 YEARS CONTRACT.

FEBRUARY 2007
THE COMPANY HAS SIGNED A MEMORANDUM OF UNDERSTANDING (MOU) WITH HAVYARD LEIRVIK AS, FOR EXCLUSIVE REPRESENTATION FOR THE MARKETING AND SALE OF SHIPS BUILT BY HAVYARD LEIRVIK AS AND SHIP DESIGNS PRODUCED BY HAVYARD MARITIME AS FOR THE INDIAN SUB-CONTINENT.

THE COMPANY HAS RECENTLY SOLD FOUR NOS HAVYARD DESIGNS TO ABG SHIPYARD.

THE COMPANY IS ALSO PLANNING TO SET UP A FIRST OF ITS KIND KNOWLEDGE PROCESS OUTSOURCING(KPO) FOR “WORKSHOP DESIGN CENTRE” IN INDIA IN COLLABORATION WITH HAVYARD LEIRVIK AS WHICH WILL DESIGN ALL TYPES OF MARINE ASSETS. IN VIEW OF THE POOL OF SOFTWARE DESIGN TALENT AVAILABLE IN THE COUNTRY AND THE EXPIEIRNCE AND KNOWLEDGE THAT COMPANY HAS IN OFFSHORE AND SHIPPING INDUSTRY, THE COMPANY EXPECTS AN IMPRESSIVE GROWTH IN THIS SEGMENT.