ANNUAL AUDITED RESULTS FOR THE YEAR ENDED 31ST DECEMBER'2006.
                AUDITED
 PREVIOUS
          01.01.2006 QUARTER QUARTER FOR THE
 ACCOUNTING
SR. PARTICULARS TO ENDED ENDED YEAR ENDED
 YEAR ENDED
NO.         30.09.2006 31.12.2006
 31.12.2005
 31.12.2006
 31.12.2005
            AUDITED
     ( AUDITED )
                   
1 INCOME FROM OPERATIONS   3840 1398
 913
 5238
 3086
                   
2 OTHER INCOME     48 88 23
 136
 186
  TOTAL INCOME     3888 1486
 936
 5374
 3272
                   
3 TOTAL EXPENDITURE   1740 552
 516
 2292
 1720
                   
  (INCREASE) / DECREASE IN STOCK IN  -123 -167
 -52 -290
 -72
  TRADE                
                   
  CONSUMPTION OF RAW MATERIAL N.A. N.A. N.A. N.A. N.A.
                   
  STAFF EXPENDITURE   777 319
 230
 1096
 726
                   
  OTHER EXPENDITURE     1086 400
 338
 1486
 1066
                   
                   
4 PROFIT BEFORE INTEREST, DEPRECIATION & TAX 2148 934
 420
 3082
 1552
                   
5 INTEREST & FINANCIAL CHARGES 456 220 31 676 54
 6  PROFIT BEFORE DEPRECIATION & TAX        1692  714  38 2406  1498 
 

7

 DEPRECIATION    438 324
 94
 762
 357
                   
8 PROFIT / (LOSS) BEFORE TAX 1254 390 295 1644 1141
 

9

 PROVISION FOR TAXATION             
    - CURRENT TAX   3 11
 76 14
 76
    - FRINGE BENEFIT TAX 12 15 3 27 7
                   
 10 NET PROFIT FOR THE YEAR   1239 363
 216
 1602
 1058
             
  11  PROVISION FOR TAX FOR EARLIER YEAR        8  36  0  44  0 
 
  12  NET PROFIT AFTER TAX 1231 327 216 1558 1058
 
                 
13 PAID UP EQUITY SHARE CAPITAL 1849 1883
 1442 1883
 1442
      ( FACE VALUE RS. 10/- )            
                   
11 RESERVES EXCLUDING REVALUATION          
  RESERVES FOR THE YEAR DEC.,2004 - - - 9362
 5879
                   
12 E.P.S. IN RUPEES     6.66 1.89
 1.69
 9.27
 8.28
                   
13 AGGREGATE OF NON-PROMOTERS          
  SHAREHOLDING              
                   
  NO OF SHARES     12415859 12746159
 9285067
 12746159
 9285067
                   
  PERCENTAGE OF SHAREHOLDING 67.14% 67.70%
 64.38%
 67.70%
 64.38%

NOTE :

  1. FIGURES HAVE BEEN ROUNDED OFF TO THE NEAREST LAKH.


  2. THE COMPANY'S SECOND P.S.V. M. V. KAILASH WAS DEPLOYED WITH TRANSOCEAN OFFSHORE INTERENATIONAL VENTURES LIMITED WITH EFFECT FROM DECEMBER 29TH, 2006 FOR A THREE YEAR FIRM PERIOD.


  3. THE CAPITAL OF THE COMPANY HAS INCREASED FROM RS. 14.42 CRORES IN DECEMBER 2005 TO RS. 18.83 CRORES PRESENTLY, DUE TO CONVERSION OF WARRANTS. THE ASSETS TO BE ACQUIRED FROM THE PROCEEDS OF INCREASED CAPITAL WILL BE DELIVERED IN DUE COURSE. THE EPS, HOWEVER, IS BASED ON THE ENHANCED CAPITAL.

  4. DURING THE QUARTER, ONE OF THE COMPANY'S VESSELS WAS "DRY DOCKED" AS PER STATUTORY REQUIREMENT.


  5.  

INVESTOR COMPLAINTS -

PENDING AT THE BEGINNING OF THE QUARTER - NIL
RECEIVED AND DISPOSED DURING THE QUARTER - 40
UNRESOLVED AT THE END OF THE QUARTER - NIL

THE ABOVE AUDITED RESULTS FOR THE YEAR ENDED 31.12.2006 WERE TAKEN ON RECORD AT THE BORAD MEETING OF THE COMPANY HELD ON 22.03.2007.


                                                                                                                        BY ORDER OF THE BOARD

                                                                                                               FOR GARWARE OFFSHORE SERVICES LIMITED

                                                                             
DATE  : 22.03.2007                                                COMPANY SECRETARY & PRESIDENT ( LEGAL & ADMIN.)
PLACE : MUMBAI