UNAUDITED FINANCIAL RESULTS (PROVISIONAL)
FOR THE QUARTER ENDED MARCH 2006


RS. IN LACS.
SR. NO. PARTICULARS QUARTER ENDED PREVIOUS ACCOUNTING YEAR ENDED 31.12.2005 (AUDITED)
31.03.2006 31.03.2005
1. INCOME FROM OPERATIONS 1186
718
3086
2. OTHER INCOME 3
0
186
  TOTAL INCOME
 1189
 718
 3272
3. TOTAL EXPENDITUE 551
362
1720
      (INCREASE)/ DECREASE IN STOCK IN TRADE 3
-19
-72
      CONSUMPTION OF RAW MATERIAL N.A.
N.A.
N.A.
      STAFF EXPENDITURE 263
169
726
      OTHER EXPENDITURE 285
212
1066
4. INEREST & FINANCE CHARGES 126
9
54
5. PROFIT BEFORE DEPRECIATION 512
 347
 1498
6. DEPRECIATION 130
117
357
7. PROFIT/(LOSS) BEFORE TAX 382
230
1141
8. PROVISION FOR TAXATION      
      - CURRENT TAX 1
0
76
      - FRINGE BENEFIT TAX 5
0
7
9. NET PROFIT AFTER TAX 376
230
1058
10. PAID UP EQUITY SHARE CAPITAL
(FACE VALUE RS.10/-)		 1660
1187
1442
11. RESERVES EXCLUDING REVALUATION
RESERVES FOR THE YEAR DEC., 2003. 		-
-
5879
12. E.P.S. IN RUPEES 2.26
1.93
8.28
13.

AGGREGATE OF NON-PROMOTERS SHAREHOLDING|

NO. OF SHARES

PERCENTAGE OF SHAREHOLDING


11374367

68.50%



7194925

60.61%


9285067

64.38%

NOTE :

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


  2. ONGC HAS EXCERCISED ITS OPTION OF EXTENDING THE CONTRACTS FOR THE COMPANY'S VESSELS M V GARWARE I, II, III, AND V FALLING DUE IN MAY'2006, FOR A PERIOD OF 6 MONTHS, TILL NOVEMBER'2006.

  3. THE COMPANY'S FIRST P.S.V. M V EVEREST WAS DEPLOYED WITH BG EXPLORATION AND PRODUCTION INDIA LIMITED WITH EFFECT FROM JANUARY 17TH, 2006. THEREFORE, THE EARNINGS ARE REFLECTED IN THE PERIOD ACCORDINGLY.

  4. THE COMPANY'S SECOND PSV M V KAILASH, SCHEDULED FOR DELIVERY ON OCTOBER'2006, HAS BEEN AWARDED THREE YEAR CONTRACT BY TRANSOCEAN OFFSHORE INTERNATIONAL VENTURES LTD.

    CONSEQUENT TO THE ALLOTMENT OF 21,82,500 EQUITY SHARES ON 21.03.2006 AND 23.03.2006 ON A PREFERENTIAL BASIS, THE PAID-UP SHARE CAPITAL OF THE COMPANY HAS BEEN INCREASED TO RS. 16,60,40,410/-.


INVESTOR COMPLAINTS -

PENDING AT THE BEGINNING OF THE QUARTER - NIL
RECEIVED AND DISPOSED DURING THE QUARTER - 8
UNRESOLVED AT THE END OF THE QUARTER - NIL

THE ABOVE UNAUDITED ( PROVISIONAL ) RESULTS FOR THE QUARTER ENDED 31.03.2006 WERE TAKEN ON RECORD AT THE BORAD MEETING OF THE COMPANY HELD ON 10.04.2006.


                                                                                                                        BY ORDER OF THE BOARD

                                                                                                               FOR GARWARE OFFSHORE SERVICES LIMITED

                                                                             
DATE  : 10.04.2006                                                COMPANY SECRETARY & PRESIDENT ( LEGAL & ADMIN.)
PLACE : MUMBAI