MIRA
INFORM REPORT
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Report Date : |
12.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
GLOBAL INDUSTRIES OFFSHORE LLC |
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Registered Office : |
302 Alpha Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra |
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Country : |
India |
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Date of Incorporation : |
June, 2005 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG10994E |
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Legal Form : |
A part of Offshore Company |
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Line of Business : |
Subject is specialized in lying offshore pipeline. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
A Part of foreign company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of well known multi-national offshore service providers. They are came to India in June this year to help ONGC due to recent fire at Bombay High North Platform. Trade relations are fair. It is jointly working with Larsen and Toubro Limited, Mumbai. At present recruitment of people is in progress at above office. This project office would be in operation for 3 years in India. It can be considered for your proposed business dealings against D/A or D/P terms. |
LOCATIONS
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Registered Office : |
302 Alpha Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra, India |
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Tel. No.: |
91-22-67035000 |
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Fax No.: |
91-22-67031031 |
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E-Mail : |
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Website : |
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Location : |
Leased |
DIRECTORS
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Name : |
Mr. Nitish Gupta |
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Designation : |
Project Director |
BUSINESS DETAILS
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Line of Business : |
Subject is specialized in lying offshore pipeline. |
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Products : |
Offshore Pipeline |
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Imports : |
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Countries : |
· Europe · USA |
GENERAL
INFORMATION
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Customers : |
ONGC, Mumbai |
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No. of Employees : |
60 |
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Bankers : |
Not Available |
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Banking
Relations : |
- |
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Auditors : |
Not Available |
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Parent Company : |
Global Offshore, USA |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
N.A. |
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Borrowed : |
N.A. |
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Total : |
N.A. |
LOCAL AGENCY
FURTHER INFORMATION
Profile
Global Industries provides offshore construction, engineering and support
services including pipeline construction, platform installation and removal,
and diving services to the oil and gas industry in the Gulf of Mexico, West
Africa, Asia Pacific, Middle East/India, South America, and Mexico's Bay of
Campeche. Global is a leading provider of offshore construction services with
24 construction barges, 22 liftboats, 17 dive support vessels, and 15 marine
support vessels.
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Global Industries Offshore, L.L.C, offshore construction and underwater
diving services
Global Industries provides global offshore construction and industries support
services including pipeline construction, platform installation and removal,
and diving services to the oil and gas industry in the Gulf of Mexico, West
Africa, Asia Pacific, Middle East/India, South America, and Mexico's Bay of
Campeche. Global industries is a leading provider of global offshore industries
construction services with 24 construction barges, 22 liftboats, 18 dive
offshore industries support vessels, and 14 support vessels.
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Global Industries
Offshore, L.L.C is listed in following subsea categories:
1. pipeline » piping contractors
2.
fabrication and construction » underwater
3.
other support services » diving
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Projects
Global Industries, Ltd. is the trusted partner because wherever go,
there they are, planning for the success. They are the partner in offshore
construction projects in shallow, intermediate, or deep water and for new
installations, maintenance and repair, as well as removal of offshore
facilities. Platform or pipeline, caisson or anode, ROV or sat dive...
Global understands that the relationship is everything. As a leading provider
of offshore construction and support services including pipeline construction,
platform installation and removal, and diving services to the oil and gas
industry, Global is a partner can trust. They take the time to thoroughly
understand and plan the execution of each project. They commit the human,
marine, and technological resources required meeting the expectations. They
deliver on-time and within budget.
They are the partner in success.
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Services
Planning for the success means offering offshore construction and
support services for the life cycle of an offshore development.
Global's success in diversification has effectively positioned Global as a
leading contractor for EPIC, shallow, intermediate, and deep water projects
around the world.
Planning for the success means being there.
With proven track in pipeline construction, platform installation and removal,
as well as dive support, derrick, and liftboat services, Global is there,
wherever go.
Planning for success means a trusted partner.
Global commits the human, marine, and technological resources required to meet
the expectations. They deliver on-time and within budget. The partner in
success.
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Vessels
Global has a fleet of twenty-four vessels positioned around the world
and all with lift capability.
Global vessels are positioned around the world to meet the marine
construction needs. Offshore construction barges. Dive support vessels.
Offshore support vessels. Cargo and launch barges. Crewboats.
Wherever go, there they are planning the success.
Trade References:
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Larsen and Toubro Limited, Mumbai
Middle East /
India
Global established its presence in the Middle East/India with the
acquisition of selected assets from Subtec in 1997 and Oceaneering in 2000 that
expanded our diving capabilities. Global's Middle East/India operations are
designed for diving and special services type work and their offices and port
facilities are located in Sharjah, United Arab Emirates and Mumbai, India.
Noteworthy is Global's unique trenching equipment that is well suited to
the hard sea bottom conditions prevalent in the Middle East/India. The
hyperbaric chamber at the Sharjah base is used for development or training
purposes. The Sharjah base also houses a dedicated medical decompression
chamber.
Significant projects include burial of fiber optic cable offshore Abu
Dhabi for Etisilate in 1997 and 1998. Global continues to pursue other offshore
construction and support opportunities in the region.
Asia Pacific
Global Industries expanded into the Asia Pacific region with the
acquisition of Divcon International in 1996 and Sub Sea International2 in 1997.
Established in 2000, Global's Bangkok office serves as the Asia Pacific
regional headquarters and the Batam Marine Facility, established in 1998,
provides regional marine and operational support. Global area offices are
located in New Zealand, Australia, China, Indonesia, Brunei, Malaysia, Thailand
and Singapore.
The Batam Base, located fifty minutes by ferry from Singapore, provides
a central location for mobilizations and demobilizations for offshore marine
projects in the Asia Pacific region. Centrally located in Asia, Global's onsite
management is familiar with local administrations and has access to a large
pool of skilled workers, both local and foreign.
Many offshore developments in the Asia Pacific region are located in
relatively shallow water and comprised of light to medium structures and
pipelines. Global's three permanently assigned construction vessels, DLB
264, DLB 332, and Seminole have crane capacity and pipelay capability consistent
with the requirements of these development projects. The close fit between
Global's hardware capability and offshore installation requirements provides
cost effective offshore construction solutions.
The DLB 264 recently completed the
installation of PGN's 28" pipeline with a piggy backed 1.25" diameter
fibre optic cable for a total distance of 26.2 KM across the Singapore Straits
between the Sakra Island in Singapore and Pulau Pemping in Indonesia. The
pipeline was laid using automatic welding techniques and the average production
is greater than estimated lay rates. The project was successfully completed
ahead of schedule.
Presently, DLB 264 is performing for the
Petronas MLNG-3 pipelay program in Malaysia where maximum production reached
was 345 joints in one day.
The DLB 332 completed the upgrade
of the tensioners. The barge has mobilized and commenced the Talisman project
calling for the installation of over 80 kilometers of 22", 20",
14", 12", 10", and 4" pipelines. Repair and refurbishment
of the saturation systems has been completed in Batam and deployed onto the DLB 332 for Talisman.
The Seminole completed the heavy
lift, hook-up, and accommodation support in the West Natuna field in Indonesia
for the Conoco Block B project. The Seminole is currently working
as an accommodation vessel and carrying out some heavy lifts for the BSP
maintenance program.
In Asia Pacific SSD, the Shell Bangladesh Project was successfully
completed on schedule, with air diving support provided in zero visibility, and
high current conditions. SSD work included pipeline deburial and reburial as
well as metrology and pipeline stabilization work in approximately 30 FSW.
Including in the same package, they also successfully completed the 20"
Sarku riser replacement project for Shell in Bangladesh using a chartered barge
to support the project.
Global maintains six modular saturation diving systems in the Asia
Pacific region as well as twelve surface-supplied air/mixed gas diving systems,
cable/umbilical installation underoller systems, pipeline burial systems, and a
variety of equipment and tools associated with marine construction activities.
Press Releases
L and T Consortium
To Restore
Bombay High Output
Mumbai, September 19, 2005: Acting swiftly to restore the output lost due to
the recent fire at Bombay High North (BHN) Platform, the Oil and Natural Gas
Corporation (ONGC) has entrusted a fast-track job of installation of
diversionary pipelines and associated platform modifications to a consortium
led by Larsen and Toubro Limited (L&T) with Global Industries Offshore LLC,
USA.
L&T will engineer, supply and commission offshore facilities worth
around Rs.3250.000 Millions in addition
to the main order of Rs.9300.000 Millions for pipeline replacement including
platform modifications received earlier this year. The additional scope
involves 12 new submarine pipelines and 24 platforms to be modified, with
ambitious completion target of pre-monsoon 2006.
While the loss of BHN platform had reduced output by about 0.120 Million
barrels of oil and about 4.4 million cubic metres of gas a day, ONGC plans to
recover a major part of this by diverting the production through alternative
routes. The installation of these additional pipelines and platform
modifications by the L&T Consortium will help to achieve this in the
shortest possible time.
Mr. K. Venkataramanan, President (Engineering and Construction Projects)
and Member of the Board, L&T, said, "this repeat order is a
demonstration of L&T heightened response to client needs to meet emergency
requirements, using our well established global project delivery network".
Contacts
Global Industries Offshore, L.L.C
Corporate Headquarters
Pipeline and Derrick Operations, Spool Base Facilities - 8000 Global
Drive
Carlyss, La 70665, P.O. Box 442, Sulphur, LA 70064, USA
Tel: 337-583-5000
Fax:337-583-5100
Global Offshore International, Limited
Subtec Middle East
506/507 Midas, Sahar Plaza Comples, J.B. Nagar, Adheri (East),
Mumbai (Bombay) 400059, India
Tel: 91-22-838-9741
Fax: 91-22-823-5374
Global Offshore International, Limited
Subtec Middle East
Sharjah, Layyah Jetty,
P.O.Box 4375, Sharjah, United Arab Emirates
Tel: 971-6-528-5415
Fax: 971-6-528-4086
Global Offshore International, Limited
Global Pipeline Plus Nigeria, Limited
2B Turnbull Road, Ikoyi-Lagos, Nigeria
Tel: 234-1-269-5078
Fax: 234-1-269-5981
Global Offshore International, Limited
C/O DSL Tema Shipyard
PO Box 454 Fishing Harbour Road, Tema, Ghana
Tel: 233-22-200-211
Fax: 233-22-200-016
Global Offshore International, Limited
Global Industries Offshore, (Thailand)
Limited
SCB Park Plaza, West Tower II, Zone BC, 17th floor, 18 Ratchadapisek
Road
Kwaeng Ladyao, Khet Jatujak, Bangkok 10900, Thailand
Tel: 66 -2-937-9977
Fax: 662-937-9764
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.29 |
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UK Pound |
1 |
Rs.77.02 |
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Euro |
1 |
Rs.58.16 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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