Global Offshore Services Limited has issued a formal postal ballot notice to shareholders seeking approval for its proposed name change to Garware Offshore Services Limited. The company announced this development following its earlier board approval on December 18, 2025, and has now initiated the formal shareholder approval process.

Postal Ballot Notice and Voting Timeline

The company dispatched the postal ballot notice dated December 31, 2025, to BSE Limited on January 6, 2026, in compliance with SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. The notice outlines the complete process for shareholders to participate in the decision-making through remote electronic voting.

Corporate Name Change Rationale

According to the explanatory statement, the company was originally incorporated in 1976 as "Garware Shipping Corporation Limited" and underwent multiple name changes over the decades. The name was changed to "Garware Offshore Services Limited" in 2006, and subsequently to "Global Offshore Services Limited" in 2011 when the company focused predominantly on international operations.

The board now proposes reverting to "Garware Offshore Services Limited" as the company has reduced its international exposure over the past 4-5 years, with its fleet now operating exclusively in Indian waters. This change aims to better represent the company's current shareholding pattern, operational situation, and target market.

Regulatory Approvals and Compliance

The company has secured preliminary regulatory clearances for the name change initiative. The Ministry of Corporate Affairs, through the Registrar of Companies, granted "No Objection" for the availability of the new name on December 19, 2025. Additionally, the company has applied to BSE Limited for in-principle approval, with the outcome still awaited.

E-voting Process and Shareholder Participation

The postal ballot will be conducted entirely through remote e-voting via CDSL platform. Shareholders holding shares in both demat and physical form as of the cut-off date can participate in the voting process. The company has made special arrangements with its Registrar and Transfer Agent, Bigshare Services Private Limited, for email registration to facilitate electronic participation.

The resolution requires approval as a Special Resolution, and the board has recommended shareholders to vote in favor of the name change proposal. Upon approval, the existing Memorandum and Articles of Association will be amended to reflect the new corporate identity, though no changes are proposed to the company's business objectives.

Global Offshore Services Limited (GOSL) has announced a significant development in its operations, securing a term contract for one of its Platform Supply Vessels (PSV). This move is expected to boost the company's revenue stream in the coming year.

Contract Details

The contract, set to commence in December 2025, offers a firm duration of 90 days with the potential for multiple extensions based on mutual agreement. This flexibility could potentially lead to a longer-term engagement, providing GOSL with a stable revenue source beyond the initial contract period.

Financial Implications

The estimated annual value of the contract, standing at Rs. 25.00 crores, represents a significant boost to GOSL's potential earnings. This figure underscores the importance of such contracts in the offshore services sector, where vessel utilization and long-term agreements play crucial roles in financial stability.

Industry Outlook

This contract win comes at a time when the offshore services industry continues to navigate through dynamic market conditions. For GOSL, securing such agreements is crucial for maintaining a steady operational tempo and ensuring consistent revenue streams.

While the contract provides a positive outlook for the company's near-term prospects, investors and market watchers will likely keep a close eye on GOSL's ability to secure extensions or additional contracts to sustain and potentially grow its market position in the offshore services sector.

Global Offshore Services Limited's success in securing this contract may be seen as a positive indicator of the company's competitive standing in the offshore services market. However, as with all business developments, the long-term impact will depend on various factors, including market conditions and the company's overall performance in the coming years.