GOL Offshore is up 4.4% at Rs. 51 on BSE, in a flat market. The company has signed a contract with ONGC for reconstruction of its gas processing platforms on the West Coast of India for a contract value of approximately Rs. 710 crore. The contract period for the same is two years plus.

This is a significant order for the company (earlier known as Great Offshore Limited) as it reported topline of Rs. 1,080 crore for FY13, on a consolidated basis and net loss of Rs. 26 crore. Its current market cap is just about Rs. 190 crore.

Hopefully, the current order may lead to a turnaround in the company’s fortunes!