Pursuant to Regulation 34(1)(a) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 , please find enclosed Annual Report for the year 2025-26 (including Notice ....

GARWARE OFFSHORE SERVICES LIMITED (Formerly known as Global Offshore Services Limiled) Regd. Office: 3rd Floor, Prospect Chambers, D. N. Road, Fort, Mumbai - 400001 Tel. +91 22 35481800 CIN No.: L61100MH1976PLC019229 Ref.: GOSL/2026/068 September 01, 2026 BSE Limited Scrip Code : 501848 Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001 Dear Sirs, Sub. : Annual Report — 2025-26. Pursuant to Regulation 34(1)(a) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, please find enclosed Annual Report for the year 2025-26 (including Notice for the Annual General Meeting scheduled on Thursday - 24t September, 2026). Thanking you, Yours faithfully, for GARWARE OFFSHORE SERVICES LIMITED A.C. CHANDARANA COMPANY SECRETARY & PRESIDENT - LEGAL & ADMIN. Encl. : As above. GARWARE E-mail: info@garwareoffshore.in Website: www.garwareoffshore.in (GARWARE) GARWARE OFFSHORE SERVICES LIMITED (Formerly known as Global Offshore Services Limited) 48™ ANNUAL REPORT 2025-26 GARWARE OFFSHORE SERVICES LIMITED (Formerly known as Global Offshore Services Limited) FOUNDER : THE LATE PADMA BHUSHAN - ABASAHEB GARWARE BOARD OF DIRECTORS BANKERS ADITYA GARWARE - CHAIRMAN & MANAGING Kotak Mahindra Bank Limited. DIRECTOR State Bank of India. Punjab National Bank. MANEESHA SHAH - PROMOTER - Bank of India. NON INDEPENDENT DIRECTOR. SMITAD. GAUR - INDEPENDENT DIRECTOR. AUDITORS FAISY VIJU — INDEPENDENT DIRECTOR. MESSRS. D. KOTHARY & CO. Chartered Accountants. JISUPRIYA M. GUHATHAKURTA - INDEPENDENT DIRECTOR. SECRETARIAL AUDITOR MUKUND M. HONKAN - WHOLE TIME DIRECTOR. RAJKUMAR R. TIWARI. COMPANY SECRETARY & PRESIDENT — LEGAL & ADMIN. REGISTERED OFFICE (w.e.f. 22-6-2026) A. C. CHANDARANA. A-304 Naman Midtown, Senapati Bapat Marg, CHIEF FINANCIAL OFFICER Prabhadevi (West), Mumbai — 400 013. Tel. No. 022 - 4565 5555 P.S. SHAH. REGISTRAR AND SHARE TRANSFER AGENT PRESIDENT - COMMERCIAL BIGSHARE SERVICES PVT. LTD. K. S. DAVE. Office No. S6-2, 6th floor, Pinnacle Business Park, Next to Ahura Centre, Mahakali Caves Road, PRESIDENT - OPERATIONS & HSSE & Andheri (East) Mumbai - 400 093. BUSINESS DEVELOPMENT (DPA & CSO) Tel. No. : 022-62638200. CAPT. S. KANWAR. HEAD - TECHNICAL M. SHETTY. INDEX Management Discussion & Analysis Report Notice Directors' Report 12 Report on Corporate Governance 26 Standalone Financial Statements Auditors’ Report 35 Balance Sheet 42 Profit & Loss Statement 43 Cash Flow Statement 44 Statement of changes in Equity 45 Notes to the Financial Statements (Standalone) 46 Consolidated Financial Statements Auditors’ Report 79 Balance Sheet 84 Profit & Loss Statement 85 Cash Flow Statement 86 Statement of changes in Equity 87 Notes to the Financial Statements (Consolidated) 88 GARWARE OFFSHORE SERVICES LIMITED (Formerly known as Global Offshore Services Limited) MANAGEMENT DISCUSSION & ANALYSIS REPORT As the members are aware, the Company owns and operates Offshore Support Vessel (OSV) which are chartered to Oil Exploration and Production (E&P) Companies as well as offshore E&P as well as offshore E&P Companies. The Company presently owns and operates 3 OSV's -1 Platform Suppy Vessel and 2 - Anchor Handling Tug Cum supply Vessel (AHTSV) THE INDUSTRY: The OSV industry /market navigated a transition in 2025-2026. The market is seeing tight supply and steady growth. Market size is valued around $30 billion in 2026 growing at a Compound Annual Growth Rate (CAGR) of about 6.5% to 7.7%. High demand comes from offshore oil projects and fleet aging. Few new ships are being built, which raises ship charter rates. India's OSV market reached USD 1.55 Billion in 2025 and s projected to reach USD 2.06 Billion by 2034, growing at a CAGR of 3.07%. Rising offshore oil and gas exploration activity in the KG Basin, Bay of Bengal and Arabian Sea, combined with India’s expanding offshore wind energy program, are creating sustained demand for Anchor Handling Tug Cum Supply Vessel, (AHTSV), Platform Supply Vessel (PSV) and specialized renewable energy support vessels. TSOU MMARISE: « Trends in offshore markets remain mixed + The global OSV market is valued at approximately $21.2 billion and is projected to reach over $38 billion by 2034 + The Industry is projected to grow in a sustained / stable manner. + AHTSV dominated the market in 2025 and are expected to continuteo dominate the market in next few years. + Overall, OSV markets have softened slightly year on year, but remained well above long term averages. « The Vessel supply side remains very favourable with little growth from the orderbook, so there is market upside as and when any demand improvement appears. + Global OSV utilization stands at 71% down 3pp year on year. + Demand has slipped 4% year on year, whilst OSV supply has held broadly flat. « However, with the pool of long-term lay-ups still significant, market is expected to tighten considerably. + Constrained supply and increased activity in 2026 will create a bullish outiook for OSV demand. + OSV newbuild activity for all types of vessels saw 213 orders placed in 2025 OSV MARKET SIZE & SHARE. Market size in year 2025 : USD 23.96 billion Market size in year 2026 : estimated at roughly USD $30.4 billion Market size in year 2032 : USD 37.23 billion CAGR % (2026-32) 6.5%. + The Asia-Pacific region dominates the market, followed by strong growth in North America and Latin America (Source: Clarkson Report) IMPACT OF THE RECENT WAR ON OFFSHORE INDUSTRY. + Recent confiicts, particularly the US-Iran war and Middle East supply shocks, have caused massive upheavals in the global offshore industry. The industry is experiencing a surge in deepwater investments, soaring shipping and insurance costs, and accelerated shifts toward renewable energy. Here is how the war has specifically impacted the sector: + Surge in Offshore Investment: The temporary closure of critical chokepoints like the Strait of Hormuz caused historic supply deficits. With Middle East production offline, energy giants especially National Oil Companies (NOC's) have pivoted their budgets to deepwater and offshore oil opportunities in the America, Africa, and Asia to guarantee long-term in energy security. + Soaring Insurance and Operational Costs: Heightened regional tensions and airspace closures drastically drove up war-risk insurance premiums and shipping costs particularly in the region. These heavy financial burdens have restricted non-essential maritime exploration and strained the balance sheefs of global energy companies. + Accelerated Shift to Renewables: The severe oil and liquefied natural gas (LNG) shocks forced major consuming nations to reconsider their energy dependencies. Analysts note that this disruption is permanently accelerating the transition, pushing offshore wind and marine energy to the forefront of national security strategies: + Depletion of Strategic Reserves: The global economy survived the historic supply deficits by draining emergency petroleum stocks at an unprecedented pace. According to analysis by the Intemational Monetary Fund, replacing these reserves will cost billions, locking in higher capital costs for the energy sector going forward Inits latest Oil Market Report, released in mid-May, the International Energy Agency highlighted that “mounting supply losses from the Strait of Homuz are depleting global ol inventories at a record pace” as the ongoing confiict between the USA/Israel and Iran continues to wreak havoc on energy markets 48" Annual Report 2025-26 With tanker traffic stil restricted, cumulative supply losses from Middle East oil & gas producers already exceed 1 billion barrels comfortably. On the supply side, Saudi Arabia and the UAE have successfully redirected some exports to terminals away from the Strait of Hormuz, while stocks from both commercial and govemment strategic storage sites in consuming countries have been flowing into the market to offset some of the supply losses. While that has eased some of the pressure on the supply side, [Showing first 8,000 characters — download PDF for full document]