Great Offshore Ltd (GOL), the Mumbai-based integrated offshore oilfield services company, has made an offer to purchase a controlling stake in an unnamed overseas company. The deal size, according to industry sources, is expected to be over $500 million (around Rs 2,000 crore).
The overseas company will own two semi-submersible drilling rigs (upon delivery) that are estimated to cost around $1.40 billion. At present, the sixth generation rigs are under construction.
The company was in advanced talks to acquire two Norwegian companies — Scorpion Offshore and Petrojack — for around $500-550 million, and had appointed Motilal Oswal as consultants. However, the name of the acquired company could not be ascertained.
Read more in The Business Standard article.
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