Great Offshore is set to acquire Cayman Islands-based SeaDragon Offshore for $1.4 billion. The acquisition will help the company to make ultra deep water discoveries.
Great Offshore faced tough competition from other firms such as Mercator and Essar to buy SeaDragon. The market turmoil has delayed the deal further. SeaDragon would give Great Offshore access to rigs that could be deployed for ultra deep water discoveries.
SeaDragon makes two such rigs and it would take two years to complete them. Globally, there is a greater demand for rigs because of an increase in exploration activities. ONGC too plans to foray into ultra deep water discovery and is actively looking for a buyout.
Showing posts with label Great Offshore. Show all posts
Showing posts with label Great Offshore. Show all posts
Monday, May 12, 2008
Wednesday, January 16, 2008
Great Offshore close to $ 500 million buy
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.
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.
Wednesday, August 8, 2007
Great Offshore close on Scandinavian co for $500 mn
Vijay Sheth-promoted Great Offshore (GOL) is close to taking over a Scandinavian offshore company for around $500 million. The move, which comes close on the heels of his takeover of GOL from his cousins a month ago, is aimed at making the company an international player in the offshore space.
The cross-border deal, being co-ordinated by Motilal Oswal, is expected to close in 2-3 weeks.Sources close to the deal said the Scandinavian company owns two jack-up rigs and that GOL is in the final stages of due diligence.
The GOL board, which met on July 30, discussed various fund-raising options ahead of the takeover. The sources said the boad has cleared a proposal to issue foreign currency convertible bonds (FCCBs) worth $40 million.
GOL has also increased the FII investment limit from 24% to 49%. For this, the company could take the portfolio investment route or any other permissible mode. GOL recently issued 1.5 million redeemable optionally-convertible preference shares into equity at Rs 875 to the Exim Bank of India for about Rs 130 crore. A couple of weeks ago, the Carlyle group had picked up around 5% stake in GOL for around Rs 165 crore.
Read more in The Economic Times article.
The cross-border deal, being co-ordinated by Motilal Oswal, is expected to close in 2-3 weeks.Sources close to the deal said the Scandinavian company owns two jack-up rigs and that GOL is in the final stages of due diligence.
The GOL board, which met on July 30, discussed various fund-raising options ahead of the takeover. The sources said the boad has cleared a proposal to issue foreign currency convertible bonds (FCCBs) worth $40 million.
GOL has also increased the FII investment limit from 24% to 49%. For this, the company could take the portfolio investment route or any other permissible mode. GOL recently issued 1.5 million redeemable optionally-convertible preference shares into equity at Rs 875 to the Exim Bank of India for about Rs 130 crore. A couple of weeks ago, the Carlyle group had picked up around 5% stake in GOL for around Rs 165 crore.
Read more in The Economic Times article.
Friday, July 27, 2007
Carlyle invests $41 mn in Great Offshore
US-based private equity firm Carlyle on Friday said it has invested $41 million in Great Offshore, a city-based service provider engaged in the oil and gas sector.
The investment has come through Carlyle Asia Growth Capital Partners, a $680 million fund."Great Offshore is well poised for a tremendous growth in size and profitability, enabled by a strong management team, a relatively under leveraged balance sheet and a favourable macro environment," Carlyle India Managing Director Shankar Narayanan said.
Carlyle Asia Growth Fund invests in 'high-growth companies' in India, China, Japan and South Korea. It works with ONGC, Reliance, Cairn, British Gas, Shell, British Petroleum, Exxon Mobil and Saudi Aramco in India and the Gulf.
The investment has come through Carlyle Asia Growth Capital Partners, a $680 million fund."Great Offshore is well poised for a tremendous growth in size and profitability, enabled by a strong management team, a relatively under leveraged balance sheet and a favourable macro environment," Carlyle India Managing Director Shankar Narayanan said.
Carlyle Asia Growth Fund invests in 'high-growth companies' in India, China, Japan and South Korea. It works with ONGC, Reliance, Cairn, British Gas, Shell, British Petroleum, Exxon Mobil and Saudi Aramco in India and the Gulf.
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