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 Hindustan Oil Exploration. Show all posts
Showing posts with label Hindustan Oil Exploration. Show all posts
Monday, May 12, 2008
Thursday, April 24, 2008
ENI makes open offer for 20 per cent in Hindustan Oil
Italian energy group ENI has made an open offer to buy up to 20 percent in India's Hindustan Oil Exploration Co Ltd for 3.77 billion rupees ($94 million).The offer, made by ENI UK Holdings Plc, a wholly owned subsidiary, is required by Indian law following ENI's acquisition of Britain's Burren Energy, which gave it an indirect stake of 27.2 percent in the Indian company.
The offer is for 26.12 million shares at Rs 144.2 per share.The offer opens on June 11 and closes on June 30, and is subject to regulatory approvals in India.It is not subject to a minimum level of acceptance. Eni has "adequate resources" to fund the offer. N.M. Rothschild (India) is the manager to the offer
The offer is for 26.12 million shares at Rs 144.2 per share.The offer opens on June 11 and closes on June 30, and is subject to regulatory approvals in India.It is not subject to a minimum level of acceptance. Eni has "adequate resources" to fund the offer. N.M. Rothschild (India) is the manager to the offer
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