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Great Offshore enters port management

Great Offshore enters port management
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First Published: Wed, Sep 03 2008. 12 29 AM IST
Updated: Wed, Sep 03 2008. 12 29 AM IST
Bangalore: The country’s biggest provider of services to offshore oil explorers and producers, Great Offshore Ltd has entered port management by acquiring KEI-RSOS Maritime Ltd and Rajamahendri Shipping and Oilfield Services Ltd for Rs160 crore.
The Andhra Pradesh-based companies have a common management and provide offshore support, single point mooring operations and port management services to clients such as ONGC Ltd, Reliance Industries Ltd, Indian Oil Corp. Ltd, Cairn Energy Plc. and Tuticorin Port Trust.
“The acquisition provides Great Offshore an entry into emerging opportunities in port and terminal administration,” the Mumbai-based firm said in a statement on Tuesday.
The two firms are expected to earn Rs100 crore together for the year ending March 2009 and the deals are likely to be closed in two months.
“The decision to acquire a running business is with a view to broad-base earnings,” said vice-chairman and managing director Vijay Sheth.
Great Offshore had recently withdrawn from seven months of negotiations to buy a controlling stake in Cayman Islands-based oil drilling rig owner SeaDragon Offshore Ltd. The firm is building two drilling rigs estimated to cost $1.4 billion (about Rs6,200 crore).
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First Published: Wed, Sep 03 2008. 12 29 AM IST
More Topics: Great Offshore | Shipping | Port | Management | Oil |