January 15, 2008

Great Offshore bids for control of overseas company

India's Great Offshore Ltd has made an offer to purchase a controlling stake in what it identifies only as an "overseas company" that will own, on delivery, two harsh environment, semi-submersible, sixth generation drilling rigs, currently under construction, at an estimated cost of about $1.40 billion.

Great Offshore says the offer has been accepted by the board of the overseas company and that the transaction is subject to satisfactory completion of confirming due diligence, execution of definitive documents and undertakings and receipt of all necessary approvals as might be required in India and overseas.

Motilal Oswal Investment Advisors Pvt. Ltd., are the strategic advisors and Luthra & Luthra are the legal advisors to the transaction.

Check out Tim Colton's listings of offshore rigs currently under construction before making your best guess of who the mystery "overseas company" might be