Great Offshore to Purchase Stake in Overseas Company

Great Offshore Ltd has made an offer for purchasing a controlling stake in an overseas company. The said offer has been accepted by the board of the overseas company and subsequently by the Board of the Company. The overseas company shall own, upon delivery, two harsh environment, semi-submersible, sixth generation drilling rigs, which are currently under construction, at an estimated cost of about U.S. $1.40 billion.

The name of the overseas company has not been disclosed to the public.

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.

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