Great Offshore Changes Plan, Wants to Acquire Rig Under Construction

With reference to the earlier announcement dated January 15, 2008 regarding Great Offshore's offer for purchasing a controlling stake in an overseas Company, which is subject to satisfactory completion of confirming due diligence and other requirements, Great Offshore Ltd has informed BSE that from what was originally envisaged, the economics of the project has undergone a significant change, whereby, the Board of Directors of the Company has decided to propose to the stakeholders of the overseas Company to acquire one of the two rigs under construction, by the overseas Company.

This is in line with the Company's strategy to enter the deep water drilling business, in the interest of the shareholders.

On January 15, 2008, Great Offshore Ltd had intimated to the Stock Exchanges of an offer made for purchase of controlling stake in an overseas Company, which shall own upon delivery, two harsh environment, semi-submersible, sixth generation drilling rigs which are under construction, at art estimated cost of $1.4 billion.