Great Offshore (GOL) (script price) is all set to acquire a Scandinavian offshore company for about USD 500 million, reports Economic Times. The acquisition is aimed at increasing the presence of the company in the international market in the offshore space. The Scandinavian company owns two jack-up rigs and that GOL is in the final stages of due diligence. The deal is expected to be completed in around two to three weeks. GOL was incorporated by demerging the offshore division of Great Eastern Shipping company (GE Shipping). Shares of the company closed up Rs 3.25, or 0.41%, at Rs 790.45. The total volume of shares traded was 21,180 at the BSE (Tuesday).
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Wednesday, August 8, 2007
Great Offshore to acquire Scandinavian firm for USD 500 mn
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