Great Offshore Ltd, an integrated offshore oilfield services provider has acquired KEI-RSOS maritime Limited and Rajamahendri Shipping &Oilfield Services Ltd based at RajaMuhndry and Hyderabad respectively for Rs 160 crore. In its communication to the stock exchange, the oilfield service provider said that the transaction is on an all-cash basis and is expected to close within 2 months. This acquisition marks Great Offshore’s foray into the port terminal and offshore logistics business.
KEI and RSOS have a diverse fleet of 19 assets (9 offshore support vessels and 10 harbour tugs). The companies also have on order 4 specialised vessels due for delivery during the financial year ended March 31, 2009.
The existing management of KEI and RSOS will continue to manage the day to day operations. Motilal Investment Advisors were the sole financial advisors to the transaction while Luthra and Luthra were the sole legal advisors representing Great Offshore Limited.