Great Offshore moves to revise rig acquisition

acquisition, and buy only one of the two harsh environment, semisubmersible, sixth generation drilling rigs it had planned to acquire through the purchase of an overseas company.

Offshore staff

MUMBAI, India -- Great Offshore Ltd. hopes to revise the scope of its recent acquisition, and buy only one of the two harsh environment, semisubmersible, sixth generation drilling rigs it had planned to acquire through the purchase of an overseas company.

On Jan. 15, Great Offshore said it had made an offer to buy controlling stake in an overseas company that had placed orders for the two rigs estimated to cost about $1.4 billion.

"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," Great Offshore said in a statement.

06/09/2008

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