Every month, we bring you a listing of the biggest deals struck by Indian companies in India and abroad. Our partner: global professional services firm Ernst & Young. Here are the deals that were struck in January 2008.
Deal particulars: Great Offshore, an integrated offshore oilfield services provider, has offered to acquire a controlling stake in the UK-based oil rig owner SeaDragon Offshore in a deal worth $1.4 billion, including subsequent capital commitments.
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Impact analysis: The acquisition will allow Great Offshore to enter India’s emerging deepwater drilling market. SeaDragon Offshore specialises in deep-water exploration rigs capable of withstanding harsh environments and drilling at depths of up to 10,000 feet. It will provide Great Offshore an entry point into the specialised and lucrative deep-water exploration and drilling space globally and in India. Exploration commitments in the deep-water blocks in India are on the rise with players like Reliance and ONGC operating in this space. So, there’s huge business to be won.