ESIL to acquire oil drilling rigs in Oslo & US
Cyprus-based Essar Shipping & Logistics Ltd (ESLL) is all set to acquire of on-shore and offshore oil drilling rigs from two pubilcly listed companies in Oslo and the US.
By Anto Joseph, TNN |
Cyprus-based Essar Shipping & Logistics Ltd (ESLL) is all set to acquire of on-shore and offshore oil drilling rigs from two pubilcly listed companies in Oslo and the US.
The deal is expected to be around $400 mn, and will be done through ESLL's wholly owned subsidiary Essar Oilfields Services Limited (EOSL).
Sanjay Mehta, managing director of ESLL, said the deals would be completed be-fore the year-end. "We see a lot of prospects for oil exploration and production (E&P) activities as the crdue prices remain high. All E&P players will need off-shore assets," said Mr Mehta.
EOSL has been formed to focus on international and Indian onshore and offshore oil and gas drilling businesses. Its investment plan includes acquisition of a diver-sified fleet of rigs, for in land as well as offshore drilling rigs.
EOSL, whose opera-tions are run out of its office in Dubai, UAE, will be employing the rigs for Essar's E&P activity as well as contract drilling for third parties. Essar was the first Indian company to offer contract drilling services in 1985 both for onshore as well as offshore E&P activity. Essar had sold off the division, then part of Essar Oil, to Abu Dhabi-based Al-Jabbar.
Essar Shipping & Logistics Limited (ESLL) is apart of Essar Global Ltd, an inter-national conglomerate operating in six business areas --steel, oil & gas, power, telecom and BPO, shipping and construction, with a cumulative asset base of $6 billion.
The deal is expected to be around $400 mn, and will be done through ESLL's wholly owned subsidiary Essar Oilfields Services Limited (EOSL).
Sanjay Mehta, managing director of ESLL, said the deals would be completed be-fore the year-end. "We see a lot of prospects for oil exploration and production (E&P) activities as the crdue prices remain high. All E&P players will need off-shore assets," said Mr Mehta.
EOSL has been formed to focus on international and Indian onshore and offshore oil and gas drilling businesses. Its investment plan includes acquisition of a diver-sified fleet of rigs, for in land as well as offshore drilling rigs.
EOSL, whose opera-tions are run out of its office in Dubai, UAE, will be employing the rigs for Essar's E&P activity as well as contract drilling for third parties. Essar was the first Indian company to offer contract drilling services in 1985 both for onshore as well as offshore E&P activity. Essar had sold off the division, then part of Essar Oil, to Abu Dhabi-based Al-Jabbar.
Essar Shipping & Logistics Limited (ESLL) is apart of Essar Global Ltd, an inter-national conglomerate operating in six business areas --steel, oil & gas, power, telecom and BPO, shipping and construction, with a cumulative asset base of $6 billion.
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