GOL likely to ink JV with foreign offshore player

MUMBAI: With a view to garner a substantial overseas business and become a major global player in the offshore services segment, Great Offshore (GOL) is likely to ink a joint venture with a major foreign offshore player, a top company official said.

“We are looking for a JV partner amongst major global offshore companies. Such a tie-up will enable us to become one of the major players in the offshore services segment,” the official said on condition of anonymity.

The company also plans to enter the ultra deep water segment and is looking at the JV partner to supply expertise here, he said.

The Mumbai-based offshore services provider plans to replace at least two-thirds of its fleet over the next three-years, he said.

The company also plans to raise funds up to Rs 1,750-crore by issuing securities, he said.

“The funds raised are likely to be used for replacing two-thirds of our fleet that will come up for replacement within the next three-years,” the official said.

Since commissioning its operations in 1983, GOL has serviced major exploration and production (E&P) operators in India as well as in the international waters of the North Sea, the Middle-East, South Africa and south-east Asia.

Currently, GOL has over 40 floating assets, including offshore support vessels, drilling vessels, anchor-handling tugs and construction barges.