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Monday, May 12, 2008

Great Offshore acquires SeaDragon for $1.4 bn

Great Offshore is set to acquire Cayman Islands-based SeaDragon Offshore for $1.4 billion. The acquisition will help the company to make ultra deep water discoveries. Great Offshore Managing Director Vijay Sheth said that diligence was moving rapidly and hopes to close the deal in one or two months, but refused to confirm the name of the firm. However, SeaDragon Offshore Chairman Stephen Baird said that both are okay with the deal but are waiting for their bankers' nod to seal the deal.

SeaDragon would give Great Offshore access to rigs that could be deployed for ultra deep water discoveries. SeaDragon makes two such rigs and it would take two years to complete them. Globally, there is a greater demand for rigs because of an increase in exploration activities. For the next two years; there is no rig that could be deployed for ultra deep water discovery. It may be noted that ONGC also plans to foray into ultra deep water discovery.

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