Business Daily from THE HINDU group of publications
Friday, Sep 05, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Friday, Sep 05, 2008 ePaper | Mobile/PDA Version | Audio |
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Corporate
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Mergers & Acquisitions Logistics - Shipping/Ports Great Offshore buys 2 maritime services cos The companies have a diverse fleet of 19 maritime assets – nine offshore support vessels and 10 harbour tugs. 
Our Bureau Mumbai, Sept. 4 Great Offshore Ltd has announced its foray into port management and single point mooring operations through acquisition of two maritime services companies in Andhra Pradesh for an aggregate consideration of about Rs 160 crore. The company has signed definitive agreements for acquisition of 100 per cent equity in KEI-RSOS Maritime (KEI) and Rajamahendri Shipping & Oilfield Services (RSOS). While KEI is based at Rajahmundry, RSOS is based in Hyderabad. The transaction is on an all-cash basis and is expected to close within two months, the company said. The two companies are in the maritime services business, providing offshore support, single point mooring operations and port management services. KEI has also been awarded a contract for providing comprehensive marine operation services for the Gangavaram port for a period of 12 years. The companies have a diverse fleet of 19 maritime assets – nine offshore support vessels and 10 harbour tugs. In addition, the companies have on order four specialised vessels due for delivery during the current fiscal. For the current fiscal, the companies’ aggregate revenues are expected to be around 100 crore, with a net profit margin of about 30 per cent. Mr Vijay Sheth, Vice-Chairman and Managing Director of Great Offshore, said, “The decision to acquire an existing running business is with a view to broad base earnings without diversifying core business risks and ensuring sustainable cash flows and earnings.” More Stories on : Mergers & Acquisitions | Shipping/Ports | Petroleum
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