Great Offshore, which provides integrated offshore services, has acquired Andhra Pradesh-based companies KEI-RSOS Maritime and Rajmahendri Shipping and Oilfield Services for Rs 160 crore. The company has completed all procedural formalities and acquired 100 per cent equity stake in two companies.
KEI-RSOS Maritime and Rajmahendri Shipping and Oilfield Services are in the maritime services business providing offshore support, single point mooring operations and port management services. The companies have a strong presence on the East Coast of India.
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. Earlier in July, KEI received a contract for providing comprehensive marine operations services for the Gangavaram Port for 12 years.