CRISIL has revised Great Offshore’s long term and short loan facilities amounting to the worth of Rs 1,100 crore and Rs 150 crore from ‘BB+/negative’ and ‘A4+’ to ‘D’ respectively. The credit rating agency also revised company’s bank’s guarantee/letter of credit facilities amounting to the worth of Rs 250 crore from ‘A4+’ to ‘D’.
Great Offshore is India’s prominent integrated offshore oilfield services provider, offering a broad spectrum of services to upstream oil and gas producers to carry out offshore exploration and production (E&P) activities.
