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GOL Offshore sells real estate property for FCCBs redemption

24 Jan 2013 Evaluate

GOL Offshore, the offshore oilfield services provider is selling real estate property in order to fund redemption of its Rs 200-crore foreign currency convertible bonds (FCCBs) that are due in April. The company has raised Rs 30 crore through sale of two high-end residential apartments in the Malabar Hill area of south Mumbai, in the last one month. The company is also planning to sell three more such properties in the same part of the city.

The company aims to raise over Rs 60 crore through these sales. In 2007, the company had raised $42 million in FCCBs, which were due in October 2012. Just before the due date, it got approval for extension of the maturity date by six months.

GOL Offshore, earlier 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.

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