Quippo Oil & Gas Infrastructure Ltd, a unit of Srei Infrastructure Finance Ltd, is in talks to buy the assets of GOL Offshore Ltd, two people familiar with the development said. GOL Offshore is one of the largest offshore oilfield service providers in India, offering drilling and offshore support services to oil and gas firms for exploration and production activities. GOL Offshore has three offshore drilling units—Kedarnath, Amarnath, and Badrinath—that it leases out to oil and gas firms. GOL Offshore Ltd was formed when the offshore division of Great Eastern Shipping Co. Ltd was spun off into a separate entity in October 2006. In 2009, Bharati Shipyard Ltd acquired a 14.89% stake in GOL Offshore after its founder Vijay Sheth forfeited shares pledged with Bharati Shipyard.

Source: Mint August 28, 2016 18:45 UTC