ABG sells stake in Great Offshore - Bharati raises bidYard News // December 3, 2009
ABG Shipyard Ltd, India’s biggest non-state yard, is reported to have sold its entire stake in Great Offshore Ltd, effectively withdrawing from a bidding war for Great Offshore, after its rival, Bharati Shipyard Ltd, increased its offer.
Both yards have been engaged in a protracted bidding war for Great Offshore, which stands to benefit from a revival in oil and gas exploration. Both yards had also hoped to build vessels for Great Offshore.
“The cash ABG gets from selling its stake will help reduce its debt, which was a concern, so it’s good for the company,” said an analyst familiar with the company.