Axis Bank Cancels Great Offshore Oil Rig Funding

Tuesday, October 06, 2009

In Bangalore, offshore oilfield services firm Great Offshore Ltd has run into fresh trouble after Axis Bank Ltd walked out of a deal to lend Rs350 crore to the Mumbai-based firm for funding the purchase of an oil drilling rig, currently under construction at Bharati Shipyard Ltd. Axis Bank wanted the money back after ONGC cancelled the rig contract and also due to delay in completing the construction of the rig.

(Source: livemint.com)


Offshore

MISC Enters Thai Offshore O&G Market

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Cathelco MGPS for Latest Lamprell-built Jack-up

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New System Monitors Vessel Motion, Impact

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Finance

European Owners Lead in Buying Up Secondhand Tonnage

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Monjasa Bags Credit Facility from Société Générale

Danish bunker fuel supplier and shipping firm Monjasa has signed a credit facility with French bank Société Générale for USD 80 million.    A statement from

Hanjin Shipping to Submit Self-Rescue Plan

South Korea’s Hanjin Shipping is planning on submitting a self-rescue plan to creditors this week to stave off bankruptcy by Aug. 25, reports Korea Herald quoting local media.

 
 
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