The Carlyle Group Invests US$ 41.1 Million in Great Offshore Ltd.

Mumbai, India – Global private equity firm The Carlyle Group has invested US$ 41.1 million in Great Offshore Ltd. Headquartered in Mumbai, Great Offshore is one of the largest players in the offshore services market in India. The investment will come from Carlyle Asia Growth Capital Partners, a US$680 million fund that invests in high growth companies in India, China, Japan and Korea. Further financial details are not disclosed.

Great Offshore is an integrated offshore services provider offering a broad spectrum of services to oil and gas players to support their offshore E&P activities. The Company provides drilling, anchor handling, towing (including transportation), offshore construction and repairs and engineering services to its customers. It has a fleet of 40 vessels including drilling rigs, platform supply vessels, multi-support vessels, anchor handling tugs and harbour tugs, and is looking to expand its fleet through organic and inorganic means.

The Company works with top Indian and global E&P players, including ONGC, Reliance, Cairn, Hardy, British Gas, Shell, British Petroleum, Exxon Mobil and Saudi Aramco, across markets from India to Middle East and North Sea.

Mr. Shankar Narayanan, Managing Director and Head of Carlyle’s Growth Capital team in India, said, “Great Offshore is well poised for a tremendous growth in size and profitability, enabled by a strong management team, a relatively underleveraged balance sheet and a favourable macro environment. We believe that the Company has the potential to be a world-class player in its chosen segments.”

Mr. Vijay Kantilal Sheth, Managing Director of Great Offshore, said, “I am delighted to have Carlyle as an investor. I am sure that their global reach and network will help Great Offshore accelerate its growth and expansion plans.”

Mr. Wayne Tsou, Managing Director and Head of Carlyle’s Asia Growth Capital group, said, “With the increasing focus on energy security, a company like Great Offshore, with over two decades of experience in offshore support services, is well placed to increase its size and scale of operations, thus enhancing shareholder’s return.”