Tatas deny plans to sell off Hitech Drilling

Vol 4, PW 20 (08 Nov 00) News in Brief

Plans by the Tata Group to sell its drilling subsidiary Hitech Drilling Services to Great Eastern Shipping have stalled following a hostile takeover bid on the latter by the powerful Dalmia Group.

Officially the Tatas deny they are in talks with Great Eastern Shipping but this report has it on good authority that they are. Hitech owns two rigs, the semi-submersible Tahara, on lease to the PY-3 consortium until July next year, and a cantilever jack-up rig, on lease to ONGC on the Bombay High.

Great Eastern owns and operates two offshore rigs in India. A source tells Petrowatch that acquiring Hitech would give it a near monopoly in the offshore drilling business in India.