The company had said as early as 2007-2008 that it planned to buy or even build oil platforms to complement its existing portfolio.
“We acquired two drilling platforms, GSF Britannia and G. H. Galloway, which will be renamed GSP Britannia and GSP Fortuna, and a pipelaying ship. The platforms are not new, but they’ll go through an upgrade program,” said Radu Petrescu, communication manager with Upetrom, a structure including all the businesses developed by Comanescu. “GSP currently holds seven mobile drilling platforms, a stationary drilling rig, 10 multipurpose ships and four offshore construction ships in its portfolio.”
Petrescu did not provide any details about the value of deals or on the identity of the seller of the two platforms, for confidentiality reasons.
According to available information, a ship like the one acquired by GSP is likely to be worth between $60 million and $90 million, while a used platform may cost between $30 million and $80 million. This means the Romanian businessman’s purchases may top $120 million.
“We’re trying to enter the market of rig decommissioning services and one of the acquired platforms will most likely be used for such operations,” Petrescu said.
GSP’s acquisitions come after the company gained a series of major contracts in recent years. The contracts drove GSP’s Romanian sales to RON2.3 billion (EUR542 million), 2.5 times more than the 2009 result.
(EUR1=RON4.2402)
(English version by Catalina Apostoiu; Editing by Loredana Fratila-Cristescu)