India’s GOL Offshore has finally been put out of its misery, and has been shut down after lenders failed to find an investor for the oilfield services company.
GOL Offshore has been in financial trouble for a number of years and has been one of the more high profile repeat offenders when it comes to failing to pay crew.
European shipping database Equasis lists the GOL Offshore fleet today as numbering a total of 15 vessels.
GOL Offshore, previously known as Great Offshore Ltd, was part of Great Eastern Shipping until 2006 when, following a family split, Great Offshore was demerged from Great Eastern into a separate company led by Vijay Sheth. Sheth in turn lost control of the company to local shipbuilder Bharati in 2009 after failing to pay back a loan with the yard later also failing financially shortly afterwards.
Expect the Direcrors involved along the way are still ok financially, whilst the Seafarers go without pay, leaving their families back home penniless.