India’s Great Offshore has become the latest foreign buyer to snap up a piece of British industrial manufacturing by offering $8 a share for SeaDragon Offshore, the privately owned Teesside oil rig builder.

Details of the takeover have yet to be confirmed, but it is understood the Indian offshore oilfield service provider wants a controlling stake of at least 75 per cent.

The offer would value Cayman Islands-registered SeaDragon, which has 10m shares in issue, at $80m (£40m).

Although the move has been approved by the boards of the two groups, it remains conditional on due diligence and shareholder approval.

As part of the deal, Great Offshore would take on SeaDragon’s $250m debt facilities. It is also expected to inject $250m of fresh capital in the future.

SeaDragon, which was working towards a flotation in London before Great Offshore’s approach, has been instrumental in bringing the construction of deep-sea oil exploration rigs back to Britain after almost a generation.

The two semi-submersible rigs SeaDragon is building can operate in hostile environments and drill in up to 10,000 ft of water.

SeaDragon was set up last year by Stephen Baird, a management consultant, and David Eason, chief executive of Tees Alliance, the company that will outfit the rigs.

It is backed by investors including banks and hedge funds and has asset-backed financing, arranged by Lloyds TSB.

● Igor Kolomoisky, the Ukrainian billionaire, emerged as the second-largest shareholder in JKX Oil & Gas, the London-listed company, by snapping up a 12.6 per cent stake from Alexander Zhukov, the London-based Russian businessman.

The exploration and production company’s principal production interests are in Ukraine, with additional assets in Georgia, Bulgaria, Turkey, the US and Italy.