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Aban Offshore Limited
Sector:Engineering Engineering - Oil Drilling
Market Lot: 1Face Value: 2ISIN Demat: INE421A01028
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Business Profile
Aban Offshore is India`s largest offshore drilling contractor in the private sector, offering world-class drilling and oil field services for offshore exploration and production of hydrocarbons to the oil industry in India and abroad. An Indo-US joint venture, the company was incorporated on Sep. 25, 1986.

The company is in the business of providing and operating ships, vessels, rigs, structures, equipment and personnel required for on-shore and off-shore drilling and oil field services. It is India`s largest offshore drilling entity in the private sector where its American partner provides technical know-how.

Aban Offshore currently possesses twenty offshore drilling and production units and is among the top ten offshore drilling asset owners in the world.

The registered office is at Janpriya Crest, 113 Pantheon Road, Egmore, Chennai-600008, Tamil Nadu.

The company reported fall of 34.56% in consolidated net profit on y-o-y basis to Rs 3,326.16 million, while total income declined 23.39% y-o-y basis to Rs 3.78 billion for the quarter ended December 2017.

Recent Developments
Aban Offshore announced that a wholly owned subsidiary of the company has entered into a conditional sale and purchase agreement to acquire 100% interest in a United Kingdom (UK) Continental Shelf Production License comprising of 100%

Aban Offshore announced that its wholly owned step down subsidiary has received a Letter of Award (LoA) for the deployment of three jack-up rigs owned by step-down subsidiaries of the company, in the United Arab Emirates.

Aban Offshore announced that a step down subsidiary of the Company has entered into a contract with Brunei Shell Petroleum Company Sdn Bhd for deployment of the jack-up rig Deep Driller 5 offshore Brunei Darussalam for a firm period of 5 years followed by 3 optional periods of one year each. The deployment is likely to commence during the last quarter of calendar year 2017.

Aban Offshore has received a Letter of Award (LoA) from ONGC for the charter hire of Drillship Aban ICE for a firm period of 3 years.

Aban Offshore, one of the leading offshore drilling contractors, has received a firm letter of award (LoA) from ONGC for the deployment of the Drillship Aban Abraham for a firm period of 2 years.

Aban Offshore swung to a loss for the quarter ended March 2016. During the quarter, the company reported a loss of Rs 1,198.04 million compared with a profit of Rs 1,135.37 million in the same quarter previous year.

Aban Offshore, one of the leading offshore drilling contractors, announced that the company has received a letter of award worth Rs 3.25 billion from ONGC.

Aban Offshore announced a steep drop in consolidated net profit for the quarter ended March 2015. During the quarter, the profit of the company declined 29.20% to Rs 1,135.37 million from Rs 1,603.65 million in the same quarter last year.

Future Plans
Aban Offshore is planning to raise an amount totaling Rs 44.22 billion from international markets and by issuing shares to qualified institutional buyers.

It is likely to deploy 2 rigs - Deep Driller 6, Aban 7 in Persian Gulf.

The company is in negotiation with State Bank of India (SBI) and other public sector and private bank lenders for restructuring its Rs 130 billion loan. The loan was primarily to finance the acquisition of the Norwegian drilling company Sinvest ASA in 2006 for Rs 52 billion.

In Brief

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