ABAN OFFSHORE LTD
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BSE Code:
523204
NSE Code:
ABAN
Business Profile
Business Profile
Aban Offshore (ABANOFFSH), formerly Aban Loyd Chiles Offshore, provides 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 chairman of the company is V.S. Rao and Reji Abraham is the managing director.
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. The company together with its subsidiaries has 20 offshore assets including 15 jack-up offshore drilling rigs, 2 drill ships, 1 floating production platform and a jack-up rig and drill ship each on bareboat charter. Aban Singapore was acquired to offer drilling services to large global oil and gas operators. The company has obtained ISO 9001:2000 for its drilling operations.
The company bagged contracts from E&P Company in South Asia (worth USD 80 million) and got its contract extended by Hardy Exploration & Production, India (USD 63.875 million). The company received letters of award (LoA) from Cairn Energy`s Sangu Field (36.28 million), from ROC Oil, China (USD 19.5 million). Deep Drilling 1 (subsidiary) also has a LoA from Gujarat State Petroleum Corporation (USD 141 million). Aban Abraham (subsidiary) has an USD 123 million drilling contract. Clients include Oil and Natural Gas Corporation, Hardy Exploration and Production (India), Oriental Oil Company (Dubai), Hindustan Oil Corporation Company, Shell Brunei, Shell Malaysia etc.
The registered office is at Janpriya Crest, 113 Pantheon Road, Egmore, Chennai-600008, Tamil Nadu.
Financials
The company announced a substantial rise in standalone net profit for the quarter ended March 2009. During the quarter, the profit of the company rose 35.58% to Rs 468.43 million from Rs 345.49 million in the same quarter last year. Net sales for the quarter rose 35.08% to Rs 2,652.71 million, while total income for the quarter jumped 41.81% to Rs 3,053.20 million, when compared with the prior year period. It reported earnings of Rs 12.40 a share during the quarter, registering 33.76% growth over previous year period.
Recent Developments
16-SEP-08
The company has announced that a subsidiary of the company has signed an agreement for the deployment of the semi-submersible rig Aban Pearl offshore Latin America, for a 5 year period. The estimated revenues from the deployment, which is expected to commence in 3rd Quarter of the financial year 2008-09, is approximately Rs 31.50 billion, including estimated reimbursables towards taxes, duties and other levies.
01-SEP-08
The company has announced that Venture Drilling AS, a company in which a subsidiary of the company has a 50% shareholding, has signed a 18 month contract with Maersk Oil Angola
10-JUL-08
Venture Drilling AS, in which the Aban Singapore (ASPL), subsidiary of the company, has a 50% indirect shareholding, has agreed with ExxonMobil for a six month extension of the present drilling contract, in direct continuation and on same terms (at an operating day rate of USD 425,000 after withholding tax). The extended period is likely to last till July 2009.
13-SEP-07
Aban Offshore entered into a memorandum of agreement with Bulford Dolphin for the purchase of the semi - submersible rig Bulford Dolphin for a consideration of USD 211 million. The delivery is expected to take place in the fourth quarter 2007. Aban Offshore, formerly Aban Loyd Chiles Offshore, provides oil field services for offshore exploration and production of hydrocarbons to the oil industry in India and abroad.
09-AUG-07
Aban Offshore received a contract worth USD 80 million from E&P Company in South Asia for deployment of the new built jack up rig Deep Driller 4. The rig is likely to commence operations by the fourth quarter of 2007.
12-JUL-07
Aban Offshore`s contract will be extended by Hardy Exploration & Production, India (HEPI) for utilization of a floating production unit - Tahara for a further period of two years with effect from July 28, 2007. The revenues estimated during the extended period amounts to USD 63.875 million, excluding reimbursibles.