Aban Offshore Ltd
Aban Offshore Ltd (ABAN)

Aban Offshore Ltd (ABAN)

₹505.04%

Key Stats

₹49.15
Day's Price Range
₹52.65
₹36
52-Week Price Range
₹74.7
1 Month Return-7.23 %
3 Month Return14.95 %
1 Year Return24.76 %

Company Financials

  • Quarterly
  • Annual
Value in ₹ crore

Peer Comparsion

PE
Rank 18
-0.14
EPS
Rank 19
₹-365.59
BVPS
Rank 24
₹-3343.18
Dividend Yield
Rank 14
ROE
Rank 22
Price To Book Ratio
Rank 18
-0.02
Debt To Asset
Rank 2
4.64

Company Information

Aban Offshore Limited AOL was established in the year 1986 by M.A. Abraham Indias largest offshore drilling contractor in the private sector and ISO 9001:2000 accredited company offering worldclass drilling and oil field services for offshore exploration and production of hydrocarbons to the oil industry in India and abroad. AOL currently possesses twenty offshore drilling and production units it owns and operates several offshore drilling rigs drill ships and a floating production facility Tahara. The services offered by the company are Exploratory Services Drilling Services Production of hydrocarbons and Manning and management. AOL launched its first contract drilling service to the ONGC in the year 1987 with two modern jackup drilling rigs acquired from the USA. The imported rigs named as AbanI and AbanII was employed at Godavari basin and Mumbai High respectively. During the year 1988 the Company received a letter of intent from ONGC for charter hire of a drillship Five Star for two years with an option to extend the contract for a further period of two years. Necessary steps were being taken to obtain approvals from the Government for the said drillship. In 1989 the Company bagged a manning and management contract against a global tender from ONGC to man and manage 300 feet cantilever jackuprig Sagar Uday in Mumbai High. During the year 1990 many private sector companies in India chose to exit the drilling business. However AOL preferred to increase its focus on the sector with newer rigs acquisitions and mergers and also the company diversified into oil related areas. AOL entered into fresh charter hire contracts with ONGC in the year 1992 for ABANI and ABANII for a primary period of two years. The Rig Lead Ansterdam was added to the fleet. In 1993 as Fleet addition AOL purchased a 300ft. jackup rig from Mahindra Mahindra Ltd. The Company undertook to set up a 3 million TPA capacity petroleum refinery in the year 1994. It has also set up 2 MW wind power plant in Muppandal and Kayathar in Tamil Nadu during the same year. In 1995 AOL has commissioned 62 wind turbines for its enhancement in business. The Company has received a new charter hire contract in the year 1996 for ABANI from ONGC for deployment in the West Coast of India for a period of three years. AOL has entered into new contract in the year 1997 for Rig Ile DAmsterdam with increased rates for a period of two years. The company acquired Hitech Drilling Services India Ltd. belongs to the Tata Group boosting AOLs fleet to four rigs. This also enables AOL to enter the FPSO business with the FPU Tahara owned by Hitech during the period of 200001. In the year 2002 AOL ties up with Qatar Shipping to bid for Shipping Corporation of Indias disinvestments programme. During the year 2003 Companys offshore has been registered for ISO 9001:2000 by KPMG quality Register. AOL adds two jackup rigs Aban V and Aban VI and a drill ship Frontier Ice under Fleet addition in the year 2005 and also in line with its global expansion strategy AOL launched Aban Singapore Pte Ltd. ASPL in November of the same year 2005 as its vehicle for international operations. ASPL in turn sets up 3 SPVs as step down subsidiaries each equipped with a rig or drill ship. ASPL acquires a 33.7 stake in Sinvest ASA during the year 2006 a Norwegian company with eight new premium jackups on order. ASPL subsequently completes the acquisition in stages including a mandatory offer to all shareholders. The Company received letters of Firm Order in the year 2007 from ONGC for deployment of 3 rigs Aban III Aban IV and Aban V for a period of 3 years each. During the same year 2007 AOL purchased SemiSubmersible Rig Bulford Dolphin being renamed Aban Pearl through Aban Pearl Pte Ltd AAPL subsidiary of its wholly owned Subsidiary Aban Singapore Pte Ltd ASPL. During the same year 2007 a subsidiary of the company has entered into a Contract with Chevron Offshore Thailand Limited Chevron for provision of the jackup drilling rig Deep Driller 2 valued USD 28 million to USD 40 million. In February of the year 2008 a subsidiary of the Company has received a Letter of Award from PTTEP International Limited for a 3 well contract offshore Myanmar for the jackup drilling rig Deep Driller 5. As on March 2008 A Letter of Intent has been received for the deployment of the newly built jackup rig Aban VIII in the Middle East for 18 wells plus 4 optional wells programme. The estimated revenues from the Contract with an estimated duration of approx. 4 years are approx. USD 300 million. As on May 2008 a contract that has been signed by the company with Exxon Neftegas Limited for the deployment of the Jackup rig Murmanskaya Offshore Russia for a 2 well programme. Credit Analysis Research Ltd. CARE has revised the ratings for the Cumulative NonConvertible Cumulative Redeemable Preference Shares CRPS issued by the Company. The revised ratings stand at CARE A RPS Single A minus Redeemable Preference Share for all the CRPS Issues it was received in the month of May in 2008.AOL is going with its vision to achieve farreaching success in every field by developing innovative integrated enterprising and worldclass services for the global market. The Indian and international projects both of the company survive and AOL wants to be at the forefront in the fiercely competitive business environment through the managerial technical and operational excellence range of services and skilled manpower.
OrganisationAban Offshore Ltd
HeadquartersChennai
IndustryCrude Oil & Natural Gas