Aban Offshore

Charts suggest that shares of oil exploration companies can rally over 16 per cent from present levels.

The company has repaid outstanding principal of Rs 121.78 crore to the bank, is in talks with other lenders for debt resolution plan

Oil prices gained for the fourth day on Wednesday, extending a rally driven by hopes that a Covid-19 vaccine will boost fuel demand.

Capacity utilisation of company's rigs at its disposal increased to 55% in 2019-20 from 38% in 2018-19

Both parties say they are settling dispute; NCLT dismisses application, permits lender to approach it later

Aban Offshore, which provides drilling and support services for offshore oil exploration and production, has started seeing positive news after sanction against Iran has been lifted. The company not only started seeing dip in receivables, the reelection of the President in Iran would pave way for more order flows. The company is also betting big on the Middle East market.The development comes on the backdrop of lifting of the US embargo on Iran.S Srinivasan, senior vice president, Aban Offshore said that at the beginning of the year from Iran the company had around $288 million, that is, March 2016 and as on March 2017, Aban has only $252 million."We have reduced the receivables by around $36 million plus and we have also collected whatever has been billed," said Srinivasan. This means a net reduction of about $36 million from Iran."The re-election of the President is definitely positive, so I think the reformist agenda will continue," said Srinivasan.He added, Iran which used to ...

The company has nine out of 18 rigs working while others are idle at the end of September

Debts of $22 million were cleared-off and a loan of $65 million was extended for two years

Company receives $51 million in Q1 as against equivalent money in 2015-16

Total income rose marginally to Rs 259 cr

The stock was up 4% to Rs 208 on the BSE in early morning trade.

Aban provides drilling and support services for offshore oil exploration and production

While banking channels aren't fully open yet, the company expects them to soon, and hopes to collect $280 million

The company also plans to raise Rs 2500 crore through the QIB route