Aban Offshore hopes 10 percent topline growth this fiscal

Chennai, Sep 26, 2010 (Calcutta Tube) City-based oil drilling services company Aban Offshore hopes to log a topline growth of around 10 percent this fiscal over the last fiscal, a top company official said Friday.

‘The company will register around 10 percent growth in topline. The company will be issuing bonds to pay off its debts,’ Managing Director Reji Abraham told reporters on the sidelines of the company’s annual general meeting (AGM) here.

At the AGM, Aban’s shareholders approved raising of around $400 million (around Rs.1,840 crore) by way of Foreign Currency Convertible Bonds, Global Depository Receipts (GDRs), American Depository Receipts and others.

The shareholders also gave their green signal to raise around Rs.2,500 crore from Qualified Institutional Buyers.

On the insurance claim for the loss of rig Aban Pearl, officials said the company got its claim settled for $235 million and the revenue loss is being compensated by a new contract signed with Petrobras, Brazil, in August.

Aban will be deploying one of its drillers, Aban Abraham, offshore Brazil for five years.

The company hopes to earn around $494 million plus a potential performance bonus of 3.85 percent.

In May, Aban Pearl, an offshore natural gas exploration rig leased to Venezuela’s National Oil Company sank.

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