Aban Offshore Ltd Share Price

Summary

Aban Offshore Limited (AOL) was established in 1986 by M.A. Abraham, Indias largest offshore drilling contractor in the private sector and ISO 9001:2000 accredited company offering world-class 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 jack-up drilling rigs acquired from the USA. The imported rigs named as Aban-I and Aban-II 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 jack-up-rig 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
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