Aban Offshore

Aban Offshore Ltd.

Formerly	Aban Loyd Chiles Offshore Ltd. (1986–2006)
Company type	Public company
Traded as	BSE:  523204 NSE:  ABAN
Industry	Oilfield services
Founded	1986;39 years ago (1986)
Founder	M.A. Abraham
Headquarters	Chennai, Tamil Nadu, India
Key people	Reji Abraham (Managing Director)
Services	Drilling
Revenue	₹1,326.62 crore (US$160 million) (2021)
Operating income	₹−886.52 crore (US$−100 million) (2021)
Net income	₹−1,972.53 crore (US$−230 million) (2021)
Total assets	₹4,619.29 crore (US$550 million) (2021)
Total equity	₹−16,822.76 crore (US$−2.0 billion) (2021)
Number of employees	1,001-5,000 employees
Website	abanoffshore.com

Aban Offshore (formerly Aban Loyd Chiles Offshore Ltd.) is an Indian multinational offshore drilling services provider headquartered in Chennai. Its services are mainly used by oil companies, especially for ONGC. The company listed on the Bombay Stock Exchange. ^{[1] [2] [3]}

The group has also ventured into construction, offshore and onshore drilling, wind energy and power generation, Information Technology enabled services, hotels and resorts, tea plantations and in marketing. ^{[4] [5]}

Financials

In 2021, the company reported consolidated net loss of Rs 1972.53 crore. ^{[6] [7]}

Controversies

Central Bank of India Insolvency Case

Central Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Aban Offshore Ltd, for defaulting on loans. The bank aimed to initiate insolvency proceedings for recovery of outstanding dues. ^{[8] [9]}

In August 2022, Aban Offshore entered into a one time settlement agreement with Central Bank of India. Under the agreement, Aban Offshore paid the outstanding principal of ₹121.78 crore (equivalent to ₹129 croreorUS$15 million in 2023) to the bank. ^[10]

After the payment and settlement, the Central Bank of India withdrew its insolvency case against Aban Offshore Ltd at the National Company Law Tribunal. ^[10]

Aban Loyd Chiles Customs Case

In 2015, the Directorate of Revenue Intelligence seized the vessel^{[ clarification needed ]} on grounds of alleged unauthorized deployment beyond the contractual zone. The company challenged the imposition of penalties and customs duty, arguing that the use and deployment of Aban-ICE complied with amended essentiality certificates from governmental authorities such as the Directorate General of Hydrocarbons. ^[11]

Sanctions and OFAC Settlement

Aban Offshore's Singapore subsidiary was penalized by the U.S. Office of Foreign Assets Control for violating Iranian sanctions regulations in 2017. The violation involved re-exporting U.S.-origin goods to Iran without proper authorization. Aban agreed to a settlement and paid a civil monetary penalty. ^{[12] [13]}

References

1. "Aban Loyd to buy 3 more jack-up rigs – Gets shareholders' nod to raise $100 m". Business Line.
2. "Aban Loyd Chiles Offshore: Buy". The Hindu Business line.
3. Narasimhan, T. E. (25 August 2015). "Aban Offshore to seek shareholders approval to raise funds". Business Standard. Retrieved 27 August 2025.
4. "Aban Offshore to acquire two oil and gas blocks in North Sea". VCCircle. Retrieved 27 August 2025.
5. Kumar, Sajan C (9 March 2021). "Aban seeks shareholders' nod to sell assets to slash debt". The Financial Express. Retrieved 27 August 2025.
6. "Aban Offshore reports consolidated net loss of Rs 193.85 crore in the September 2020 quarter". Business Standard India. 11 November 2020.
7. Com, Moneycontrol. "Aban Offshore Balance Sheet, Aban Offshore Financial Statement & Accounts". moneycontrol.com. Retrieved 18 December 2021.
8. Raj, Shubham (12 September 2022). "Aban Offshore spikes as Central Bank withdraws insolvency petition". Moneycontrol. Retrieved 27 August 2025.
9. "Central Bank withdraws insolvency application against Aban Offshore". Business Standard. 1 October 2019. Retrieved 27 August 2025.
10. "Central Bank withdraws IBC case as Aban Offshore pays one-time settlement". Business Standard. 12 September 2022. Retrieved 27 August 2025.
11. "SUPREME COURT OF INDIA" (PDF). sci.gov.in. Retrieved 27 August 2025.
12. "Settlement Agreement between OFAC and Aban Offshore Limited; Settlement Agreement between OFAC and an Individual and the Alliance for Responsible Cuba Policy Foundation". Office of Foreign Assets Control. 27 June 2008. Retrieved 27 August 2025.
13. Narasimhan, T. E. (5 June 2017). "Aban Offshore's receivables from Iran dip $36 mn after lifting of sanctions". Business Standard. Retrieved 27 August 2025.

External links

• Official website