Aban Offshore Ltd
NSE: ABAN BSE: 523204
₹19.53
(-1.16%)
Wed, 04 Mar 2026, 00:15 am
Market Cap1.13B
PE Ratio0
Dividend0
Industrial Services
Contract Drilling
24.5KCompany History
1986
- Incorporated on September 25
- Promoted by M.A. Abraham of Arab Constructions and Asian Techs Ltd. with Indian Offshore Inc., USA
- Secured two offshore drilling contracts per Government of India policy
- Concluded collaboration agreement with India Offshore Inc., USA for technical know-how and equity
1987
- Obtained Certificate of Commencement of business on February 27
- Deployed rigs Aban-I at Godavari basin and Aban-II at Mumbai High; struck oil
- Trained national crew, reducing expatriate manpower cost by 50%
1988
- Received LOI from ONGC for drillship Five Star charter hire for 2 years plus 2-year option
- Promoters subscribed 9,38,491 shares
- Issued 28,61,509 equity shares including to India Offshore Inc. and reservations for NRI/employees
- Offered unsubscribed shares to public in May, allotted additional 1,69,200 for oversubscription
1989
- Secured manning and management contract from ONGC for jack-up rig Sagar Uday in Mumbai High
- LOI for drillship Five Star not renewed due to lack of government permission
1990
- Bidded for onshore/offshore contracts to expand operations and diversify into oil areas
1991
- Received LOI from ONGC for charter hire of Aban I and Aban II for 2 years extendable 2 years
1992
- Entered charter hire contracts with ONGC for ABAN-I and ABAN-II for 2 years
- Added Rig Ile D'Amsterdam to fleet in March
- Signed MoA to acquire jack-up rigs Chichen Itza and Uxmal from ECGD
- Issued 19,84,600 rights shares at Rs 60 premium (all taken up) plus 2,91,790 additional
- Offered 99,230 shares to employees at Rs 60 premium (32,270 taken up)
1993
- Rigs Aban-I, Aban-II and Ile D'Amsterdam on charter hire with ONGC
- Disposed rigs Chichen Itza and Uxmal
- Proposed 3 MTPA refinery at Tuticorin, planned purchase from Shell Canada
1994
- Planned 3 MTPA petroleum refinery
- Diversified into wind energy with tie-up to Kenetech Windpower Inc., USA
- Set up 2 MW wind power plant in Muppandal and Kayathar, Tamil Nadu
- Issued 200 shares from 1992 rights issue abeyance
1995
- Deferred 3 MTPA refinery due to liquidity crunch
- Wind energy division growth slowed by liquidity crunch
- Commissioned 62 wind turbines
- Issued 700 shares
1996
- Received charter hire contract for ABAN-I from ONGC for 3 years on West Coast
- Received LOI for Ile D'Amsterdam from ONGC at increased rates
- Re-assessed proposal for 3 million tonne refinery and power plant
1997
- Entered new contract for Rig Ile D'Amsterdam with increased rates for 2 years
- Selected by Tamil Nadu Government for 103 MW power plant near Ennore, assigned to Aban Power Company Ltd.
2001
- Entered agreement with Tata Industries Ltd. to acquire 22.5% controlling stake in Hitech Drilling Services India Ltd.
2002
- Mr A Abraham stepped down from Chairmanship
- High court approved amalgamation of Hitech Drilling Services India Ltd with company
- Tied up with Qatar Shipping to bid for Shipping Corporation of India disinvestment
- Qualified to bid for Shipping Corporation of India Ltd.
- Mr Reiji Abraham and Mr Renny Abraham acquired shares
- Opted out of Shipping Corporation of India bid process
2003
- Board proposed delisting shares from Delhi Stock Exchange
- Offshore division registered for ISO 9001:2000 by KPMG
- Director Mr Renny Abraham expired on October 5
- Mr Frank A Wojtek resigned as Director
- Appointed Mr. K. Bharathan as Additional Director effective December 26
2004
- MD of Aban Loyd Chiles Offshore expired
2005
- Signed contract with HOEL
- Entered agreement with Rowandrill Inc., USA
- Entered MoA with Pride Foramer
- Split face value of shares from Rs 10 to Rs 2
2006
- Planned purchase of 52% stake in Indonesian company
- Subsidiary to acquire Norwegian company
- Changed name from Aban Loyd Chiles Offshore Ltd. to Aban Offshore Ltd.
2008
- Signed Letter of Agreement with Husky Oil China Ltd for jack-up rig Deep Driller 5 offshore China for 3 firm wells plus 3 optional
2009
- Appointed Mr. Satish Chandra Gupta as Additional Director effective March 26
2010
- Semisubmersible Rig Aban Pearl commenced drilling operations on January 19
- Received Letter of Award for jack-up rig Deep Driller 1 offshore India for 1 year firm plus two 6-month options
2011
- Sinvest AS to sell 50% holding in Venture Drilling AS to Petrolia ASA for Rs 152 crore
- Received firm orders from ONGC for jack-up rigs Aban III and Aban IV for 3 years each worth USD 138 million
- Signed agreement for early redelivery of drillship to Russian owner
2012
- Received letter of award for jack-up rig Deep Driller 3 offshore Malaysia from Petronas Carigali for 3 years
2013
- Received LOA from ONGC for drillship Aban Ice for 3 years
2014
- Received firm order from ONGC for jack-up rig Aban IV for 3 years
- Received letter of award for jack-up rig Deep Driller 5 offshore Vietnam for 1 year firm plus 1 year optional
2016
- Arm received order from ONGC for Drillship Aban Abraham for 2 years
2017
- Won Rs 471 crore order from ONGC
2018
- Acquired 100% interest in UK Continental Shelf Production License
2022
- Awarded orders/contract for Jack-up Rig Aban III
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