Offshore drilling providers supplier Aban Offshore Ltd stated on Tuesday it can purchase a 100% curiosity in two oil and gasoline blocks within the UK North Sea, however will subsequently promote half the stake.

The Chennai-based firm stated in a stock-exchange disclosure a step-down subsidiary has signed a conditional settlement to purchase the 100% curiosity for a non-cash consideration of $75 million (Rs 556 crore).

The consideration shall be set off towards quantities due from sure prospects for the drilling providers offered by the corporate, it stated.

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Subsequently, Aban Offshore will promote a 50% curiosity in these two blocks for $37.5 million in money to an unrelated social gathering. The purchaser will function the blocks, it stated, with out elaborating.

Both the transactions are topic to customary closing situations, together with the consent of the UK Oil and Gas Authority.

Chennai-based Aban Offshore supplies offshore drilling and manufacturing providers to grease and gasoline corporations exploration and manufacturing corporations in home and worldwide markets. It claims to be India’s largest non-public offshore drilling providers supplier.

The firm can also be into wind vitality manufacturing however the phase contributes lower than 10% of the general income.

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The firm’s consolidated income fell to Rs 1,466.86 crore for the 12 months by March 2018 from Rs 1,757.92 crore the earlier 12 months.

Source: /www.vccircle.com

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