Aban Offshore is planning to strengthen its balance sheet by refinancing its debt for a longer tenure resulting in repayment capability and also for comfortable cash flows. The company refinanced its debt for a longer tenure of 15 years which aligned debt tenures with the long term nature of the company’s assets and reduced considerable stress on the company’s repayment capability and projected cash flows.
The company reported a 102.74 per cent increase in its profit after tax from Rs 193.87 crore for the period ending March 31, 2013 to Rs 393.06 crore for March 31, 2014.
Aban Offshore (formerly Aban Loyd Chiles Offshore) is India’s largest offshore drilling services provider to oil companies, mainly for ONGC. It is a company which provides oil field services for offshore exploration and production of hydrocarbons to the oil industry in India and abroad.
