Credit rating agency, CARE has revised ratings assigned to bank facilities of Aban Offshore. The long term bank facilities has been revised to ‘BB-‘ from ‘D’. The long term /short term bank facilities has been revised from ‘D’ to ‘BB -/A4’. Further, the Cumulative Redeemable Preference Shares ratings have been reaffirmed at ‘C’.
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.
