Shiv-Vani Oil & Gas Exploration Services has received an approval for transferring the company's participation interest in the two oil blocks viz. MZ-ONN-2004/1 and AA-ONN-2004/1 in subsidiary company(ies). The board at its meeting held on February 13, 2012 has approved for the same.
These oil blocks are in joint ventures with Oil India in which the company's participating interest is 15%. The necessary consent of the shareholders, if required, will be obtained in due course through postal ballot.
Shiv-Vani owns the largest fleet of onshore rigs in India and has successfully diversified into other crucial activity areas such as seismic surveying, gas compression services and offshore drilling & logistics.