Petrojack ASA, a Norway-based company in which Aban Offshore holds 18% stake, filed for bankruptcy last week. Aban had paid Rs 194 crore for the 18% stake, which at the current market price of 1.09 Norwegian krone is valued at Rs 10 crore.
Aban’s stake in Petrojack was through its wholly-owned Norwegian subsidiary Sinvest, ASA, which it had acquired in 2007 for $1.35 billion. The company had bought Sinvest through its
Petrojack started having problems when it could not pay the dues to its bond holders and the company also sold 3 of its 4 rigs. There have been speculations that Aban was trying to exit its stake in Petrojack for a long time now in order to raise funds to service its debt obligation.
crackcrackCompany Name | CMP |
---|---|
ONGC | 270.15 |
Oil India | 620.30 |
Jindal Drilling&Inds | 757.00 |
Hind Oil Exploration | 189.50 |
Deep Industries | 309.15 |
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