Credit rating agency, CARE has reaffirmed ‘D’ rating to Aban Offshore’s Long term Bank Facilities worth Rs 2026.37 crore which was enhanced from Rs 1517.11 crore. The rating agency has also reaffirmed ‘D’ rating to the company’s Long/Short term Bank Facilities worth Rs 410.00 crore which was enhanced from Rs 352.00 crore.
The reaffirmation of ratings of bank facilities factors in instances of some delays in debt servicing in the recent past.
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.