Aban Loyd to start drilling in West Africa; acquires company
06 Feb 2006
Aban Loyd Chiles Offshore Limited, one of the leading offshore drilling services companies in the country, has entered into contracts with oil field operators for drilling 4 wells with an option to drill further four wells in West Africa. The contracts were signed by the company's Singapore based subsidiary Aban Singapore Pte Limited.
Aban has also acquired an overseas drilling services company. The company acquired 100-per cent stake in West Africa Drilling N.V., a Company incorporated under the laws of Netherlands Antilles, through Aban Singapore Pte Limited. West Africa Drilling has entered into an agreement for purchasing a drilling vessel.
Aban Singapore Pte Limited was formed last November and the subsidiary has placed an order for a jack-up offshore drilling rig with a Singapore based shipyard.
Aban Loyd reported a net profit of Rs18.53 crore or Rs5 per share on total revenues of Rs123.76 crore for the December quarter. For the previous quarter ended 30 September the company had reported profits of Rs22.82 crore or Rs6.19 per share on revenues of Rs131.93 crore.
Promoters hold nearly 62 per cent of Mastek while FII's a 14 per