Aban Offshore to sell four rigs to ADES Saudi for Rs 808 crore to repay debt

Aban Offshore, the debt-ridden and loss-making offshore drilling services provider headquartered in Chennai, has entered into an agreement with ADES Saudi, to sell four of its deep driller rigs, in a bid to pare a portion of the debt it has on its books.

The sale deal wth ADES Saudi, which is in the business of providing oil field services, will fetch the beleaguered company an amount close to Rs 808 crore.