Aban seeks shareholders’ nod to sell assets to slash debt

Debt-ridden Aban Offshore is planning to sell some of its rigs and subsidiaries along with a floating production unit in a bid to repay the dues towards a clutch of banks and financial institutions.

The Chennai-based offshore drilling contractor, which has been in a financial mess for quite some time, will seek shareholders’ approval to divest the assets at an emergency general body meeting (EGM) on March 29. The company has identified jack-up rigs Aban V, Aban VI, Drill-ship Aban Ice and the floating production unit, Tahara, to be put on the block to raise funds.