Aban subsidiary to sell Venture Drilling stake
29 Mar 2011
Offshore drilling contractor Aban Offshore today said its subsidiary Sinvest was divesting its entire 50 per cent stake in Venture Drilling AS to Norway's Petrolia ASA for $34 million.
The company was a 50-50 joint venture between Petrolia Drilling and Sinvest.
Aban Offshore, acquired a stake in Norwegian company Sinvest through arm Aban Singapore Pte in 2006.
"Sinvest AS, which is a step-down subsidiary of the company, has entered into an agreement with Petrolia ASA, Norway, to sell its entire holding of 50 per cent shares in Venture Drilling AS for a consideration of USD 34 million," Aban Offshore said in a filing with the Bombay Stock Exchange.
Shares of the Aban Offshore rose to Rs622.80 on the BSE, up 1.47 per cent from the previous close.
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