Aban Offshore subsidiary to sell Venture Drilling stake; stock up
Aban Offshore said its subsidiary Sinvest AS will sell its entire 50% stake in Venture Drilling AS to Norway's Petrolia ASA for about Rs 152 cr.
By PTI | Updated:
MUMBAI: Offshore drilling contractor Aban Offshore today said its subsidiary Sinvest AS will sell its entire 50 per cent stake in Venture Drilling AS to Norway's Petrolia ASA for USD 34 million (about Rs 152 crore).
"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 to the Bombay Stock Exchange.
Venture Drilling was a 50-50 joint venture between Sinvest and Petrolia Drilling.
After completion of the transaction, Sinvest's shareholding in Venture Drilling AS will become nil.
Aban Offshore, through arm Aban Singapore Pte, had bought a stake in Norwegian company Sinvest in 2006.
Shares of the Aban Offshore were trading at Rs 622.80 on the BSE, up 1.47 per cent from the previous close.
"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 to the Bombay Stock Exchange.
Venture Drilling was a 50-50 joint venture between Sinvest and Petrolia Drilling.
After completion of the transaction, Sinvest's shareholding in Venture Drilling AS will become nil.
Aban Offshore, through arm Aban Singapore Pte, had bought a stake in Norwegian company Sinvest in 2006.
Shares of the Aban Offshore were trading at Rs 622.80 on the BSE, up 1.47 per cent from the previous close.
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