The Hindu Business Line : Corporate Developments

Coimbatore, Sept. 13 Aban Offshore Ltd has entered into a memorandum of agreement with Bulford Dolphin Pte. Ltd for the purchase of the semi-submersible rig Bulford Dolphin for a consideration of $211 million and delivery is expected to take place in the fourth quarter of this year.

ABG Shipyard Ltd’s board of directors has approved the company’s involvement in the proposal for revival and rehabilitation of Western India Shipyard Ltd (WISL) in terms of a scheme of compromise and arrangement between WISL and its secured lenders, with the company as a confirming party, under Sections 391-394 of the Companies Act, 1956.

The scheme provides certain options for the restructuring/one-time settlement of the debt of the secured lenders of WISL with the involvement of the company, along with other matters connected with the compromise and arrangement, including reorganisation of share capital of WISL, subject to necessary approvals.

Diamond Cables Ltd is in receipt of orders for 2,750 transformers, out of which 1,350 transformers are for 63 kVA, and 1,400 transformers for 16 kVA and 10 kVA.

These orders will be executed by the company’s wholly owned subsidiary Diamond Power Transformers (Western Transformers) before March 31, 2008.

The subsidiary’s order book position exceeds Rs 70 crore and the capacity is totally booked till June 30, 2008.