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M. Ramesh

Chennai, Sept. 17 Aban Singapore Pte Ltd, a wholly-owned subsidiary of Aban Offshore Ltd, is considering listing in Oslo stock exchange, Aban Offshore’s Managing Director, Mr Reji Abraham, told the company’s shareholders here on Wednesday.

Aban Singapore had intended to come out with a public issue in Singapore, which would have been the biggest IPO by an Indian company in the island nation.

But the move was deferred because the markets turned sluggish.

The proceeds were to be used for paying off some high cost debt that was incurred to pay for the acquisition of the Norwegian-drilling company Sinvest.

The acquisition was made in 2006.

But now, Aban feels that it might get better valuations in Norway — oil companies usually get better valuations there, Mr Abraham said.

Meanwhile, Aban Offshore itself is planning to raise equity. Sources in the company said that the equity would be raised both in the domestic as well as overseas markets.

Among the resolutions passed today was one enabling the company to raise $400 million through instruments such as the FCCB and another allowing Aban to raise the authorised capital from Rs 1,000 crore to Rs 1,500 crore.

Mr Abraham told the shareholders that the company has orders on hand worth $2.8 billion. Aban Offshore owns seven rigs. Aban Singapore owns another 14,10 of which came into its fold through the Sinvest acquisition. Of the 14, two are under construction and three are under refurbishment. All the others are in operation.

Mr Abraham said that Aban’s deep water rigs could drill in water depths of about 7,000 feet, but the company intends to acquire rigs that could operate at depths of around 12,000 feet.

“We are trying for one or two of those,” he said.

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