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Offshore drilling contractor Aban Offshore on Tuesday said its subsidiary Sinvest AS will sell its entire 50 per cent stake in Venture Drilling AS to Norway’s Petrolia ASA for $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 $34 million,” Aban Offshore said in a filing to the Bombay Stock Exchange. Venture Drilling is 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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