- Business
- Aban Offshore Limited provides offshore drilling and production services for the exploration, development, and production of oil and gas primarily to oil companies including ONGC in India and internationally. The company owns and operates a fleet comprising jack-up rigs, semi-submersible rigs, drillships, and floating production storage and offloading units such as Tahara; it also offers deepwater drilling services, well services, rig maintenance and refurbishment, and marine support services including anchor handling, towing, and supply boat operations. Aban Offshore Limited operates from its headquarters in Chennai, India, where it was founded in 1986, and maintains geographic presence in domestic and international markets with additional involvement in wind power generation in India. In September 2025, the National Company Law Tribunal in Chennai admitted the company into the Corporate Insolvency Resolution Process following a petition by Punjab National Bank due to defaults on loans, accumulated losses exceeding INR 10 billion, and negative net worth; Shailesh Bhalchandran Desai was appointed interim resolution professional in October 2025. Recent operational efforts include securing new contracts for rigs Aban 3 and Aban 4 at higher day rates to improve cash flows and deploying two of its four rigs for multi-year terms with major oil exploration firms. The company, listed on the Bombay Stock Exchange under ticker ABAN.BO, belongs to the Aban Group and faces ongoing challenges with liquidity where current liabilities exceed assets.