Aban Offshore penalised by the US for violation of Iranian regulations
The Dollar Business Bureau A Chennai-based company, Aban Offshore Limited, has agreed to pay $17,500 as a penalty for a settlement with the United States Department of Treasury for its potential civil liability due to an apparent violation of the rules of Iranian Transactions and Sanctions Regulations (ITSR). “It is determined that Aban Offshore did not voluntarily self-disclose the apparent violation to it, and that the apparent violation constitutes a non-egregious case,” Office of Foreign Assets Control (OFAC) at the US Department of Treasury said in a statement. The apparent violation occurred by the Chennai-based Aban Offshore on June 27, 2008 when the company’s subsidiary in Singapore put an order for supplying oil rigs from a vendor in the US with the purpose to re-export ...
Aban Offshore to raise $400 mn via FCCBs, GDRs
The Dollar Business Bureau Chennai based drilling contractor, Aban Offshore, is in talks to raise long-term funds up to $400 million through Global Deposit Receipt (GDRs) and Foreign Currency Convertible Bonds (FCCBs). In addition, the company has plans to issue equity-related securities worth Rs.2,500 crore via qualified institutional buyers (QIB). The company has received nod from the board members for the issue of FCCBs, GDRs, ADRs, etc. to raise these funds. Meanwhile, the board members have also approved for the re-appointment of two Deputy Managing Directors, P Venkateswaran and C P Gopalkrishnanm, for a tenure of five-year each. The net profit of the company has increased by 11% q-o-q and about 783% y-o-y to Rs.104.90 crore, however, the consolidated net loss of the oil ...
