Aban Offshore sees better days after Iran sanctions waiver

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New Delhi | Published: February 3, 2016 1:25:43 AM

Aban Offshore, the firm specialising in drilling and exploration services, hopes that lifting of sanctions on Iran would help to re-deploy its rig and also mobilise funds from the oil-rich nation. Currently, it has outstanding dues to the tune of $280-290 million from Iran as on December 31, the company said in a conference call on Tuesday.

Aban Offshore, the firm specialising in drilling and exploration services, hopes that lifting of sanctions on Iran would help to re-deploy its rig and also mobilise funds from the oil-rich nation. Currently, it has outstanding dues to the tune of $280-290 million from Iran as on December 31, the company said in a conference call on Tuesday.

“We hope…probably within this quarter, we would be able to deploy some rigs again in Iran,” C P Gopalkrishnan, deputy managing director and chief financial officer told analysts.

Removal of sanctions as part of a nuclear deal reached last year will grant Iran access to about $150 billion in its frozen foreign assets, which will be spent on reviving the country’s aging infrastructure, Moody’s said. The country also will regain access to the international payment system, lowering trade and financial costs.

Gopalkrishnan said that post Iran’s deal with global powers the stigma related to working in Iran is gone. Earlier, investors were not willing to invest in the country.

Aban Offshore shares plunged as much as 4.5% in the early trade on Tuesday after the company reported a net loss of Rs 88.73 crore for the quarter ended December 2015 against net profit of Rs 129.99 crore in the corresponding quarter a year ago.

The scrip opened at Rs 183.90 and had touched a high and low of Rs 184.90 and Rs 182.25, respectively, in trade so far. Later, the share price settled 5.18% down at Rs 180.30

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