India’s Aban Offshore sells four jack-up rigs to UAE player

India’s offshore drilling contractor Aban Offshore has entered into an agreement with the UAE-based operator ADES International for the sale of four of its jack-up drilling rigs.

Deep Driller IV; Source: Sembcorp Marine
Deep Driller IV - Aban Offshore
Deep Driller 4; Source: Sembcorp Marine

The rigs included in the deal are Deep Driller 2, Deep Driller 4, Deep Driller 5, and Deep Driller 6 owned by Aban Offshore’s step down subsidiaries.

According to information on Aban’s website, they were built in 2006, 2007, 2007, and 2008, respectively. They are based on a KFELS SUPER B Class design except for the Deep Driller 4, which is of a Baker Marine Pacific Class 375 design.

The total value of the deal is about $106 million for these four rigs with the first two being sold for $26 million each and the other two for $27 million each.

The sale is subject to the approval of shareholders and the expected date of completion is set for 31 May 2022.

In related news, a little over a year ago, Aban also sold two jack-up rigs, a drillship, and a floating production unit (FPU) owned by the company and two jack-ups and another drillship owned by its subsidiaries.

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The proceeds from the sale were used for the repayment of debts of the company and its subsidiaries.