Loss of rig hits Aban stock hard

May 15, 2010 - Age Correspondent |

mumbai

Aban Offshore took a major beating on the stock exchanges on Friday, a day after it lost an oil rig to an accident.
The stock was down over 18 per cent on the Bombay Stock Exchange, to Rs 831.25 on Thursday, the company l

ost a semi-submersible rig — which is used to drill for oil & gas on the seabed — to an accident off the Venezuelan coast. All the 95 personnel on board were safe, the company said in a statement on Friday.
The rig was insured for a value of $240 million, according to market sour-ces.
However, in spite of the insurance amount, the loss will be a big hit for the
company. Analysts tracking Aban say that the loss
of Aban Pearl, the rig
that was operating in Venezuela, will hit the company hard.

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