Aban JV in contract for early redelivery of drillship

Aban Offshore, which provides offshore services to the oil sector, said on Friday its joint venture, Venture Drilling AS, has signed an agreement for early redelivery of a drillship to its Russian owner.

Venture Drilling is an equal joint venture between Aban's unit Sinvest AS and Petrolia ASA. It will receive a cash amount of USD 138 million which covers the purchase price for all equipment onboard, said the statement to the stock exchange. Through a settlement, the drillship Valentin Shashin has been redelivered to owner Arktikmorneftegazrazvedka on February 24. The drillship had been on a bareboat charter from the Russian firm. At 11:06 am, Aban Offshore shares were up 0.97% at Rs 539 in a firm Mumbai market.