Aban Offshore, the oil rig company, recorded a total income of about Rs. 487 crores in Q3 compared to Rs. 399 crores in Q2 - about a 20% growth in revenues QoQ. However this is lower than the Rs. 737.4 crore in income for Q3 last year.
The company as a group widened its losses, showing a net loss of Rs. 247.2 crore for Q3 this year as compared to a loss of Rs. 157.6 crore for the same quarter last year. While the Indian arm of the company is profitable, idle rigs in the Singapore arm have hurt the company's margins, sharpening losses for the quarter. For the Singapore rigs to be operational again, the company needs to negotiate contracts in a stable oil price regime.
The company's growth QoQ has been driven by the new two year contract with ONGC for the Aban Abraham rig. The company now has three rigs from the Indian arm and one rig from the Singapore arm working for ONGC. The company also expects four Indian rigs that are currently idle - DD5, DD6, DD8 and ABAN VII - to be operational on short term contracts starting February and early March.