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Aban Offshore drops on as rig sinks in Caribbean

May 14, 2010

VENEZUELA-PLATFORM/

Shares in ABan Offshore lost almost a fifth of their value on Friday after its gas exploration rig sank in the Carribean. The counter ended 18.2 percent lower at 831 rupees, with volumes of over 3.9 million shares.

An analyst said the rig might hurt revenues of the company. “This was one of the best assets for the company with a day rate of $385,000, which is the second highest revenue for the company in day rate terms,” Mehul Thanawala, Vice President (Research) at JM Financial, told Reuters.

For the year the counter has dropped over 30 percent. Do you think it will slide further after the rig incident?

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