Aban Offshore Limited has disclosed significant outstanding preference share obligations while undergoing Corporate Insolvency Resolution Process (CIRP). The company made the disclosure pursuant to regulatory requirements under SEBI (LODR) Regulations, 2015.

Outstanding Preference Shares Details

The company has disclosed substantial outstanding Non-Convertible Redeemable Preference shares that have remained unredeemed for nearly a decade. The disclosure provides specific details about the nature and status of these financial obligations.

Corporate Insolvency Resolution Process

Aban Offshore Limited is currently undergoing CIRP under the provisions of the Insolvency and Bankruptcy Code. The process was initiated following an order from the Hon'ble National Company Law Tribunal (NCLT) dated September 1, 2025.

Shailesh Desai is serving as the Resolution Professional for the company, holding IBBI Registration No. IBBI/IPA-001/IP-P00183/2017-18/10362. The disclosure was made under his authority as the appointed Resolution Professional.

Regulatory Compliance

The disclosure was made to BSE Limited pursuant to Regulation 57(5) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation mandates specific disclosures regarding preference shares by listed companies.

The company's scrip code on BSE is 523204. The disclosure was submitted through BSE Listing Centre on April 2, 2026, ensuring compliance with regulatory timelines and requirements during the ongoing insolvency resolution process.

Aban Offshore Limited has received a downgraded credit rating from CARE Ratings Limited, with both its bank facilities and preference shares being moved to the 'Issuer Not Cooperating' category. The rating agency assigned 'CARE D; ISSUER NOT COOPERATING' status to the company's financial instruments due to lack of cooperation in providing requisite monitoring information.

Rating Downgrades Across All Facilities

CARE Ratings has moved all of Aban Offshore's rated facilities to the non-cooperating category following unsuccessful attempts to obtain information for rating surveillance.

Communication Breakdown with Rating Agency

CARE Ratings Limited sought information from Aban Offshore through multiple communication attempts, including emails dated January 09, 2026, January 13, 2026, January 16, 2026, and January 19, 2026, along with numerous phone calls. Despite repeated requests, the company failed to provide the necessary information required for rating monitoring purposes.

The rating agency has cautioned users of these ratings, including investors, lenders, and the public, to exercise caution while using the assigned ratings due to the non-cooperation status.

Corporate Insolvency Resolution Process Underway

Aban Offshore is currently undergoing Corporate Insolvency Resolution Process (CIRP) following an order issued by the National Company Law Appellate Tribunal (NCLAT), Chennai, dated September 1, 2025. An Interim Resolution Professional (IRP) was appointed on October 10, 2025, and three meetings of the Committee of Creditors (CoC) have been conducted, with the most recent meeting held on January 19, 2026.

Financial Performance Overview

The company's recent financial performance reflects the challenges faced by the offshore drilling sector. Aban Offshore has experienced continued decline in fleet utilization, resulting in significant revenue drops over recent years.

Company Background and Operations

Aban Offshore Limited, the flagship company of the Aban group, provides offshore drilling services to companies engaged in oil and gas exploration and production. The company and its wholly owned subsidiaries operated four operational assets by the end of December 2024. Founded in 1986 by late M.A. Abraham in collaboration with Chiles Offshore Inc. (COI), USA, the company's current management includes Reji Abraham as Managing Director and Narayan Venkat Ramanan as CFO.