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.

Aban Offshore Limited has formally notified stock exchanges about the scheduled review of its third quarter financial results for fiscal year 2026. The company, currently operating under Corporate Insolvency Resolution Process (CIRP), will have its unaudited financial results considered and approved on February 13, 2026.

Financial Results Schedule

The Resolution Professional will review comprehensive financial data covering the company's performance for the quarter ended December 31, 2025. The scheduled meeting will address both standalone and consolidated financial results, providing stakeholders with a complete view of the company's financial position during the third quarter of FY26.

Corporate Status and Governance

Aban Offshore Limited continues to operate under the Corporate Insolvency Resolution Process, with Shailesh Desai serving as the Resolution Professional. The company maintains its regulatory compliance by providing timely intimations to stock exchanges regarding significant corporate developments and financial disclosures.

Exchange Communication

The formal intimation was submitted to both major Indian stock exchanges on January 28, 2026. The communication ensures transparency and keeps market participants informed about the company's financial reporting schedule during the insolvency resolution proceedings.

The scheduled financial results review represents a continuation of the company's commitment to maintaining transparent financial reporting standards despite operating under CIRP. Stakeholders and market participants can expect the unaudited results to be made available following the Resolution Professional's consideration and approval on the announced date.