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अबन अफशोर

बीएसई: 523204  |  NSE: ABAN  |  ISIN: INE421A01028  |  Oil Drilling And Exploration

खोजें अबन अफशोर कनेक्शन Mar 10
अध्यक्षीय भाषण साल : Mar '14
Dear Shareholders,
 
 The Company reported a 102.74 per cent increase in its profi t after
 tax from H1,938.73 million in 2012- 13 to H3,930.65 million in 2013-14.
 Correspondingly, the Company''s cash profi t (profi t after tax plus
 depreciation) strengthened from H6,967.20 million to H9,246.90 million
 during the period.
 
 At Aban, this improvement was the result of some decisive initiatives
 in improving its deployment, operational and fi nancial performance.
 
 One, the Company successfully deployed almost all its rigs on contract,
 resulting in a high asset utilisation. Add to this the fact that the
 Aban Ice commenced on a new contract during the year under review at an
 enhanced day rate. As most of the contracts are in USD, the
 depreciation of the Indian rupee against USD during the year resulted
 in higher revenues in Indian rupee and a correspondingly higher profi
 t.
 
 Tw o , the Company refi nanced its debt for a longer tenure of 15
 years, which aligned debt tenures with the long- term nature of the
 Company''s assets and reduced considerable stress on the Company''s
 repayment capability and projected cash fl ows.
 
 Three, the Company sustained prevailing rates for long-term contracts
 and capitalised on higher rates where rig contracts were renewed.
 
 Four, even as the external currency environment remained volatile, the
 Company converted all its loans into dollar denomination, progressively
 emerging as a currency-neutral corporate with revenues also in dollar
 denomination.
 
 This was a significant step in the area of risk management.
 
 At Aban, we had foreseen this positive development for various reasons.
 Rig rates had declined following the 2008 fi nancial crisis and were
 poised for correction. During the year under review, the Company
 graduated from legacy to contemporary rates, moved a rig from Iran to
 other regions with long-term potential, deployed one more rig in Mexico
 and reinforced its global positioning, with 80 per cent of its revenues
 derived from international waters as opposed to a decade ago when the
 reverse scenario prevailed.
 
 Operational highlights
 
 Rigs Aban III and Aban VI had incident- free operations for a
 continuous period of six and seven years respectively.
 
 Prospects
 
 At Aban, we are optimistic of our prospects for a number of pertinent
 reasons.
 
 The high oil realisations have translated into attractive earnings for
 a number of oil majors, which they have prudently deployed into fresh
 oil & gas exploration. One of the interesting developments is that some
 new global exploration frontiers have emerged, widening the market for
 drilling and rig deployment. East Africa is one such E&P destination
 where there has been an increase in the demand for oil rigs accompanied
 by attractive contract tenures and realisations.
 
 The global rig market is not just marked by an increased demand for new
 rigs; it is also marked by a significantly higher demand for new rigs
 with correspondingly higher realisations.  At Aban, we are attractively
 placed to capitalise on this market divergence on account of an
 ownership of nine new rigs enjoying a high uptime, low costs,
 attractive realisations and a relatively young fl eet. The Company
 continues to lay an emphasis on safety.  The Company intends to
 strengthen its Balance Sheet by refi nancing debt for a longer tenure
 resulting in a comfortable interest cover.
 
 Over the foreseeable future, the Company expects to report an increase
 in earnings which are not driven as much out of an increase in day
 rates but by a decline in interest outfl ow, strengthening the
 Company''s ability to ride through various market cycles and reinforce
 its long-term sustainability.
 
 Warm regards,
 
 Reji Abraham, 
 Managing Director
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

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  • MARKET CUES : स्टॉक फ्यूचर्स में `596 Cr की बिकवाली
  • MARKET CUES : स्टॉक ऑप्शंस में `12 Cr की बिकवाली
  • CITI ON DLF : Sell रेटिंग, लक्ष्य `144/Sh
  • MS ON DLF : Overweight रेटिंग, लक्ष्य `211/Sh
  • CLSA ON DLF : Buy रेटिंग बरकरार, लक्ष्य `190/Sh

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