Chennai-Based offshore drilling firm Aban Loyd Chiles Offshore Ltd today said its wholly-owned subsidiary Aban Singapore Pte Ltd (ASPL) will acquire 33.76 per cent equity in Norway’s Skeie Group’s subsidiary Sinvest ASA for $445 million.The strategic stake will place Aban Loyd among the world’s top 10 offshore drilling service providers in terms of offshore drilling assets. On the BSE, the Aban Loyd stock closed at Rs 838.95, up 10 per cent. The transaction values Sinvest’s equity at $1.3 billion while the whole enterprise has been valued at $2.25 billion.Last month, Aban Loyd said that it was also in talks with PT Apexindo Pratama Duta Tbk, an Indonesia drilling firm, to acquire 51.97 per cent shares in the company. It has opened parleys with Asian Opportunities Fund I and CLSA to acquire a further 32.15 per cent stake held by them in PT Apexindo. Aban Loyd is raising $200 million via foreign currency convertible bonds (FCCBs) to fund acquisitions.Sinvest is a large jack-up drilling company which owns two newly built premium jack-up drilling rigs. It also has six premium jack-up drilling rigs in various stages of construction. It owns a 50% stake in Venture Drilling AS, a Norwegian company, which has an order book of $290 million.Sinvest also holds the entire equity of Beta Drilling AS, another Norwegian company.Aban Loyd is an offshore drilling services provider with a fleet of seven jack-up drilling rigs, two drillships and one floating production unit. It had a turnover of Rs 505.42 crore in 2005-06 and a net profit of Rs 83.81 crore.
