Offshore drilling contractor Aban Offshore today said its subsidiary Sinvest AS will sell its entire 50% stake in Venture Drilling AS to Norway's Petrolia ASA for Rs 152 crore (about $34 million).
"Sinvest AS, which is a step-down subsidiary of the company, has entered into an agreement with Petrolia ASA, Norway, to sell its entire holding of 50% shares in Venture Drilling AS for a consideration of Rs 152 crore," Aban Offshore said in a filing to the Bombay Stock Exchange.
Venture Drilling was a 50-50 joint venture between Sinvest and Petrolia Drilling.
After completion of the transaction, Sinvest's shareholding in Venture Drilling AS will become nil.
Aban Offshore, through arm Aban Singapore Pte, had bought a stake in Norwegian company Sinvest in 2006.
Shares of the Aban Offshore were trading at Rs 622.80 on the BSE, up 1.47% from the previous close.