Aban Offshore's reinsurer agrees to settle claim

Aban Offshore Ltd, which has been floating in debt, has got a much needed breather as reinsurers agreed to settle the insurance claim relating to the sinking of its semi-submersible rig Aban Pearl at the assessed insurable value of $ 235 million. Aban, which suffered a major financial blow after its semi submersible sank in the Venezuela in May this year, already has a debt of $3,279 million (around Rs 16,600 crore) on its books. The company had firmed up plans in March to repay the debt of $1,226 million within a span of 10 years. Regarding the insurance claim ...

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