- For the full year FY2017, revenues were $262 million in USO and EBITDA was $135 million.
- The net loss was US $158 million
- The company intends to pay US $120 million in each of FY18 and FY19
- A net reduction of US $36 million in receivables from Iran. The receivables were US $288 million as on mar 2016 and are at US $252 million as on Mar 2017
- The preference shares due for redemption have not been paid off yet. There is no fixed timeline for that
- During the quarter, the company won the following tenders
- A three -year charter hire for Aban Ice with ONGC four well contracts for DD8 with Vietsovpetro and Foreman's work for DD6 in the Middle East.
- A short-term work for two months for DDS with Cairn and also with DD8 with Santos, Bangladesh.
- Aban -VII also had got a contract in Oman all of which were completed
• Rig by Rig contract update
- Total 5 rigs from Singapore and 2 rigs from India are not operational
- The company refused to comment on decline on day rates
- Total 8 tenders from ONGC
- There are a lot of tenders in the market compared to 3 months ago, especially among long term tenors of more than 3 years
- Most of the tenders will around June '17 .The company is trying to participate in all the tenders
- Drilling activity has increased in Iran and whole of Middle east region . The company has managed to get some contracts form Oman and UAE
- Iran which used to command as high as 30% premium over the rest of the world, the premiums have fallen down significantly and it is not more than 5% to 10%.
- In India, activity has been quite good. ONGC is one of the major oil companies they have been tendering for rigs despite the lower oil prices, so activity has been quite good in India.
- In India the rates have behaved in line with market and rest of the world