text: Aban Offshore's gas platform Pearl sunk off the coast of Venezuela - The Economic Times
  Business News›Industry›Energy›Oil & Gas›Aban Offshore's gas platform Pearl sunk off the coast of Venezuela
  Aban Offshore's gas platform Pearl sunk off the coast of Venezuela
  May 13, 2010, 11.00 PM IST
  CHENNAI: Aban Offshore, India's largest offshore drilling and oil field services provider, suffered a major setback on Thursday, when its gas platform Pearl sunk off the coast of Venezuela. This was one of Aban's biggest money spinning rig earning $358,000 dollars or about a crore and a half rupees a day.
  Venezuelan president Hugo Chavez broke the story on Twitter Thursday afternoon, tweeting, "I'm afraid to inform you that gas platform Aban Pearl sank a few moments ago. The good news is that 95 workers are safe." He also said that the workers had been evacuated and that Navy patrols were moving to the area.
  Following this, Aban Offshore, in a statement to BSE, said, "Following an incident on the semisubmersible rig Aban Pearl, which impacted its stability, a decision was taken to evacuate all personnel. All crew members have now been evacuated and are safe. Further updates will be provided as the situation clarifies.
  No further information was available from Aban on the potential revenue loss that this caused. Aban offshore officials could not be contacted and an Aban Offshore board member said he had "no idea" about the incident.
  An industry source said the revenue contribution from the ill-fated rig Pearl was high. "It is one of the biggest revenue generators. Also, it's a semisubmersible rig. These kind of rigs have higher depth and therefore their day rates or rents are higher than the other rigs," the source said.
  The rig is learnt to have fetched daily rates of $358,000 dollars or about a crore and a half rupees a day. It belongs to Aban Singapore, which in turn, is a subsidiary of Aban Offshore. It could drill upto 1,250 feet and is one of the 20 ships and rigs Aban owns, according to the company's website.
  Agency reports said, Aban Pearl was being operated by Venezuela's state oil company, PDVSA, which is operating the field. The gas platform was drilling in the Mariscal Sucre offshore natural gas project, off the coast of Venezuela's Sucre state.
  Venezuela's energy and oil minister, Rafael Ramirez, said there had been a problem with the flotation system of the semi-submergible platform, causing it to keel over and sink. But he said a tube connecting the rig to the gas field had been disconnected and safety valves activated, so there no risk of any gas leak.
  This development comes at a time when Aban is trying to repay the debts it raised during its expansionary phase. India Infoline, said in a report last month that Aban Offshore has a commitment to pay $356 million worth of debt in FY11 and $642 million in FY 12.
  Aban Offshore' s shares ended 1.51% on the BSE on Thursday and closed trade at Rs 1017.35 compared to the previous close of Rs 1032.95.