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Tuesday, 02 December, 2008, 04:10 GMT | more >>

Aban to debut on Singapore exchange



By Upstream staff 

The Singapore unit of Indian oil services company Aban Offshore plans to list in Singapore next year, with the initial public offering expected to raise around $400 million.

"It will be between $350 million and $400 million and on the Singapore Exchange," a source close to the deal told Reuters.

A second source said the IPO will likely be launched in the first half of next year and could raise as much as $500 million.

Banking sources said Merrill Lynch and UBS have been mandated as lead managers.

Aban Singapore earlier this year sold $150 million of convertible bonds to four investors in a private placement.

The bonds, which are due to mature in 2014, were sold to finance the purchase of shares in Norwegian offshore oil services firm Sinvest

Aban Singapore and Sinvest both have offshore drilling rigs under construction at yards owned by Singapore's Keppel and SembCorp Marine, the world's two largest rig builders.


Tuesday, 11 September, 2007, 04:55 GMT  | last updated: Tuesday, 11 September, 2007, 05:48 GMT

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