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AuditorDomain1

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AuditQualification1

iso4217:INRxbrli:pureiso4217:INRxbrli:shares

523204

ABAN

INE421A01028

ABAN OFFSHORE LIMITED

Main Board

Equity

2025-04-01

2026-03-31

2026-02-13

2026-01-28

INR

Millions

Quarterly

Third quarter

Single segment

DRILLING SERVICES

2026-02-13

15:30:00

2026-02-13

16:30:00

Statement on impact of audit qualification

false

true

2025-10-01

2025-12-31

Unaudited

Standalone

265180000

26380000

291560000

50000

22680000

2280000

14140000

39150000

252410000

15740000

236670000

116730000

4.05

1. Pursuant to petition filed by Punjab National Bank (‘Financial Creditor’) before the National Company Law Tribunal (‘NCLT’) Chennai bench, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (‘the Code’) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (‘the Rules’), the NCLT admitted the petition and vide its order dated 01st September 2025 initiated Corporate Insolvency Resolution Process (‘CIRP’) against Aban Offshore Limited (‘Corporate Debtor / the Company’). The NCLT appointed, vide its order dated 10th October 2025 Mr. Shailesh Bhalchandran Desai as the Resolution Professional (‘RP’). Committee of Creditors(“COC”) at its first meeting held on 26th November 2025 in terms of section 22(3) (a) of the code resolved with the requisite voting appointed Mr Sailesh Bhalchandran Desai as the Resolution Professional. 2. The unaudited Standalone financial results were taken on record on 13th February 2026. 3. The Company has continued as a going concern. Since, under CIRP, the business operations of the Company are managed under supervision of the RP (Resolution Professional) in accordance with objective of IBC 2016 to ensure that going concern is continued for maximising the value of the Company. Hence the Financial results are prepared as going concern basis. 4. The unaudited Standalone financial results have been prepared in accordance with the Companies (Indian Accounting Standards) Rules 2015 (IND AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting principles and policies to the extent applicable. 5. The Company operates in only one business segment i.e. Offshore Drilling. 6. Clause 52 (6) of LODR disclosure –The Company hasn’t redeemed its non-convertible redeemable preference shares amounting to INR 2,810 million on due dates and paid no dividend. 7. The unaudited standalone financial results have been subjected to limited review by the statutory auditors of the Company. 8. The Company has investments of INR 94.34 Million in Preference Shares outstanding as at 31st December 2025 which are overdue. Management is of the opinion, considering the business of the investee that the invested amounts will be recovered and considering whether the investments as good and recoverable. 9. Based on the claims received by the RP from the financial creditors the company has not provided for interest on bank borrowings and dividend on cumulative redeemable preference shares for the period October 2025 to December 2025. As per the Provisions of IBC, the liability are crystalised on CIRP commencement date. 10. Similarly, the Company has not reinstated the foreign currency bank borrowings for the three months period ended 31st December 2025 as the claims have been crystallized on 30th September 2025. 11. The company has accrued the interest income on inter corporate loan at a rate which was reset from 1st October 2025 which stands at 7.50% p.a. 12. The company has accrued the revenue from support services from its wholly owned foreign subsidiary based on actual cost incurred to provide such services instead of at the agreed rate for the quarter ended 31st December 2025. 13. The RP has signed the unaudited Standalone financial results solely for the purpose of ensuring compliance by the Company with applicable laws, and subject to the following disclaimers: a. The RP has signed the financials results in good faith and accordingly, no suit, prosecution or other legal proceedings shall lie against the RP in terms of Section 233 of the Code; b. No Statement, fact, information (whether current or historical) or opinion contained therein should be construed as representation or warranty, express or implied, of the RP; c. The RP, in review of the financial results and while signing the financial results, has relied upon the assistance provided by the erstwhile Management of the Company. The unaudited standalone financial results of the Company for the quarter and nine months ended 31st December 2025 have been taken on record by the RP solely on the basis of and on relying on the certifications, representations and statements of the directors and the erstwhile management of the company. For all such information and data, the RP has assumed that such information and data are in conformity with the Companies Act, 2013 and other applicable laws with respect to the preparation of the financial results and that they give a true and fair view of the position of the Company as of the dates and period indicated therein. Accordingly, the RP is not making any representations regarding accuracy, veracity or completeness of the data or information in the financial results. d. In terms of the Code’s provisions, the RP is under process to determine avoidance transactions. e. Claims were submitted by the financial creditors, operations creditors, other creditors including claims of employees to the RP. The overall liabilities shall be determined during the CIRP and accounting impact if any shall be considered on completion of CIRP.

2025-04-01

2025-12-31

Unaudited

Standalone

823970000

93130000

917100000

3220000

80950000

326720000

5050000

276350000

692290000

224810000

47320000

177490000

116730000

3.04

0.0217

Exchange Diffrtence Net

Other Expenditure

14140000

Exchange Diffrtence Net

201360000

Other Expenditure

74990000

Unaudited

Disclaimer of opinion

FORD RHODES PARKS & CO. LLP

true

2027-09-30

291560000

39150000

236670000

4.05

Non-Receipt of Bank Balance Confirmations: Though the Company authorized its bankers to send balance confirmation to us directly, we did not receive any direct confirmations. The company is unable to obtain and provide bank balance confirmations for the Companys bank balances including deposits of INR 130.92 million and the Companys outstanding bank borrowings from 2 banks (term loans) amounting to INR 4,197.92 million as of 31st December 2025. In our opinion, there are no other practicable review procedures available to us to verify these bank balances and transactions. In view of the non-confirmation of bank current, deposit and loan account balances and non-availability of bank statements of bank loan accounts, we are not in a position to ascertain and comment on the correctness of the above-mentioned balances and the resultant impact of the same on the unaudited standalone financial statements of the Company. Material uncertainty relating to Going Concern: The Company has accumulated losses on account of which the net worth is eroded. Also, current liabilities exceeded current assets. The company has defaulted in respect of installments and payment of interest on term loans. On petition filed by a financial creditor, the NCLT Chennai Bench admitted the Company into Corporate Insolvency Resolution Process (CIRP) and appointed an RP. These situations indicate that material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. (Refer Note 3 to the unaudited standalone financial statements). The appropriateness of assumption of going concern is dependent upon improvement in cash flows from normal operations, timely monetization of assets, and ongoing CIRP processes. Investments overdue: As mentioned in Note 8 of the unaudited standalone financial statements, the company has investments of INR 94.34 Million in preference shares outstanding as at 31st December 2025 which are overdue. The management is of the opinion that the amounts will be recovered. Page 2 of 4 Claims submitted by creditors: As mentioned in Note 13 e of the unaudited standalone financial statements, claims were submitted by the financial creditors, operational creditors, other creditors including claims of employees to the RP. The overall liabilities shall be determined during the CIRP and accounting impact if any shall be considered on completion of CIRP. We have not been provided with information pertaining to the proceedings of CIRP process including the minutes of meetings of the Committee of Creditors (COC), and the outcome of procedures carried out as a part of the CIRP, citing confidentiality reasons. Non provision of Interest on bank borrowings and dividend on cumulative redeemable preference shares: As mentioned in Note 9 of the unaudited standalone financial statements, based on the claims received by the RP from financial creditors, the Company has not provided for interest on bank borrowings and dividend on cumulative redeemable preference shares for the quarter ended 31st December 2025 since the liabilities are crystalized on CIRP commencement date. Non reinstatement of foreign currency bank borrowings: As mentioned in Note 10 of the unaudited standalone financial statements, the Company has not reinstated the foreign currency bank borrowing as at 31st December 2025 as the claims have been crystalized. Accrual of Interest income at reduced rate on inter-corporate loan: As mentioned in Note 11 of the unaudited standalone financial statements, the Company has accrued for interest income on inter corporate loan at a lower rate which was reset from 01st October 2025. Revenue support services accrued at cost instead of at agreed rate: As mentioned in Note 12 of the unaudited standalone financial statements, the Company has accrued the revenue from support services from its wholly owned foreign subsidiary at a rate lesser than the agreed rate. 6. Disclaimer Conclusion In view of the significance of the matters described in paragraph 5 above and the uncertainties involved, we have not been able to obtain sufficient and appropriate evidence thereon, unable to conclude as to whether the Statement has been prepared in accordance with the recognition and measurement principles laid down in the applicable Indian Accounting Standards (Ind AS) specified under Section 133 of the Companies Act, 2013 as amended, read with relevant Rules and other recognized accounting practices and policies or state whether the Statement has disclosed the information required to be disclosed in terms of the Listing Regulations, read with the Circular, including the manner in which it is to be disclosed, or that it contains any material misstatement. Thus, we do not express a conclusion on the accompanying financial results.

Disclaimer of opinion

Repetitive

Company is undergoing CIRP

Under CIRP.

Company is Under CIRP. Hence management is swifted to RP.

Reji Abraham

Narayan Venkat Ramanan

Company is under IBC

R SUBRAMANIAN

Shailesh Desai, Resolution Professional

Chennai

2026-02-13

694080000

46150000

740230000