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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

2025-10-01

2025-12-31

Unaudited

Consolidated

913080000

84300000

997380000

136320000

142720000

32010000

40220000

429170000

780440000

216940000

-94720000

15740000

-78980000

295920000

-350000

295570000

-3389580000

-3094010000

116730000

5.06

(a Company under Corporate Insolvency Resolution Process by NCLT Order dated 01.09.2025) Note to Statement of unaudited Consolidated Financial Results: 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 Parent 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 consolidated financial results were taken on record on 13th February 2026. 3. The Parent Company has continued as a going concern. Since, under CIRP, the business operations of the Parent 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 Parent Company. Hence the Financial results are prepared on going concern basis. 4. The unaudited consoldiated 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 Group operates in only one business segment i.e. Offshore Drilling. 6. Clause 52 (6) of LODR disclosure –The Parent 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 consolidated financial results have been subjected to limited review by the statutory auditors of the Parent Company. 8. The Standalone Financial results are as under: 9. The Parent 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. 10. Based on the claims received by the RP from the financial creditors the Parent 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 liabilities are crystalised on CIRP commencement date. 11. Similarly, considering the claims received by the RP the Parent Company has not reinstated the foreign currency bank borrowing for the three months period ended 31st December 2025. 12. 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. 13. Based on the claims received by the RP from the financial creditors of the Foreign Subsidiaries, the Parent Company has not considered interest on such bank borrowings for the period October 2025 to December 2025. As per the Provisions of IBC, the liability are crystalised on CIRP commencement date. 14.The RP has signed the unaudited consolidated financial results solely for the purpose of ensuring compliance by the Parent 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 consolidated 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 assumperiod indicatedormation 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 Parent 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 of the Parent Company. e. Claims relating to the Parent Company were submitted by the financial creditors, operations creditors, other creditors including claims of employees to the RP. The overall liabilities of the Parent Company 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

Consolidated

3105020000

130990000

3236010000

337820000

487640000

5719370000

116000000

1753040000

8413870000

-5177860000

81450000

47320000

128770000

-5306630000

-350000

-5306980000

-12525670000

-17832650000

116730000

-90.94

Amortisation of Contract assets

212680000

Other Expenditure

216490000

Amortisation of Contract assets

627870000

Other Expenditure

1125170000

3389580000

12525670000

-3389580000

-12525670000

Unaudited

Disclaimer of opinion

M/S. FORD RHODES PARKS & CO.LLP

true

2027-09-30

997380000

780440000

295920000

5.06

In view of the significance of the matters described in paragraph 6A, 6B and 6C below 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. Page 2 of 7 The Basis for Our Disclaimer Conclusion: 6A. Relating to the wholly owned foreign subsidiary In the case of the wholly owned foreign subsidiary of the company Aban Holdings Pte Ltd, Singapore, and its subsidiary companies whose condensed consolidated interim financial information has been reviewed by other auditor CLA Global TS Public Accounting Corporation - Chartered Accountants, Singapore and they have expressed disclaimer conclusion on such condensed consolidated interim financial information for the financial period from 1st April 2025 to 31st December 2025, which is reproduced below: Beginning of Reproduction of the other auditors disclaimer conclusion: Basis for disclaimer conclusion- i. Going Concern: In preparing this condensed consolidated interim financial information, the board of directors has considered the operations of the Group as a going concern, notwithstanding that the Group incurred a net loss of US$ 94,616,000 for the nine months period then ended 31 December 2025, and as of that date, the Group was in a net current liabilities and net liabilities position of US$ 3,047,795,000 and US$ 2,955,736,000 respectively. The Groups rig classified as property, plant and equipment with carrying amounts of US$ 29,120,000 (Note 17) have been pledged as security for the borrowings of the Group, amounting to US$ 1,761,279,000 (Note 19). In addition, the Group has defaulted on the payment of their borrowings, which have fallen due and have breached the covenants of their borrowings, giving the lenders the right to demand the related borrowings be due and payable immediately. The lenders have issued recall notices to the Group. Management has reclassified these borrowings of the Group, with original repayment terms beyond12 months from the condensed consolidated balance sheet date as current liabilities. On 31 October 2025, the immediate and ultimate holding corporation, Aban Offshore Limited has made an announcement that pursuant to the order of the National Company Law Tribunal, Chennai Bench (NCLT) dated 1 September 2025, Corporate Insolvency Resolution Process (CIRP) has been initiated against Aban Offshore Limited under the provisions of the Insolvency and Bankruptcy Code, 2016 (the Code). The NCLT subsequently appointed an Interim Resolution Professional(IRP) on 10 October 2025 (order received on 14 October 2025) and a moratorium has been declared in accordance with the Code. Subsequent to 14 October 2025, the CIRP continued to progress with key procedural steps under the supervision of the Resolution Professional (RP) appointed on 26 November 2025. In compliance with the Code, Aban Offshore Limited has submitted the list of creditors as on 12 November 2025. On 21 January 2026, the Appellate Tribunal issued further procedural directions in relation to the Corporate Insolvency Resolution Process of Aban Offshore Limited, and the matter has been scheduled for further hearing. Page 3 of 7 As part of the operation, the Group leases a number of offshore drilling rigs from its immediate and ultimate holding corporation under bareboat charter arrangements, which are subsequently sub-leased to non-related party oil and gas companies under day rate drilling contracts. In light of the commencement of the CIRP, there are material uncertainties as to whether the Group can continue to sub-lease these rigs, or if such assets may be repossessed. This could potentially give rise to liquidated damages arising from the Groups inability to fulfill the terms of the drilling contracts or otherwise adversely affect the Group as part of the immediate and ultimate holding corporations ongoing insolvency proceedings. The above conditions indicate the existence of material uncertainties that may cast significant doubt on the Groups ability to continue as a going concern. Nevertheless, the board of directors believes that the use of the going concern assumption in the preparation of the condensed consolidated interim financial information of the Group for the nine months period then ended 31 December 2025 is still appropriate. The Group has during the financial year ended 31 March 2024, submitted a proposal for a one-time settlement of the bank borrowings to the lenders. As at 31 December 2025, the lenders are still seeking approval from the relevant authorities for the aforesaid proposal. In addition, the Board of Directors is of the opinion that the Group will continue with its existing sub-leasing arrangements and that the assets will not be repossessed, in view of the ongoing contractual commitments. The ability of the Group to continue in operational existence in the foreseeable future and to meet their financial obligations as and when they fall due is dependent on the actions and measures undertaken as disclosed above. Additionally, it is uncertain whether the Group will raise further funds through any fund-raising exercises. Therefore, we were unable to obtain sufficient audit evidence to enable us to form an opinion on whether the going concern basis of preparation of the accompanying condensed consolidated interim financial information of the Group is appropriate. If the Group is unable to continue in operational existence in the foreseeable future, the Group may be unable to discharge their liabilities in the normal course of business. As a result, adjustments may have to be made to reflect the situation where assets, particularly the rig of the Group, may need to be realised other than in the normal course of business and at amounts which could differ significantly from their current recorded values in the condensed consolidated balance sheet. Additionally, the Group may have to reclassify non-current assets and liabilities as current assets and liabilities respectively. The condensed consolidated interim financial information does not include any adjustment which may arise from these uncertainties. ii. Incompleteness of Bank Confirmations: We were unable to obtain bank confirmations to confirm the Groups bank borrowings amounting toUS$1,761,279,000 (Note 19) as at 31 December 2025. There were also no practicable audit procedures available to us to confirm or verify these bank balances and transactions. As a result, we were unable to ascertain the accuracy and completeness of the aforesaid bank borrowings. In addition, we were unable to verify the completeness of the Groups transactions with the banks for the aforesaid bank borrowings. Consequently, we were unable to determine whether any adjustments and disclosures might have been found necessary in respect of unrecorded and/or undisclosed transactions, facilities and information with the banks in the condensed consolidated interim financial information for the financial period from 1 April 2025to 31 December 2025. Page 4 of 7 iii. Investments in Associated Companies: The Groups carrying amounts of investments in associated companies as at 31 December 2025amounted to US$1,090,000. Management has determined that no objective evidence or indication that the carrying amounts of the investments in associated companies may not be recoverable, accordingly no impairment assessment is required. Based on the latest financial performance and financial position of the associated companies as well as other information made available to us, we were unable to obtain sufficient appropriate audit evidence in respect of the managements assessment of the recoverability of the investments in associated companies as at 31 December 2025. Consequently, we were unable to determine whether any adjustments might have been found necessary in respect of the carrying amounts of the investments in the associated companies as at 31 December 2025. Disclaimer of Conclusion Due to the significance of the matters described in the Bases for Disclaimer of Conclusion paragraph, we were unable to obtain sufficient appropriate evidence to form a conclusion on the accompanying condensed consolidated interim financial information. Accordingly, we do not express a conclusion on this condensed consolidated interim financial information. End of Reproduction of the other auditors disclaimer conclusion 6B. Relating to the Holding Company We refer to Basis for Disclaimer Conclusion paragraph in our Limited review report on Standalone unaudited financial results for the quarter and nine months ended 31st December 2025 which is reproduced below: Basis for Disclaimer Conclusion 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. Page 5 of 7 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. 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. Page 6 of 7 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. 6C. Non provision of Interest on bank borrowings of wholly owned foreign subsidiaries As mentioned in Note 13of the unaudited consolidated financial statements, based on the claims received by the RP from the financial creditors of the foreign subsidiaries, the Parent Company has not considered interest on such bank borrowings for the period 01st October 2025 to 31st December 2025, since the liabilities are crystalized on CIRP commencement date.

Disclaimer of opinion

Repetitive

Under CIRP

Nil

Under CIRP hence the management is unable to estimate the Impact on Results

Company is under CIRP hence condidered the manangement reply as such.

Reji Abraham

Narayan Venkat Ramanan

Company is under IBC

R SUBRAMANIAN

Shailesh Desai, Resolution Professional

Chennai

2026-02-13