Because one of its main rig named Aban Pearl has sunk in deep sea in Venezuala causing revenue loss of $358000 .Though company have insurance for the RIG but it did not took insurance cover for its deemed profit.this can lose in 30 % in its revenue

Sad

A Venezuelan natural gas exploration rig sank in the Caribbean sea early on Thursday, but all 95 workers were evacuated safely and there was no leakage, the government said.

The rig was owned by Aban Offshore. At 9.08 am, the stock was quoting at Rs 845.95, down Rs 171.4, or 16.85% in a mildly weak market.

The accident came less than a month after a rig owned by BP exploded and sank in the Gulf of Mexico, triggering one of the world's worst-ever oil spills.

Venezuela's Energy Minister Rafael Ramirez said no gas was escaping from the Aban Pearl rig site after the platform disappeared beneath the waves near the northeast coast of the OPEC nation, close to the Trinidad and Tobago islands.

"At 2:20 am (0650 GMT) the rig sunk completely. I flew over it this morning and there is nothing to see," Ramirez told Reuters.

The government had been proud of the Aban Pearl, which was the first offshore gas rig operated by state oil company PDVSA. State television frequently portrayed t ...more