After a long wait, the shares of Aban Offshore, the oil exploration company finally went up. They had gone down drastically after one of its semi-submersible rig sank. The share price till afternoon of Wednesday had gone up by 8 per cent.

Now, Aban has managed to get the settlement claim from the insurance which will be paying it $235 million.

The company said that 97 per cent of the total claim has been received by Aban and the balance will be coming up soon. This was said in a statement that was filed with the BSE.

Name of the rig that sank was Aban Pearl and it was situated in the Caribbean region. The incident took place on May 13 and since then the price of the share has been sub-1,000 level. It happened such because Pearl was one of the most important rigs of the company and because of this the revenue of the service provider will be going down drastically.

The rig was built in 1977 and it changed hands in 2007. For it, Aban had to pay $211 million.