Aban Pearl sinking
An offshore drilling barge, the Aban Pearl, owned by Aban Offshore Co. of India, was rented by the Venezuelan state oil company Petroleos de Venezuela in mid-2008. However, the contract was not signed with the owner but with a third party called PetroMarine Energy services Ltd., incorporated in Singapore a few months before the contract was signed. In turn, this company was owned by a company registered in Panama called ISAPECO S.A., with a capital of $10,000, jointly owned by Mr. Enoc Martinez and Mr. Hidalgo Socorro. The rental fee agreed by Petroleos de Venezuela with PetroMarine Energy services was of approximately $730,000 per day, according the Petroleos de Venezuela Annual report for 2008, see http://www.petroleumworldve.com/pdf/Memoria%20y%20Cuenta%20MENPET%202008.pdf), pages 1005 and 1006. However, the owners of the barge only received $358,000 per day, according to a report to their shareholders, see http://www.aban.com/downloads/aolpresentation.pdf
Mr. Enoc Martinez is also the owner of Astivenca, a contractor for Petroleos de Venezuela based in Maracaibo, Venezuela. He traveled to Singapore for the signing of the rental contract of the barge with Petroleos de Venezuela.
· The Aban Pearl was contracted by Petroleos de Venezuela with a third party, not directly with the owner. This is poor management and strongly suggests corruption
· The third party, PetroMarine Energy services, was incorporated in Singapore a short time before the contract with Petroleos de Venezuela was signed. This is also a strong indication of corruption
· A significant amount of money, some $372,000 per day, went into the pockets of the third party
· The owners of PetroMarine Energy Services are contractors for Petroleos de Venezuela, in Venezuela, and have close ties to the management of Petroleos de Venezuela
· The Panamanian company owner of PetroMarine had a capital at the time of only $10,000. It was a ghost company, owned by the same person (s) that contracted for the barge with Petroleos de Venezuela.
I have more details about this deal but these are the essential ones.