Aban Offshore gains as arm bags order from ONGC.

Aban Offshore was trading higher by 4% to Rs 208 on the BSE in early morning trade after the company announced that its arm has received order from Oil Natural Gas Corporation (ONGC) for the deployment of the Drillship Aban Abraham for a firm period of 2 years.

“A step down subsidiary of the company has received a Firm Letter of Award from ONGC for the deployment of the Drillship Aban Abraham for a firm period of 2 years,” Aban Offshore said in a release.


The expected revenues from this deployment is estimated at USD 87 million (equivalent to Rs 592 crore), it added.

The deployment is expected to commence during the fourth quarter of calendar year 2016, the company said.

BS