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Aban Offshore's Singapore subsidiary gets LoA from ONGC; Stock zooms 5%

The LOA is for the deployment of jack-up rig Aban VIII for a firm period of 3 years.

November 17, 2021 3:13 IST | India Infoline News Service
Aban Offshore Ltd has announced that its step-down subsidiary Aban Singapore Pte Ltd has received letter of award (LoA) from Oil and Natural Gas Corporation Limited (ONGC).

The LOA is for the deployment of jack-up rig Aban VIII for a firm period of 3 years, said company in a regulatory filing.

Further, the deployment is likely to commence during the second quarter of calendar year 2022, it added.

Aban Offshore hits 5% upper circuit at Rs54.40 per piece at around 3:15 PM on Sensex.

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