Aban Offshore receives LOA for jack-up rig ABAN III from ONGC; stock marginally down

29 Jul 2022 , 12:02 PM

Aban Offshore Limited informed that it received a Letter of Award for the deployment of jack-up rig ABAN III from ONGC.

The company stated that LOA received is for a firm period of three years.

The company expects to commence the deployment during the first quarter of the calendar year 2023.

Aban Offshore is a multinational Indian offshore drilling services provider based in Chennai, India. Its services are primarily used by oil companies, particularly ONGC. It has now entered international waters, with one of its five rigs working for an Iranian oil company.

At around Aban Offshore was trading at Rs44.30, down by 0.11% against the previous close of Rs44.35 on BSE. The scrip opened at Rs44.35 and has touched intraday high and low of Rs44.70 and Rs43.95 respectively.

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