Aban Offshore gets Rs 1,050-cr order from ONGC

CHENNAI: Aban Offshore, which claims to be the country's largest offshore drilling contractor, today said it has received a Rs 1,050 crore order from state-owned ONGC Ltd.

In a BSE filing, the Chennai-based company said it has received the Letter of Award (LOA) for deployment of drillship -- Aban Ice for a period of three years.

"The total value of the LOA is approximately USD 185 million (equivalent to Rs 1,050 crore)", the company said.

The project is expected to commence during the fourth quarter of this financial year,it added.

Shares of the company were trading at Rs 302.70 apiece, up by 1.85 per cent over previous close in afternoon BSE.