Aban Offshore gains on contract with Cairn Energy

MUMBAI: Aban Offshore has signed a contract with Cairn Energy India for the deployment of the jack-up rig Aban-II in Ravva block, located offshore East Coast of India, for a 5 firm well plus 2 optional well programmed.

Cairn Energy India in Joint Venture with ONGC, Videocon and Ravva Oil operates the Ravva block. The estimated revenue from the firm period of the contract (with an estimated duration of 150 days) is $15 million (equivalent to approximately Rs. 69.75 crores).

The stock was at Rs 810.75, up Rs 31.15 or 4 per cent on the NSE. It touched a high of Rs 821 and low of Rs 777 in trade so far. Around 15.63 lakh shares were traded in the counter.