Aban Offshore secures Rs 3,371 crore orders; stock surges

MUMBAI: Shares of Aban Offshore attracted investor interest after the oil exploration services provider secured two deals worth Rs 3,371 crore for supplying rigs.

The company has signed a contract worth Rs 2,925 crore for the deployment of three newly build jack-up rigs (from the deep driller series) in the Middle East, Aban Offshore said in statement to the Bombay Stock Exchange (BSE).

The company is expects to earn a revenue of about Rs 446 crore from this contract, it said. The deployment period of rigs is for three years each, it added.

The firm has also entered into a deal for the deployment of a new build jack-up rig in Latin America for a period of 25.5 months.

The deployment of rigs in both the deals is likely to commence in the third quarter of 2009, the offshore services provider said.

However, the company did not disclose the identity of parties with whom it has entered into the deals.

Shares of Aban Offshore surged 20 per cent in early trade but soon eased some of its gains and were trading at Rs 1431.95, up 18.30 per cent on the BSE.