Aban Offshore Limited

Aban Offshore secures USD 241 million contract in Malaysia

Drilling and oil field services major Aban Offshore has bagged a contract worth US$ 241 million (about Rs 1,133 crore) in Malaysia for deployment of rig deep driller.

The source close to the company said that Aban Offshore has got a letter of award for the continued deployment of the rig dip driller 3 offshore Malaysia for a 4-year period in direct continuation of its current contract.

In the previous month, the company has inked a pact with Husky Oil for leasing its jack up rig for a drilling operation in China. 

Aban Offshore Bags Contract From Chinese Co

Country’s largest private sector firm, Aban Offshore has made announcement that the company has secured an order from China based Husky Oil, for leasing its jack up rig Deep Driller 5 offshore for a 3 firm wells in addition to 3 optional wells program in China.

According to the reports, the proposed contract of around 6 months would yield estimated revenues of USD 38.70 million (about Rs 178 crore) for Aban Offshore.

The source close to the company said that the deployment of the rig as per the new contract would commence in the first quarter of 2009.

Aban Offshore’s arm bags order worth Rs 3150 crore

Aban Offshore Limited, country's largest offshore drilling contractor in the private sector, has informed that its unit has signed an agreement for the deployment of the semi- submersible rig Aban Pearl offshore Latin America, for a 5 year period.

The estimated revenue from the deployment, which is expected to commence in Q3 of the fiscal 2008-09, is about Rs 3150 crore, including estimated reimbursement towards taxes, duties and other levies.

Short Term Buy Call For Aban Aban Offshore

Stock market analyst Ashwani Gujral is of the view that the stock of Aban Offshore can be purchased with a stop loss of Rs 3440 for a short-term target of Rs 4500.

If stock markets remain positive, the investors can achieve the said target within a period of 5-6 weeks. The stock, on Friday, closed at Rs 3765.50 on the Bombay Stock Exchange (BSE).

The stock of the company has touched 52-week high of Rs 5555 and a low of Rs 1527.7 on BSE.