Aban Offshore’s arm receives LoA

12 Jul 2018 Evaluate

Aban Offshore’s wholly owned step-down subsidiary has received a Letter of Award (LoA). The LoA is for the deployment of three jack-up rigs owned by step-down subsidiaries of the company, in the United Arab Emirates. While two of the above said jack-up rig deployments are for a firm period of four years each, the deployment of the third jack-up rig is for a firm period of three years and an optional period of two years.

Two of the jack-up rigs are expected to commence deployment during the last quarter of calendar year 2018 and the third jack-up rig is expected to commence deployment during the first quarter of calendar year 2019.

Aban Offshore is engaged in the business of providing offshore drilling and production services. The Company's operating segments include offshore oil drilling and production services, and wind power generation (Wind energy). It is also engaged in the ownership and operation of wind turbines for generation of wind power in India.

Aban Offshore Share Price

55.54 1.64 (3.04%)
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