DSIJ Mindshare

Aban Offshore’s arm cracks ONGC deal

The offshore oil exploration and production company, Aban Offshore has informed that its arm has received a Firm Letter of Award from ONGC for deployment of the Drillship Aban Abraham for a two-year tenure. The deployment procedure would start during October-December 2016. The deal has been signed for the revenue worth 592 crores.

Aban Offshore’s arm has received an order from ONGC for deployment of Drillship Aban Abraham. Aban Abraham is 100 per cent subsidiary of Aban Offshore. Aban Abraham has a share capital of Rs 312.48 crores and a negative reserve of Rs 175.9 crores. The company has posted a net loss of Rs 36.1 crores in FY2015.

Aban Abraham is promoted by Aban Singapore Pte Ltd. Aban Abraham was constructed at IHC Holland Offshore division, Shiedam, 1976 and converted into a Drill Ship in 2009. This subsidiary has the water depth of 6600’ and drilling depth of 25000 ft’. The work area of the arm is Brazil.

Aban Offshore has opened with a gap up at Rs 204.20 and is trading 3.5 per cent up at Rs 206.25 in the morning trade on Monday.

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