Aban Offshore, one of the leading offshore drilling contractors, has received a firm letter of award (LoA) from ONGC for the deployment of the Drillship Aban Abraham for a firm period of 2 years.
The expected revenues from this deployment is estimated at USD 87 million (equivalent to Rs 5.92 billion). The deployment is expected to commence during the fourth quarter of calendar year 2016.
The company swung to a loss for the quarter ended March 2016. During the quarter, the company reported a loss of Rs 1,198.04 million compared with a profit of Rs 1,135.37 million in the same quarter previous year.
Revenues for the quarter declined 36.52% to Rs 6,293.04 million, compared with Rs 9,913.76 million for the prior year period.
Shares of the company gained Rs 4.7, or 2.36%, to trade at Rs 204.00. The total volume of shares traded was 0 at the BSE (9.03 a.m., Monday).