Aban Offshore, one of the leading offshore drilling contractors, witnessed a rise in share price on Monday after rating agency CARE revised credit rating of bank facilities of the company by 3 notches to BB- from D.

CARE notes that timely deployment of rigs going off the contract, optimum deployment of its fleet, changes in day rates, effective cash flow management notwithstanding improvement in liquidity position in the recent past would be key rating upgrade parameters.

Shares of the company are trading at Rs 490.80, up Rs 72.95, or 17.46%  at the Bombay Stock Exchange (BSE) on Monday at 3:25 p.m. The scrip has touched an intra-day high of Rs 494.70 and low of Rs 418.05. The total volume of shares traded at the BSE is 2,266,924.