Aban Offshore Shares Rise on Drilling Contract Announcement

India-based drilling contractor Aban Offshore Ltd has informed Bombay Stock Exchange that it has secured a contract for its jack-up rig Deep Driller 7. The company’s shares rose 3.6 pct.

Under the contract, the rig, built in 2006 by PPL Shipyard Pte Ltd, Singapore, will be deployed offshore Mexico for a firm period of 1005 days, ending December 31, 2015. The estimated revenue from the contract is approximately USD 152 million.

The company did not reveal the name of the client, but it is believed that Mexico’s national oil company PEMEX has hired the rig.

Pemex currently operates 41 offshore drilling rigs, five of which are semi-submersibles and 36 of those are jack-ups.