India: Aban Offshore Receives Letter of Intent for Jack-up Rig Deployment

Aban Offshore Ltd has informed BSE that a letter of intent has been received for the deployment of the jack-up rig Aban VII offshore India for a three firm wells plus one optional well programme.

The estimated revenue from the firm period of deployment (with an estimated duration of 120 days) is $10.5 million (equivalent to Rs 50 crore). The deployment is likely to commence during December 2010.

Aban Offshore Ltd. (formerly Aban Loyd Chiles Offshore Ltd.) is India’s largest offshore drilling services provider to oil companies, mainly for ONGC. It is now ventured into international waters as one of its five rigs is doing work for an Iranian oil company. The company listed on the Mumbai Stock Exchange Ltd,  Reji Abraham, Managing Director of Aban Loyd is the 605th richest man in the world and the richest man in Kerala, India.

The group has also ventured into construction, offshore and onshore drilling, wind energy and power generation, Information Technology enabled services, hotels and resorts, tea plantations and in marketing.

(The Hindu Business Line)

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Source: thehindubusinessline, July 29, 2010: