Shares of Aban Offshore shot up significantly and rallied over 25% to end at Rs1536.
Shares of Aban Offshore shot up significantly and rallied over 25% to end at Rs1536 after the company announced that a contract has been signed for the deployment of 3 newbuild jack-up rigs (from the Deep Driller series) in the Middle East for a period of 3 years each. The estimated revenues from the Contract is approx. Rs29.25bn. The deployment is likely to commence in the third quarter of 2009.Further, a Contract has been signed for the deployment of a newbuild jack-up rig (from the Deep Driller series) in Latin America for a period of 25.5 months. The estimated revenues from the Contract is approx. Rs4.46bn. The deployment is likely to commence in the third quarter of 2009.
The stock opened at Rs1264 and made an intra-day high of Rs1565 and a low of Rs1264. Total traded volumes stood at 3.8mn shares.
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