Aban Offshore gains on winning new contract from Petronas

Aban Offshore is trading higher by 3% at Rs 474 after oil exploration firm said that it has received a three-year contract from Petronas Carigali Sdn. Bhd. " A letter of award has been received for the deployment of the jack-up rig deep driller 3 (owned by the company's step down subsidiary) offshore Malaysia, from Petronas Carigali Sdn. Bhd., for a firm period of three years," Aban Offshore said in a filing. The estimated revenues from the said deployment is about $ 152.75 million (equivalent to Rs 800 crore), it added. The stock opened at Rs 473 and hit a high of Rs 482 on the BSE. A combined 350,000 shares have changed hands on the counter in morning deals on both the exchanges.