Aban Offshore rose 3.71% to Rs 206.70 at 09:22 IST on BSE, after the company's step down subsidiary received a firm letter of award from ONGC for the deployment of the drillship Aban Abraham for a firm period of two years.
The announcement was made after market hours on Friday, 24 June 2016.
Meanwhile, the S&P BSE Sensex was down 24.17 points or 0.09% at 26,373.54
On BSE, so far 86,256 shares were traded in the counter as against average daily volume of 3.97 lakh shares in the past one quarter. The stock hit a high of Rs 208.75 and a low of Rs 204.20 so far during the day. The stock had hit a 52-week low of Rs 142.50 on 12 February 2016. The stock had hit a 52-week high of Rs 340 on 15 July 2015.
The small-cap company has equity capital of Rs 11.67 crore. Face value per share is Rs 2.
Aban Offshore said that the company's step down subsidiary has received a firm letter of award from ONGC for the deployment of the drillship Aban Abraham for a firm period of 2 years. The expected revenues from this deployment is estimated at $87 million (equivalent to Rs 592 crore). The deployment is expected to commence during the fourth quarter of calendar year 2016.
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On consolidated basis, Aban Offshore reported net loss of Rs 119.80 crore in Q4 March 2016 compared with net profit of Rs 113.54 crore in Q4 March 2015. Net sales declined 36.5% to Rs 629.30 crore in Q4 March 2016 over Q4 March 2015.
Aban Offshore offers a diverse range of offshore drilling services to clients in India and abroad.
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