Aban Offshore gains after winning contract

The announcement was made during trading hours today, 10 May 2013.

Meanwhile, the BSE Sensex was up 27.20 points, or 0.14%, to 19,966.24.

On BSE, 1.93 lakh shares were traded in the counter as against an average daily volume of 87,461 shares in the past one quarter.

The stock hit a high of Rs 338 and a low of Rs 321.70 so far during the day. The stock had hit a 52-week high of Rs 486.50 on 5 October 2012. The stock had hit a 52-week low of Rs 253.95 on 12 April 2013.

The stock had outperformed the market over the past one month till 9 May 2013, rising 21.76% compared with the Sensex's 9.40% rise. The scrip had also underperformed the market in past one quarter, sliding 0.57% as against Sensex's 2.33% rise.

The mid-cap company has an equity capital of Rs 8.70 crore. Face value per share is Rs 2.

Aban Offshore announced that it signed a contract for the deployment of jack-up rig, Deep Driller 1 (owned by the company's step-down subsidiary), offshore Mexico for a firm period of 1115 days. The estimated revenue from the deployment is about $177 million (approximately Rs 955 crore). The contract is likely to commence during July 2013, the company said in a statement.

The board of Aban Offshore will meet on 28 May 2013, to consider raising long term funds through issue of foreign currency convertible bonds (FCCBs), American depositary receipts (ADRs), global depository receipts (GDR) and issue of equity related securities to qualified institutional buyers.

Aban Offshore's consolidated net profit fell 56.5% to Rs 31.80 crore on 5% growth in net sales to Rs 908.99 crore in Q3 December 2012 over Q3 December 2011. The company's board will consider audited year ended March 2013 results on 28 May 2013.

Aban Offshore is India's largest offshore drilling contractor in the private sector, offering drilling and oil field services for offshore exploration and production of hydrocarbons to the oil industry in India and abroad.

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