Aban Offshore spurts after new order win

Aban Offshore jumped 6.19% to Rs 116.60 at 15:18 IST on BSE after the company announced that its step-down subsidiary has received a letter of award from ONGC for rig deployment.

The announcement was made during market hours today, 3 July 2018.

Meanwhile, the S&P BSE Sensex was up 131.88 points, or 0.37% at 35,396.29.

On the BSE, 3.21 lakh shares were traded on the counter so far as against the average daily volumes of 1.55 lakh shares in the past two weeks. The stock had hit a high of Rs 120.50 and a low of Rs 107.60 so far during the day. The stock had hit a 52-week high of Rs 280.40 on 11 January 2018 and a 52-week low of Rs 109.15 on 2 July 2018.

The small-cap company has equity capital of Rs 11.67 crore. Face value per share is Rs 2.

Aban Offshore announced that its step-down subsidiary Aban Singapore Pte has received a letter of award from Oil and Natural Gas Corporation (ONGC) for deployment of jack-up rig Deep Driller 8 for a firm period of two years. The deployment is likely to commence during the fourth quarter of calendar year 2018.

Aban Offshore reported consolidated net loss of Rs 1780.36 crore in Q4 March 2018, higher than net loss of Rs 337.11 crore in Q4 March 2017. Net sales fell 15.99% to Rs 328.36 crore in Q4 March 2018 over Q4 March 2017.

Aban Offshore owns and operates several offshore drilling rigs, drill ships, and a floating production facility.

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