Aban Offshore hits 5% UC

Aban Offshore hit the 5% UC today at Rs.54.40, where it currently remains frozen. Its 52-week high is at Rs.74.90.

The stock price hit the roof after the company announced today morning that its step-down subsidiary Aban Singapore PTE has received a letter of award (LoA) from ONGC for the development of jack-up rig Aban VIII for a period of three years.

The development is likely to commence during the second quarter of calendar year 2022.

Prior to this, on 1st Nov, the Board of the company had approved the sale of Rigs Aban V and Aban VI owned by the company. The consideration receivable from such sale/disposal for Rig Aban V is $1,876,353 and the consideration receivable from such sale/disposal for Rig Aban VI is $2,231,339.