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Aban Offshore receives LOA from ONGC

07 Jun 2013 Evaluate

Aban Offshore has received a Letter of Award (LOA) from ONGC for deployment of drillship Aban Ice for a firm period of 3 years. The total value of the LOA is approximately $185 million (equivalent to Rs 1,050 crore). The contract is expected to commence during the last quarter of calendar year 2013.

Aban Offshore (formerly Aban Loyd Chiles Offshore) is India’s largest offshore drilling services provider to oil companies, mainly for ONGC. It is a company which provides oil field services for offshore exploration and production of hydrocarbons to the oil industry in India and abroad.

Peers
Company Name CMP
ONGC 221.65
Oil India 452.60
Jindal Drilling&Inds 598.50
Deep Industries 797.15
Asian Energy Service 480.45
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