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Business News/ Companies / Aban Offshore shares surge on hopes of higher rig rates
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Aban Offshore shares surge on hopes of higher rig rates

The firm's shares up 9.8% at `940, their highest level since 14 May 2010

Aban Offshore, the country’s largest offshore drilling company may enjoy higher rig rates in the coming quarters. Photo: BloombergPremium
Aban Offshore, the country’s largest offshore drilling company may enjoy higher rig rates in the coming quarters. Photo: Bloomberg

Mumbai: Shares of Aban Offshore Ltd surge as much as 9.8% to 940, their highest level since 14 May 2010, on hopes the country’s largest offshore drilling company may enjoy higher rig rates in the coming quarters, dealers say.

“ONGC (Oil and Natural Gas Corp. Ltd) has okayed an expenditure sanction of an additional $501.95 million (equivalent to 3,085.54 crore) for hiring of five more offshore jack-up rigs for a period of three years," according to oil and gas industry website Indianpetro.com.

The effective rig rate based on the Indianpetro news article works out to approximately $91,680 per day, Reuters calculation shows.

Aban lists ONGC and its unit ONGC Videsh among its marquee clients, a presentation by the company in May 2014 on its website shows.

An Aban spokesman was not immediately reachable.

Aban shares up 6.9% at 915 as of 1:27pm. Reuters

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Published: 08 Jul 2014, 02:29 PM IST
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