Company news: Aban Offshore

Aban Offshore on Thursday informed the exchanges that its wholly-owned step-down subsidiary has received a letter of award for deployment of three jack-up rigs owned by step-down subsidiaries of the company, in the United Arab Emirates. While two jack-up rig deployments are for a firm period of four years each, the deployment of the third jack-up rig is for a firm period of three years and an optional period of two years. Two of the jack-up rigs are expected to commence deployment during the last quarter of calendar year 2018 and the third jack-up rig during the first quarter of calendar year 2019. Shares of Aban Offshore closed 0.49 per cent higher at ₹113.85 on the BSE.