December 2, 2021

The World Live Breaking News Coverage & Updates IN ENGLISH

The World Live Breaking News Coverage & Updates IN ENGLISH

Aban Offshore share price hits upper circuit after subsidiary bags order from ONGC

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, Aban Offshore share price hits upper circuit after subsidiary bags order from ONGC, The World Live Breaking News Coverage & Updates IN ENGLISH
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, Aban Offshore share price hits upper circuit after subsidiary bags order from ONGC, The World Live Breaking News Coverage & Updates IN ENGLISH

Aban Offshore said in an exchange filing that its step-down subsidiary Aban Singapore PTE had received a letter of award (LoA) from Oil & Natural Gas Corporation (ONGC) for the development of jack-up rig Aban VIII for a period of three years.

, Aban Offshore share price hits upper circuit after subsidiary bags order from ONGC, The World Live Breaking News Coverage & Updates IN ENGLISH

Aban Offshore share price jumped 5 percent hitting upper circuit on November 17 after the company had bagged an order from ONGC.

The company in an exchange filing said that its step-down subsidiary Aban Singapore PTE has received a letter of award (LoA) from Oil & Natural Gas Corporation (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, it added.

At 12:23 hours, the stock was trading at Rs 54.40, up Rs 2.55, or 4.92 percent. It has touched an intraday high of Rs 54.40 and an intraday low of Rs 50.40.

There were pending buy orders of 10,398 shares, with no sellers available.

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Aban Offshore in another exchange filing said that the Board approved the sale of Rigs Aban V and Aban VI owned by the company and at their meeting held on November 1, 2021. The Sale and Purchase Agreement between the parties was entered on November 15, 2021.

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, it said.

Moneycontrol News

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