Aban subsidiary bags Rs.11.9 bn drilling contract

By IANS,

New Delhi : Aban Offshore Ltd, India’s largest private sector drilling contractor, announced Monday its Norway-based subsidiary has bagged a contract worth Rs.11.91 billion in Angola.

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In a regulatory statement, Aban said Venture Drilling AS – in which it has a 50 percent stake – has got an 18-month contract with Maersk Oil Angola.

Venture Drilling is based in Oslo, Norway.

The contract, at an operating rate of Rs.21.7 billion ($495,000), will start from July next year.

A company statement said the estimated revenue from the contract is Rs.11.91 billion ($271 million).