Aban Offshore subsidiary enters into new drilling contract

Aban Offshore Ltd has announced that Company's subsidiary, Aban Abraham Pte Ltd has entered into a drilling contract with affiliates of Addax Petroleum Corporation of Canada and Sinopec for deployment of the Drillship Aban Abraham offshore West Africa. The contract will be performed in direct continuation of the contract announced earlier with Pioneer / Kosmos and is likely to commence after May 15, 2008.

The contract is for 5 firm wells and 5 optional wells. The estimated duration of the contract is 300 days for the firm wells, which could go up to 600 days if the optional wells are declard. The revenue expected from the above contract would be USD 123 million which could increase to USD 246 million if all the optional wells are declared.

Source : Equity Bulls

Keywords