Reliance Industries terminates Aban Offshore susbidiary's contract

Aban Offshore Ltd has announced that the Company's Subsidiary Deep Drilling 1 Pte Ltd (DD1) has received a notice of termination from Reliance Industries Ltd (RIL) relating to the drilling contract entered into for deployment of Rig Deep Driller 1. The Rig was expected to start on the Reliance contract within a few weeks, following successful completion of contract with Hardy Exploration. The Company's subsidiary disputes RIL's right to terminate the contract. The Company's subsidiary is making arrangements to mobilize the Rig to Singapore and will continue to market the Rig on a world wide basis. The Company's subsidiary considers the market conditions for this kind of unit to be very attractive.

Source : Equity Bulls

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