Aban Offshore sets sail on new order win

Aban Offshore gained 1.86% to Rs 3359.90 at 15:19 IST on BSE after the company said it has secured a contract worth about $34 million from Exxon Neftegas for deployment of a rig in Murmanskaya Offshore, Russia.

The stock hit a high of Rs 3449 and a low of Rs 3226.10 so far during the day. The stock had a 52-week high of Rs 5555 on 20 November 2007 and a 52-week low of Rs 2232 on 19 April 2007.

The company’s current equity is Rs 7.56 crore. Face value per share is Rs 2.

The current price of Rs 43.85 discounts its Q3 December 2007 EPS of Rs 50.62, by a PE multiple of 4.33.

Aban Offshore’s net profit rose 129.8% to Rs 47.77 crore on 34% growth in net sales to Rs 169.07 crore in Q3 December 2007 over Q3 December 2006.

In March 2008, Aban Offshore received a letter of intent for the deployment of a newly built jack-up rig.

In February 2008, the company’s subsidiary secured a contract worth about $25 million from PTTEP International.

Aban Offshore is India’s largest private sector offshore drilling entity. It provides oil field services for offshore exploration and production of hydrocarbons to the oil industry in India and abroad.