Aban clinches $50-million ONGC contract

India

SINGAPORE, October 26, 2015 – Aban Offshore was awarded a $50-million rig contract from India’s state-owned Oil and Natural Gas Corporation, the offshore Singapore-registered drilling contractor announced in a Monday statement.

Under the terms of the agreement, Aban Offshore will deploy the jack-up rig Aban 2 for a period of three years, with the contract beginning during the first quarter of 2016. The exact location of where the rig will be chartered to has not yet been disclosed.

This contract comes at a time when Aban is facing financial difficulties due to the downturn in oil prices and delayed payments in the market. Earlier this month, the company applied for an extension in repaying $87.5 million in bonds that are due to mature in December.

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