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Price Rs2,040
Target Price Rs3,868

Aban Offshore bags USD241 million contracts for its rig DD3 - Day rate lower than expected Aban Offshore has got bagged USD 241 million contract for extended deployment of its Jack up rig DD3 in direct continuation of its current contract. The term of the contract is 4 years from the end date of current contract. The rig is currently working with Shell and the current contract ends in the month of October 2008. The day rate for the contract is USD167000 which is below our expectations of USD180000. However keeping in mind the long term nature of the contract we believe it’s a fair day rate. DD3 is a 2006 built 350ft Independent Leg cantilever type Jack up rig.

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