ONGC Signs LOI for 3-Year, $90 million Contract for Aban II

Aban Loyd Chiles Offshore Ltd has received a Letter of Intent (LOI) from India's state-owned oil company, ONGC, for a 3-year contract for the Rig Aban II.

The 25-year old Aban II is a mat slot jackup capable of drilling in water depths up to 270 feet. The rig has been working offshore India for ONCG since mid-2002. Its current contract with ONGC began in February 2005, and is set to be completed in in the 3rd or early 4th quarter of 2006.

The new contract will follow completion of the current contract, keeping the Aban II contracted until October 2009. The total revenue under this new contract would be approximately US$90 million (Rs.400 Crores). This translates to a day rates of just over US$80k, which is nearly three times the rig's current day rate.
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