Aban Offshore announced that its wholly owned step down subsidiary has received a Letter of Award (LoA) for the deployment of three jack-up rigs owned by step-down subsidiaries of the company, in the United Arab Emirates.

While two of the above said jack-up rig deployments are for a firm period of four years each, the deployment of the third jack-up rig is for a firm period of three years and an optional period of two years.

Two of the jack-up rigs are expected to commence deployment during the last quarter of calendar year 2018 and the third jack-up rig is expected to commence deployment during the first quarter of calendar year 2019.

Shares of the company gained Rs 2.15, or 1.9%, to trade at Rs 115.45. The total volume of shares traded was 131,131 at the BSE (12.12 p.m., Thursday).