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RIL terminates drilling contract with Aban Offshore

RIL has issued a termination notice relating to the drilling contract entered with Aban Offshore's subsidiary for deployment of Rig Deep Driller 1.

business Updated: Mar 13, 2007 11:29 IST

PTI
Hindustantimes
         

Reliance Industries Ltd (RIL) has issued a termination notice relating to the drilling contract entered with Aban Offshore's subsidiary for deployment of Rig Deep Driller 1.

Aban Offshore Ltd on Tuesday informed BSE that its subsidiary, Deep Drilling 1 Pte Ltd (DD1) has received a notice of termination from Reliance Industries Ltd (RIL) relating to the drilling contract.

Deep Drilling 1 Pte Ltd would dispute RIL's right to terminate the contract, it added.

Aban Offshore is making arrangements to mobilise the Rig to Singapore and would continue to market the rig on a worldwide basis as it considers the market conditions for this kind of unit to be very attractive.

The Rig was expected to start on the Reliance contract within a few weeks, following successful completion of contract with Hardy Exploration.

The shares of Aban Offshore plunged by Rs 54 or 2.9 per cent to Rs 1,816 on the BSE.

First Published: Mar 13, 2007 11:26 IST