Aban gets $ 123 mln drilling contract

New Delhi, Mar 6 (UNI) Aban Offshore Ltd today said its subsidiary, Aban Abraham Pte Ltd, has entered into a drilling contract with affiliates of Addax Petroleum Corporation of Canada and China's Sinopec for deployment of the drillship -- Aban Abraham offshore West Africa.

The revenue expected from the above contract is 123 million dollars, which could increase to 246 million dollars if all the optional wells are declared, a statement said.

The contract will be performed in direct continuation of the contract announced earlier with Pioneer and Kosmos and is likely to commence after May 15, 2008.

The contract is for five firm wells and five optional wells.

The estimated duration of the contract is 300 days for the firm wells, which could go up to 600 days if the optional wells are declared.

UNI