Aban Offshore posts Rs39 crore consolidated net in Q4-FY10

Aban Offshore has posted a consolidated net profit of Rs39.27 crore for the quarter ended 31 March 2010 against a net loss of Rs93.04 crore in same quarter of the previous fiscal.

Total income of the company rose 31.76 per cent to Rs1,022 crore in the current quarter from Rs775.64 crore in the quarter ended March 2009.

On standalone basis, Aban Offsore reported a 14.59 per cent fall in its net profit for the quarter ended 31 March 2010 at Rs40.01 crore against Rs46.84 crore for the quarter ended 31 March 2009.

Total income of the company for the quarter ended 31 March 2010 increased 19.25 per cent to Rs364.09 crore, from Rs305.32 crore for the quarter ended 31 March 2009.

Aban Offshore Ltd has informed the BSE that the register of members and share transfer books of the company will remain closed from 17 September 2010 to 24 September 2010 (both days inclusive) for the purpose of payment of dividend.

Aban Offshore Ltd, which lost one of its main deep sea rigs, which sank off the Venezuelan cost, today announced that it has received a letter of intent for the deployment of jack-up rig Deep Driller 6 in the Middle East for drilling 18 firm wells plus 4 optional wells.

The estimated revenues from the contract (with an estimated duration of about 4 years) is expected to be around $187 million. The deployment is to commence in the second quarter of calendar year 2010, the company said in a stock market filing.