Award of Contract
We wish to inform that the Company has received a Firm Order from ONGC for the deployment of jack-up rig Aban II for a period of 3 years. The total value of this firm order is approximately USD 57 million (equivalent to Rs.285 Crores). The contract is expected to commence during the first quarter of calendar year 2012.
We wish to inform that the Operator with whom a Contract has been entered into for the deployment of the jack-up Rig "Deep Driller 1"(wholly owned by our step down subsidiary) has exercised its options, thereby extending the contract till the 4th quarter of 2012. The estimated revenues from this additional period of 1 year would be approximately USD 39.25 million.
This is to inform that a Meeting of Board of Directors of the Company will be held on Tuesday, the 8th November 2011 at 11.00 A M at the Registered Office of the Company to transact the following items.
1) To consider and take on record the Unaudited Quarterly Standalone Financial Results of the Company for the period ended 30th September 2011.
2) To consider and take on record the Unaudited Quarterly Consolidated Financial Results of the Company for the period ended 30th September 2011.