Aban Offshore, India's largest offshore drilling contractor in the private sector, said that its joint venture with Venture Drilling AS, has signed an 18-month contract with Maersk Oil Angola, at an operating day rate of Rs 21.78 million.

According to official sources, this contract is likely to commence in July 2009, in direct continuation of its present contract.

The estimated revenue from the contract is approximately US$ 271 million.

Hem Securities has initiated a buy rating on Aban Offshore with a target price of Rs 5555 in its August 6, 2008 research report. However, investors should also keep a strict stoploss to protect their profits.

The shares of Aban Offshore presently ruling at Rs 2109, up 1% compared to its previous close of Rs 2080.