Aban Offshore, India's largest private sector offshore drilling contractor, has announced that the company has received a Letter of Intent (LoI) for the deployment of the newly built jack-up rig Aban VIII in the Middle East.

The estimated revenue from the contract may cross $300 million. The contract for the programme covers 18 wells, which is extendable to another 4 wells, is expected to run for roughly four years.

The deployment is to commence following delivery of the rig, which is expected in the second quarter of 2008.

Earlier this month, company had announced that it will raise funds to the tune of Rs 194 crore through issue of securities under private placement basis. The company’s board of directors has already approved the proposal.