Book profit in Aban Offshore: Sharekhan
Sharekhan has advised investors to book profit in Aban Offshore in its June 11, 2009 research report.
“ERHC Energy Inc (ERHC) has informed that the contract for Aban Abraham, the deepwater oil rig of Aban Offshore, with Addax has been cancelled. The rig was contracted for a period of 14 months with an option for a six-month extension. The contract was slated to start from May 2010 at a day rate of $410,000, after the expiry of the oil rig’s existing one-year contract with Kosmos Energy. The current stock price is also much above our discounted cash flows (DCF) based fair value of Rs 708 for the stock. In view of the multiple concerns, we are advising investors to book profit,” says Sharekhan’s research report.
Tags: aban offshore sell, buy or sell aban offshore, buy or sell stocks, NSE Tips, sharekhan
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