ABG Shipyard to consider construction of rigs

ABG Shipyard today said the firm is in advanced negotiations with various parties including Essar Shipping Ports and Logistics for the construction of Jack-up Rigs but has not signed any formal contract.    

Company is in an advanced stage of negotiations with various parties including Essar Shipping Ports and Logistics for the construction of Jack-up Rigs.    

However, no formal contract has been concluded to this effect between the Company and any other parties, as on date, the firm said in a filing to the Bombay Stock Exchange.    

The firm was clarifying on a media report saying that ABG Shipyard sails on bagging $ 440-million order. The company deals with many potential parties and the company announces only those orders which are converted into effective business by signing a contract.    

Shares of the firm closed at Rs 351.35, up 2.39 per cent on the BSE.

Source: http://www.business-standard.com