'Crude prices are stabilising at $70 a barrel. We expanded when prices had shot up to touch $140 a barrel. With most of our 20 rigs aged between 2-3 years, prospects of getting long-term contracts are bright as our competition cancelled orders for rigs soon after the market collapsed.'

Earlier, addressing shareholders, Abraham said well operators had not taken on lease the company's rigs in recent months as crude prices had fallen to $30 a barrel.

'That is why many of our rigs became idle. With the markets looking up, prospects for our rigs are better as operators prefer new rigs for drilling.'

Abraham said 17 of the company's 20 rigs have been leased out. Two of these - Aban Abraham and Aban Pearl - have been contracted out at a daily rental of $325,000 and $285,000.