2008-09 Quarter 2 announcements

26.09.2008

A Letter of Agreement has been signed with Husky Oil China Ltd. in relation to the possible deployment of the jack-up rig Deep Driller 5 offshore China for a 3 firm wells + 3 optional wells programme. Subject to the fulfillment of conditions, the estimated revenues from the firm period of the Contract (with an estimated duration of approx 180 days) would be approx. USD 38.70 million (Equivalent to Rs.178 Crores). The deployment is to commence in direct continuation of its present contract, which is expected in the first quarter of 2009.

16.09.2008

A subsidiary of the Company has signed an agreement for the deployment of the semi-submersible rig Aban Pearl offshore Latin America, for a 5 year period. The estimated revenues from the deployment, which is expected to commence in 3rd Quarter of the Financial year 2008-09, is approximately Rs.3150 Crores, including estimated reimbursables towards taxes, duties and other levies.”

8.9.2008

A Contract has been signed for the deployment of the new build jack-up rig Deep Driller 7 offshore Thailand, for a firm period of 3 months, extendable up to 6 months. The estimated revenue from the contract is USD 18 million (equivalent to INR 79.20 Crores) for the firm period. The rig is likely to start mobilizing to the location during the second week of September 2008

30.08.2008

Venture Drilling AS, a company in which a subsidiary of the Company has a 50% shareholding , has signed a 18 month contract with Maersk Oil Angola, at an operating day rate of USD 495,000 (equivalent to INR 2.178 Crores) after withholding tax. This contract is likely to commence in July 2009, in direct continuation of its present contract. The estimated revenue from the contract is approximately USD 271 Million (equivalent to INR 1191 Crores).

5.8.2008

A Letter of Intent has been received for deployment of the new built jack-up rig “Deep Driller 8” offshore India for a two firm well + two optional well program. The firm period of the Contract, expected to commence following the delivery of the rig from the yard in the first quarter of 2009, is likely to last for 150 days with an estimated revenue of USD 30 million during the firm period.

31.07.2008

This has reference to the announcement made on 21st July 2008 regarding outcome of Board Meeting in item no.d shall read as follows .The Board has approved the following however subject to approval of shareholders at the ensuing Annual General Meeting schedule to be held on 17th September 2008 raising of fund through issue, offer and allot Equity Shares / Fully convertible Debentures (FCD) / Partly Convertible Debentures (PCD) / Optionally convertible Debentures (OCD) or any other securities other than warrants, which are convertible into or exchangeable with the equity shares of the Company or other specified securities (hereinafter collectively referred to as “Securities”) in one or more placements to Qualified Institutional Buyers ( as defined under SEBI DIP Guidelines, “QIB”) for an amount not exceeding INR 1000 Crores (Rupees one thousand crores only ) inclusive of such premium as may be finalized under a Qualified Institutional Placement (“QIP”) as provided under the provisions of Chaper XIIIA of the SEBI (Disclosure and Investor Protection) Guidelines 2000 (“SEBI DIP Guidelines”)” instead of raising of additional capital through issue of Equity Shares / Fully convertible Debentures (FCD) / Partly Convertible Debentures (PCD) / Optionally convertible Debentures (OCD) or any other securities which are convertible into or exchangeable with the equity shares of the Company or other specified securities on preferential basis to qualified institutional buyers upto to Rs.1000 crores.Other items remain unchanged.

21.07.2008

The Board of Directors of Aban Offshore Ltd. (”AOL”) has approved the audited results of the Company for the year ended 31st March 2008. On a standalone basis, AOL has recorded a total income of Rs.731.81 crores for the year ended 31st March 2008 as against the total income of Rs.564.59.crores in the previous year. The Company’s net profit after tax for the year stood at Rs. 159.10 crores as against Rs.99.60 crores in the previous year. The Board has recommended a dividend of 180% on the Paid up Equity Capital of the Company amounting to Rs. 13.60 Crores and a dividend on the Non convertible Cumulative redeemable preference shares amounting to Rs.26.04 crores. On a consolidated basis, AOL and its subsidiaries (“AOL Group”) recorded a total income of Rs 2128.04 Crores during the year ended 31st March 2008, as against a total income of Rs.806.76 Crores during the previous year. The net profit of the AOL Group attributable to the shareholders of AOL was Rs 123.06 Crores during the year ended 31st March 2008, as against loss of Rs 14.00 Crores during the previous year.Two jack up rigs viz., Deep Driller 4 and Deep Driller 5, were delivered during the year 2007-2008. Rigs Aban VIII and Deep Driller 7 were delivered in the current financial year. During the year 2007-2008, Aban Pearl Pte Ltd, a subsidiary of the Company, acquired a Semisubmersible rig. With this purchase, AOL Group has under its control a fleet of twenty one vessels comprising of sixteen jack-up rigs, (of which two are under construction) three drillships, one semisubmersible rig and a floating production unit.AOL Group currently has a broad based clientele consisting of Oil & Natural Gas Corporation Ltd. (“ONGC”), Hardy Exploration & Production (India) Inc., Oriental Oil Company, Dubai, Shell Malaysia, Gujarat State Petroleum Coporation Ltd. (“GSPC’), Hindustan Oil Exploration Co. Ltd., Petronas Carigali, Chevron, Exxon Mobil, etc.

21.07.2008

The meeting of the Board of Directors of the Company was held on 21st July 2008 . The Board have recommended a dividend of 180% on the Paid up equity capital, (ie. for the Fully paid Shares : Rs.3.60 per share and Partly Paid Rs.1.80 per Share), a dividend of 8% p.a. on the paid up Non Convertible Cumulative Redeemable Preference Share Capital allotted in the year 2005-06 and a dividend of 9% p.a on the paid up Non Convertible Cumulative Redeemable Preference Share Capital of the Company allotted in the year 2006-2007, respectively for the year ended 31st March 2008. The register of Members and Share Transfer Books of the Company will remain closed from Wednesday the 10th September 2008 to Wednesday the 17th September 2008 (both days inclusive) for the purpose of dividend declaration.The Board of directors at their meeting held today had approved the following however subject to approval of members at the ensuing annual general meeting increase in Authorised Share Capital from Rs.1000 Crores to Rs.1500 Crores by addition of Rs.500 crores of Cumulative Preference Share Capital and corresponding alteration in Memorandum and Articles of Association of Company raising of capital through issue of Cumulative Redeemable Non-convertible Preference Shares on private placement basis and the same need not be offered to the existing holders of such shares raising of additional long term resources through issue of FCCBs, GDRs, ADRs etc. not exceeding amount equivalent to USD 400 Million raising of additional capital through issue of Equity Shares / Fully convertible Debentures (FCD) / Partly Convertible Debentures (PCD) / Optionally convertible Debentures (OCD) or any other securities which are convertible into or exchangeable with the equity shares of the Company or other specified securities on preferential basis to qualified institutional buyers upto to Rs.1000 crores.

10.07.2008

Meeting of Board of Directors of the Company will be held on Monday, the 21st July 2008 at 11.00 A M at the Registered Office of the Company to transact the following items.a)To consider and take on record the Unaudited Quarterly Financial Results of the Company for the period 30th June 2008.b)To consider and approve the Audited Accounts for the year ended 31st March 2008.c)To consider recommendation of dividend on Preference and Equity shares for the year 2007-08.d)To consider closure of Register of Members and Share Transfer Book(s) of the Company.e)To consider and approve increase in Authorised Share Capital and corresponding alteration in Memorandum and Articles of Association of Company f) To consider raising of capital through issue of Cumulative Redeemable Non-convertible Preference Sharesg)To consider raising of additional long term resources through issue of FCCBs, GDRs , ADRs,etc.h)To consider raising of additional capital through issue of Equity Shares / Fully convertible Debentures (FCD) / Partly Convertible Debentures (PCD) / Optionally convertible Debentures (OCD) or any other securities , other than warrants, which are convertible into or exchangeable with the equity shares of the Company or other specified securities on preferential basis to qualified institutional buyers.

10.07.2008

“Venture Drilling AS, in which the Company’s subsidiary Aban Singapore Pte Ltd (ASPL) has a 50% indirect shareholding, has agreed with ExxonMobil for a six month extension of the present drilling contract, in direct continuation and on same terms (at an Operating Day Rate of USD 425,000 after withholding tax). The extended period is likely to last till July 2009.”