2006-07 Quarter 4 announcements

30/03/2007 - The Share Allotment Committee today allotted 48,140 ( Forty Eight Thousand one Hundred and forty only) Equity Shares of Rs.2/- each to the Employees of the Company under ESOS 2005.

28/03/2007 - Aban Singapore Pte Ltd. (ASPL) has completed the Compulsory acquisition of the remaining 1.99% shares of Sinvest ASA. ASPL and Aban International Norway AS (AIN) together hold 100% of the Share Capital of Sinvest ASA. Further the shares of Sinvest ASA are being delisted from OSLO Stock Exchange effective 30th March 2007.

20/03/2007 - At the meeting of Board of Directors held on Tuesday, the 20th March 2007, the Board has approved the change in vesting period of Employee Stock Options Scheme – 2005 (ESOS-2005) as follows. The Second Vesting and Exercise of Employee Stock Options granted in the year 2005 which falls due on 15th July 2007 has been changed as 20th March 2007. The Grantees are permitted to exercise the options from 20th March 2007. However allotment will be considered only after obtaining the approval of the Shareholders in this regard.

12/03/2007 - The Company’s Subsidiary Deep Drilling 1 Pte Ltd (DD1) has received a notice of termination from Reliance Industries Ltd (RIL) relating to the drilling contract entered into for deployment of Rig Deep Driller 1. The Rig was expected to start on the Reliance contract within a few weeks, following successful completion of contract with Hardy Exploration. The Company’s subsidiary disputes RIL’s right to terminate the contract. The Company’s subsidiary is making arrangements to mobilize the Rig to Singapore and will continue to market the Rig on a world wide basis. The Company’s subsidiary considers the market conditions for this kind of unit to be very attractive.

06/03/2007 - Aban Offshore Ltd’s subsidiary, Aban Abraham Pte Ltd has entered into a drilling contract with affiliates of Addax Petroleum Corporation of Canada and Sinopec for deployment of the Drillship Aban Abraham offshore West Africa. The contract will be performed in direct continuation of the contract announced earlier with Pioneer / Kosmos and is likely to commence after May 15, 2008.The contract is for 5 firm wells and 5 optional wells. The estimated duration of the contract is 300 days for the firm wells, which could go up to 600 days if the optional wells are declared. The revenue expected from the above contract would be USD 123 million which could increase to USD 246 million if all the optional wells are declared.

02/03/2007 - Aban International Norway AS ('AIN') has received total acceptances for 29,135,541 shares of Sinvest ASA ('Sinvest') under the Mandatory offer. Settlement for the accepted shares has been completed today. Consequently, AIN and its parent company Aban Singapore Pte Ltd as of today hold 59,495,287 shares in Sinvest altogether, representing 98.01% of the outstanding share capital of Sinvest.

The Committee of Directors at the meeting held on 01.03.2007 has allotted four crores of Cumulative Non Convertible Redeemable Preference shares of Rs.10/- each. The said Cumulative Non Convertible Redeemable Preference Shares carries dividend @ 9 % p.a and are redeemable at the end of fifth year with a Call option at the end of third year from the date of allotment.

19/02/2007 - The Acceptance Period for the Mandatory Offer for Sinvest ASA ended on 16/02/2007. Aban International Norway AS has according to a preliminary review, received acceptance for approximately 28.8 Million shares of Sinvest ASA under the Mandatory Offer.Together with existing ownership of 6.07 Million Sinvest ASA Shares and received acceptances, Aban International Norway AS thus holds ownership or entitlement to a total of approximately 34.9 Million Sinvest ASA Shares representing 57% of the share capital of Sivest ASA. Aban Offshore Limited through its subsidiary, Aban Singapore Pte Ltd and Aban International Norway AS together hold approximately 59.15 Million shares of Sinvest ASA offer representing approximately 97% of the Share capital of Sinvest ASA.

19/01/2007 - Aban Offshore Ltd wishes to inform that the negotiation for acquisition of stake in "Apexindo Pratama Duta Tbk, Indonesia ' has been terminated.

13/01/2007 - Aban Offshore Ltd through its Subsidiary Aban 8 Pte. Ltd has entered into a Memorandum of Understanding on 12th January 2007, for setting up of a Joint Venture with Government of Gujarat through their nominated Company Gujarat State Petroleum Corporations Ltd for Offshore Drilling Services. The Joint Venture will be functioning through Special Purpose Vehicle(SPV).

09/01/2007 - Further to our release 3rd January 2007 regarding acquisition of Shares in Sinvest ASA, Norway by M/s Aban International Norway AS, the Subsidiary of Aban Singapore Pte Ltd, we wish to inform that The OSLO Stock Exchange has today approved the Offer Document submitted by Aban International Norway AS, for a Mandatory Offer for acquiring the outstanding shares in Sinvest ASA, not held by Aban International Norway AS, and Aban Singapore Pte Ltd. The Mandatory Offer Commences on January 9, 2007 and ends on February 16, 2007. Presently 50.01% of the share capital of Sinvest ASA, Norway is held by Aban International Norway AS and Aban Singapore Pte. Ltd. Further we wish to inform that Aban Offshore Ltd has transferred its entire share holding in Aban Singapore Pte Ltd to Aban Holdings Pte. Ltd., a wholly owned subsidiary of Aban Offshore Ltd.

03/01/2007 - Further to the press release dated 29 December, 2006, Aban Offshore Ltd (AOL) announces that its subsidiary Aban Singapore Pte Ltd (ASPL) and its subsidiary have terminated the Total Return Swap (TRS) Agreements entered into with First Securities ASA and ICICI Bank UK Ltd, with the shares of Sinvest ASA as the underlying asset. Aban International Norway AS (AIN), a wholly owned subsidiary of ASPL, has during the period 29 December, 2006 to 02 January,2007, purchased 6,077,581 shares in Sinvest ASA, thereby increasing the combined holding of ASPL & AIN to 50.01% of the outstanding shares in Sinvest ASA