2007-08 Quarter 1 announcements

21.06.2007

1260 Stock Options granted on 15.07.2005 and 500 Stock options granted on 25th April 2006 were lapsed on account of resignation of three employees

The Board of Directors of the Company at their Meeting held on 21st June 2007 have recommended a 150 % dividend on the entire paid up equity capital (including partly paid shares) of the Company(ie. Rs. 3/- per share for the fully paid shares and Rs.1.50 per share for partly paid shares) , a dividend of 8% p.a on the Non- Convertible Cumulative Redeemable Preference Share Capital allotted in the year 2005 and a prorata dividend @ 9% p.a on the Non- Convertible Cumulative Redeemable Preference Shares allotted during the year 2006 -2007, repectively for the year/ period ended 31st March 2007 .

The register of Members and Share Transfer Books of the Company will remain closed from Friday the 10th August 2007 to Thursday the 16th August 2007 (both days inclusive) for the purpose of dividend declaration

Mr. Reji Abraham is reappointed as Managing Director of the Company for the period of 5 (five) year s from 26.09..2007 to 25.09.2012., subject to approval of members at the ensuing Annual General Meeting

13.06.2007

A letter of intent has been received from ROC Oil (China) Company for deployment of jack-up rig Murmanskaya Offshore China, for drilling a programme of 4 firm wells and 2 optional wells, with an estimated duration of 100 to 160 days depending upon the declaration of optional wells. The estimated revenues from the programme ranges from USD 19.5 Million for firm wells to USD 31.2 Million ( if optional wells are declared) exclusive of revenues for mobilization and demobilization.

The Rig is likely to start mobilizing to the location by October 2007.

11.06.2007

This is to inform you that a Meeting of Board of Directors of the Company will be held on Thursday, the 21st June 2007 at 11.00 A M at the Registered Office of the Company at “ Janpriya Crest “ 113, Pantheon Road, Egmore, Chennai 600 008 to transact the following items.

a) To consider and approve the Audited Accounts for the year ended 31st March 2007.

b) To consider recommendation of dividend on Preference and Equity Shares for the year 2006-2007.

c) To consider closure of Register of Members and Share Transfer Book(s) of the Company.

d) To consider an extension of period for the resolution passed in connection with the issuance of Foreign Currency Convertible Bonds

19.4.2007

This has reference to the Japanese Yen (JPY) 11.61 Billion Foreign Currency Convertible Bonds (FCCB) equivalent to US$ 100 Million issued by the Company in April 2006. As per the terms of issue the Bondholders shall have right to convert the Bonds into equity shares on or after 19th April 2007 and upto and including April 8, 2011. The Conversion Price (CP) of FCCB of JPY 11.61Billion equivalent to US$ 100 million has been fixed at Rs.2789.04 (Rupees two thousand seven hundred and eighty nine and paise four only) per Equity Share of Rs.2/- each fully paid up. The price has been determined at 1.4 times of the volume weighted average price of the Company’s equity share traded on the National Stock Exchange of India Limited during the 30 Trading days commencing from Feb 28, 2007 and ending on April 12, 2007.

10.04.2007

This has reference to the letter dated 9th April 2007 regarding Board Meeting scheduled to be held on 19th April 2007 to consider Unaudited estimated Quarterly Financial Results of the Company for the period ended 31st March 2007. In this connection we wish to inform you that the date of Board Meeting is scheduled for 18th April 2007 instead of 19th April 2007. Kindly note the change in date of Board Meeting.

9.4.2007

The Company’s subsidiary Deep Drilling 1 Pte Ltd has received a Letter of Award from Gujarat State Petroleum Corporation Ltd (GSPC) for Charter Hire of the Rig Deep Driller 1 for a firm period of 2 years with 2 options of 6 months each thereafter at mutually agreeable rates. The contract to be performed in continuation of the contract with Hardy Oil, is expected to result in revenues of approx. USD 141 Million during the firm period.

9.4.2007

Meeting of Board of Directors of the Company will be held on Thursday the 19th April 2007 at 11.00 A M at the Registered Office of the Company at “ Janpriya Crest ” 113 Pantheon Road, Egmore, Chennai 600 008 to take on record the unaudited, estimated Quarterly Financial Results of the Company for the period ended 31st March 2007.

2.4. 2007

This is to inform that Mr P Venkateswaran, who was holding 7,305 Equity Shares on 29.03.2007 has been allotted further Equity Shares 4800 under ESOP(ESOS 2005) during the period under report. His present holding as on date is 12,105 Equity Shares in the Company.

Further Mr C P Gopalkrishnan, who was holding 23,750 Equity Shares on 29.03.2007 has been allotted further Equity Shares 5100 under ESOP(ESOS 2005) during the period under report. His present holding as on date is 28,850 Equity Shares in the Company.

Please find enclosed the details of Shareholding u/s 13(4) by Company in terms of SEBI Insider Trading (Amendment) Regulations 2002.