2007-08 Quarter4 announcements


A Letter of Intent has been received for the deployment of the newly built jack-up rig Aban VIII in the Middle East for a 18 wells plus 4 optional wells programme. The estimated revenues from the Contract (with an estimated duration of approx. 4 years) is approx. USD 300 million. The deployment is to commence following delivery of the rig, which is expected in the second quarter of 2008.


This is to inform that the Board of Directors of the Company at their meeting held on 8th March 2008 had considered the proposal to raise funds by issue of Non- Convertible Cumulative Redeemable Preference Shares upto Rs.194 crores, in one or more tranches, on private placement basis. A committee was formed for this purpose to consider the proposal and do the necessary acts as may be required in this regard


The Compensation Committee at the Meeting held on 8th March 2008 has granted 125000 Equity Sharesof Rs.2/- each under Employee Stock Option Scheme - 2005 to eligible employees including 2 Deputy Managing Directors.


Meeting of Board of Directors scheduled to be held on Saturday, the 8th March 2008. The Board will consider the Agenda Item regarding raising of Funds through issue of Non –Convertible Cumulative Redeemable Preference Shares on Private Placement basis in one or more tranches


“A subsidiary of the Company has received a Letter of Award from PTTEP International Limited for a 3 well contract offshore Myanmar, for the jack-up drilling rig Deep Driller 5, with an estimated duration of 4 months. This contract will be in direct continuation of the current contract with Cairn Energy Sangu Field Limited. The estimated contract value is approximately USD 25 million.”


The Company has received Notices for conversion of Bonds of an amount aggregating to JPY 30,000,000 (3 Foreign Currency Convertible Bonds of face Value of JPY10,000,000/- each). Accordingly as per the terms of Offering Circular dated 31st March 2006, the Company on 19th February 2008 allotted 4118 Equity Shares of Rs.2/- each fully paid.


The Company has received Letter of Intent from ONGC for deployment of Drillship- Aban Ice for a period of 3 years. The operating Day Rate for the contract is INR 61.85 Lacs and the total value of the contract is approximately INR 657 Crores.


The Committee today allotted 810 ( Eight Hundred and Ten only) Equity Shares of Rs.2/- each under Employee Stock Options Scheme (ESOS 2005). The above allotment includes 600 shares were allotted to one Non-executive Director.