2008-09 Quarter 1 announcements

30.06.2008

Reference is made to the announcement dt May 12, 2008 regarding a letter of intent from Husky Oil for a one well contract for the rig Murmanskaya. Due to unforeseen circumstances not known at the time of agreeing the LOI, the letter of intent has been terminated. The rig has been mobilised to Singapore and the Company is actively marketing the same

26.06.2008

A Letter of Intent has been received from a leading operator for the deployment of the jack-up rig Deep Driller 2 offshore Malaysia for a 3 well programme. The estimated revenues from the Contract (with an estimated duration of approx.90 days) is approx. USD 17 million. The deployment is to commence in direct continuation of its present contract, which is expected in July 2008.. A Letter of Intent has been received from another leading operator for the deployment of the jack-up rig Deep Driller 2 offshore Malaysia for a 6 firm well plus one optional well programme. The estimated revenues from the Contract (with an estimated duration of approx.210 days) is approx. USD 38 million. The deployment is to commence in direct continuation of the programme mentioned in the previous paragraph

13.05.2008

This is to inform that Credit Analysis & Research Ltd. (CARE) has revised the ratings for the Cumulative Non-Convertible Cumulative Redeemable Preference Shares (CRPS) issued by the Company. The revised ratings stand at CARE A- (RPS) (Single A minus Redeemable Preference Share ) for all the CRPS Issues.

12.05.2008

This has reference to the notification dated 15th April 2008 regarding a contract that has been signed with Exxon Neftegas Limited for the deployment of the Jack-up rig Murmanskaya Offshore Russia for a 2 well programme which is expected to commence in June 2008. This is to inform that Exxon Neftegas has terminated its contract with Beta Drilling regarding the rig Murmanskaya. Further we wish to inform that the Company has received a Letter of Intent for one well contract with Husky Oil China Ltd for the same rig Murmanskaya for a period of approximately 50 days. The estimated revenues from the contract is approximately USD 10.53 million.

18.04.2008

A Meeting of Board of Directors of the Company will be held on Tuesday the 29th April 2008 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 2008.

15.04.2008

A Contract has been signed with Exxon Neftegas Limited for the deployment of the Jack-up rig Murmanskaya Offshore Russia for a 2 well programme. The estimated revenues from the Contract (with an estimated duration of approx 160 days) is approx USD 34 Million. The deployment is to commence in direct continuation of its present contract which is expected in June 2008.