A Letter of Award has been received from a leading exploration & production company for the deployment of the jack-up rig Deep Driller 1 offshore India for a firm period of 1 year plus two optional periods of 6 months each. The estimated revenues from the firm period of the deployment is about USD 41 million (equivalent to Rs 185 Crores). The deployment is likely to commence during the second quarter of calendar year 2010.
A Contract has been signed for the deployment of the jack-up rig Aban VII as an accommodation unit offshore Qatar for a 6 week period. The estimated revenues from the Contract is USD 2.5 million (equivalent to Rs 11 Crores). The deployment is likely to commence during the second quarter of calendar year 2010.
“A Contract has been signed with Brunei Shell Petroleum Sendirian Berhad for the deployment of the jack-up rig Deep Driller 8 offshore Brunei for a firm period of 4 years plus four optional periods of 1 year each. The estimated revenues from the firm period of the deployment is about USD 159 million (equivalent to Rs 716 Crores). The deployment is likely to commence during the third quarter of calendar year 2010."
Venture Drilling AS (a 50% indirect joint venture of the Company) and Maersk Oil Angola A/S ("Maersk Oil") have reached a mutual agreement to amend their drilling contract relating to drillship Deep Venture, bringing the specified term of the contract to midnight of 20 April 2010. Mærsk Oil will redeliver the drillship Deep Venture upon completion of the Chissonga 2 well in Angola, expectedly late April 2010, against an Early Termination Fee of USD 64 million.
This is to inform you that a Meeting of Board of Directors of the Company will be held on Tuesday, the 25th May 2010 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.
• To consider and approve the Audited Accounts for the year ended 31st March 2010.
• To consider recommendation of dividend for the year 2009-2010.
• To consider closure of Register of Members and Share Transfer Book(s) of the Company.
Kindly take the information on record.
This is to inform you that a Meeting of Board of Directors of the Company will be held on Tuesday, the 25th May 2010 at 11.00 A M at the Registered Office of the Company at “ Janpriya Crest ” 113, Pantheon Road, Egmore, Chennai 600 008 to consider and approve the audited quarterly standalone and consolidated financial results for the period ended 31st March 2010. Since the Company is publishing Audited financial results for the last quarter the unaudited quarterly results will not be published.
Following an incident on the semisubmersible rig Aban Pearl, which impacted its stability , a decision was taken to evacuate all personnel. All crew members have now been evacuated and are safe. Further updates will be provided as the situation clarifies.
Aban Pearl, a semisubmersible ship owned by one of the subsidiaries of Aban offshore , which was engaged in contract at offshore Venezuela is reported sank in the early hours of 13Th May 2010 (GMT -5) .
At the time of reported incident , rig was manned with 95 personnel and all personnel were evacuated safely. The causes of semisubmersible sinking are unknown at this stage. At the time of issuance of this statement , the company is assisting in assessment and in determination of the causes of the incident.
This has reference to our letter dated 10th May 2010 regarding Board Meeting scheduled to be held on Tuesday, the 25th May 2010 at 11.00 A M at the Registered Office of the Company.
In this connection we wish to inform you that in the scheduled meeting ,raising of long term funds through issue of FCCBs, ADRs, GDRs and issue of equity related securities, etc. to Qualified Institutional Buyers will also be considered.
A letter of Intent has been received for the deployment of jack-up rig Deep Driller 6 in the Middle East for a 18 firm wells plus 4 optional wells programme. The estimated revenues from the Contract (with an estimated duration of approx. 4 years) is approx. USD 187 million. The deployment is to commence in the second quarter of calendar year 2010.
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
a) raising of additional long term resources through issue of FCCBs, GDRs, ADRs etc. not exceeding amount equivalent to USD 400 Million
b) Issue of equity related securities to qualified institutional buyers upto to Rs.2500 crores.
The Board have recommended a dividend of 180% on the Paid up equity capital, (ie. Rs.3.60 per Equity share), a dividend 8% p.a. 9% p.a and 9.25% p.a. respectively on the paid up Non Convertible Cumulative Redeemable Preference Share Capital of the Company for the year ended 31st March 2010.