Aban Offshore Ltd has received Firm Orders from ONGC for the deployment of jack-up rigs Aban III and Aban IV for a period of 3 years each. The total value of these firm orders is approximately USD 138 million (equivalent to Rs 620 Crores).
The Company has redeemed the outstanding foreign currency convertible bonds (“FCCBs”) that were issued in April 2006 and having an outstanding principal amount of Japanese Yen (“JPY”) 5.41 billion, along with redemption premium (aggregating to JPY 6.590 billion or equivalent to Rs. 349 Crores in redemption value), on the due date (i.e.) April 15, 2011.
May 11, 2011
This is to inform you that a Meeting of Board of Directors of the Company will be held on Thursday, the 26th May 2011 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 following agenda :
1.Audited quarterly standalone and consolidated financial results for the period ended 31st March 2011.
2.Audited Accounts for the year ended 31st March 2011.
3.Recommendation of dividend if any, for the year 2010-2011
4.Closure of Register of Members and Share Transfer Book(s) of the Company.
The Board will also consider raising of long term funds through issue of FCCBs, ADRs, GDRs and issue of equity related securities, etc. to Qualified Institutional Buyers, subject to approval of members at the ensuing Annual General Meeting of the Company. This is only a renewal resolution.
Since the Company is publishing Audited financial results for the last quarter, the unaudited quarterly results will not be published.
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.
c) 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 2011.
We wish to inform you that the drillship Aban Abraham (owned by our wholly owned step down subsidiary) has commenced operations under a 5 year contract with Petrobras, Brazil, on June 5, 2011.