Award of contract

A contract has been signed for the deployment of the jack-up rig Deep Driller 7 (owned by our step down subsidiary)for a firm period of 180 days. The estimated revenues from the deployment is about USD 26.46 million (equivalent to approx. Rs. 140 Crores). The deployment is likely to commence during May 2012.

May 14, 2012

This is to inform you that a Meeting of Board of Directors of the Company will be held on Wednesday, the 30th May 2012 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 2012.

2. Audited Accounts for the year ended 31st March 2012.

3. Recommendation of dividend if any, for the year 2011-12.

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Since the Company is publishing Audited financial results for the last quarter, the unaudited quarterly results will not be published.