2005-06 Quarter 4 announcements

29/03/2006 - Aban Singapore Pte Ltd., a wholly owned subsidiary of Aban Loyd Chiles Offshore Ltd has incorporated the following wholly owned subsidiary Companies in Singapore Viz.
1. Aban 7 Pte Ltd.
2. Aban 8 Pte Ltd
3. Aban Abraham Pte Ltd.

The Board of Directors at their meeting today and had approved the proposed of Sale of Rig “ Aban VII (Formerly Rowan Texas) to Aban 7 Pte Ltd, the wholly owned subsidiary of Aban Singapore Pte Ltd, subject to approval of members through Postal Ballot.

22/03/2006 - Effective 20th March 2006,our Company’s shares are de-listed from Delhi Stock Exchange Association Ltd.

08/03/2006 - The Sole Book runner and Lead Managers to the issue Barclays Bank PLC has exercised the green shoe option to acquire Yen 2.31 Billion principal amount of Zero Coupon foreign Currency Convertible Bonds due in 2011. With the exercise of the green shoe option the gross proceeds from the offering will be Yen 11.61 Billion (Equivalent to approx US $ 100 Million).

27/02/2006 - The Company has today priced the issue of Foreign Currency Convertible Bonds aggregating to JPY 9.3 Billion equivalent to USD 80 Million with a Green Shoe Option for JPY 2.32 Billion equivalent to USD 20 Million.

18/02/2006 - Aban Singapore Pte Ltd., a subsidiary of Aban Loyd Chiles Offshore Ltd has completed the acquisition of the Drill Ship on 17.02.2006. Henceforth the Drillship will be named as “ ABAN ABRAHAM ”.

15/02/2006 - The Company has received a Letter of Intent (LOI) from ONGC for a contract for 3 years for the Rig Aban II. The total revenue under this contract would be approximately Rs.400 Crores. The operations under new contract will commence after completing the existing contract, by October / November 2006. If required Dry docking and upgradation will be carried out before commencement of the new contract.

04/02/2006 - Aban Singapore Pte Ltd., a subsidiary of Aban Loyd Chiles Offshore Ltd has acquired 100 % holding of West Africa Drilling N.V., a Company incorporated under the laws of Netherlands Antilles, which has entered into an agreement for the purchase of a Drillship.

After completion of Sale / Purchase formalities the Drillship will be named “ ABAN ABRAHAM ”. Aban Singapore Pte Ltd has entered into a Contract with operators for drilling 4 wells with an option to drill further 4 wells in West Africa.

18/01/2006 - ICICI Bank Limited has nominated Mr K.M. Jaya Rao as Director in our Board effective 12th January 2006.