2006-07 Quarter 1 announcements

28/06/2006 -
Aban Singapore Pte Ltd. today (i.e 28th June 2006) has successfully completed the acquisition of 33.76 % of the voting share capital of Sinvest ASA , a Company incorporated under the laws of the Kingdom of Norway and listed on the Oslo Stock Exchange from the Skeie Group AS ( “ SG ” ) with whom ASPL had entered into a definitive Share Purchase Agreement on 15th June 2006.

22/05/2006 - Approval of Members through Postal Ballot for sale of Rig Aban VII
The process of Postal Ballot was completed on 22nd May 2006 and the summary is as follows ::
articulars No of Postal Ballot forms No of Shares % of total paid up equity capital
a) Total Postal Ballot forms received 675 Forms 2,33,56,228 Votes 63.32%
b) Less :: Invalid Postal Ballot forms 112Forms 21,163Votes 0.06%
c) Net Valid Postal Ballot Forms 563Forms 2,33,35,065 Votes 63.26%
d) Postal Ballot forms with assent for the Resolution 555forms 2,33,33,995 Votes 63.26%
e) Postal Ballot forms with dissent for the Resolution 8Forms 1,070 votes Negligible

We wish to inform that the members have approved by Majority, the for the sale of Rig Aban VII (formerly known as Rowan Texas) to M/s.Aban 7 Pte Ltd by way of Postal Ballot.

25/04/2006 - The Board of Directors at their Meeting held today have approved the issue of Foreign Currency Convertible Bonds (FCCBs) not exceeding USD 200 Million , subject to approval of Members at the forthcoming Annual General Meeting to be held on 14th July 2006 and such other approvals as may required in this regard.

05/04/2006 - The Company has issued and allotted Five Year Zero Coupon Japanese Yen denominated Foreign Currency Convertible Bonds aggregating to Yen 11.61 Billion (Equivalent to approx US$ 100 Million) and the said Bonds have been listed on the Singapore Exchange Limited with effect from 05.04.2006.