2006-07 Quarter 2 Announcements

07/08/2006:-

• RIG Aban VII has received a Notification of Award (NOA) of contract for hiring the said rig for deployment at Offshore Qatar, from ONGC VIDESH LIMITED, for a period of approximately 4 months. The total revenue under this contract would be approximately Rs. 100 Crores. The Operations under this new contract is expected to commence by March 2007, after completion of contract with Hindustan Oil Exploration Company Ltd

21/07/2006:-

• The Company has successfully completed the sale of Rig Aban VII to M/s Aban 7 Pte Ltd the wholly owned subsidiary of M/s Aban Singapore Pte Ltd, for a consideration of US$ 95.82 million on 20.07.2006