Aban Offshore Limited Disclaimer Except for historical information

Aban Offshore Limited

Disclaimer Except for historical information contained in the presentation, statements may constitute ‘forward-looking statements’. These ‘forward-looking statements’ may contain number of risks, un-certainties and other factors that could cause actual results, opportunities, and growth potential to differ materially from those suggested by the forward-looking statements. These risks include, but are not limited to, the growth in demand for the drilling, E&P expenditure by oil companies, our ability manage complexities and risks in our international growth etc. , AOL undertakes no obligation to update forwardlooking statements to reflect the events and circumstances after the date hereof.

The Evolution § Established in 1986 • When ONGC encouraged Indian entrepreneurs to set up drilling business • Reduce dependence on foreign companies § Started with 2 offshore rigs, chartered to ONGC § Grew in stages to 7 assets by 2005 • Acquisition of Hitech from Tatas in 2001 was a big milestone. • All further additions were second hand assets • Deployment secured prior to or immediately after purchase

Spreading the wings • ASPL was set up in November 2005 to • expand beyond Indian waters • reduce dependence on single customer • be on par with global peers in terms of competitiveness • have access to innovative and broad based financing solutions • Singapore encourages maritime industry • 10 year tax holiday under Sec 13 F (AISE) • Singapore flagged rigs enjoy tax exemption without any time limit • Shipyards reputed for construction, repair and upgrade

Take-off…. . • Sinvest was a Financial investor based in Norway and listed on Oslo Stock Exchange • Sinvest was an ideal choice • 2 new builds already delivered and placed for 18 months • 6 new builds to be delivered in stages till 2009 • Early mover advantage • All rig owning SPVs are Singapore incorporated • Carried out in three stages and completed in March 07. • The integration process was easy, since Sinvest had only 5 employees and no major cultural issues. • All the rigs of Sinvest are managed by a professional company viz. , Premium Drilling which is jointly owned by Sinvest (50%) and Awilco (50%).

The Fleet… DD - 5 DD - 3 DD - 2 Deep venture ABAN - VIII ABAN - VI ABAN - IV ABAN - II DD 4 DD - I ABAN - ICE ABAN - V TAHARA

Aban Offshore Ltd. INDIA 100% Aban Holdings Pte Ltd 99. 9% NORWAY Aban Singapore Pte Ltd 100% Aban Abraham Pte Ltd. Aban Internatinal Norway AS 100% Aban 7 Pte Ltd. Aban 8 Pte Ltd. Aban Pearl Pte Ltd. 60% 40% Sinvest AS 100% DDI Holding AS Venture Drilling AS SINGAPORE 50% Premium Drilling AS 100% Deep Drilling Invest Pte Ltd 100% Deep Driller 1 Pte Ltd Deep Driller 2 Pte Ltd Deep Driller 3 Pte Ltd 100% Deep Driller 4 Pte Ltd 100% Deep Driller 5 Pte Ltd 100% Beta Drilling Pte Ltd Boxes with green are rig owning companies. 100% Deep Driller 6 Pte Ltd 100% Deep Driller 7 Pte Ltd 100% Deep Driller 8 Pte Ltd

Sitting pretty … • Expected revenues from Committed contracts • USD 1, 645 million over Aug 2008 -Jul 2011 • USD 205 million beyond Jul 2011 • 14 out of 21 rigs are already operational • Remaining are likely to be operational by March 2009 • Fleet complement of 9 brand new units • Predictable cash flows • Most of the counterparties are AAA rated • Have presence in different geographies

The space that we operate … • Global offshore drilling expenditure has • Increased to US$ 30 bn in 2007 • Up from US$ 20 bn in 2005 -06. • expected to grow to US$ 55 bn by 2011. • The main demand drivers are: • sustained increase in oil prices • Pressure to accrue new reserves • viability of marginal fields

Future plans Enhance Deepwater capacity. • Increased activity • This gives higher value addition. • Setting higher entry barriers for competitors • Attractive day rate of USD 550, 000 to 600, 000 • Payback in 4 years Increase FPSO capacity • Floating production capacity required to serve the new oilfields • Stable business with longer term contracts

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