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 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 forward- looking 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 13F (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… ABAN - II ABAN - IV ABAN - V ABAN - III ABAN - ICE TAHARA ABAN - VI ABAN - VIII DD - I DD - 2 DD - 3 DD 4 DD - 5 Deep venture

Deep Driller 1 Pte Ltd Deep Driller 2 Pte Ltd Deep Driller 3 Pte Ltd Deep Driller 4 Pte Ltd Deep Driller 5 Pte Ltd Deep Driller 6 Pte Ltd Deep Driller 7 Pte Ltd Deep Driller 8 Pte Ltd Aban Singapore Pte Ltd Aban Internatinal Norway AS Aban Abraham Pte Ltd. Sinvest AS DDI Holding AS Deep Drilling Invest Pte Ltd 100% Aban 7 Pte Ltd. Aban 8 Pte Ltd. 100% 60% 100% 40% 100% Venture Drilling AS Premium Drilling AS 50% Beta Drilling Pte Ltd 100% SINGAPORE NORWAY Aban Pearl Pte Ltd. 100% Aban Offshore Ltd. INDIA 100% Boxes with green are rig owning companies. Aban Holdings Pte Ltd 99.9%

Sitting pretty … Expected revenues from Committed contracts USD 1,645 million over Aug 2008-Jul 2011 USD 205 million beyond Jul 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 expected to grow to US$ 55 bn by 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

Fleet Contract Status SpecsContract expiry Operating Day Rate Location Aban II200’ ISMay 10Rs 3,782,466India Aban III300’ ICApr 11156,600India Aban IV300’ ICJan 11156,600India Aban V300’ ICMay 11156,600India Aban VI250’ ICJan 14EUR 62,450Middle East USD

Fleet Contract Status.. SpecsContract expiry RateLocation Aban Ice1000’ DSSep 08*43,000India Jan 09* – Dec 11 Rs 6,185,000 TaharaFPUJuly 0987,500India Aban VII250’ ICUnder Marketing Murmanskaya330’ ISUnder Marketing USD * 120 days (approx) shipyard work planned after the end of the current contract

Fleet Contract Status… SpecsContract expiry Operating Day Rate Location Deep Driller 1375’ ICMay 09194,000India Deep Driller 2350’ ICDec 08185,000Malaysia Deep Driller 3350’ ICSep 08225,000Malaysia Deep Driller 4375’ ICNov 08197,000India USD

Fleet Contract Status SpecsContract expiry RateLocation Deep Driller 5350’ ICDec 08190,000Vietnam Deep Driller 6350’ ICYard delivery in Sep 08 Deep Driller 7375’ ICDelivered July 08 & Under marketing Deep Driller 8350’ ICMar – Aug ,000India USD

Fleet Contract Status SpecsContract expiry Operating Day Rate Customer Aban VIII375’ ICJun 12199,500Middle East Aban Abraham6600’ DSSep 08- Aug ,000*/ 410,000 West Africa Aban Pearl1250’ SSActively marketed Deep Venture4200’ DSJul 09450,000West Africa USD * Expected average rate

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