News about Aban Offshore Limited - National Stock Exchange of India Limited

October 27, 2006

The media had reports that Norway's Oslo Bors, (the local stock exchange) has asked Aban to come-out with an open offer for entire residual stake or sell off the TRS shares within 4 weeks. Further, the company may dilute its stake in Aban Singapore Pte Ltd.

The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.

Aban Offshore Ltd. has vide its letter inter-alia stated, "The company's subsidiary, Aban Singapore Pte Ltd. (ASPL) holds 39.999998% of the shares of Sinvest ASA, which is listed on the Oslo Stock Exchange (OSE). Further, ASPL and its subsidiary have entered into Total Return Swap (TRS) Agreements (based on pre-clearance from OSE) with Sinvest shares as underlying asset. These TRS Agreements provide ASPL and its subsidiary a financial exposure to Sinvest shares equivalent to 8.42%. The OSE has decided that the counter parties to the TRS Agreements are deemed to have acted in concert with ASPL in relation to shares acquired as hedge for the TRS Agreements. Therefore, OSE has asked the group (comprising ASPL, its subsidiaries and the counter parties to the TRS Agreements) to present a mandatory offer for the remaining shares of Sinvest or alternatively sell shares to below 40% so that the mandatory offer is lapsed. ASPL and its subsidiaries propose to appeal against the OSE's decision within the prescribed time period. Regarding dilution of stake in ASPL,the company would not like to comment on speculative reports."

Source: National Stock Exchange of India Limited

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