Aban Offshore Limited

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 - IIABAN - IV

ABAN - V

ABAN - III

ABAN - ICETAHARA

ABAN - VI

ABAN - VIII

DD - I

DD - 2

DD - 3

DD 4

DD - 5

Deep venture

Deep Driller 1 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% 100%100%

60%

100%

40%

100% 100% 100% 100% 100% 100% 100% 100%

Venture Drilling AS

Premium Drilling AS

50%50%

Beta Drilling Pte Ltd

100%

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 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 plansEnhance 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

Thank you for your valuable time

Documents

Aban Offshore Limited