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Aban Offshore Limited

Aban Offshore Limited. Disclaimer.

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Aban Offshore Limited

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  1. Aban Offshore Limited

  2. 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.

  3. 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

  4. 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

  5. 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%).

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

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

  8. 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

  9. 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

  10. 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

  11. Thank you for your valuable time

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