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05/08/2008 - Drilling Contract - A Letter of Intent has been received for deployment of the new built jack-up rig “Deep Driller 8” offshore India for a two firm well + two optional well program. The firm period of the Contract, expected to commence following the delivery of the rig from the yard in the first quarter of 2009, is likely to last for 150 days with an estimated revenue of USD 30 million during the firm period. -
31/07/2008 - Outcome of Board Meeting - This has reference to the announcement made on 21st July 2008 regarding outcome of Board Meeting in item no.d shall read as follows
The Board has approved the following however subject to approval of shareholders at the ensuing Annual General Meeting schedule to be held on 17th September 2008
d) raising of fund through issue, offer and allot Equity Shares / Fully convertible Debentures (FCD) / Partly Convertible Debentures (PCD) / Optionally convertible Debentures (OCD) or any other securities other than warrants, which are convertible into or exchangeable with the equity shares of the Company or other specified securities (hereinafter collectively referred to as “Securities”) in one or more placements to Qualified Institutional Buyers ( as defined under SEBI DIP Guidelines, “QIB”) for an amount not exceeding INR 1000 Crores (Rupees one thousand crores only ) inclusive of such premium as may be finalized under a Qualified Institutional Placement (“QIP”) as provided under the provisions of Chaper XIIIA of the SEBI (Disclosure and Investor Protection) Guidelines 2000 (“SEBI DIP Guidelines”)”
instead of
d) raising of additional capital through issue of Equity Shares / Fully convertible Debentures (FCD) / Partly Convertible Debentures (PCD) / Optionally convertible Debentures (OCD) or any other securities which are convertible into or exchangeable with the equity shares of the Company or other specified securities on preferential basis to qualified institutional buyers upto to Rs.1000 crores.
Other items remain unchanged
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21/07/2008 - Outcome of Board Meeting - The meeting of the Board of Directors of the Company was held on 21st July 2008 . The Board have recommended a Dividend of 180% on the Paid up equity capital, (ie. for the Fully paid Shares : Rs.3.60 per share and Partly Paid Rs.1.80 per Share), a dividend of 8% p.a. on the paid up Non Convertible Cumulative Redeemable Preference Share Capital allotted in the year 2005-06 and a dividend of 9% p.a on the paid up Non Convertible Cumulative Redeemable Preference Share Capital of the Company allotted in the year 2006-2007, respectively for the year ended 31st March 2008.
21/07/2008 - Press note 2008 -
10/07/2008 - Extension of Contract - “Venture Drilling AS, in which the Company’s subsidiary Aban Singapore Pte Ltd (ASPL) has a 50% indirect shareholding, has agreed with ExxonMobil for a six month extension of the present drilling contract, in direct continuation and on same terms (at an Operating Day Rate of USD 425,000 after withholding tax). The extended period is likely to last till July 2009.” -
The register of Members and Share Transfer Books of the Company will remain closed from Wednesday the 10th September 2008 to Wednesday the 17th September 2008 (both days inclusive) for the purpose of dividend declaration.
The Board of directors at their meeting held today had approved the following however subject to approval of members at the ensuing annual general meeting
a) increase in Authorised Share Capital from Rs.1000 Crores to Rs.1500 Crores by addition of Rs.500 crores of Cumulative Preference Share Capital and corresponding alteration in Memorandum and Articles of Association of Company
b) raising of capital through issue of Cumulative Redeemable Non-convertible Preference Shares on private placement basis and the same need not be offered to the existing holders of such shares
c) raising of additional long term resources through issue of FCCBs, GDRs, ADRs etc. not exceeding amount equivalent to USD 400 Million
d) raising of additional capital through issue of Equity Shares / Fully convertible Debentures (FCD) / Partly Convertible Debentures (PCD) / Optionally convertible Debentures (OCD) or any other securities which are convertible into or exchangeable with the equity shares of the Company or other specified securities on preferential basis to qualified institutional buyers upto to Rs.1000 crores.
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PRESS NOTE
The Board of Directors of Aban Offshore Ltd. (”AOL”) has approved the audited results of the Company for the year ended 31st March 2008. On a standalone basis, AOL has recorded a total income of Rs.731.81 crores for the year ended 31st March 2008 as against the total income of Rs.564.59.crores in the previous year. The Company’s net profit after tax for the year stood at Rs. 159.10 crores as against Rs.99.60 crores in the previous year. The Board has recommended a dividend of 180% on the Paid up Equity Capital of the Company amounting to Rs. 13.60 Crores and a dividend on the Non convertible Cumulative redeemable preference shares amounting to Rs.26.04 crores.
On a consolidated basis, AOL and its subsidiaries (“AOL Group”) recorded a total income of Rs 2128.04 Crores during the year ended 31st March 2008, as against a total income of Rs.806.76 Crores during the previous year. The net profit of the AOL Group attributable to the shareholders of AOL was Rs 123.06 Crores during the year ended 31st March 2008, as against loss of Rs 14.00 Crores during the previous year.
Two jack up rigs viz., Deep Driller 4 and Deep Driller 5, were delivered during the year 2007-2008. Rigs Aban VIII and Deep Driller 7 were delivered in the current financial year. During the year 2007-2008, Aban Pearl Pte Ltd, a subsidiary of the Company, acquired a Semisubmersible rig. With this purchase, AOL Group has under its control a fleet of twenty one vessels comprising of sixteen jack-up rigs, (of which two are under construction) three drillships, one semisubmersible rig and a floating production unit.
AOL Group currently has a broad based clientele consisting of Oil & Natural Gas Corporation Ltd. (“ONGC”), Hardy Exploration & Production (India) Inc., Oriental Oil Company, Dubai, Shell Malaysia, Gujarat State Petroleum Coporation Ltd. (“GSPC’), Hindustan Oil Exploration Co. Ltd., Petronas Carigali, Chevron, Exxon Mobil, etc.
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