Aban Offshore - Updates

Mumbai, Dec 13 (UNI) Aban Offshore today informed the Bombay Stock Exchange (BSE) regarding their Total Return Swap (TRS) agreements which they have entered into with their subsidiary Aban Singapore Private Ltd (ASPL), with Sinvest share as underlying asset.

The Stock Exchange Appeals Committee (SEAC) has decided to uphold the decision of the Oslo Stock Exchange (OSE) that ASPL and the TRS Counter parties are deemed to have acted in concert.

In this connection ASPL has made the following announcement to OSE: ''Aban Singapore with subsidiaries (Aban) has received the decision of the Stock Exchange Appeals Committee dated December 12, 2006 and would like to make the following announcement pursuant to the notification as required under section 4-8 of the Norwegian Securities Trading Act (STA).

Aban hereby notifies that a reduction of it's shareholding in Sinvest ASA will be carried out in accordance with Section 4-9 of the STA within the prescribed time period.

As an alternative to the sale of shares held by Aban, the sale may be carried out by ICICI Bank (UK) and First Securities ASA, since the Stock Exchange Appeals Committee has concluded that Aban has acted in concert under certain total return swap agreements.

Aban reserves its right to maintain its current shareholding in Sinvest ASA to the extent such sale is carried our by ICICI and First, the company added.

UNI AR WD AG1623