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Aban Offshore Ltd. Company History and Annual Growth Details

YEAR EVENTS
1986 - The Company was Incorporated on 25th September, and the
Certificate of Commencement of business was obtained on 27th
February, 1987.

- The Company was promoted by M.A. Abraham, managing partner of
Arab Constructions, Chennai, Asian Techs Ltd., Cochin, in
collaboration with Indian Offshore Inc., U.S.A., a professional
drilling company of U.S.A. The Company secured two offshore
drilling contracts consequent to Government of India policy to
indigenise oil sector and to encourage Indian joint venture
companies.

- The Company's object is providing and operating ships, vessels,
rigs, structures, equipment and personnel required for on-shore
and off-shore drilling, oil field services, etc.

- The Company concluded a collaboration agreement with M/s. India
Offshore Inc., USA for both technical know-how and equity
participation.

1987 - The imported rigs named as Aban-I and Aban-II were employed at
Godavari basin and Mumbai High respectively. The rigs struck oil
at few places in both the fields. The company trained all
categories of its national crew on a continuous basis which
brought down the expatriate manpower cost by about 50%.

1988 - The Company received a letter of intent from ONGC for charter
hire of a drillship (Five Star) for two years with an option to
extend the contract for a further period of two years. Necessary
steps were being taken to obtain approvals from the Government
for the said drillship.

- 9,38,491 shares subscribed for by promoters, directors, etc.
28,61,509 No. of equity shares then issued at par of which the
following shares were reserved and allotted:

- (i) 2,12,909 shares to promoters, directors etc.

- (ii) 15,20,000 shares to India Offshore Inc. U.S.A. Shares
reserved for preferential allotment were:

- (i) 1,70,000 shares to NRI on repatriation basis (all were taken
up);

- (ii) 1,90,000 shares to employees etc. (only 18,900 shares taken
up). The remaining 7,68,600 shares along with the unsubscribed
portion of 1,71,100 shares from employees quota, were offered to
the public in May. Additional 1,69,200 shares allotted to retain
over-subscription (1,43,700 shares to the public and 25,500
shares to NRIs).

1989 - The Company bagged a manning and management contract against a
global tender from ONGC to man and manage 300 feet cantilever
jack-up-rig 'Sagar Uday' in Mumbai High.

- Due to non receipt of permission from the Government for
acquisition of the drillship, the letter of intent was not
renewed.

1990 - The Company continues to bid for more onshore/offshore contracts
in order to expand its operations and also to diversify into oil
related areas.

1991 - The Company received letter of intent from ONGC for charter hire
contracts of the two rigs, Aban I and Aban II for primary period
of 2 years, and extendable for a further period of 2 years under
mutually agreed terms.

1992 - The Company entered into a fresh charter hire contracts with ONGC
for ABAN-I and ABAN-II for a primary period of 2 years with
effect from 1st June and 25th April respectively with a provision
for extension for further periods.

- The Rig Lead Ansterdam was added to the fleet during March.

- The Company signed a Memorandum of Agreement for acquiring two
more 300 ft. jack-up rigs viz. 'Chicken Itza' and 'Uxmal' from
the present owners represented by ECGD, a Government of UK
organization.

- During November, the Company offered 19,84,600 No. of equity
shares of Rs.10 each at a prem. of Rs.60 per share on rights
basis in the prop. 1:2 (all were taken up). Additional 2,91,790
shares were allotted to retain oversubscription.

- Another 99,230 shares of Rs.10 each at a prem. of Rs.60 per share
were offered to the employees of the Company on an equitable
basis. (Only 32,270 shares taken up) Unsubscribed portion was
allowed to lapse.

- 23,08,660 rights equity shares issued.

1993 - Rigs Aban-I, Aban-II and I'le D Amsterdam continued to be on
charter hire contracts with ONGC. The Company disposed two rigs
viz., Chichen Itza and Uxmal.

- The Company undertook refining for production of petroleum
products. With this in view, it proposed to set up a refinery
with a capacity of 3 million TPA at Tuticorin. A modern refinery
was located at Calgary, Canada which was to be purchased from
Shell Canada.

1994 - The Company undertook to set up a 3 million TPA capacity
petroleum refinery.

- The Company diversified its activities to include harnessing of
wind energy. The Company entered into a tie-up with Kenetech
Windpower Inc. USA.

- It has also set up 2 MW wind power plant in Muppandal and
Kayathar in Tamil Nadu.

- 200 No. of equity shares kept in abeyance of rights issue of
Jan. 1992 was issued.

1995 - The setting up of a 3 million TPA capacity petroleum refinery
was kept in abeyance due to the severe liquidity crunch.

- The growth and performance of the wind energy division did not
show the expected increase due to severe liquidity crunch in
financial and corporate sector.

- The Company has commissioned 62 wind turbines during the year.

- Another 700 shares issued.

1996 - Company has received a new charter hire contract for ABAN-I from
ONGC for deployment in the West Coast of India for a period of
3 years. ABAN-II continues to perform satisfactorily while
11c D'Amsterdam the company has received letter of intent from
ONGC at substantially increased charter hire rates.

- Company is working as a proposal for setting up a 3 million
tonne Refinery and Power Plant have been re-assessed by the
Company.

1997 - The Company has entered into new contract for Rig I'le D'
Amsterdam with increased rates for a period of two years.

- The Company was selected by Tamil Nadu Government for setting up
a 103 MW power plant on Build, Own and Operate basis near Ennore.
The Company, assigned this project to M/s. Aban Power Company
Ltd. a company separately formed for power generation.

2001 - Aban Loyd Chiles Offshore Ltd. has entered into a definitive agreement with
Tata Industries Ltd. to acquire 22.5 per cent controlling stake in Hitech Drilling
Services India Ltd.

2002

-Mr A Abraham steps down from the Chairmanship of the company.

-High court approves for the scheme of amalgamation of Hitech Drilling Services India Ltd with the company.

-Ties up with Qatar Shipping to bid for Shipping Corporation of India's disinvestment programme.

-Qualifies to bid for Shipping Corporation of India Ltd.

-Mr Reiji Abraham and Mr Renny Abraham acquired the shares of the company.

-Opts out of Shipping Corporation of India bid process

2003

-Board proposed to delist the company's shares from the Delhi Stock Exchange.

-Company's offshore has been registered for ISO 9001:2000 by KPMG quality Register.

-Director Mr Renny Abraham expires on Oct 5th.

-Mr Frank A Wojtek resigns as the Director on the board of the company.

-Aban Loyd Chiles Offshore Ltd. has informed that Mr. K. Bharathan has been appointed as Additional Director effective December 26, 2003.


2004

-Aban Loyd Chiles Offshore MD expires


2005

-Aban Loyd signs contract with HOEL

-Aban Loyd Chiles enters agreement with Rowandrill Inc, USA

-Aban Loyd Chiles Offshore enters into MoA with Pride Foramer

2006

-Aban Loyd to purchase 52% stake in Indonesian co

-Aban Loyd's subsidiary to acquire a Norwegian Company


2008

-Aban Offshore has signed a Letter of Agreement with Husky Oil China Ltd for the deployment of the jack-up rig Deep Driller 5 offshore China for a 3 firm wells along with 3 optional wells programme.

2009

- Aban Offshore Ltd has informed that Mr. Satish Chandra Gupta has been appointed as Additional Director effective March 26, 2009.
 
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