Aban Offshore - Outcome Of AGM

Aban Offshore Ltd has informed that the members at the 21st Annual General Meeting (AGM) of the Company held on August 16, 2007, inter alia, have accorded to the following:

1. Adoption of the audited Balance Sheet as at March 31, 2007 & the Profit & Loss Account for the year ended on that date, the Auditors Report & the Directors Report.

2. Declaration of dividend at the rate of 8% p.a. on the paid up Non-Cumulative Redeemable Preference Share Capital of the Company for the year ended March 31, 2007.

3. Declaration of dividend at the rate of 9% p.a. on the paid up Non-Cumulative Redeemable Preference Share Capital of the Company for the year ended March 31, 2007.

4. Declaration of dividend at the rate of 150% on the paid up Equity Capital of the Company for the year ended March 31, 2007.

5. Re-appointment of Mr. K Bharathan & Mr. P Murari as Directors of the Company, liable to retire by rotation.

6. Re-appointment of M/s. Ford, Rhodes, Parks & Co., Chartered Accountants, Chennai as Auditors of the Company from the conclusion of this Annual General Meeting to the conclusion of the next Annual General Meeting of the Company, subject to remuneration, terms & conditions.

7. Re-appointment of Mr. Reji Abraham as Managing Directors of the Company for a period of 5 years effective September 26, 2007, with a revision in terms of remuneration.