Aban Offshore Completes Sinvest Offer, Now Holds 97%

With reference to the earlier announcement dated January 9, 2007 regarding a Mandatory Offer for acquiring the outstanding shares in Sinvest ASA, Aban Offshore Ltd has informed BSE the acceptance period for the mandatory offer ended on February 16, 2007.

Aban international Norway AS has according to a preliminary review, received acceptance for approximately 28.8 Million shares of Sinvest ASA under the Mandatory Offer. Together with existing ownership of 6.07 Million Sinvest ASA Shares and received acceptances, Aban International Norway AS thus holds ownership or entitlement to a total of approximately 34.9 million Sinvest ASA Shares representing approximately 57% of the share capital of Sinvest ASA.

The Company through its subsidiary, Aban Singapore Pte Ltd and Aban International Norway AS together hold approximately 59.15 Million shares of Sinvest ASA offer representing approximately 97% of the Share capital of Sinvest ASA.

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