Exxon Neftegas Terminates Murmanskaya Contract, Husky Signs LOI

With reference to the earlier announcement dated April 15, 2008 regarding a contract that has been signed by with Exxon Neftegas Ltd for the deployment of the Jack-up rig Murmanskaya Offshore Russia for a 2 well program which is expected to commence in June 2008, Aban Offshore Ltd has informed BSE that Exxon Neftegas has terminated its contract with Beta Drilling regarding the rig Murmanskaya.

Further the Company has informed that, it has received a Letter of intent for one well contract with Husky Oil China Ltd for the same rig Murmanskaya for a period of approximately 50 days. The estimated revenues from the contract is approximately USD 10.53 million.

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