Aban Subsidiary Takes Stake in Sinvest

Aban Singapore Pte Ltd., a wholly owned subsidiary of Aban Loyd Chiles Offshore Ltd., (jointly 'Aban') has entered into an agreement with Skeie Group AS to purchase 20,491,870 shares in Sinvest ASA, representing 33.8% of the shares outstanding, at a price equal to NOK 135 per share. The transaction is conditional on certain subjects expected to be lifted within June 29, 2006.

Aban is a leading offshore oil service company, which owns and operates a fleet of offshore vessels comprising mainly jackups. Aban has close to 20 years of experience in owning and operating rigs. Aban is listed on the Bombay and National Stock Exchange and the Madras Stock Exchange in India. The privately owned Indian conglomerate Aban Group is the major shareholder in Aban Loyd Chiles Offshore Ltd.

Managing Director of Aban, Mr. Reji Abraham, states that: 'We are very happy to become the leading shareholder in Sinvest. We have an optimistic view on the offshore drilling market going forward and our ambition is to strengthen our market position. The investment in Sinvest, which has a solid fleet of modern jackup rigs excellently positioned for the expected strong jackup market going forward, will increase our exposure in the jackup drilling segment significantly. We have a long-term view on our investment in Sinvest. We have no intentions to present an offer to purchase the remaining shares in Sinvest'.

Sinvest is an offshore drilling company listed on Oslo Stock Exchange. Sinvest's main assets are 8 modern jackups either under construction or recently delivered from PPL Shipyard and Keppel FELS in Singapore. Sinvest also owns 20% of Petrojack ASA, a company listed on Oslo Stock Exchange with 3 jackups under construction at Jurong Shipyard in Singapore. Additionally, Sinvest controls 100% of the jackup Murmanskaya and 50% of the drillship Deep Venture through charter agreements with the Russian company Arktik.

First Securities ASA acts as financial advisor and BAHR acts as legal advisor to Aban in connection with the transaction.

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