Aban Terminates Sinvest Swap Deals

Aban Offshore Ltd said that it has informed the Bombay Stock Exchange that its subsidiary, Aban Singapore Pte Ltd (ASPL), and its subsidiary have terminated the Total Return Swap (TRS) Agreements entered into with First Securities ASA and ICICI Bank UK Ltd, with the shares of Sinvest ASA as the underlying asset.

Aban International Norway AS (AIN), a wholly owned subsidiary of ASPL, bought 6,077,581 shares in Sinvest ASA during the period Dec. 29, 2006, to Jan. 2, 2007, thereby increasing the combined holding of ASPL & AIN to 50.01% of the outstanding shares in Sinvest ASA.