Aban Offshore update on debt restructuring actions of subsidiaries

Aban Offshore announced that Bank lenders to a wholly owned subsidiary of the company have signed an Inter-Creditor Agreement (ICA) to undertake the process of formulation and implementation of a resolution plan for the debts owed to such lenders; also, certain step-down subsidiaries of the Company have engaged Pareto Securities AS and ABG Sundal Collier ASA to explore a possible capital raise based on a new structure involving the nine modern jack-up drilling rigs owned by step-down subsidiaries of the Company, in order to settle the debts owed by the Company's subsidiaries.

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