Under the terms of the transaction, 100% of Aabar"s interest in Dalma has been transferred to GulfCap for a debt free cash adjusted enterprise value of approximately US$446 million subject to working capital adjustments. Aabar"s shareholders approved the divestment of Dalma to GulfCap at an Extraordinary General Meeting on 10 September 2007.

Oman-headquartered Dalma operates 22 land drilling rigs in Algeria, India, Oman, Qatar and Saudi Arabia. The company"s fleet comprises seven light rigs of less than 1000 horsepower ("hp"), four medium rigs of 1500 hp and 11 heavy rigs of 2000 hp. Dalma offers a variety of services from shallow depth drilling and workover operations to drilling and completion of deep gas wells in excess of 5,000 metres.

Background

Aabar is an upstream oil and gas company headquartered in Abu Dhabi and is a public joint stock company listed on the Abu Dhabi Securities Market. Aabar"s wholly owned subsidiary, Pearl Energy, is engaged in oil and gas exploration, development and production in Southeast Asia. Aabar’s net working interest production in 2007 amounted to around 19,000 barrels of oil per day from three fields in Indonesia and one offshore development in the Gulf of Thailand.

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