20080708-BNP Paribas-Aban Offshore (ABAN IN)

Initiate with a BUY on India’s largest offshore service provider. Sinvest acquisition enables Aban to earn global day rates
on lower costs, improving pay-back period. In today’s volatile markets, Aban’s earnings visibility, strong cash flows are
attractive. Recent pull back with fundamentals intact provides an attractive entry point. TP: INR3,875 (53% upside).