The Singapore unit of Indian oil services firm Aban Offshore plans to list on the Singapore Exchange and may raise around $400 million next year, two sources said.

"It will be between $350-$400 million and on the SGX," a source said.
A second source said the initial public offering will likely be launched in the first half of 2008 and could raise as much as $500 million.
Banking sources said Merrill Lynch  and UBS  have been mandated as lead managers.
Aban Singapore earlier this year sold $150 million of convertible bonds to four investors in a private placement. The bonds, due to mature in 2014, were sold to finance the purchase of shares in Norwegian offshore oil services firm Sinvest ASA, bankers said in February.
The bondholders had the option to convert bonds into shares if the company is listed.
Sinvest delisted from the Oslo exchange on March 29. Merrill Lynch was also the lead manager for the bond deal.
Aban Singapore and Sinvest both have offshore drilling rigs under construction at yards owned by Singapore's Keppel and SembCorp Marine.
Aban Offshore provides oil field services for offshore exploration and the production of hydrocarbons. It is part of the Indian conglomerate Aban Group, whose interests range from wind energy and conventional power generation to information technology and hotels.
Singapore, which is home to the world's biggest bunkering port, is also Asia's top physical oil trading centre.