Global Geo Services ASA 31.05.2005 Global Geo Services ASA Results 1st Quarter 2005 by Morten Andersen (Chairman) Trond Christoffersen (CEO)

Agenda Strategy Finanicial highlights and results IFRS Status Vessels Nescos MC plans

Strategy Continued focus on balance sheet improvement: Reduction of debt and converting short term to long term debt Building financial flexibility and strength for gradual expansion of activities: Funding future Multi Client investments. Together with partners when appropriate. Developing corporate structure: Reviewing opportunities

Strategy 2003-2004: Has been used to turn GGS around from bankrupcy candidate to a company resuming activities positioned for growth 2005-2006: Will be used to make GGS a top contender in profitability among the seismic companies at the Oslo Stock Exchange

Presence near markets and areas of operation. Strategy 2005-2006: Will be used to make GGS a top contender in profitability among the seismic companies at the Oslo Stock Exchange Globalizing GGS: Presence near markets and areas of operation. (Offices in London, Dubai and Singapore) Activities also outside Persian Gulf. (East Timor, East Africa, Syria)

Rather 50 % of 20 projects than 100 % of 10 projects. Strategy 2005-2006: Will be used to make GGS a top contender in profitability among the seismic companies at the Oslo Stock Exchange Partnerships: Rather 50 % of 20 projects than 100 % of 10 projects. (Speeding up globalizing process) (Spreading risk) (Creating more even revenue stream)

Strategy Filling the gaps: 2005-2006: Will be used to make GGS a top contender in profitability among the seismic companies at the Oslo Stock Exchange Filling the gaps: PC-2000 revenue stream characterized by large sales contracts at unpredictable and relatively long intervals. Adding smaller and shorter life-cycle projects will fill the gaps and gradually create a more even cash flow with PC-2000 contributing to peaks.

Securing capacity to grow: Strategy 2005-2006: Will be used to make GGS a top contender in profitability among the seismic companies at the Oslo Stock Exchange Securing capacity to grow: Seismic market booming. Harder to get vessel capacity at right time and place. Seismic company without vessels is like a farmer without his tractor. Goal to secure long time capacity (2-3 vessels) with exit possibilities, e.g. chartering Odin Explorer for 6 months with up to 3 extensions of 6 months each.

Financial highlights Q1 2005 Revenue for Q1-2005 is NOK 0. (down from NOK 4.5 million for Q1-2004). EBITDA is NOK - 5.3 million for Q1-2005 (down from NOK - 0.9 million in Q1-2004). Operating Profit for Q1 is NOK -17.7 million (up from NOK - 38.9 million for Q1-2005). Amortisation and depreciation was NOK 12.4 million in Q1-2005 (down from NOK 38.0 million for Q1-2004). Loss before tax and net loss for Q1 is NOK 22.0 million (up from a loss of NOK 44.3 million in Q1-2004).

Financial highlights RESULTS

Investment Q1-2005 Total Multi-Client library investment is NOK 14.8 million of this NOK 13.7 million is investment into Ferdowsi P3D

Amortisation Q1-2005 Multiclient-seismic library will be amortised together with the sale of data, with an amortisation percentage reflecting the total expenditure of the actual survey relative to the estimated total sales. This does not constitute a change compared with the pre-IFRS amortisation policy. IFRS will not alter the main principles of revenue recognition and capitalisation of survey expenditures.

Amortisation Q1-2005 Strategic surveys with long term revenue structure will be amortised over 7 years in accordance with the straight line method. A long term revenue structure is normally accomplished by exclusive agreements. The PC 2000 survey meets these requirements and is amortised according to this method with effect from 1 Q 2005. This amortisation method is considered to comply with the IAS 38 amortisation requirement and will reflect the nature of the revenue structure for this kind of surveys.

Amortisation Q1-2005 Surveys with limited revenue structure, typically small surveys and surveys without exclusivity, will be amortised in accordance with the minimum amortisation policy. Maximum net book value of the individual survey one year after completion will be 60 % of cost. After this point, the minimum amortization represents 20 % of cost. The minimum amortisation policy is in accordance with the pre-IFRS accounting policy.

Summary of IFRS implementation effects Stock options In the first time adoption of IFRS 2, Global Geo Services Group has used the option to not implement the standard for options vested before 1.1.2005. Information about the option program is disclosed in a note to the Q1 financial report. Reclassification of long-term debt The Company was at year end 2004 not in compliance with a minimum repayment schedule in its long-term loan agreement with BGP, and the debt was as such payable on demand as of this date. The minimum repayment due at year end 2004 was paid by the Company 5. January 2005. Although BGP subsequently has agreed to a renewed repayment schedule, the debt is to be reclassified to current liabilities as of the balance sheet dates of non-compliance, according to IAS 1.

Summary of IFRS implementation effects Other consequences Global Geo Services Group will in the future also adopt IFRS as reporting standard for the company and the subsidiary accounts. Segment reporting Global Geo Services Group has business areas as the primary basis for its segment reporting and geographical segment as its secondary basis.

Reconciliation BS 311203 and 311204

Reconciliation BS 311203 and 311204

Reconciliation of profit for 2004

Shareholders Equity GGS Group

Status Vessels Geomariner has completed 3.200 km Multi Client Pseudo 3D on Ferdowsi prospect and 3.000 km Salar project in Persian Gulf. In transit for project offshore East Africa, thereafter MC offshore Syria Odin Explorer is coming on charter June/July 2005

Status NESCOS Successful test completed at Rogaland Research Park-RF. Tendering for well installations of NESCOS (Target areas GOM, North Sea, West Africa) Oil company sponsored development of Shifting tool for MRS Field proving of Rotation Valve technology can be speeded up by MRS installations enabled by new shifting tool

Status Multi Client plans What we said: GGS is likely in the near future to enter into agreement regarding participation in Multi Client survey in another Middle East country Iran campaign to be supplemented Project plans being developed for new surveys outside Middle East after the East Timor survey

Status Multi Client plans What we have done: GGS is likely in the near future to enter into agreement regarding participation in Multi Client survey in another Middle East country. Made agreement about Syria project with InseisTerra Iran campaign to be supplemented Completed Ferdowsi and Salar surveys Project plans being developed for new surveys outside Middle East after the East Timor survey Secured Odin Explorer from summer 05

Status Multi Client plans Three licensing rounds coming up: East Timor, first licensing round 2005 Iran Persian Gulf, third licensing round 2005 Syria, first offshore licensing round 2006 In all cases GGS with partners offers the only available seismic data to evaluate the acreage offered