Mosvold Jackup Ltd. Cost efficient jackup’s tailor-made to meet Middle Eastern demand Pareto Offshore Seminar September 2006

Overview of Middle East market Corporate and project description Table of contents Introduction Overview of Middle East market Corporate and project description Financials Investment considerations

Why build a Rolls Royce when a BMW will do ? Middle East is the fastest growing jack-up market in the world More than 90% of acreage relevant for jack-ups can be drilled by 300ft units As evidenced by recent ME contracts, dayrates for a 27 year old 300ft jack-up on long term contracts have been secured at levels only 17% below the most capable 350-400ft newbuilds Current all-in project price for the Mosvold units is 27% less than the last 350-400 ft newbuilds ordered

Middle-East – more oil reserves than the rest of the world combined and 1/3 of global offshore reserves Source: BP Statistical Review of World Energy June 2006 Source: OPEC

Middle-East – the fastest growing jack-up region in the world Source: ODS Petrodata/Pareto Offshore

Middle-East - 300ft units perfectly suited - average waterdepth 115ft ME definition: Saudi, Qatar, UAE, Bahrain, Oman, Iran and Egypt Summary ME (ex Egypt) Today 61 Units by 07 75 Need by 08E 92 Source ODS/Pereto Offshore Today: 9 JU Units by end 07: 9 JU Need by 08E: 14 JU Source ODS/Pareto Offshore Today: 19 JU Units by end 07: 25 JU Need by 08E: 30 JU Today: 19 JU Units by end 07: 27 JU Need by 08E: 30 JU Source ODS/Pareto Offshore Today: 14 JU Units by end 07: 14 JU Need by 08E: 18 JU Source ODS/Pareto Offshore Source ODS/Pareto Offshore

Mosvold Jackup Ltd. (Cayman) - Summary Established by Mosvold Shipping Ltd. in April 2006 Listed on the OTC Turnkey construction contract with Maritime Industrial Services Co. Ltd. Inc. (Dubai – UAE) for 2+2 jackups Turnkey contract price USDm 126, all-in delivered price USDm 143 Delivery August 2008 and December 2008 USD 90 million in Equity raised. Sufficient equity in place to allow for debt financing, for instance Bonds 20% Bank loans 50%

Mosvold – an experienced shipping and offshore services group The Mosvold family has continuously been active in shipping since 1910 First investment in offshore: Part ownership of semi early 80ies Acquired 3 modern J/Us from Keyes Offshore in 1989 Mosvold Shipping was IPO’d on the Oslo Stock Exchange in 1990 Acquired 100% of Dual Drilling Co in 1990. Dual was a Dallas based worldwide drilling contractor owning 3 J/Us and 10 platform rigs Through Dual, acquired further 3 J/Us in 1993 combined with raising new equity/bonds and listing of Dual on NASDAQ (Mosvold Shipping retained 60% of Dual) Dual merged with Ensco in 1996 with payment in shares. All shares distributed to Mosvold shareholders Board member Morten Borge was the CEO of Mosvold Shipping during the “Dual Drilling Period” he also served as Chairman of the Board of Dual Drilling in Dallas Mosvold initiated a J/U project 1H 2004 to build 2 J/U (with 4 options) at PPL Shipyard and Keppel FELS in Singapore. The entire project sold to Awilco in 2004 and is the now the foundation of Awilco Offshore In 2005, Mosvold founded Mosvold Drilling (That contracted two Ultra Deep Water Drillships with Samsung) which was later acquired by SeaDrill

Source: Friede & Goldman, Pareto Offshore Super M2 – Main features Design: Friede & Goldman Super M2 300ft enhanced leg design Wrap around accommodation (around forward leg) opening for more deck space and more efficient accommodation facility Modular hull design 25,000ft drilling depth 110 person quarters capacity Source: Friede & Goldman, Pareto Offshore

Super M2 – Increasing the capabilities of existing 300ft units

Status report Supervision team in place All vendor agreements completed by the yard, delivery dates are fixed Steel cutting commenced on hull number 1 Progress according to schedule

The yard - Maritime Industrial Services Co. Ltd. Inc. Established in 1979 Headquartered in the Jebel Ali Port near Dubai, United Arab Emirates In addition to top management and administrative staff, the headquarter houses the MIS Technical Services Division, which coordinates the management of operations and maintenance contracts Facilities in six different places near the Persian Gulf Mosvold Jackups to be delivered from the Sharjah Facility Wide range of capabilities, amongst these marine & offshore structures Total workforce 2,500+ (overall) Well established customer base ISO 9001 certified Reputation of on-time delivery

Panoramic View of MIS Yard Facilities at Sharjah, UAE

MIS Sharjah Yard Facilities Layout PRODUCTION AREAS AND FACILITIES 142,000 Sq M Open Production Area Open / Covered Storage Area Camp For 500 Resident Craft Workers Sand Blasting & Stress Relieving Furnaces PLATE PROFILING OPEN WAREHOUSE WORKSHOP EQUIPMENTS Hydraulic Plate Rolling Machines up to 118mm thickness. CNC Beam, Plate & Pipe profiling machines 600 MT and 200 MT Hydraulic Brake Press, Shear & Plate bending machine Two each 25 MT + 5 MT overhead cranes servicing the entire workshop Machine shop equipment Submerged Arc Welding Stations RECEIVING AND LOADOUT FACILITIES 400 m long loadout jetty for sea access; with a water depth of 8m, designed for heavy crossing loads. Loadout systems including dollies, skid beams, and rollers ERCO COVERED WORKSHOP Main Fabrication Facilities 200,000 sq meters. CAMP COAST GUARD MIS Sharjah Yard Facilities Layout MOBILE, YARD, AND AUXILIARY EQUIPMENT 16 Nos. 45-230 T capacity Crawler cranes 11 Nos. Up to 45 T capacity cranes Forklift, Flat bed trailers, Low bed trailers (100T) SHARJAH PORT AUTHORITY

MIS has experience with all elements required to build a jack-up Conversion of jackups to permanent production facilities Fabrication and supply of decks Fabrication and supply of early production facilities Major hull steel renewal Power system and cabling Mud systems Jacking system refurbishment Leg extensions Installation of living quarters Water treatment facilities Removal and reinstallation of cranes Steel repair and modifications for sub structure Upgrade of drilling equipment

Mosvold Jackup - capex and funding MOSVOLD JACKUP FUNDING SUMMARY Fig in USDm Per Unit Total Turnkey contract price 126.0 252 Supervision 3.5 7 OFE (Handling equipment/spares) 5.0 10 Contingencies 1.0 2 Capitalised interest costs 7.0 14 All-in/ready to operate cost 142.5 285 G&A, fees & financing 4.0 8 Total Funding Requirement 146.5 293 Bank debt 150 Bond debt 60 Equity 90 Total Funding Sources 300 Implied Cash Position at delivery * 7 *) Ignoring cash flow from rig #1 until delivery of rig #2 USD 142.5m estimated delivered cost Incl. capitalised interest costs Total funding requirement of USDm 293 Incl. G&A, fees and financing costs USD 90m of equity raised in spring 2006 USD 60m bond issue assumed in 2007 USD 150m of bank debt assumed Last 2 yard instalments Representing approx 50% of all-in cost

Pro Forma Mosvold Jackup key figures (2 jackups) EV USD 305m YE 08E fully invested Value of 2 rig options ignored Market cap USD 111m (NOK 19 per share) Current JU market (USD 180-200,000/d) implying EV/EBITDA 2.8-3.2x P/E 1.3-1.6x Source: Pareto Offshore

Shareholder information Number of shares issued: 36,7 million Issue price (April 2006): NOK 19 per share Current share price: NOK 18-19 range Mandatory bid level at 30% vs 40% “standard” 5 largest shareholders per August 31st 2006: Percentage Name Acc type Country 29,01 Mosvold Investment L CO Mosvold Shipping CYM 12,20 Credit Suisse Securi (Europe) LTD/Firms GBR 6,92 Olympia Holding AS C/O Banque Invik SA NOR 6,37 Goldman Sachs Intern Equity nontreaty Cus NOM GBR 5,45 Bear Stearns Security A/C Customer Safe KE NOM USA

Why invest in Mosvold Jackup Most leveraged exposure to the fastest growing region for JU’s in the world Tailor-made rigs for the Middle East Attractive construction price and early delivery make the rigs competitive Favourable options provide for additional financial leverage Construction at a reputable yard in the “heart of the Middle East” attracts attention from local operators and reduces mobilization cost/time Experienced manager with good track record Opportunistic approach to the investment