Seawell Limited Pareto Oil and Offshore Conference – September 2008 Executive Chairman Jørgen Peter Rasmussen

Page 2 This is Seawell Seawell Limited is an International Oilfield Service company Established October 2007 Drilling Services and Well Services Core business lines being Platform drilling, Drilling facility engineering, Modular Rigs, Well intervention services and Oilfield technology More than 2500 people at present OTC ticker - SEAW

Page 3 What part of the oilfield service market do you prefer ? 1/3 + 2/3 Probably the no 1 market to be in! Drilling Services and Well Services Fighting declining production and increasing the reserves Only 1/3 of the oil has been produced in existing fields 2/3 of new wells are drilled from fixed platforms

Page 4 We are about people and technology Skills Experience Attitude Knowledge Technology Innovation Tools Solutions Ideas Risk management Patents

Page 5 Bergen Stavanger Esbjerg Abu Dhabi Kuala Lumpur Houston Aberdeen Newcastle Caspian Sea Lagos Alaska Seawell – becoming a global company

Page 6 Seawell have two major operational divisions Our goal is to help our clients produce more hydrocarbons through better production wells, effective repairs of producing wells and assisting in increasing reserves !

Page 7 Platform Drilling Service Drilling Facility Engineering Modular Rigs

Page 8 Production drilling Integrated operations Drilling facility maintenance Platform operations Recompletions Modular Rig crewing 1800 experienced drillers 30 years experience Long term contract and relations Quality of service World leadership Steady and solid business Platform Drilling Services

Page 9 Drilling facility engineering Design and commissioning of Drilling facilities and technology 400 Skilled engineers Total project management Deepwater experience Rig Support teams Operations World-wide Fastest growing unit in Seawell

Page 10 Next generation modular drilling systems Multipurpose: drilling, work-over, snubbing, P&A work Flexible module set-up, can be arranged to suit most North Sea platforms Rig up/down time = < 10 days Low POB = <13 POB Modern, proven technology & meets North Sea rules and regulations Global application and potential Modular Rig

Page 11 Drilling Services - Growth and Margins Expand Core business to a global footprint by entering GOM, Brazil, West Africa and Middle East with platform drilling services. Develop a Modular Rig fleet for offshore platform drilling services as a higher margin business. Expand our Engineering House to a world wide business and using a global back office model. Effective cost control to improve operational profit

Page 12 Well Intervention Services Oilfield Technology

Page 13 Wireline and slickline multi drums Conveying of logging, perforation, zonal isolation. Well clean-up and fishing Emergency response team TECWEL investigation tools Leak and sand detection 400 jobs in 25+ countries 95 percent success rate Wireline tractor services Subsea well intervention services Special designed intervention tools Well Intervention services

Page 14 Oilfield technology Barrier plug technology Cementing technology Tools and technology for wire-line and slick-line Investigation and video technology Fishing tools Drilling technology Remote operations Conveyance technology Drilling engineering CAD-CAM

Page 15 Well Services - Growth and Margins Commercialize TecWel tools and technology world wide Build a global sales organisation for PEAK products and services, underway with UK and USA since June Expand our Wireline Business to a world wide business and organically and through acquisitions of local wireline companies. More technology commercialised and more technology in development…

Page 16 EBITDA of NOK101.7 million Operating profit NOK83.3 million Net income NOK44.0 million Revenues of NOK885 million Total asset: NOK3,000 million Financial highlights Q2-2008

Page 17 Financial data divisions Drilling Services Q Revenue 722,3 MNOK Operating Profit 49,8 MNOK Q ,6 MNOK revenue 37,0 MNOK Operating profit Well Services Q Revenue 162,4 MNOK Operating Profit 33,5 MNOK Q ,4 MNOK revenue 13,5 MNOK Operating profit

Page 18 Strong track record lays foundation for growth Op. revenues, NOKm 1) EBITDA, NOKm 1) Excl. reimbursables CAGR Revenues +27% EBITDA +30% 2Q08 vs. 1Q08 Revenues +31% EBITDA +53%

Page 19 Strategy Strengthen our core businesses to become world leaders in each domain Buy and Build, keep the focus on what we do best. Global operating company North Sea, Americas, Africa and Middle East- South East Asia Develop a multinational organisation for expansion and excellence. Develop new core business lines in the drilling service and well services Build significant shareholder value through profitable growth

Page 20 The story so far, 11 months old 30 years of experience Seawell established October – Acquired Noble’s platform drilling division in the UK – Seawell Engineering established in the US 2008 – Placed an order for new well service modular rig unit 2008 – Acquired Peak Well Solutions a.s 2008 – Acquired TecWel a.s. YTD: 5 billion NOK of new and extended contracts

Page 21 What do you think we will do next year?

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