Oslo Rig Event 24 September 2009 N-Class Harsh Environment Jack-up Drilling/Production Oslo Rig Event 24 September 2009 SKDP N-Class Jack-Up Unit Drilling/Production

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SKDP established September 2006 and located in Kristiansand, Norway COMPANY BACKGROUND - Skeie Drilling & Production ASA (SKDP) SKDP established September 2006 and located in Kristiansand, Norway 31% owned by Skeie Technology AS, 12% by Wideluck Enterprises and 57% by external investors (Post financial restructuring in July 2009) Signed contract for design and construction of three KFELS Class N Jack-up Unit with revised delivery in September and December 2010, and June 2011. OTC listed in Oslo Operational Management by Skeie Rig Management

RIG OPERATION Skeie Rig Management AS (SRM) established in Trondheim in 2008 as a wholly owned SKDP subsidiary. SRM will be responsible for all rig operations after delivery from yard. Key onshore and offshore management positions and section leaders already recruited. Pre-operations activities ongoing Training and competency development programs under development QHSE management systems established. Maintenance systems. Logistics (spare parts)

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TECHNICAL COMPARISON WITH PEERS AS DRILLING RIG RIG DESIGN Keppel N-Class MSC CJ70-X150A MSC CJ62-S120 Class DNV Operating water depth (ft) 400 (430) 492 380 Drilling depths (ft) 35,000 30,000 Hull size (ft) (LxBxD) 264/289/35 291/336/38 256/296/35 Leg length (ft) 598 673 541 Cantilever outreach (ft) 75 90 60 BOP (psi rating) 15,000 Mud Pumps 3 (space for 4) 4 3 Liquid mud capacity (bbls) 6,600 6,793 5,400 Bulk mud capacity (bbls) 15,892 15,723 14,027 Draw works (hp) 4,600 3,000 Top Drive 1 000 tons/2x1150 HP 750 tons/1150 HP 750 tons/2x1150 HP Cranes Main Power(hp) 13,050 14,484 6,880 Variable Deck Load (st) 4,535 3,693 Accommodation 120 115 MSC CJ70-X150A 1) DNV 492 40,000 291/336/38 673 90 15,000 4 6,793 15,723 4,600 1 000 tons/2x1150 HP 3 14,484 5,200 120 1) Enhanced version of the existing CJ-70 design with increased drilling depth, increased variable deck load and 1000 t top drive. Source: Company, ODS Petrodata

Typical Premium Unit (1) Typical Premium Unit (2) TECHNICAL COMPARISON WITH PEERS (OUTSIDE NORTH SEA UNITS) SKDP Units Typical Premium Unit (1) Typical Premium Unit (2) Typical 116-C Typical L-780 Design N-Class (KFELS) MOD V B (KFELS) Pacific Class (BM) LeTourneau 116-C F & G - L-780 Mod II Delivered 2010 2006 to 2009 1979 1982 Operating Water Depth 500 ft + (1) 350 ft 375 ft 300 ft Leg Length 598 ft 480 ft 506 ft 477 ft 340 ft Hull Size (L/B/D) 264/289/35 ft 234/208/25 ft 240/224/28 ft 243/201/26 ft 180/175/25 ft Drilling depth 35,000 ft 30,000 ft 25,000 ft 20,000 ft Cantilever Outreach Transverse Envelope 75 ft 66 ft 70 ft 40 ft 47 ft 24 ft 25 ft BOP Stack 18 ¾” - 15,000 psi 18 ¾” - 10,000 psi 13 5/8” - 10,000 psi Mud Pumps 3 x 2,200 hp (space for 4) 3 x 1,600 hp Liquid mud cap. 6,600 bbls 3,500 bbls 4,100 bbls 1,500 bbls 2,100 bbls Bulk capacity 15,900 cuft 11,100 cuft 11,300 cuft 8,160 cuft 8,000 cuft Draw works 4,600 hp 3,000 hp 2,000 hp Top Drive - Rating 1,000 T 750 T 500 T Variable Load (Drilling) 5,000 T 3,750 T 3,900 T 2,400 T Main Power 13,050 hp 9,275 hp 10,750 hp 6,600 hp 4,950 hp Accommodation 120 110 115 106 98 (1) Depending on actual location criteria and leg extensions

COMBINED DRILLING AND PRODUCTION OPERATIONS The Cantilever and Drill Floor can be repositioned 26ft (7.92M) to the Port side of the Vessel, to allow space for installation of a future production process module. Limits Area: 12,918 sq ft (1,200M2) Height: 52.5ft (16M)

SPECIFICATIONS FOR DRILLING OPERATIONS Drill Floor located on the substructure above the cantilever. Cantilever capable of being skidded fore and aft with center line (primary Cantilever position) of rotary up to 75 ft (22.86m) aft of stern It can be relocated 26 (7,92m) ft to port (secondary Cantilever position) The Drill Floor can be skidded 20 ft (6.1m) port and starboard of the Cantilever centerline both in primary position and in secondary position Max operation envelop over a pre-installed Jacket/Wellhead Platform: 75 ft aft of Transom, 20 ft to starboard of hull centerline and 46 ft to port of hull centerline. 9

Proposed Frøy development concept (October 2007) Jack-up production/drilling unit with subsea concrete storage and riser shaft/ wellhead module

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OVERALL STATUS

CONSTRUCTION - HULL Hull structure complete Main equipment installed Engines commissioned First rig undocked Leg fabrication ongoing Helideck fabrication ongoing

CONSTRUCTION - CANTILEVER Structure complete, main fixed equipment installed Commissioning to start November 2009

CONSTRUCTION – DRILL FLOOR Structure complete, main equipment being installed Derrick assembly is ongoing offsite Drilling equipment - commissioning to start January 2010

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SKDP CAPITAL STRUCTURE PRE & POST RESTRUCTURING Enterprice value down from 1620 MUSD to 1130 mUSD Each rig from MUSD 540 to MUSD 370 Unfunded Bank Bonds Convert 110 Equity

MAIN FINANCIAL IMPLICATIONS FROM THE RESTRUCTURING NOK 540m/$85m SKDP private placement completed Current SKDP equity valued at NOK 0.5/share (~$6m) Implying 3% “recovery” at transaction pricing NOK 660m/~$100m of SKDP convertible bonds exchanged into new SKDP equity worth $10m at NOK 0.5/sh Approx 10% recovery at transaction pricing $495m of 2.pr bond loans written down to $305m 61.6% average bond recovery Implying $190m total 2.pr debt reduction/write-off Remaining $305m to be continued as 2.pr debt In addition, secured bondholders to receive SKDP shares worth approx $50m (33% SKDP ownership post re-structuring) in exchange for 18-month write off of forward interest from June 2009 Cash break even day rates significantly reduced, reflecting lower capital costs Break even rates estimated to come down from ~ USDk 360/day to ~USDk 295/day

OWNERSHIP DISTRIBUTION POST DEAL Post restructuring ownership Skeie Technology 31.5%, Wideluck 12%, other external investors (including convertible bondholders) 23.5% and secured bondholders 33% Skeie Technology and Wideluck collectively owns 43.5% of SKDP International investors (secured bondholders and shareholders) represented through Euroclear Bank/Nominees owns 29.3% of the share capital in SKDP Bondholders behave as individual investors and not as a group post restructuring Share status Number of shares increased from 77.110 million to 1916.582 million

SKDP – SCENARIOS POST FIX Reduced break-even meeting current dayrate environment

Company Introduction Rig Concept and Design Project status Financial AGENDA Company Introduction Rig Concept and Design Project status Financial Market update 1 2 3 4 5

NCS – JACK-UP CONTRACT STATUS Current Norwegian jack-up fleet tied up on firm contracts. Limited no. of available units and new entrants on the NCS in 2010/11. SKDP units well positioned for new contracts based on revised delivery dates.

UPCOMING REQUIREMENTS AND PROSPECTS Husky Location/ Field Nova Scotia, Canada Husky Location/ Field BP/Exxon Sakhalin Client Location/ Field Statoil Gudrun, Dagny Valemon (NCS) ConocoPhillips Ekofisk area (NCS) BP Valhall/Tambar (NCS) Total Hild (NCS) Lundin Luno, Nemo/Krabbe (NCS) Talisman Yme, Grevling (NCS) Det Norske Frøy (Production/drilling) (NCS) BG Mandarin Bream (Production/drilling) (NCS) Client Location/ Field Pemex Gulf of Mexico Various Deep gas prospects Client Location / Field Chevron Nigeria Client Location / Field ONGC India

SUMMARY Three N-Class jack-up rigs under construction in Singapore ready for delivery in 2010/11 are on schedule and budget. Financial restructuring completed in July 2009 securing a significant debt write-off. All rigs are fully financed during construction period. New capital structure has triggered close dialogue with several oil companies for drilling projects in North Sea and other markets. Strong demand for new jack-up drilling units from 2010 onwards with current oil price. SKDP maintains its optimism that all three rigs will be on contract prior to delivery.

Skeie Drilling & Production ASA Tordenskjoldsgate 9 4612 Kristiansand Norway Telephone: +47 38 04 19 40 Fax: +47 38 04 19 41 WWW.SKEIEDRILLING.COM