2005 Interim Statement

2 HALF YEAR HIGHLIGHTS Revenue £668m (2004 £540m) EBITDA £32.9m (2004 £21.1m) Operating profit £22.4m (2004 £11.9m) Profit before tax £19.1m (2004 £10.2m) Tax charge 35.1% ( %) Basic EPS 10.9p ( p) Interim dividend 2.0p ( p) +24% +56% +88% +87% +148% +33%

3 IFRS CONVERSION - POLICIES  Transition l January 2004  Goodwill not amortised  Dividends recognised when approved  Deferred tax on asset revaluations  Derivatives and hedge accounting (l January 2005)  No off-setting (bank balances, deferred tax, retirement plans, interest)

4 IFRS CONVERSION - RESULTS Excluding exceptional items: June 2004December 2004 UK GAAP IFRSUK GAAP IFRS Revenue Operating profit Profit before tax Basic EPS Total equity (Shareholders’ funds plus minorities) Gearing £581m £12.7m £10.1m 3.7p £163m 61% £540m £11.9m £10.2m 4.4p £156m 64% £1,255m £30.8m £25.2m 11.9p £118m 111% £1,159m £29.6m £25.3m 13.1p £112m 117%

5 June 2005June 2004 Operating Profit – Six Months Ended Others Gibson Energy Hunting Energy Others Hunting Energy Gibson Energy

6 6 Months Ended June 2005 June 2004 Revenue £m Operating Profit £m Revenue £m Operating Profit £m Gibson Energy- Marketing Gibson Energy- Other Hunting Energy Tenkay Others Revenue and Operating Profit

7 Financial June 2005 June 2004 Year 2004 Net borrowings Gearing After rights issue and Cromar acquisition* Interest Cover £138m 108% 58% 6.8x £147m 136% - 3.2x £131m 117% - 4.4x * If rights issue and Cromar acquisition had been completed on 30 June 2005

8 Capital Expenditure Jan – June 2005 £m Jan – June 2004 £m Gibson Energy Hunting Energy Tenkay Other activities Split: Maintenance New business

9 Free Cash Flow June 2005 £m June 2004 £m Cash from operations Tax Capital expenditure Dividends & interest 24 (2) (17) (7) 7 9 (11) (7) FREE CASH FLOW(2)

10 Energy, Marketing & Transportation Gibson Energy

11  Favourable differentials for diluent and all oil grades  Increased capacities for storage and blending of crude oil and diluent  Diversification of wellsite fluid products Energy, Marketing & Transportation Marketing Moose Jaw  Production of distillates, diesel and Naptha/gas oil increasing value from TOPS  Facilities operating year round  New market for higher specification roof flux asphalt

12  Increased volume for Husky Oil to 100,000 bpd  Truck trailer utilisation for heavy oil, asphalt and diluent at full capacity Energy, Marketing & Transportation Truck Transportation Canwest Propane  New distribution terminal to open in Tacoma Washington  Increase in demand from oilfield activities and Athabasca developments

13  Increased ultra low sulphur diesel handling facilities for Suncor  Rail car loading agreement with Petro Canada  Edmonton North Terminal start up (Q4 2005)  Increased storage and blending facilities  Increased volume from Athabasca pipeline  Hardisty Terminal modification to enhance marketing opportunities Energy, Marketing & Transportation Terminal Activities

14 Global Oilfield Services Hunting Energy Services Tubulars Manufacturing International US Premium Production Tubing* US Patented Connections Connections Couplings Pup Joints OEM Products for Halliburton, Schlumberger, Baker Drill Stem for Telecommunications* Casing and Tubing Threading Accessories* Slickline/Wireline Tools Mud Motors* Shock Tools N. Sea Carbon & Chrome Tubulars* Patented Connections Accessories Blast Joints SE Asia-Chinese Tubulars Perforating Guns * Market Share Leadership

15 Global Oilfield Services Hunting Energy Services Drilling Well Construction Well Completion Drill Stem for Telecommunications Mud Motors Shock Tools Premium Connections Manufacturing Accessories Premium Tubing Manufacturing Accessories Slickline/Wireline Tools Chrome and Carbon Casing

16  Dominant position in telecommunications market  New mud motor designs and shock tools  Expansion into Grand Junction, Colorado Global Oilfield Services Drilling Well Construction  Continued expansion of APRS  New, high speed machine tools  Development of “Deepwater” facility

17  New facility for Premium Tubing  Co-development of Slickline tools with major oilfield service providers Global Oilfield Services Well Completion Cromar Acquisition  Expansion of our Slickline/Wireline global “Footprint”  Introduction into pressure control market

18  9 out of 12 wells drilling success 8 Gas/1 Oil  Gas Production: 1,287,895 mcf  Oil Production: 47,537 bbl Exploration and Production Tenkay Resources

19  Encouraging half year figures with tanker and dry cargo fixtures above 2004 levels  Strengthening of the US dollar has benefited margins International Shipbroking E A GIBSON SHIPBROKERS

20  Proactive management team  Sourcing new products and pursuing new markets outside France  Good order book positions Petrochemical Equipment HUNTING ENERGY FRANCE

21 Oil Demand Growth trends are likely to continue 15% of world (OECD) uses 50 mmb/d 85% of world (Rest) uses 35 mmb/d Source: EIA, Simmons & Company

22 Average Oil and Gas Prices

23 Average Rig Count

24 Wells Drilled

25  Continued “Cost Efficiency” identification  Niche acquisition opportunities  Benefit from increased operator cap ex  Ongoing investment in “Human Capital”  Debt reduction Outlook

26

2005 Interim Statement