1. PETROLIA DRILLING 1ST QUARTER 2009

2. PETROLIA – COMPANY STRUCTURE Petrolia Drilling ASA Venture Drilling AS PetroMena ASA PetroJack ASA PetroProd Ltd Petrolia Services AS Larsen Rig Ltd May 20 2009 2 50%52% Deepwater 40%100%30% 42%Equipment Jack-up Deepwater Petrolia Drilling – 1st Quarter 2009

3. AGENDA  Highlights  Financials  Status PetroMena  Drilling Units/ Contracts  Outlook  Q & A May 20 2009 3 Petrolia Drilling – 1st Quarter 2009

4. PETROLIA DRILLING – Q1 HIGHLIGHTS  Net result after tax of USD -42.0 mill incl. unrealized currency loss of USD -27.6 mill.  Operating result before depreciation for PetroMENA ASA was USD -7.0 mill incl. mob costs for the rigs under construction in Singapore with USD 13.4 mill. Net result for the first quarter 2009 was USD – 46.4 mill. Contribution from SS Petrolia to operating profit before depreciation was approximately USD 12.2 mill. SS Petrolia is expected to perform in line with first quarter performance going forward.  Petrojack IV, commenced on contract the 23rd of January 2009. Operating profit before depreciation for Petrojack was USD 1.6 mill in Q1 and the net result was USD -21.9 mill. Operating expenses in first quarter 2009 include expenses related to mobilization of Petrojack IV.  Operating profit before depreciation for Venture Drilling was USD 26.2 mill in Q1 2009. Net result after tax was USD 17.4 mill. During 2009 Venture Drilling is expected to perform in line with first quarter going forward.  Revenues and operating profit before depreciation for Petrolia Services in Q1 2009 was USD 16.0 mill and USD 6.6 mill respectively. Book value of drilling equipment as of 31 March 2009 is USD 129.7 mill. May 20 2009 4 Petrolia Drilling – 1st Quarter 2009

5. PETROLIA DRILLING – Q1 OPERATION  Sale of PetroJack II completed on 12 Jan 09 – USD 198 mill  PetroJack IV delivered and drilling contract commenced on 23 Jan 09 –5 years, USD 151,000/day  Received MoU for PetroRig III on 9 Jan 09 – approximately USD 540 mill  Received MoU for PetroRig I on 26 Mar 09 – approximately USD 450 mill  Satisfactory contractual situation on SS Petrolia and Deep Venture May 20 2009 5 Petrolia Drilling – 1st Quarter 2009

6. FINANCIAL HIGHLIGHTS May 20 2009 6 Figures in USD mill - unauditedQ1 09Q1 08YTD 09YTD 08 Petrolia Drilling EBITDA(1.9)8.0(1.9)8.0 Operating profit/(loss)(10.3)0.3(10.3)0.3 Net result(42.0)(34.0)(42.0)(34.0) PetroMena EBITDA(7.0)3.3(7.0)3.3 Operating profit/loss(10.8)1.0(10.8)1.0 Net result(46.4)(31.2)(46.4)(31.2) PetroJack EBITDA1.6(2.2)1.6(2.2) Operating profit/loss(0.6)(3.2)(0.6)(3.2) Net result(21.9)(27.9)(21.9)(27.9) Petrolia Drilling – 1st Quarter 2009

7. FINANCIALS

8. PETROLIA DRILLING - P&L May 20 2009 8 Figures in USD mill - unauditedQ1 09Q1 08YTD 09YTD 08 Operating revenues37.328.937.328.9 Operating expenses39.220.839.220.8 EBITDA(1.9)8.0(1.9)8.0 Depreciation8.47.88.47.8 Operating profit/loss(10.3)0.3(10.3)0.3 Result from joint venture8.88.28.88.2 Result from associated companies(4.0)(7.5)(4.0)(7.5) Net financial items(36.5)(35.5)(36.5)(35.5) Net result before taxes(42.0)(34.6)(42.0)(34.6) Tax(0.0)(0.6)(0.0)(0.6) Net result(42.0)(34.0)(42.0)(34.0) Earnings per share (average shares)(0.04)(0.03)(0.04)(0.03) Earnings per share (total shares)(0.04)(0.03)(0.04)(0.03) Petrolia Drilling – 1st Quarter 2009

9. PETROLIA DRILLING – BALANCE SHEET May 20 2009 9 Figures in USD mill- unaudited31 Mar 200931 Dec 2008 Deferred tax assets3.93.7 Goodwill17.217.3 Drilling units27.328.3 Construction contracts Semi-Rigs264.5541.1 Drilling equipment129.7119.5 Buildings and other equipment2.22.7 Investments in joint venture57.376.8 Investments in associates30.734.8 Total non-current assets532.8824.2 Assets held for sale268.50 Inventory0.40 3 Accounts receivables32.535.0 Other debtors86.738.7 Financial asset at fair value through profit0.9 Other assets0.30.1 Bank depoits98.2127.8 Total current assets487.5202.8 Total assets1 020.31 027.0 Petrolia Drilling – 1st Quarter 2009

10. PETROLIA DRILLING – BALANCE SHEET May 20 2009 10 Figures in USD mill - unaudited31 Mar 200931 Dec 2008 Share capital93.6 Own shares(2.2) Share premium fund123.1 Other equity(220.4)(198.9) Minority interest20.443.1 Total equity14.558.7 Bond loan433.4418.4 Retirement benefit obligations0.4 Other long-term liabilities26.827.3 Total non-current liabilities460.6446.1 Current portion of non-current liabilities451.3438.3 Accounts payable36.823.0 Payable tax00.2 Other currect liabilities57.160.9 Total current liabilities545.2522.3 Total liabilities1 005.8968.4 Total equity and liabilities1 020.31 027.1 Petrolia Drilling – 1st Quarter 2009

11. PETROMENA - P&L Figures in USD mill - unauditedQ1 09Q1 08YTD 09YTD 08 Operating revenues21.314.021.314.0 Operating expenses28.310.828.310.8 EBITDA(7.0)3.3(7.0)3.3 Depreciation3.82.33.82.3 Operating profit/loss(10.8)0.9(10.8)0.9 Net financial items(35.7)(32.1)(35.7)(32.1) Net result before taxes(46.4)(31.2)(46.4)(31.2) Tax0000 Net result(46.4)(31.2)(46.4)(31.2) Earnings per share (average shares)(0.31)(0.23)(0.31)(0.23) Earnings per share (total shares)(0.31)(0.23)(0.31)(0.23) 11 Petrolia Drilling – 1st Quarter 2009 May 20 2009

12. PETROMENA – BALANCE SHEET Figures in USD mill – unaudited31 Mar 200931 Dec 2008 Construction contract semi rigs264.5541.1 SS Petrolia213.7217.4 Other equipment0.2 Total non-current assets478.4758.7 Assets held for sale268.50 Trade receivables0.07 Other current assets74.154.9 Other liquid assets0.10.07 Bank deposits46.868.3 Total current assets389.6123.3 Total assets867.9882.0 12 May 20 2009 Petrolia Drilling – 1st Quarter 2009

13. PETROMENA – BALANCE SHEET Figures in USD mill – unaudited31 Mar 200931 Dec 2008 Share capital411.1 Other equity(400.0)(353.6) Total equity11.157.5 Bond loan360.1348.5 Total non-current liabilities360.1348.5 Current portion of non-current liabilities445.2430.1 Trade payables20.09.9 Other current liabilities31.535.9 Total current liabilities496.7475.9 Total liabilities856.8824.5 Total equity and liabilities867.9882.0 13 May 20 2009 Petrolia Drilling – 1st Quarter 2009

14. PETROJACK - P&L Figures in USD mill - unauditedQ1 09Q 1 08YTD 09YTD 08 Operating revenues7.90.27.90.2 Operating expenses6.32.36.32.3 EBITDA1.6(2.2)1.6(2.2) Depreciation2.21.12.21.1 Operating profit/loss(0.6)(3.2)(0.6)(3.2) Result from associated companies(11.9)(9.3)(11.9)(9.3) Net financial items(9.4)(15.4)(9.4)(15.4) Net result before taxes(21.9)(27.9)(21.9)(27.9) Tax0000 Net result(21.9)(27.9)(21.9)(27.9) Earnings per share (average shares)(0.34)(0.43)(0.34)(0.43) Earnings per share (total shares)(0.34)(0.43)(0.34)(0.43) 14 May 20 2009 Petrolia Drilling – 1st Quarter 2009

15. PETROJACK – BALANCE SHEET Figures in USD mill - unaudited31 Mar 200931 Dec 2008 Construction contract Petrojack IV241.8174.5 Drilling equipment5.66.0 Investments in associaties10.522.4 Total non-current assets257.9202.9 Trade receivables3.13.9 Other current assets6.1188.2 Other liquid assets0.06 Bank deposits2.144.7 Total current assets11.4236.9 Total assets269.3439.8 15 May 20 2009 Petrolia Drilling – 1st Quarter 2009

16. PETROJACK – BALANCE SHEET Figures in USD mill - unaudited31 Mar 200931 Dec 2008 Share capital60.0 Share premium fund00 Other equity(25.9)(4.0) Total equity34.156 Bond loan178.1174.5 Total non-current liabilities178.1174.5 Current portion of non-current liabilities3.7168.7 Trade payables12.71.1 Payable tax26.625.4 Other current liabilities14.114.2 Total current liabilities57.1209.3 Total liabilities235.2383.8 Total equity and liabilities269.3439.8 16 May 20 2009 Petrolia Drilling – 1st Quarter 2009

17. STATUS PETROMENA

18. Sale of PetroRigs - mandatory redemption 18 BondPetrorig 1Petrorig 2Petrorig 3SS Petolia NOKm 2,000 bond 153 846 154 7 %NOKm 2,000 bond call premium 10 769 231 Interest as of April 30 6 740 196 USDm 264 bond 60 000 000 84 000 000 5 %USDm 264 bond call premium 3 000 000 4 200 000 Interest as of April 30 1 356 250 NOKm 1,600 bond - - 246 153 846 8 %NOKm 1,600 bond call premium - - 19 692 308 Interest as of April 30 4 524 887 Total mandatory redemption 235 711 831 334 727 291 88 200 000 Yard installment 235 000 000 243 000 000 270 400 000 - Other creditors excl. fees 40 000 000 - - - Total 510 711 831 478 711 831 605 127 291 88 200 000 Assumptions:USD/ NOK = 6.5

19. DRILLING UNITS

20. PETROMENA’S EXISTING CONTRACTS May 20 2009 20 PetroRig IPetroRig IIPetroRig III DeliveryQ2 2009September 2009January 2010 ContractorPetrobras Pemex Area of operationsUS GoM and BrazilBrazilGoM Maximum water depth10,000 ft with risers7,500 ft of risers10,000 ft with risers Contract valueUSD 700 millUSD 645 millUSD 942 mill Contract length5 years Expected lifetime of rigs40 years Petrolia Drilling – 1st Quarter 2009

21. JURONG SHIPYARD PTE LTD.  Main subsidiary of major Asian engineering services group SembCorp Marine Ltd.  One of the world’s leading offshore and shipbuilding groups  Very strong track record of quality products – history from 1963  Other major customers like: GlobalSantaFe Transocean Diamond Offshore Drilling SeaDrill May 20 2009 21 Petrolia Drilling – 1st Quarter 2009

22. SS Petrolia Upgraded, 2. generation semi-rig –Build: 1976 / upgraded 1995/2005 –Capacity: 1.200 feet –DnV class Value assumptions –Sold to PetroMena - USD 225m. –Booked value: USD 28m –Contract with Pemex (2.5 yrs/ USD 269m). May 20 2009 22 Petrolia Drilling – 1st Quarter 2009

23. DEEP VENTURE (50%)  Upgraded drillship –Build: 1983 / upgraded 1998 / 2006 –Capacity: 4.500 feet –DnV class –Commenced contract with Exxon. –Demand from oil companies increasing May 20 2009 23 Petrolia Drilling – 1st Quarter 2009

24. PETROLIA SERVICES AS  Rental & tubular running services to oil & gas industry world wide  Customers –Oil companies –Drilling contractors –Integrated services companies –Smaller service companies  Main product: Drill-pipe and tubing  Mix of long-term contracts, frame agreements and ad-hoc work  Geographically spread –Norway, Netherlands, Romania, Azerbaijan, South Africa, UAE, Qatar, Singapore, Malaysia, Australia and New Zeeland.  Revenue of USD 16 mill and EBITDA of USD 6.6 mill in Q1 May 20 2009 24 Petrolia Drilling – 1st Quarter 2009

25. OUTLOOK

26.  The demand for deepwater rigs expected to remain strong –Oil companies have a significant back-log of drilling projects –Current credit crunch - difficult to secure funding for newbuilding programs, affects the market.  The jack-up market has softened somewhat recently.  Current situation in the financial markets will impact the industry and available funding going forward May 20 2009 Petrolia Drilling – 1st Quarter 2009 26

27. 27 Q & A May 20 2009 Petrolia Drilling – 1st Quarter 2009