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

2. 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

3. 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 ft newbuilds
Current all-in project price for the Mosvold units is 27% less than the last ft newbuilds ordered

4. 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

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

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

7. 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%

8. 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 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

9. 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

10. Super M2 – Increasing the capabilities of existing 300ft units

11. 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

12. 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

13. Panoramic View of MIS Yard Facilities at Sharjah, UAE

14. 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 T capacity Crawler cranes
11 Nos. Up to 45 T capacity cranes
Forklift, Flat bed trailers, Low bed trailers (100T)
SHARJAH PORT AUTHORITY

15. 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

16. Mosvold Jackup - capex and funding
MOSVOLD JACKUP FUNDING SUMMARY
Fig in USDm Per Unit Total
Turnkey contract price
Supervision 3.5 7
OFE (Handling equipment/spares)
Contingencies 1.0 2
Capitalised interest costs
All-in/ready to operate cost
G&A, fees & financing 4.0 8
Total Funding Requirement
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

17. 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 ,000/d) implying EV/EBITDA x
P/E x
Source: Pareto Offshore

18. Shareholder information
Number of shares issued: 36,7 million
Issue price (April 2006): NOK 19 per share
Current share price: NOK 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

19. 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