1. GGS ASA Global Geo Services - GGS ASA Pareto Securities’ 15th Annual Oil & Offshore Conference Oslo, 10 September 2008 CEO Knut Øversjøen Copy of presentation available on www. GGS.no

2. 2 GGS ASA GGS: Sales are three times higher, EBITDA is 83 MNOK higher than LY Headlines 2 nd quarter MNOK Rig operation starts to be reflected in financial figures - Alligator has been in drilling period since 31. January - Barracuda went into drilling period 28. April - Al Baraka 1 in final phase of yard stay Seismic operation carved out and sold to Spectrum ASA - Spectrum ASA is now listed on Oslo Axess

3. 3 GGS ASA GGS exposure post Spectrum  Long term contracts  Tax efficient Singapore structure GGS ASA 3 Tender BargesPC 2000Taxloss Carry forward Other  MC Library to be capitalized  Combined with PC 2000 should add shareholder value  Clean up of old commitments, and Spectrum related exposures  Gross debtMUSD 150  Cash and cash equivMUSD 54  Spectrum transaction effectsMUSD 18  Spectrum receivableMUSD 29  Calcualted NIBD 30. June 2008MUSD 49 GGS is a dedicated niche rig company  Expect to be debt free in 2009  Limited leverage compared to asset values

4. 4 GGS ASA Agenda 1.GGS Update 2. GGS going forward 3. Financial information

5. 5 GGS ASA Contract summary 2008200920102011201220132014 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4 JFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASON D Alligator* Al Baraka Barracuda Production Mob/Demob Yard Stay Option * Petronas – final contract as of 10. September 2008.

6. 6 GGS ASA Acquired from Pride International 29 January 2008 The modularized drilling package is lifted from the unit onto the platform prior to drilling operations. Alligator is moored next to the platform rig during drilling operations, contains living quarters, storage for drilling supplies, power machinery for running the drilling equipment, helicopter deck, and well completion equipment. Alligator has been operating for several years offshore West Africa – currently on a contract with Chevron in Angola with a confirmed duration up until end of 2008. At completion of this contract Alligator will be moved to Singapore for Class recertification and gross maintenance work. Alligator –Non-propelled self erecting tender rig Rig TypeSelf Erecting Drilling Tender Drilling Depth20,000 ft ClassificationBureau Veritas Registry CountrySingapore Built Year1982 Water Depth115’ – 450’ Hull Dim. (LBD)300’ x 90’ x 20’ Variable deck load5,732 tons Power Plant4 x 3,516 kW Accommodation110 beds

7. 7 GGS ASA Agreement with Pride International to complete the CABGOC Contract on behalf of GTB, estimated to end January/February 2009  1 year fixed contract @ 110,000USD/dayrate Operation Results produced by Pride so far is satisfactory, more or less in line with budgets GTB/KCAD has a team in place in Angola to follow the operation GTB/KCAD is currently planning the SPS to be carried out in Q1/Q2 2009 Final contract with Petronas Carigali, 4 year, one year option, averagre 135,000 USD/dayrate. Cost escalation included in the price formula. Alligator -Consistent Operation in Angola

8. 8 GGS ASA Barracuda- Non-propelled self erecting tender rig GTB acquired Barracuda 20 th February 2008 The modularized drilling package is lifted from the unit onto the platform prior to operations. Barracuda is moored next to the platform rig during drilling operations, contains living quarters, storage for drilling supplies, power machinery for running the drilling equipment, helicopter deck, and well completion equipment. Class recertification (SPS) and some upgrade work Keppel Gul Yard, from January to March 2008 Major upgrades has included:  Power & Assoc. Equipment  Accommodation refurbishment  Lifting and handling equipment  BOP  Safety Equipment  Drilling Package  Mud Treatment system  Anchor Winches and mooring systems Rig TypeSelf Erecting Drilling Tender Drilling Depth20,000 ft Water Depth50’ – 450’ ClassificationBureau Veritas Registry CountrySingapore Built Year1982 Hull Dim. (LBD)300’ x 90’ x 20’ Variable deck load4700 tons Power Plant4 x 3,512 kW Accommodation 120 beds

9. 9 GGS ASA Barracuda in full operation for TOTAL in Indonesia  2+1 year drilling contract with Total Indonesie  2 year fixed contract @ 105,000USD/dayrate  1 year optional @ 105,000USD/dayrate  Commencement of Contract with Total Indonesia on 28 th April 2008  GTB has established a base in Balikpapan, Indonesia  GTB holds catering, labor and yard contracts in Indonesia in order to fulfill the contract obligations towards TOTAL  Operation Results produced by so far is satisfactory  Current operation: Drilling on Sisi platform, Kalimantan

10. 10 GGS ASA AL Baraka 1: Non-propelled self erecting tender rig GTB acquired 20 th February 2008 As a tender assist drilling unit the Al Baraka will operate alongside fixed offshore platforms where all drilling operations are conducted on the fixed platform while drilling support functions are on the floater. The market for this type of drilling units are typically in benign offshore waters of West Africa and South East Asia. After several years of operation offshore West Africa the Al Baraka is in Singapore for Class recertification and upgrade work Major upgrades has included Power & Assoc. Equipment Accommodation New Cranes BOP Safety Equipment Drilling Package VCD & Mud Treatment system Anchor Winches and mooring systems Rig TypeSelf Erecting Drilling Tender Drilling Depth20,000 ft ClassificationBureau Veritas Registry CountrySingapore Built Year1993 Water Depth40’ – 650’ Hull (LWD)320’ x 105’ Variable deck load4700 tons Power Plant4 x 3,512 Accommodation100

11. 11 GGS ASA AL Baraka 1 – Shipyard Project at Keppel Gul Yard  ETA Shipyard; 16 th April 2008, ETD September 2008  GTB holds a 3+1 year drilling contract with Brunei Shell Petroleum  3 year fixed contract @ 125,000USD/dayrate+ escalation  1 year optional @ escalated/dayrate  GTB has established a base branch in, Kulai Beleit, Brunei GTB holds catering, labor and yard contracts in Indonesia in order to fulfill the contract obligations towards Brunei Shell Petroleum Initial operation: Drilling on Mampak platform, offshore Seria, Brunei

12. 12 GGS ASA Agenda 1.GGS Update 2.GGS going forward 3.Financial information

13. 13 GGS ASA GGS Going forward Optimize operations Take part in consolidation New builds Acquire related assets? Develop PC 2000 Strategic focus going forward Further develop organisation -Operating skills - Yard expertise - Cost - Focus Strong shareholder base Organisational ability - Transaction - Operational Competence Shipyard knowledge Capable financially Related assets available Niche segments in same geographical areas Increased activity in region? Loss carried forward Optimize shareholder value with short to medium term time horizon

14. 14 GGS ASA Take part in consoldation GGS is willing to consolidate if the right structure / market values are in place.

15. 15 GGS ASA New builds A new design is under consideration Current market characteristics: - Few new builds currently in the market - Major E&P companies are currently considering long term commitments Selected and well known shipyards are under evaluation Expected new build prices are MUSD 170-200, dependent on specifications ONLY an alternative for GGS with a long term contract in advance (> 4 years)

16. 16 GGS ASA Is it an option to acquire related assets? Build on current core competences Shallow water exposure is an attractive niche market Asian pacific is the most promising geographical area short term There are current assets available for sale Current credit crunch might result in distress sales 2008/2009

17. 17 GGS ASA PC 2000 The survey covers the Iranian part of the Persian Gulf and Gulf of Oman. Invested 710 MNOK in 1999-2002. Database 2D: 100 000 line km. 3D: 3 250 km². National Iranian Oil Company (NIOC) has given GGS exclusive rights to the library and all offshore Multi Client work until 2012. Revenues totals 550 MNOK Sales to 16 companies. Uplifts if the companies are awarded licenses or start production. Revenues 1.half 2008 is MNOK 11 Another MNOK 11 in revenues happened in September. Some activity in the region might result in some interest towards year end. One of the most promising areas to develop in the years to come if the political situation stabilises. GGS block PC2000 is an alternative spinoff case out of GGS?

18. 18 GGS ASA Agenda 1.Rig operation 2.GGS going forward 3.Financial information

19. 19 GGS ASA P/L 1 st half Figures are unaudited As a result of rounding differences, numbers or percentages may not add up to the total.

20. 20 GGS ASA P/L 1 st half Figures are unaudited As a result of rounding differences, numbers or percentages may not add up to the total.

21. 21 GGS ASA Balance sheet 1 st half - Assets Figures are unaudited As a result of rounding differences, numbers or percentages may not add up to the total.

22. 22 GGS ASA Balance sheet 1 st half – Equity and liabilities Figures are unaudited As a result of rounding differences, numbers or percentages may not add up to the total.

23. 23 GGS ASA GGS Going forward Finalize Al Baraka 1 yard stay Prepare Alligator for new contract Consider new built Consider M&A projects PC 2000

24. 24 GGS ASA Thank you for the attention !