Global Geo Services — GGS ASA Pareto Securities

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

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 GGS ASA 2

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

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

Contract summary 2008 2009 2010 2011 2012 2013 2014 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 J FMAM J J A S OND J FMAM J J A S OND J FMAM J J A S O N D Alligator* Al Baraka Barracuda Production Mob/Demob Yard Stay Option * Petronas – final contract as of 10. September 2008. GGS ASA 5

Alligator –Non-propelled self erecting tender rig n Acquired from Pride International 29 January 2008 n The modularized drilling package is lifted from the unit onto the platform prior to drilling operations. n 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. n 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. Rig Type Self Erecting Drilling Tender Drilling Depth 20, 000 ft Classification Bureau Veritas At completion of this contract Alligator will be moved to Singapore for Class recertification and gross maintenance work. Registry Country Singapore Built Year 1982 n Water Depth 115’ – 450’ Hull Dim. (LBD) 300’ x 90’ x 20’ Variable deck load 5, 732 tons Power Plant 4 x 3, 516 k. W Accommodation GGS ASA 110 beds 6

Alligator -Consistent Operation in Angola n Agreement with Pride International to complete the CABGOC Contract on behalf of GTB, estimated to end January/February 2009 § 1 year fixed contract @ 110, 000 USD/dayrate n Operation Results produced by Pride so far is satisfactory, more or less in line with budgets n GTB/KCAD has a team in place in Angola to follow the operation n GTB/KCAD is currently planning the SPS to be carried out in Q 1/Q 2 2009 n Final contract with Petronas Carigali, 4 year, one year option, averagre 135, 000 USD/dayrate. Cost escalation included in the price formula. GGS ASA 7

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: Ø Power & Assoc. Equipment Ø Accommodation refurbishment Ø Lifting and handling equipment Ø BOP Ø Safety Equipment Ø Drilling Package Ø Mud Treatment system Ø Anchor Winches and mooring systems Rig Type Self Erecting Drilling Tender Drilling Depth 20, 000 ft Water Depth 50’ – 450’ Classification Bureau Veritas Registry Country Singapore Built Year 1982 Hull Dim. (LBD) 300’ x 90’ x 20’ Variable deck load 4700 tons Power Plant 4 x 3, 512 k. W Accommodation GGS ASA 120 beds 8

Barracuda in full operation for TOTAL in Indonesia § 2+1 year drilling contract with Total Indonesie § 2 year fixed contract @ 105, 000 USD/dayrate § 1 year optional @ 105, 000 USD/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 GGS ASA 9

AL Baraka 1: Non-propelled self erecting tender rig n n n 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 n Power & Assoc. Equipment n Accommodation n New Cranes n BOP n Safety Equipment n Drilling Package n VCD & Mud Treatment system n Anchor Winches and mooring systems Rig Type Self Erecting Drilling Tender Drilling Depth 20, 000 ft Classification Bureau Veritas Registry Country Singapore Built Year 1993 Water Depth 40’ – 650’ Hull (LWD) 320’ x 105’ Variable deck load 4700 tons Power Plant 4 x 3, 512 Accommodation GGS ASA 100 10

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, 000 USD/dayrate+ escalation § 1 year optional @ escalated/dayrate § GTB has established a base branch in, Kulai Beleit, Brunei n GTB holds catering, labor and yard contracts in Indonesia in order to fulfill the contract obligations towards Brunei Shell Petroleum n Initial operation: Drilling on Mampak platform, offshore Seria, Brunei GGS ASA 11

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

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

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

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) GGS ASA 15

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 GGS ASA 16

PC 2000 is an alternative spinoff case out of GGS? PC 2000 The survey covers the Iranian part of the Persian Gulf and Gulf of Oman. Invested 710 MNOK in 1999 -2002. Database • 2 D: 100 000 line km. • 3 D: 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 ASA GGS block 17

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

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

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

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

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

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

Thank you for the attention ! GGS ASA 24