Mosvold Jackup Ltd Cost efficient jackup s tailor-made to

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

Table of contents • Introduction • Overview of Middle East market • Corporate and project description • Financials • Investment considerations 2

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 300 ft units • As evidenced by recent ME contracts, dayrates for a 27 year old 300 ft jack-up on long term contracts have been secured at levels only 17% below the most capable 350 -400 ft newbuilds • Current all-in project price for the Mosvold units is 27% less than the last 350 -400 ft newbuilds ordered 3

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 4

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

Middle-East - 300 ft units perfectly suited - average waterdepth 115 ft ME definition: Saudi, Qatar, UAE, Bahrain, Oman, Iran and Egypt Summary ME (ex Egypt) Today Units by 07 Need by 08 E 61 75 92 Source ODS/Pereto Offshore Today: 9 JU Units by end 07: 9 JU Need by 08 E: 14 JU Source ODS/Pareto Offshore Today: 19 JU Units by end 07: 25 JU Need by 08 E: 30 JU Source ODS/Pareto Offshore Today: 19 JU Units by end 07: 27 JU Need by 08 E: 30 JU Source ODS/Pareto Offshore Today: 14 JU Units by end 07: 14 JU Need by 08 E: 18 JU Source ODS/Pareto Offshore 6

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% 7

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 80 ies 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 1990. 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 1 H 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 Sea. Drill 8

Super M 2 – Main features • Design: Friede & Goldman Super M 2 • 300 ft enhanced leg design • Wrap around accommodation (around • • forward leg) opening for more deck space and more efficient accommodation facility Modular hull design 25, 000 ft drilling depth • 110 person quarters capacity Source: Friede & Goldman, Pareto Offshore 9

Super M 2 – Increasing the capabilities of existing 300 ft units 10

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 11

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 12

Panoramic View of MIS Yard Facilities at Sharjah, UAE 13

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 RECEIVING AND LOADOUT FACILITIES § 400 m long loadout jetty for sea access; with a water depth of 8 m, designed for heavy crossing loads. §Loadout systems including dollies, skid beams, and rollers Main Fabrication Facilities 200, 000 sq meters. WORKSHOP EQUIPMENTS §Hydraulic Plate Rolling Machines up to 118 mm 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 ERC O ED P ER HO V S CO RK O W CAMP COAST GUARD MIS Sharjah Yard Facilities Layout H PORT SHARJA RITY O AUTH MOBILE, YARD, AND AUXILIARY EQUIPMENT § 16 Nos. 45 -230 T capacity Crawler cranes § 11 Nos. Up to 45 T capacity cranes §Forklift, Flat bed trailers, Low bed trailers (100 T) 14

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 15

Mosvold Jackup - capex and funding MOSVOLD JACKUP FUNDING SUMMARY • USD 142. 5 m estimated delivered cost – Incl. capitalised interest costs • Total funding requirement of USDm 293 – Incl. G&A, fees and financing costs • USD 90 m of equity raised in spring • • 2006 USD 60 m bond issue assumed in 2007 USD 150 m of bank debt assumed – Last 2 yard instalments – Representing approx 50% of all-in cost Fig in USDm Turnkey contract price Per Unit Total 126. 0 252 Supervision 3. 5 7 OFE (Handling equipment/spares) 5. 0 10 Contingencies 1. 0 2 Capitalised interest costs 7. 0 14 142. 5 285 4. 0 8 146. 5 293 All-in/ready to operate cost G&A, fees & financing 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 16

Pro Forma Mosvold Jackup key figures (2 jackups) • EV USD 305 m YE 08 E fully invested • • – Value of 2 rig options ignored Market cap USD 111 m (NOK 19 per share) Current JU market (USD 180 -200, 000/d) implying EV/EBITDA 2. 8 -3. 2 x – P/E 1. 3 -1. 6 x 17 Source: Pareto Offshore

Shareholder information • • • Number of shares issued: 36, 7 million Issue price (April 2006): NOK 19 per share Current share price: NOK 18 -19 range Mandatory bid level at 30% vs 40% “standard” 5 largest shareholders per August 31 st 2006: Percentage Name Acc type Country 29, 01 12, 20 6, 92 6, 37 Mosvold Investment L CO Mosvold Shipping Credit Suisse Securi (Europe) LTD/Firms Olympia Holding AS C/O Banque Invik SA Goldman Sachs Intern Equity nontreaty Cus NOM CYM GBR NOR GBR 5, 45 Bear Stearns Security A/C Customer Safe KE NOM USA 18

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 19