Pareto Oil Offshore Conference 29 September 2007

Pareto Oil & Offshore Conference 29. September 2007 1

Agenda § Key events § Market development § Financials 2

Confidential Petrolia Drilling’s existing contracts DS Deep Venture - Exxon. Mobile SS Petrolia - IOG § Commencement: Ultimo April 2007 § Commencement date: Ultimo June 2007 § Contractor: Island Oil and Gas § Contractor: Exxon. Mobile § Area of operations: UK § Area of operations: West Africa § Contract value: USDm 45 § Contract value: USDm 200 -220 § Contract length: 5 months § Contract length: 18 months § Implied dayrate: USD 300, 000/day § Implied dayrate: USD 400, 000/day § Estimated daily OPEX: USD 80, 000/day § Estimated daily OPEX: USD 100, 000/day Contract overview SS Petrolia - PEMEX § Commencement: Ultimo October 2007 § Contractor: PEMEX § Area of operations: Go. M § Contract value: USDm 269 § Contract length: 913 days § Implied dayrate: USD 295, 000/day § Estimated daily OPEX: USD 80, 000/day IOG SS Petrolia PEMEX Exxon. Mobile DS Deep Venture Q 2 Q 3 2007 Q 4 Q 1 Q 2 2008 Q 3 Q 4 Q 1 Q 2 2009 Q 3 Q 4 Q 1 Q 2 2010 3

Key events § Petrolia Drilling ASA controls 43. 8 % of Petro. MENA ASA, building three modern, semi submersible drilling rigs (Petro. Rig I, II and III) at the Jurong Shipyard in Singapore. § § The rigs are harsh environment 6 th generation units designed for drilling in ultra deep waters in areas such as Brazil, the Gulf of Mexico and West Africa. Petro. Rig I, II and III have entered into 5 -year contracts with Petroleo Brasileiro S. A. and PEMEX with gross values of MUSD 700, MUSD 645 and MUSD 942 respectively. 4

Confidential Petro. MENA’s existing contracts Petro. Rig III Petro. Rig I § Delivery: January 2009 § Delivery: January 2010 § Contractor: Petrobras § Contractor: PEMEX § Area of operations: Brazil and US Go. M § Area of operations: Go. M § Maximum water depth: 10, 000 ft with risers § Contract value: USDm 700 § Contract value: USDm 942 § Contract length: 5 years § Implied dayrate: USD 383, 000/day § Implied dayrate: USD 515, 000/day § Estimated daily OPEX: USD 120, 000/day § Estimated daily OPEX: USD 100, 000/day § Annual rig EBITDA: USDm 89 § Annual rig EBITDA: USDm Petro. Rig II § Delivery: September 2009 § Contractor: Petrobras § Area of operations: Brazil § Maximum water depth: 7, 500 ft of risers § Contract value: USDm 645 § Contract length: 5 years § Implied dayrate: USD 353, 000/day § Estimated daily OPEX: USD 100, 000/day § Annual rig EBITDA: USDm 85 Source: Pareto/Petro. Rig 5

Key events § Petrolia Drilling ASA also has exposure to the jack-up segment through its 39. 9% share in Petro. Jack ASA. § Petro. Jack has two modern jack-up rigs (375 water depth capacity) under construction at Jurong. § In addition, Petro. Jack controls 21. 2% of Petrolia Drilling ASA and 42, 1% of Petro. Prod Ltd. 6

Key events § Petro. Prod is converting 3 Aframax tankers to FPSOs at Jurong, and has also ordered an enhanced CJ 70 jack-up rig from Jurong. § The CJ 70 Jack-up rig is a large, harsh environment drilling rig also capable of hosting production equipment enabling combined and simultaneous drilling and production. The unit will comply with Norwegian sector regulations and will be the largest Jack-up rig ever constructed. 7

Market development

Strong underlying fundamentals § Energy demand offshore market fundamentals are favorable and improving § Oil demand growing per year; crude oil prices have improved by 800% since beginning of 2000 § Deep water drilling is fastest growing area of rig demand within offshore sector § Offshore production expected to increase § Utilization of floaters world wide is near 90% 9

Supply and Demand Source: ODS-Petrodata/ First Securities 10

Why is demand expected to increase? § Oil companies need to increase proven reserves § High oil price leads to more exploration and well testing § Growth is expected to continue 11

Replacement of reserves. . . is a challenge 12

Replacement of reserves. . . PEMEX’ goal for the next 5 years is an average daily production of 3. 1 MBO PEMEX today plans to drill in total 159 deep water wells PEMEX has contracted 4 rigs for the deep waters. First rig available in 2010 . . . is a challenge 13

Stronger and more distributed demand. . . in developing countries 14

…is pushing ultra-deep rates higher… Ultra-deep water rates vs. oil price Source: ODS-Petrodata, ABGSC 15

…lack of rigs…? Source: ODS-Petrodata, ABGSC 16

Drilling units

Market opportunities SS Petrolia Upgraded, 2. generation semi-rig § § § Build: 1976 / upgraded 1995/2005 Capacity: 1. 200 feet Dn. V class Value assumptions § § § Booked value: MNOK 168 (ca. MUSD 27, 0). Estimated broker value is MUSD 220. Contract with Island Oil & Gas/Apache. 18

Market opportunities Deep Venture(50%) Upgraded drillship § Build: 1983 / upgraded 1998 / 2006 § Capacity: 4. 500 feet § Dn. V class § Commenced contract with Exxon. § Signed 18 month contract with Exxonmobil Value USD 220 mio 19

PETROLIA SERVICES AS • Rental and tubular running services to the oil and gas industry world wide. Customers are oil companies, drilling contractors, integrated services companies and smaller service companies • Main product is drillpipe and tubing, of which we carry a substantial stock of various sizes and grades • A mix of long-term contracts, frame agreements and ad-hoc work • Geographically spread with locations in Norway, The Netherlands, Romania, Azerbaijan, South Africa, UAE, Qatar, Singapore, Malaysia, Australia and New Zeeland • The market is expected to remain at current level for 2007 due to high level of activity in the oil sector, long delivery time for new equipment and increasing equipment cost due to great demand for new equipment and high steel price 20

Petro. Rig I, II & III 22

Sources and uses P. R. II SOURCES AND USES OF FUNDS (MUSD) P. R. I + I I Overview project costs and expenses Yard payments according to contracts P. R. III P. R. II I I 454 483 937 524 1461 Estimated management fees construction period 12 11 23 9 32 Other estimated project costs 24 12 36 12 48 490 506 996 545 1541 Total project costs construction period Net estimated interest expenses construction period 92 a 75 b 167 Total estimated project costs, constr. period 1088 620 1708 Overview financing Secured equity financing 276 87 363 Secured bond loans 320 250 570 Accepted credit facility 400 c 200 600 Total secured capital 996 537 1533 Additional capital needed (estimate) 92 83 175 Total capital sources 1088 620 1708 a) Net interest calculated until commencement of drilling Rig I (May 2009) b) Net interest calculated until delivery Rig III (January 2009) c) Petro. Mena has not started using the credit facilty. 23

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Confidential Rig specifications Technical details Petro. Rig Source: Petro. Rig Hull construction of Petro. Rig I 25

Floaters: 44 units under construction ~ 23 % of current fleet # of units Total fleet 204 units Average fleet age 20 years 49 units built since 1990 64 units built last 20 years 48 units under construction 26

Confidential Strong increase in floater demand next 12 months. . incremental demand estimated to 32 units/18% Source: Pareto Securities & ODS Petrodata 27

Confidential Petro. Jack ASA – Company structure Petro. Jack ASA 100 % Petro. Jack I Pte Ltd Petro. Jack III Pte Ltd Jack. Invest Pte Ltd Singapore Petro. Jack III Petro. Jack IV Singapore Flag SOLD Rigs to be partly financed through USDm 200 & NOKm 500 bond 28 Source: Petro. Jack / Pareto

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63 jackups under construction ~ 15 -16% of current fleet # of units Total jackup fleet 397 units Average fleet age 25 years Only 37 units built since 1993 Only 52 units built last 20 years 63 units under construction 30 Source: Pareto

Strong increase in jackup demand next 12 months. . incremental demand estimated to 65 units/19% 31 Source: ODS Petrodata – World Rig Forecast December 2006

International jackups 32 Source: ODS Petrodata, Companies, Pareto Securities research

Financials

PETROLIA DRILLING ASA 2 nd. QUARTER REPORT 2007 - consolidated accounts All figures in NOK (1000) Income statement 2 Q 2007 2 Q 2006 Acc 2007 Acc 2006 Operating income 201 308 80 118 338 642 86 235 298 030 Operating expenses -90 223 -50 777 -160 887 -67 306 -172 452 Op. profit before depreciation and amortization 111 085 29 341 177 755 18 929 125 578 Depreciation and amortisation -40 365 -4 444 -71 907 -8 888 -27 000 0 0 Operating profit (loss-) 70 720 24 897 105 848 10 041 98 578 Result from joint venture 21 741 -6 911 22 690 -12 693 Result from associated companies -20 591 -29 855 -29 863 -13 858 -14 485 Net financial items -35 764 -683 -58 917 -14 227 -59 921 Profit before tax 36 106 -12 552 39 758 -30 737 24 172 0 32 000 35 455 36 106 19 448 39 758 1 263 59 627 Impairment/Reversal of impairments Income tax expense Net profit Earnings per share 0, 04 0, 03 0, 08 Diluted earnings per share 0, 04 0, 03 0, 08 34

PETROLIA DRILLING ASA 2 nd. QUARTER REPORT 2007 - consolidated accounts (cont. ) Balance Sheet statement 30. 06. 2007 Assets 31. 12. 2006 30. 06. 2006 Deferred tax assets 35 730 88 375 84 920 Goodwill 65 060 0 0 Drilling unit 148 054 168 715 150 884 Drilling equipment 537 983 0 0 1 579 139 886 582 765 618 0 26 793 0 2 732 0 Other financial fixed assets 0 230 000 0 Investments in joint venture 316 645 263 042 162 113 2 685 343 1 663 507 1 163 535 159 884 67 850 70 589 23 984 0 25 594 Other liquid assets 106 951 333 438 099 Bank deposits 270 108 115 868 198 152 Total current assets 560 927 517 156 732 434 Investments in associates Available-for-sale financial assets Other receivables Total non-current assets Other debtor Other financial investments Total assets 3 246 270 2 180 663 1 895 969 35

PETROLIA DRILLING ASA 2 nd. QUARTER REPORT 2007 - consolidated accounts (cont. ) Equity and liabilities Share capital Share premium fund Other equity Total equity Retirement benefit obligations Bonds Other long-term liabilities Total non-current liabilities Short term portion of long term liabilities Accounts payable Payable tax Other current liabilities Total current liabilities 30. 06. 2007 506 298 1 533 688 -59 637 1 980 349 2 957 490 031 232 491 725 479 3 720 16 258 9 755 510 709 540 442 Total liabilities Book equity per share Equity ratio 488 656 8 295 496 951 3 845 35 847 0 244 721 284 413 1 265 921 781 364 3 246 270 808 776 2 180 663 1, 96 61 % 487 281 10 218 497 499 3 741 280 0 66 256 311 277 30. 06. 2006 386 196 853 833 -152 837 1 087 192 Total equity and liabilities 31. 12. 2006 424 696 1 068 642 -94 039 1 399 299 1 895 968 1, 65 64 % 1, 41 57 % 36

PETROJACK ASA 2 nd. QUARTER REPORT 2007 consolidated accounts All figures in NOK (1 000) Acc YTD 2007 Acc YTD 2006 YEAR 2006 Q 2 2007 Q 2 2006 566 0 1 076 0 810 911 Operating expenses 7 065 8 892 13 829 18 593 35 502 Op. profit before depreciation -6 499 -8 892 -12 753 -18 593 775 409 3 874 0 6 806 0 -3 056 -10 373 -8 892 -19 559 -18 593 772 354 708 0 -6 503 0 131 -966 -17 051 -1 658 -25 681 - 14 789 -10 631 -25 943 -27 721 -44 274 757 695 Tax -1 800 0 -12 525 0 -191 023 Net profit -8 831 Operating income Depreciation Operating profit (loss-) Result from assosiated companies Net financial items Profit before tax -25 943 -15 196 -44 274 566 672 Earnings per share (average shares) -0, 14 -0, 40 -0, 23 -0, 70 Earnings per share (total shares) -0, 14 -0, 40 -0, 23 -0, 68 30, 7% 21, 2% 35, 9% 16, 82 7, 19 16, 63 Equity ratio Book equity per share (end of period) 8, 86 8, 72 37

PETROJACK ASA 2 nd. QUARTER REPORT 2007 38

PETROMENA ASA 2 nd. QUARTER REPORT 2007 consolidated accounts All figures in NOK (1 000) Operating expenses 2 Q 2006 2 Q 2007 Acc 2006 YEAR 2006 18 967 3 382 32 108 13 273 29 148 Operating profit -18 967 -3 382 -32 108 -13 273 -29 148 Net financial items -22 787 -28 372 -31 330 -29 124 16 734 Profit before tax -41 754 -31 754 -63 438 -42 397 -12 414 0 0 0 -41 754 -31 754 -63 438 -42 397 -12 414 Earnings per share (average shares) -0, 31 -0, 35 -0, 49 -0, 64 -0, 14 Earnings per share (total shares) -0, 31 -0, 33 -0, 47 -0, 44 -0, 11 Equity per share (end of period) 16, 08 16, 90 16, 92 Income tax expense Net profit 39

PETROMENA ASA 2 nd. QUARTER REPORT 2007 40

Concluding remarks

Going forward § Strengthened financial position § Increased market interest in SS Petrolia § Increased market interest in Deep Venture § Increased interest in Petro. Mena (43. 8%) § Increased interest in Petro. Jack(39. 9%) 42