Private Placement of Shares NOK 250 million 27

Private Placement of Shares NOK 250 million 27 September 2007 Solely for review in connection with the Equity Offering – not for reproduction or distribution The information contained herein may be subject to change without prior notice Please note that this is not an offering document THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS

Important notice This Presentation has been produced by MPU Offshore Lift ASA (the “Company” or “MPU”) with assistance from ABG Sundal Collier Norge ASA, SEB Enskilda Securities ASA and Pareto Securities ASA, solely for use at the presentation to investors held in connection with the proposed offering of shares by the Company and may not be reproduced or redistributed, in whole or in part, to any other person. This presentation contains information obtained from third parties. Such information has been accurately reproduced and, as far as the Company is aware and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information inaccurate or misleading. This document contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company, ABG Sundal Collier Norge ASA, SEB Enskilda Securities ASA and Pareto Securities ASA, their respective parent or subsidiary undertakings, and their officers or employees provide no assurance that the assumptions underlying such forward-looking statements are free from errors nor do any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation to update any forward-looking statements or to conform these forward-looking statements to our actual results. AN INVESTMENT IN THE COMPANY INVOLVES RISK AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY THE STATEMENTS OR THE GENERAL INFORMATION IN THIS PRESENTATION, INCLUDING, AMONG OTHERS, RISKS OR UNCERTAINTIES ASSOCIATED WITH THE COMPANY’S BUSINESS, SEGMENTS, DEVELOPMENT, GROWTH MANAGEMENT, FINANCING, MARKET ACCEPTANCE AND RELATIONS WITH CUSTOMERS, AND, MORE GENERALLY, GENERAL ECONOMIC AND BUSINESS CONDITIONS, CHANGES IN DOMESTIC AND FOREIGN LAWS AND REGULATIONS, TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE RATES AND INTEREST RATES AND OTHER FACTORS. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, THE ACTUAL RESULTS OF THE COMPANY MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS PRESENTATION. THE COMPANY DOES NOT INTEND AND DOES NOT ASSUME ANY OBLIGATION TO UPDATE OR CORRECT THE INFORMATION INCLUDED IN THIS PRESENTATION. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein. Accordingly, the Company, ABG Sundal Collier Norge ASA, SEB Enskilda Securities ASA and Pareto Securities ASA, their respective parent or subsidiary undertakings or any such person’s officers or employees accept no liability whatsoever arising directly or indirectly from the use of this Presentation. By attending to or receiving this Presentation you acknowledge that you will take sole responsibility for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and take sole responsibility forming your own view of the potential future performance of the Company and its business. This Presentation is confidential and is being communicated in the United Kingdom to persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (such persons being referred to as “investment professionals"). This presentation is only directed at qualified investors and investment professionals and other persons should not rely on or act upon this Presentation or any of its contents. Any investment or investment activity to which this communication relates is only available to and will only be engaged in with investment professionals. This Presentation (or any part of it) is not to be reproduced, distributed, passed on, or the contents otherwise divulged, directly or indirectly, to any other person (excluding an investment professional’s advisers) without the prior written consent of ABG Sundal Collier Norge ASA, SEB Enskilda Securities ASA and Pareto Securities ASA and the Company. This Presentation and the information contained herein do not constitute an offer of securities for sale in the United States and are not for publication or distribution to U. S. persons (within the meaning of Regulation S under the U. S. Securities Act of 1933, as amended (the “Securities Act”)). The securities proposed to be offered by the Company have not been and will not be registered under the Securities Act and may not be offered or sold in the United States or to U. S. persons except pursuant to an exemption from the registration requirements of the Securities Act. This Presentation speaks as of 27 September 2007. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any 2 circumstances, create any implication that there has been no change in the affairs of the Company since such date. THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS

Contents ü ü ü Investment case Funding and financials MPU Offshore Lift Offshore heavy lift market Summary Appendix THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 3

MPU investing in a growth market • Current world fleet of 26 heavy lift crane vessels – Incl. combined HL/pipe layers – 5 vessels on order (incl. MPU) – Implying 20% supply growth by 2010 E (# of vessels) +94% +65% +20% • HL demand (# jobs) projected to increase by 65% in 2010 -2016 E compared to past six years – Avg. 670 lifts/yr vs. avg. 410 lifts/yr current • Pipeline installation projected to double by 2010 E – 7, 500 km annually by 2010 E vs. 3, 800 km current Source: Rystad Energy, Infield, ODS-Petrodata, Pareto Research THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 4

The MPU Investment Case • Unique single lift vessel under construction at Keppel – – – • Large and increasing market for offshore installation and removal work – – – • >60% increase in installation & removal activity next 6 yrs >500 platforms to be removed in North Sea next 20 years Long-term, late-cyclical and visible demand, limited supply of heavy lift capacity Competitive solution on cost and time – – • Competent construction yard (Keppel Verolme, Rotterdam) Early availability (delivery 1 Q 2009) Strong industrial backing (Dr. Techn. Olav Olsen and Solstad Offshore) & Patented semi submersible design Safer and faster than conventional crane vessels All-in delivered cost approx USD 430 mill. vs. conventional semi sub crane vessel with est. capex >USD 1, 4 bn (delivery 2011) Substantial earnings potential – – Base Case with EV/EBITDA <4 x and P/E <2 x reflecting 4 jobs per year (150 days utilisation) Substantial earnings upside using current market rates and heavy lift vessel utilisation THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 5

NOK 250 mill. Private Placement • Current revised all-in capex estimated to EUR 330 mill. incl. contingency • NOK 250 mill. in equity should fund MPU capex until complete financing package is in place • New equity issue enabling MPU to finalize attractive long-term bank financing • – – – – Incl. approx. EUR 28 mill. in estimated investments to improve vessel specifications/flexibility and modifications to further enhance capability for installation work Long-term bank financing and subordinated capital expected in place by year-end 2007 All construction contracts signed April 2007 Bond covenant requiring EUR 28 mill. in additional equity 1) Final term sheet for 1. priority bank facility under negotiation with ABN Amro Bank financing expected to facilitate MPU to become fully financed ABN Amro facility funding up to 62% of all-in MPU capex project • ABN Amro loan backed by export guarantees (Dutch and Norwegian) Major MPU shareholders supporting the transaction – Pre-commitments of approx. NOK 120 mill. have been received from key MPU shareholders including Solstad Offshore 1) Bond covenant requires equity to cover final EPC contract price exceeding EUR 215 mill. THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 6

Term Sheet NOK 250 mill. Equity Private Placement Private placement • Private placement of 38. 5 mill. new shares Timetable & key conditions • Subscription period: • Price: NOK 6. 50 per share – 27 September 2007 09: 00 CET • 86. 3 mill. shares outstanding after private placement, equal to a market cap of NOK 561 mill. – 28 September 2007 17: 00 CET • Minimum subscription: 60, 000 shares • Pre-commitments of approx. NOK 120 mill. have been received from key MPU shareholders including Solstad Offshore and management • Payment on or about 4 October 2007 • Allocation criteria: Preferred allocation to existing shareholders • Investor requirement: Institutional and professional investors / US 144 A (QIBs) • Managers: ABG Sundal Collier Norge ASA, Pareto Securities ASA, SEB Enskilda ASA • Allocation on or about 1 October 2007 • Delivery of shares on or about 11 October 2007 • Listed on OTC, Ticker: MPUO • Private Placement subject to (i) general meeting to be held on 1 October 2007 • Documentation: Investor presentation, terms of application and term sheet THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 7

Contents ü ü ü Investment case Capex and funding MPU Offshore Lift Offshore heavy lift market Summary Appendix THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 8

EUR 330 mill. all-in capex estimate The MPU project - Capex status • • Revised all-in capex estimate Signed agreement with Keppel Verolme Dec 2006 Signed agreement with KHL (Joint venture Van Hattum/BAM Civiel) March 2007 for concrete work Signed agreement with Dr. Tech Olav Olsen AS April 2007 for detail design and engineering work Planned vessel upgrades: – Current committed all-in capex EUR ~290 mill. – EUR 330 mill. all-in capex estimate includes approx. EUR 28 mill. investments in improved capabilities for installation work, extended decommissioning capabilities and structural improvements to vessel as well as approx. EUR 14 mill. contingency 1) Current committed construction contracts EUR 243 mill. THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 9

Target capital structure and funding • Additional financing (subordinated capital) EUR 60 m Bank EUR ~200 m Equity EUR 86 m • EUR ~20 mill. excess cash at delivery • • 1. priority senior debt Funding up to 62% of total capex Backed by export guarantees (pending) Existing high yield assumed redeemed • Current transaction : EUR 30 mill. • Raised Oct. 2006 : EUR 56 mill. Source : MPU Offshore Lift ASA THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 10

Base Case P/E <2 x, EV/EBITDA <4 x • Conservative Base case scenario 1) – 4 North Sea lifts p. a. (150 days) – USD 900, 000/day (vs. market rates USD 11. 5 m/d) – MPU EBITDA USD ~120 mill. p. a. – EV/EBITDA 3. 7 x, P/E 1. 4 x • Global mode scenario 2) – 4 North Sea lifts (150 days@USD 900 k/d) + Winter work in international waters – USD 20 mill. mobilisation cost to international waters – Assuming 90 days of work outside North Sea at USD ~500, 000/day – EBITDA USD ~150 mill. p. a. – EV/EBITDA ~3 x, P/E ~1 x THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 11

Contents ü ü ü Investment case Capex and funding MPU Offshore Lift Offshore heavy lift market Summary Appendix THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 12

MPU with strong industrial backing Dr. Techn. Olav Olsen Solstad Offshore ASA • • One of the world’s leading suppliers of offshore AHTS, PSV and CSV vessels – Founded in 1964 by Johannes Solstad – 33 vessels in operation. Market cap. NOK 5 900 mill. • Main shareholder with 28% before Private Placement – Will add first class track-record from project Responsible for over half of the world’s offshore concrete structures – Founded in 1962 by Dr. techn. Olav Olsen – Developed the Condeep concept: (Among them Gullfaks C, Troll A and Draugen) • Project initiator through MPU Enterprise AS – Concept development, testing and design – Support in qualification and tendering process – Invested approx. USD 13 mill. to date execution and operations THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 13

The MPU Heavy Lifter – simple, safe, robust and effective • All-in cost approx. EUR 330 mill. – Including improved capabilities for installation work • Concrete hull dimensions: L x W = 87 x 110 m • Height 40 m to top of column • Weight 52, 000 tonnes • Lifting frames: 1, 100 tonnes each • Lifting capacity: – – Topsides 15, 000 tonnes Jackets 28, 000 tonnes • Self propelled for positioning and self station keeping (DP 2) • 8 azimuth thrusters • Accommodation for 50 persons • Helideck • Certificate of Fitness from Dn. V (2006) • Lloyds classification in process – – Approval in Principle (2003) To be classed as Heavy Lifter Unit THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 14

Status of the construction project at Keppel • • Signed all major contracts by April 2007 Concrete construction work started 15 July First concrete pour 13 August Keel laying ceremony 22 August Engineering and design work is 65 % complete and on schedule Hull/concrete work to be completed July 2008 Construction work is on schedule for completion 1 Q 2009 THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 15

MPU technology: Lifting by de-ballasting Topside removal Topside transfer to T-barge moored at quayside 1 Jacket removal 1) Offshore transfer to barge is also possible THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 16

Single lift more efficient • MPU can lift entire jacket in one operation vs. multiple lifts for conventional crane vessel – Saving time and costs • Conventional jacket removal implies significant operational risk – Safety issues – Time intensive – Harsh offshore weather conditions • Example with 20, 000 t jacket – 18 lifts required for removal with conventional crane vessel – 1 -2 lifts for MPU Heavy Lifter 20, 500 tonnes jacket, WD 160 m, 18 lifts and 226 underwater cuts required for conventional lifting THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 17

MPU: Lower cost and faster than competition Timing Month 1 MPU Heavy Lifter Conventional vessel Month 2 Month 3 Preparation for removal (75 -80 days) Offshore marine support Month 4 Removal and transportation onshore (~35 d) Preparation for removal (~120 days) Month 6 ~USD 108 mill. 3 -4 months Removal and transportation onshore (55 -60 days) Offshore marine support Costs Month 5 ~USD 150 mill. 5 -6 months Conclusion • Independent analysis concludes that MPU can remove a large installation at a significant discount to conventional method – – Less offshore preparation – Less lifting time – Source: Eric Faulds Associates Ltd. (former head of decommissioning, Shell) Example based on removal of a structure approx. 20, 000 tonnes Assumes $900, 000 per day for conventional crane and $775, 000 for MPU No need for flotel accommodation – More extensive onshore demolition THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 18

Marketing strategy • Target markets for MPU Heavy Lifter: Decommissioning market – Removal of topsides and steel jackets from offshore platforms Installation market – Mating/installation of platform decks on preinstalled jackets or floaters – Installation of jackets – Installation of subsea structures • Marketed as sub-contractor towards installation/removal projects • Establish industrial partnerships with leading operators – Marketing “consortium” as a full scale contractor to qualify for major projects • Win first decommission/installation contract within next 9 months THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 19

MPU Offshore Lift ASA – Organisation and Board Management Board • MPU OFFSHORE LIFT ASA Kolbjørn Høyland CEO Tor Ole Olsen (Chairman) – • Lars Peder Solstad – Finance and Business control Tom Fronth-Mathisen CFO Eddie Olsen Cost Controller • TQM André Bautz TQM Manager Business Support Astrid Merete Moe - Business Manager Tonje Solodden - IT Manager Charlotte Hellern - Letting Secretary MPU HL Building Project Kurt Bøe Project Director Operation Kurt Bøe Director Dr. techn. Olav Olsen Inc. Kjell Ola Jørgensen – • Solstad Offshore ASA Nina Merete Wiley – • MPU Enterprise AS Gaz de France Norge AS Kristin Farstad, – Vogt & Wiig Management consultant Ronald Seim Marketing and Sales tbn Director Techn. & Projects Trond Landbø Director Business Development Jon Børge Stette Director THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 20

MPU shareholder list and share price performance MPUO share price performance (N. OTC) THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 21

Contents ü ü ü Investment case Capex and funding MPU Offshore Lift Offshore heavy lift market Summary Appendix THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 22

Strong growth in global heavy lift market • • Strong growth in offshore drilling activity (70 % growth during 2005 -08) Increased drilling activity will boost future field development activity World wide use of heavy lifts expected to increase by 65 % during 2010 -16 compared to past six years Lack of heavy lift capacity has increased use of float-overs (“MPU market”) Source: Rystad Energy THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 23

Subsea market trend requiring large installation vessels • Subsea installation going from deep water to ultra deep water – – More time consuming due to depth Weight is a challenge More equipment is installed subsea Tendency towards installation of systems rather than components • Market trend requiring more vessel operations, larger vessels and more specialized vessels – Strong demand for heavy lift vessels for installations in excess of 300 tons THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 24

>500 North Sea installations to be removed next 20 years No. of North Sea platforms No. of fixed steel jackets per weight (tonnes) Sources: Douglas-Westwood Limited and the TCS Partnership, Petro. Advisor / R. S. Platou Offshore (Ospar database) THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 25

Global decommissioning market opportunities • US Gulf of Mexico – Large market for removal including salvage work and removal of hurricane wrecks – Such work is priced at USD 1, 000/day for conventional crane vessels • Mexican Gulf of Mexico – Emerging opportunities as the gigantic Cantarell field is rapidly being depleted • California – Identified 27 platforms installed 1967 -89 from 3, 000 -50, 000 t with removal 2010 onwards • Malaysia (225 platforms) and rest of South East Asia THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 26

Conventional crane vessels – a niche market Semi-submersible crane vessels - Market rate up from USD 600 000 to USD 1 200 000 past three years - Limited capacity for the decommissioning market - Cost of newbuilds EUR 1 bn. +/del. 2011 Saipem • SSCV Saipem 7000 – capacity 14, 000 tonnes in tandem (built: 1983 / modified: 1999) • Dual pipe lay / installation capability Heerema Marine Contractors • Thialf – capacity 14, 200 tonnes in tandem (built: 1985) • Hermod – capacity 4, 500 + 3, 600 tonnes (built: 1977 / upgraded: 1986) • Balder – capacity 3, 600 + 2, 700 tonnes (built: 1978 / modified: 2001) Allseas • Pieter Schelte – capacity 48, 000 tonnes (built: 2010) – cost EUR 1. 3 bn. Smaller heavy lift vessels J. Ray Mc. Dermott • DB 101 – 3, 500 tonnes capacity (built: 1978) • DB 50 – 4, 000 tonnes capacity (built: 1988) Seaway Heavy Lift • Stanislav Yudin – 2, 500 tonnes capacity (built: 1985/1993/1996) • Newbuild – 5, 000 tonnes capacity (built: 2010) – cost USD 460 mill. Nordic Heavy Lift • Newbuild – 5, 000 tonnes capacity (built: 2010) – cost USD 400 mill. THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 27

More heavy lift capacity needed to meet demand • Current world fleet of 26 heavy lift crane vessels – Incl. combined HL/pipe layers – 5 vessels on order (incl. MPU) – Implying 20% supply growth by 2010 E (# of vessels) +94% +65% +20% • HL demand (# jobs) projected to increase by 65% in 2010 -2016 E compared to past six years – Avg. 670 lifts/yr vs. avg. 410 lifts/yr current • Pipeline installation projected to double by 2010 E – 7, 500 km annually by 2010 E vs. 3, 800 km current Source: Rystad Energy, Infield, ODS-Petrodata, Pareto Research THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 28

Contents ü ü ü Investment case Capex and funding MPU Offshore Lift Offshore heavy lift market Summary Appendix THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 29

MPU Investment Case Wrap-Up • >60% projected growth in heavy lift activity during 2010 -2016 • Late-cyclical oil service play (installation/field development/platform removals) • Competitive single lift concept –> 30% lower cost than traditional solutions • Strong industrial backing (Dr Techn Olav Olsen + Solstad Offshore) • Construction at reputable yard Keppel Verolme Rotterdam • Available 1 Q 2009 – early delivery to meet strong market growth • Base case target earnings indicating P/E ratio of >2 x first year of operation • Supply shortage in current heavy lift market implying significant earnings potential THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 30

Risk factors • Forward-looking statements – forecasted financial statements – • Lack of historical financial information – • MPU Offshore Lift has limited staff or employees and is consequently dependent on external parties to undertake the management of the Company. Such arrangement may reduce the control functions of the Company. Risks related to the construction contract – • MPU Offshore Lift has a remaining funding requirement. The company cannot guarantee that it will be able to raise this capital. Dependence on external parties – • MPU Offshore Lift has started construction of a single lift decommissioning vessel with a total project cost of USD 430 m. The Company has no operating income or operating cash flow to finance the vessel and is dependent upon funding from shareholders/investors and/or banks. Financial leverage – • MPU has a limited operating history. Any historical financial information will not be useful in estimating the Company’s future financial results. Significant investments – • The financial forecasts set forth herein are associated with uncertainty and the future development of MPU may deviate significantly from these forecasts. Any delays related to the construction contract could have a material adverse effect on the Company and its financial position. Furthermore, even though the Company has signed all construction contracts, cost overruns and technical problems may be experienced during construction which may impact the expected delivery of the vessel as well as the expected financial performance. Risks related to the single lift concept – Although each single item of the Company’s technology is well tested and proven, the single lift decommissioning concept is unproven. Furthermore, the application of the MPU Heavy Lifter is unproven THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 31

Risk factors (cont’d) • Variability of operating results etc. – • Industry – – • The market for the MPU Offshore Lift’s products and services is competitive. The failure of the Company to maintain a competitive vessel and services offering could have a material adverse effect on the Company’s business, operating results or financial condition Operations in international markets are subject to risks inherent in international business activities, including, in particular, general economic conditions in each such country, currency fluctuations, unexpected changes in regulatory requirements, complying with a variety of foreign laws and regulations etc. Political risks – • The market for decommissioning of offshore platforms may not grow as anticipated. International operations – • The MPU Offshore Lift’s operating income/losses and operating results may vary from quarter to quarter due to seasonal variations. The Company’s operating income may be difficult to forecast due to changes in demand for decommissioning services, the competitive environment, and other general economic and market conditions. Changes in the legislative and fiscal framework governing the activities of oil and gas business and removal of offshore installations could have material impact on the demand for the Company’s equipment and services. Risks related to the equity offer – The future share price development of MPU Offshore Lift may be volatile due to various factors, including fluctuations in the Company’s results. There can be no guarantee that investors subscribing for shares in the offering will be able to sell their shares in the future at a price exceeding the final subscription price in the offering. The shares will not be listed on any regulated market and there can be no assurance as to the liquidity of the Norwegian OTC market where the share is presently quoted. THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 32

Contents ü ü ü Investment case Capex and funding MPU Offshore Lift Offshore heavy lift market Summary Appendix THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 33

Board members Curriculum vitaes Tor Ole Olsen (56) Chairman Managing Director of Dr. techn. Olav Olsen a. s. 30 years of experience with marine structures, conceptual development and project management, incl. the Condeeps. Lars Peder Solstad (35) Board member Managing Director of Solstad Offshore ASA. He has education as Master Mariner, and is member of various boards, among others chairman of the offshore vessel group in Norwegian Shipowners Association. Nina Merete Moen (29) Board member Master of Science in structural engineering from the Norwegian University of Science and Technology. Employed as an engineer in Dr. techn. Olav Olsen a. s, and holds the position of Vice President of Dr. techn. Olav Olsen Inc. Kjell Ola Jørgensen (60) Board member Master of Science in industrial engineering from the Norwegian University of Science and Technology. Four years experience in industrial research at NTNU, three years as small business consultant and 25 years experience from different management positions in Phillips Petroleum Company within operations, engineering, project management (Ekofisk Cessation), quality assurance and authority liaison. The last two years as HSE manager and Gjøa operations manager in Gaz de France Norge. Kristin Farstad (48) Board member Lawyer. Partner in Vogt & Wiig in Bergen. Experience also from Dn. BNOR and as public prosecutor. Special competencies within Company Law, M & A and Securities Legislation. THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 34

Senior management Curriculum vitaes Kolbjørn Høyland (48) CEO More than 20 years of experience from conceptual and detail design of concrete offshore structures. Master of Science – Civil Engineering. Technical Manager of Dr. techn. Olav Olsen a. s since 1998. Managing Director MPU Enterprise AS since 2000 Tom Fronth-Mathisen (59) CFO Founder and managing director of Export Finance Services AS since 1996. Director/managing director corporate finance Finanshuset/FIBA Nordic Securities 1989 -1995. Over 25 years experience of international finance Kurt Bøe (52) Building project / Operations More than 25 years of experience from oilfield operations with BP. International experience from UK and Middle East as OIM and Operations Manager. 2003 to 2007 Operation Manager for deep water field development for Angola. COO and Project Director for MPU Offshore Lift ASA since 1 Q 2007. Trond Landbø (46) Projects / Engineering Responsible for marine structures within Dr. techn. Olav Olsen a. s since 1999. 14 years of experience from design of offshore structures and project planning and interface coordination of offshore projects THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 35

The yard – Keppel Verolme Rotterdam Description • • • Other Owned and operated by the Singapore-based company, Keppel FELS, one of the largest rig builders in the world An established yard with the widest graving dock in Europe Comprehensive marine services, including repair, dry-docking, conversion and modification work on vessels up to VLCC size Significant engineering capabilities and experience within conversions and repair work Known for undertaking complicated and challenging conversion projects – on time / on budget – – – • Construction Dock 405 x 90 meters • Water depth 12 meters • 3 shore cranes • Separation bulkhead • Lay down areas SAIPEM 7000 and BALDER ”J”-lay modifications Allseas project Sevan topsides installations Ekofisk Tank Concrete Barrier wall Nam F 3 Concrete Gravity Structure (CGS) THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 36

KHL consortium Description • • Key references KHL consortium of Van Hattum en Blankevoort BV and BAM Civiel BV These civil engineering companies are 100% subsidiaries of: – Royal Volker Wessels Stevin nv. • Turnover 2006: EUR 4. 5 bn. – Royal BAM Group nv. • Turnover 2006 : EUR 8. 6 bn. • Main types of projects: – Infrastructure – Harbour works – Foundation works – Industrial complexes – Offshore – Specialisation • Design and Construct high speed line - Zuid • Design Westerschelde container terminal • Design and construct Hubertus tunnel in den Haag • Positioning and placing tunnel elements for the Warnowtunnel Rostock • Design, construction and placing of 6 precast sill sections for the Emmsperwerke (GER) • Dragon LNG import terminal, South Wales • Bjørvika tunnel in Oslo • Pekoner Ekofisk tank protection barrier LNG import terminal THIS DOCUMENT MAY NOT BE DISTRIBUTED IN, OR TO A RESIDENT OF, THE UNITED STATES, CANADA OR JAPAN OR TO A U. S. PERSON ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS 37