1. 1 New standard in North Sea drilling operations.

2. Disclaimer This presentation (the “Presentation”) has been produced by Songa Offshore SE ("Songa Offshore" or the "Company") exclusively for information purposes. This Presentation includes forward-looking statements regarding Songa Offshore, including projections and expectations, which involve risk and uncertainty. Such statements are included without any guarantee as to their future realization. Although Songa Offshore currently believes that the expectations regarding the Company reflected in such forward- looking statements are based on reasonable assumptions, no assurance can be given that such projections will be fulfilled. Any such forward-looking statement must be considered along with the knowledge that actual events or results may vary materially from such predictions due to, among other things, political, economic, financial or legal changes in the markets in which Songa Offshore does business, and competitive developments or risks inherent to the Company’s business plans. Many of these factors are beyond Songa Offshore’s ability to control or predict. Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements. Accordingly, the Company does not accept any responsibility for the future accuracy of the forward-looking statements expressed in this Presentation or the actual occurrence of the forecasted developments. The Company does not intend, and does not assume any obligation, to update any such forward-looking statements as of any date subsequent to the date hereof. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including, without limitation, projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, the Company does not accept any liability whatsoever arising directly or indirectly from the use of this Presentation. By receiving this Presentation, the recipient acknowledges that he will be solely responsible for its own assessment of the market and the market position of the Company and that he will conduct his own analysis and be solely responsible for forming his own view of the potential future performance of the businesses of the Company. This Presentation must be read in conjunction with the recent financial information, as well as other publicly disclosed information. Nothing in this Presentation, nor any other information provided to the recipient by the Company or any of its advisers constitutes, or may be relied upon as constituting, investment advice or any financial, tax or legal advice by such persons or anybody else. 2

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4. 4 Cat D’s coming in 2015 Stavanger Bergen Stjørdal (2015) Oslo (Finance/IR) Harstad (2015)

5. Our Challenges  Well cost has trippled on floaters over last 10 year.  20 years ago, the drill speed was twice as fast as now.  Well cost is the key enabler for marginal fields  Alignment of KPI’s missing in our industry.

6. ”Improved Rig Performance” We Cant Do It Only By Investing In New Builds

7. Organizational Issues  Back to basic – Focused organization.  Simplify requirements.  Competence.  Standardization.  KPI alignment. Simpler – Faster - Cheaper “FAST” is a function of safe, precise and consistent !

8. 8 “Work Processes”

9. Half time 99 Initiated 1996 as a 3 year drilling eff. program in NH Drilling speed (m/d) lowered by 42% in average Often referred to as the most successful drilling eff. program on the NCS Strong management focus and cooperation between operator, rig owners and service companies 9 Increased Drilling Speed

10. Half time 99 - Key learning Make sure you have a good understanding of the business! Set hairy goals – commercial as technical! – Get out of the envelope! – Maximum period 3 years Create a critical mass of believers in the new strategy and put them into key positions Run a detailed systematic work process with a clear reporting structure Minimize numbers of contractors to the bare minimum Create internal and external competition Trust the people! Celebrate and communicate successes! Remarkable results will appear faster than expected!

11. Well construction 11 Company Responsibility Company «See to duty» * Drilling team Responsibility

12. One Common Plan – Joint Incentives! 12 Company Service Provider Drilling Contractor Time Performance

13. 13 Focus on increased drill speed! We need to change the game and focus to improve drilling cost! What About More Use of Incentivs

14. Safety and drill speed rhetoric's Focusing drill speed, regulating bodies and unions might challenge incentives models Our rhetoric: Stronger management focus on daily operation will improve both safety and drill speed performances. No conflict in between performance improvements by use of commercial incentives and HSE performance, i.e. «Safety First»

15. There is no other way to the future!