Marketing Presentation Page 1 Pareto Securities’ 15th annual Oil & Offshore Conference September 10, 2009

Marketing Presentation Page 2 KFELS N-Class harsh environment jack-up drilling/production rigs

Marketing Presentation Page 3 Company Introduction Rig Concept and Design Market/Financials Summary 1 2 TABLE OF CONTENTS / AGENDA 3 4

Marketing Presentation Page 4  SKDP established September 2006 and located in Kristiansand, Norway  49% Owned by Skeie Technology AS, 5% by Keppel O & M and 46% by external investors  Commercial and technical services hired from Skeie Technology  Operational Management: Skeie Rig Management with support from Pier Offshore Management Services  Signed contract for design and construction of three KFELS Class N Jack-up Unit with delivery Q1-2010, Q and Q  OTC listed in Oslo COMPANY INTRODUCTION – Skeie Drilling & Production ASA (SKDP)

Marketing Presentation Page 5 COMPANY SET-UP Skeie Technology AS Skeie D&P ProdJack 1ProdJack 2ProdJack 3 Skeie Rig Management AS (ex Offshore Production Services AS) Norsupply AS Pier Offshore Management Services AS OSM Consultants AS Business Management Agreement Head Management Agreement Sub Management Agreement Supervision Agreement Sub Supervision Agreement

Marketing Presentation Page 6 CONSTRUCTION PROGRESS

Marketing Presentation Page 7 OPERATIONS PREPARATIONS Skeie Rig Management (wholly owned SKDP subsidiary) to operate the rigs with support from Pier Offshore. Key onshore and offshore management positions and section leaders already recruited Training and competency development programs under development QHSE management systems established Maintenance systems Logisitcs (spare parts)

Marketing Presentation Page 8 Company Introduction Rig Concept and Design Market/Financials Summary TABLE OF CONTENTS / AGENDA

Marketing Presentation Page 9 New N-Class Standard Jack-up – ”no” clearance between the legs w/jacking system and cantilever RIG CONCEPT AND DESIGN RIG CONCEPT AND DESIGN COMBINED DRILLING AND PRODUCTION OPERATIONS

Marketing Presentation Page 10  Drill Floor located on the substructure above the cantilever.  Cantilever capable of being skidded fore and aft with center line (primary Cantilever position) of rotary up to 75 ft (22.86m) aft of stern It can be relocated 26 (7,92m) ft to port (secondary Cantilever position)  The Drill Floor can be skidded 20 ft (6.1m) port and starboard of the Cantilever centerline both in primary position and in secondary position  Max operation envelop over a pre-installed Jacket/Wellhead Platform: 75 ft aft of Transom, 20 ft to starboard of hull centerline and 46 ft to port of hull centerline. RIG CONCEPT AND DESIGN RIG CONCEPT AND DESIGN SPECIFICATIONS FOR DRILLING OPERATIONS

Marketing Presentation Page 11 RIG CONCEPT AND DESIGN RIG CONCEPT AND DESIGN COMBINED DRILLING AND PRODUCTION OPERATIONS The Cantilever and Drill Floor can be repositioned 26ft (7.92M) to the Port side of the Vessel, to allow space for installation of a future production process module. Limits Area:12,918 sq ft (1,200M2) Height:52.5ft (16M)

Marketing Presentation Page 12 RIG CONCEPT AND DESIGN RIG CONCEPT AND DESIGN PRODUCTION CONCEPTS WITH STANDARD UNITS/EQUIPMENT

Marketing Presentation Page 13 RIG CONCEPT AND DESIGN RIG CONCEPT AND DESIGN ALTERNATIVE PRODUCTION

Marketing Presentation Page 14 Source: Company, ODS Petrodata TECHNICAL COMPARISON WITH PEERS AS DRILLING RIGS MSC CJ70-X150A 1) DNV , /336/ , ,793 15,723 4, tons/2x1150 HP 3 14,484 5, RIG DESIGNKeppel N-ClassMSC CJ70-X150AMSC CJ62-S120 Class DNV Operating water depth (ft) 400 (430) Drilling depts (ft) 35,00030,000 Hull size (ft) (LxBxD) 264/289/35291/336/38256/296/35 Leg length (ft) Cantilever outreach (ft) BOP (psi rating) 15,000 Mud Pumps 3 (space for 4)43 Liquid mud capacity (bbls) 6,6006,7935,400 Bulk mud capacity (bbls) 15,89215,72314,027 Drawworks (hp) 4,600 3,000 Top Drive tons/2x1150 HP750 tons/1150 HP750 tons/2x1150 HP Cranes 333 Main Power(hp) 13,05014,4846,880 Variable Deck Load (st) 4,5354,6003,693 Accomodation ) Enhanced version of the existing CJ-70 design with increased drilling depth, increased variable deck load and 1000 t top drive.

Marketing Presentation Page 15 Company Introduction Rig Concept and Design Market/Financials Summary 1 2 TABLE OF CONTENTS / AGENDA 3 4

Marketing Presentation Page 16 Skeie Drilling & Production (SKDP) Turnkey contract with the world’s leading jackup builder  Turnkey contracts signed with Keppel FELS for construction of 3 ultra harsh environment jackup rigs  Deliveries in March, August and December 2010  All in average delivered cost of ~USDm 477 per unit (total USDm 1.430)  All 3 units are fully financed with 11 % equity and 89% in debt (incl. convertible bonds)  Low construction risk at Keppel Fels - the world’s leading jackup builder  Favorable payment schedule: 50% at delivery for the first 2 units, 35% for the third unit

Marketing Presentation Page 17 Financial Highlights All rigs fully financed - Equity - Convertible bonds - Secured bonds (2. priority) - Senior secured loan facility (1. priority) Bond loans may be replaced once the rigs are secured contracts New rig of equal design up approx. 120 MUSD per rig (3x120=360 MUSD) Delivery time new rig equal design end 2011, beginning 2012

Marketing Presentation Page 18 Skeie Drilling & Production (SKDP) c ombined drilling/production units  The jackups are purposed built for the NCS and other harsh environment areas  Superior deck-load capacity  Deeper water capabilities  Significantly larger air-gap than a standard jackup (up to 62 meters)  Big drilling envelope – up to 64 wells without moving the rig  Dual mode value enhancing for oil companies.  Provides early cash flow from smaller fields  Increases oil recovery rates  A combined mode contract could bode for even longer contracts. Oil companies likely to pay for upgrade and downtime related to this  Two existing jack ups and one under construction of the CJ70 design with similar capabilities for drilling & production  Maersk Innovator and Maersk Inspirer  PetroProd has one under construction  The construction cost for the SKDP rigs is significantly lower than a new CJ70, > 100 MUSD  Operators prefer jackups for semis  Jackups give less risk for downtime caused by harsh weather  Blow Out Preventer (BOP) on deck compared to BOP on seabed for floaters, thus reduced operational risks  The North Sea part of the NCS is to a large extent shallow water

Marketing Presentation Page 19 Strong markets with several near term contract opportunities – Limited no. of rigs approved for NCS  Currently 6 jackups operating on the NCS.  Hereof 5 units operating as drilling rigs  Hereof 2 units matching the capabilities to the SKDP rigs: Maersk Inspirer, rebuilt for drilling & production and Maersk Innovator operating as drilling rig, but can be rebuilt for drilling & production  Extremely difficult for existing rigs to be approved for NCS  There is one CJ70 unit to be constructed for PetroProd suited for drilling & production

Marketing Presentation Page 20 Contract Status Jackups, Norway Rowan Gorilla VI: AOC declined. Rowan has re-submitted AOC application in April/May Mobilization from UK to be delayed BG: - Planned mobilization to Norway around Q1 2009, depending on well in progress in UK

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Marketing Presentation Page 22 Source: Pareto JU demand Norway: ConocoPhillips took Innovator and Gallant this week ….needs another rig for min 5Y according to the demand below Source: Pareto Research

Marketing Presentation Page 23 Oil production

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Marketing Presentation Page 25 Summary Contract signed with Skeie Energy for rig # 2 for minimum 3 years SKDP prequalified by major oil companies Several bids submitted for NCS operators. Together with a number of new prospects for SKDP maintains its optimism that alle three rigs will be on contract within the end of Extremely difficult and costly to enter NCS for existing rigs Identical newbuild N-Class rigs have a price increase of more than USDm 120 with delivery 4th quarter 2011 Full financing of all three rigs in place, 1st priority bank loans completed Equity issue ≈ 28 MUSD medio September 2008 (bond loan agreement) 100% underwrited by Skeie Technology and Keppel O & M

Marketing Presentation Page 26 Contact details: Skeie Drilling & Production ASA Tordenskjoldsgate Kristiansand Norway Telephone: Fax: