Global Geo Services - GGS ASA Pareto Securities’ 15th Annual Oil & Offshore Conference

1. Global Geo Services - GGS ASA Pareto Securities’ 15th Annual Oil & Offshore Conference Oslo, 10 September 2008 CEO Knut Øversjøen Copy of presentation available on www. GGS.no

2. GGS: Sales are three times higher, EBITDA is 83 MNOK higher than LY Headlines 2nd quarter MNOK • Rig operation starts to be reflected in financial figures • - Alligator has been in drilling period since 31. January • - Barracuda went into drilling period 28. April • - Al Baraka 1 in final phase of yard stay • Seismic operation carved out and sold to Spectrum ASA - Spectrum ASA is now listed on Oslo Axess

3. GGS is a dedicated niche rig company GGS exposure post Spectrum GGS ASA 3 Tender Barges PC 2000 Taxloss Carry forward Other • Long term contracts • Tax efficient Singapore structure • MC Library to be capitalized • Combined with PC 2000 should add shareholder value • Clean up of old commitments, and Spectrum related exposures • Gross debt MUSD 150 • Cash and cash equiv MUSD 54 • Spectrum transaction effects MUSD 18 • Spectrum receivable MUSD 29 • Calcualted NIBD 30. June 2008 MUSD 49 • Expect to be debt free in 2009 • Limited leverage compared to asset values

4. Agenda GGS Update 2. GGS going forward 3. Financial information

5. Contract summary * Petronas – final contract as of 10. September 2008.

6. Acquired from Pride International 29 January 2008 The modularized drilling package is lifted from the unit onto the platform prior to drilling operations.    Alligator is moored next to the platform rig during drilling operations, contains living quarters, storage for drilling supplies, power machinery for running the drilling equipment, helicopter deck, and well completion equipment. Alligator has been operating for several years offshore West Africa – currently on a contract with Chevron in Angola with a confirmed duration up until end of 2008. At completion of this contract Alligator will be moved to Singapore for Class recertification and gross maintenance work. Alligator –Non-propelled self erecting tender rig Rig Type Self Erecting Drilling Tender Drilling Depth 20,000 ft Classification Bureau Veritas Registry Country Singapore Built Year 1982 Water Depth 115’ – 450’ Hull Dim. (LBD) 300’ x 90’ x 20’ Variable deck load 5,732 tons Power Plant 4 x 3,516 kW Accommodation 110 beds

7. Agreement with Pride International to complete the CABGOC Contract on behalf of GTB, estimated to end January/February 2009 1 year fixed contract @ 110,000USD/dayrate Operation Results produced by Pride so far is satisfactory, more or less in line with budgets GTB/KCAD has a team in place in Angola to follow the operation GTB/KCAD is currently planning the SPS to be carried out in Q1/Q2 2009 Final contract with Petronas Carigali, 4 year, one year option, averagre 135,000 USD/dayrate. Cost escalation included in the price formula. Alligator -Consistent Operation in Angola

8. Barracuda- Non-propelled self erecting tender rig GTB acquired Barracuda 20th February 2008 The modularized drilling package is lifted from the unit onto the platform prior to operations.    Barracuda is moored next to the platform rig during drilling operations, contains living quarters, storage for drilling supplies, power machinery for running the drilling equipment, helicopter deck, and well completion equipment. Class recertification (SPS) and some upgrade work Keppel Gul Yard, from January to March 2008 Major upgrades has included: Power & Assoc. Equipment Accommodation refurbishment Lifting and handling equipment BOP Safety Equipment Drilling Package Mud Treatment system Anchor Winches and mooring systems Rig Type Self Erecting Drilling Tender Drilling Depth 20,000 ft Water Depth 50’ – 450’ Classification Bureau Veritas Registry Country Singapore Built Year 1982 Hull Dim. (LBD) 300’ x 90’ x 20’ Variable deck load 4700 tons Power Plant 4 x 3,512 kW Accommodation 120 beds

9. Barracuda in full operation for TOTAL in Indonesia • 2+1 year drilling contract with Total Indonesie • 2 year fixed contract @ 105,000USD/dayrate • 1 year optional @ 105,000USD/dayrate • Commencement of Contract with Total Indonesia on 28th April 2008 • GTB has established a base in Balikpapan, Indonesia • GTB holds catering, labor and yard contracts in Indonesia in order to fulfill the contract obligations towards TOTAL • Operation Results produced by so far is satisfactory • Current operation: Drilling on Sisi platform, Kalimantan

10. AL Baraka 1: Non-propelled self erecting tender rig • GTB acquired 20th February 2008 • As a tender assist drilling unit the Al Baraka will operate alongside fixed offshore platforms where all drilling operations are conducted on the fixed platform while drilling support functions are on the floater. • The market for this type of drilling units are typically in benign offshore waters of West Africa and South East Asia. • After several years of operation offshore West Africa the Al Baraka is in Singapore for Class recertification and upgrade work • Major upgrades has included • Power & Assoc. Equipment • Accommodation • New Cranes • BOP • Safety Equipment • Drilling Package • VCD & Mud Treatment system • Anchor Winches and mooring systems Rig Type Self Erecting Drilling Tender Drilling Depth 20,000 ft Classification Bureau Veritas Registry Country Singapore Built Year 1993 Water Depth 40’ – 650’ Hull (LWD) 320’ x 105’ Variable deck load 4700 tons Power Plant 4 x 3,512 Accommodation 100

11. AL Baraka 1 – Shipyard Project at Keppel Gul Yard • ETA Shipyard; 16th April 2008, ETD September 2008 • GTB holds a 3+1 year drilling contract with Brunei Shell Petroleum • 3 year fixed contract @ 125,000USD/dayrate+ escalation • 1 year optional @ escalated/dayrate • GTB has established a base branch in, Kulai Beleit, Brunei • GTB holds catering, labor and yard contracts in Indonesia in order to fulfill the contract obligations towards Brunei Shell Petroleum • Initial operation: Drilling on Mampak platform, offshore Seria, Brunei

12. Agenda GGS Update GGS going forward Financial information

13. Strategic focus going forward • Further develop organisation • Operating skills • Yard expertise • Cost • Focus • Strong shareholder base • Organisational ability • Transaction • Operational Competence Shipyard knowledge Capable financially Related assets available Niche segments in same geographical areas Increased activity in region? Loss carried forward Optimize shareholder value with short to medium term time horizon

14. Take part in consoldation GGS is willing to consolidate if the right structure / market values are in place.

15. New builds • A new design is under consideration • Current market characteristics: • Few new builds currently in the market • Major E&P companies are currently considering long term commitments • Selected and well known shipyards are under evaluation • Expected new build prices are MUSD 170-200, dependent on specifications • ONLY an alternative for GGS with a long term contract in advance (> 4 years)

16. Is it an option to acquire related assets? • Build on current core competences • Shallow water exposure is an attractive niche market • Asian pacific is the most promising geographical area short term • There are current assets available for sale • Current credit crunch might result in distress sales 2008/2009

17. PC2000 is an alternative spinoff case out of GGS? PC 2000 • The survey covers the Iranian part of the Persian Gulf and Gulf of Oman. • Invested 710 MNOK in 1999-2002. • Database • 2D: 100 000 line km. • 3D: 3 250 km². • National Iranian Oil Company (NIOC) has given GGS exclusive rights to the library and all offshore Multi Client work until 2012. • Revenues totals 550 MNOK • Sales to 16 companies. • Uplifts if the companies are awarded licenses or start production. • Revenues 1.half 2008 is MNOK 11 • Another MNOK 11 in revenues happened in September. • Some activity in the region might result in some interest towards year end. • One of the most promising areas to develop in the years to come if the political situation stabilises. GGS block

18. Agenda Rig operation GGS going forward Financial information

19. P/L 1st half Figures are unaudited As a result of rounding differences, numbers or percentages may not add up to the total.

20. P/L 1st half Figures are unaudited As a result of rounding differences, numbers or percentages may not add up to the total.

21. Balance sheet 1st half - Assets Figures are unaudited As a result of rounding differences, numbers or percentages may not add up to the total.

22. Balance sheet 1st half – Equity and liabilities Figures are unaudited As a result of rounding differences, numbers or percentages may not add up to the total.

23. GGS Going forward • Finalize Al Baraka 1 yard stay • Prepare Alligator for new contract • Consider new built • Consider M&A projects • PC 2000

24. Thank you for the attention !