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Seawell Limited

Seawell Limited . Pareto Oil and Offshore Conference – September 2008 Executive Chairman Jørgen Peter Rasmussen. This is Seawell . Seawell Limited is an International Oilfield Service company Established October 2007 Drilling Services and Well Services

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Seawell Limited

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  1. Seawell Limited Pareto Oil and Offshore Conference – September 2008 Executive Chairman Jørgen Peter Rasmussen

  2. This is Seawell • Seawell Limited is an International Oilfield Service company • Established October 2007 • Drilling Services and Well Services • Core business lines being Platform drilling, Drilling facility engineering, Modular Rigs, Well intervention services and Oilfield technology • More than 2500 people at present • OTC ticker - SEAW

  3. What part of the oilfield servicemarket do you prefer ? 1/3 + 2/3 Only 1/3 of the oil has been produced in existing fields 2/3 of new wells are drilled from fixed platforms Probably the no 1 market to be in! Drilling Services and Well Services Fighting declining production and increasing the reserves

  4. Skills Experience Attitude Knowledge Technology Innovation Tools Solutions Ideas Risk management Patents We are about people and technology

  5. Bergen Alaska Stavanger Aberdeen Esbjerg Newcastle Caspian Sea Houston Abu Dhabi Lagos Kuala Lumpur Seawell – becoming a global company

  6. Seawell have two major operational divisions • Our goal is to help our clients produce more hydrocarbons through better production wells, effective repairs of producing wells and assisting in increasing reserves !

  7. Platform Drilling Service Drilling Facility Engineering Modular Rigs

  8. Platform Drilling Services • Production drilling • Integrated operations • Drilling facility maintenance • Platform operations • Recompletions • Modular Rig crewing • 1800 experienced drillers • 30 years experience • Long term contract and relations • Quality of service • World leadership • Steady and solid business

  9. Drilling facility engineering • Design and commissioning of Drilling facilities and technology • 400 Skilled engineers • Total project management • Deepwater experience • Rig Support teams • Operations World-wide • Fastest growing unit in Seawell

  10. Next generation modular drilling systems Modular Rig • Multipurpose: drilling, work-over, snubbing, P&A work • Flexible module set-up, can be arranged to suit most North Sea platforms • Rig up/down time = < 10 days • Low POB = <13 POB • Modern, proven technology & meets North Sea rules and regulations • Global application and potential

  11. Drilling Services - Growth and Margins • Expand Core business to a global footprint by entering GOM, Brazil, West Africa and Middle East with platform drilling services. • Develop a Modular Rig fleet for offshore platform drilling services as a higher margin business. • Expand our Engineering House to a world wide business and using a global back office model. • Effective cost control to improve operational profit

  12. Well Intervention Services Oilfield Technology

  13. Well Intervention services • Wireline and slickline multi drums • Conveying of logging, perforation, zonal isolation. • Well clean-up and fishing • Emergency response team • TECWEL investigation tools • Leak and sand detection • 400 jobs in 25+ countries • 95 percent success rate • Wireline tractor services • Subsea well intervention services • Special designed intervention tools

  14. Oilfield technology • Barrier plug technology • Cementing technology • Tools and technology for wire-line and slick-line • Investigation and video technology • Fishing tools • Drilling technology • Remote operations • Conveyance technology • Drilling engineering CAD-CAM

  15. Well Services - Growth and Margins • Commercialize TecWel tools and technology world wide • Build a global sales organisation for PEAK products and services, underway with UK and USA since June • Expand our Wireline Business to a world wide business and organically and through acquisitions of local wireline companies. • More technology commercialised and more technology in development…

  16. Financial highlights Q2-2008 • EBITDA of NOK101.7 million • Operating profit NOK83.3 million • Net income NOK44.0 million • Revenues of NOK885 million • Total asset: NOK3,000 million

  17. Drilling Services Q2 2008 Revenue 722,3 MNOK Operating Profit 49,8 MNOK Q1 2008 554,6 MNOK revenue 37,0 MNOK Operating profit Well Services Q2 2008 Revenue 162,4 MNOK Operating Profit 33,5 MNOK Q1 2008 92,4 MNOK revenue 13,5 MNOK Operating profit Financial data divisions

  18. Strong track record lays foundation for growth CAGR 2003-2007 Revenues +27% EBITDA +30% EBITDA, NOKm Op. revenues, NOKm 1) 2Q08 vs. 1Q08 Revenues +31% EBITDA +53% 1) Excl. reimbursables

  19. Strategy • Strengthen our core businesses to become world leaders in each domain • Buy and Build, keep the focus on what we do best. • Global operating company • North Sea, Americas, Africa and Middle East- South East Asia • Develop a multinational organisation for expansion and excellence. • Develop new core business lines in the drilling service and well services • Build significant shareholder value through profitable growth

  20. The story so far, 11 months old30 years of experience Seawell established October 1 2007 • 2008 – Acquired Noble’s platform drilling division in the UK. • 2008 – Seawell Engineering established in the US • 2008 – Placed an order for new well service modular rig unit • 2008 – Acquired Peak Well Solutions a.s • 2008 – Acquired TecWel a.s. • YTD: 5 billion NOK of new and extended contracts

  21. What do you think we will do next year?

  22. Confidential Disclaimer THIS PRESENTATION AND ITS ENCLOSURES AND APPENDICES (HEREINAFTER JOINTLY REFERRED TO AS THE “PRESENTATION” HAS BEEN PREPARED BY SEAWELL LIMITED. (”SEAW” , “SEAWELL or THE ”COMPANY”) EXCLUSIVELY FOR INFORMATION PURPOSES. THIS PRESENTATION HAS NOT BEEN REVIEWED OR REGISTERED WITH ANY PUBLIC AUTHORITY OR STOCK EXCHANGE. RECIPIENTS OF THIS PRESENTATION MAY NOT REPRODUCE, REDISTRIBUTE OR PASS ON, IN WHOLE OR IN PART, THE PRESENTATION TO ANY OTHER PERSON. THE DISTRIBUTION OF THIS PRESENTATION AND THE OFFERING, SUBSCRIPTION, PURCHASE OR SALE OF SECURITIES ISSUED BY THE COMPANY IN CERTAIN JURISDICTIONS IS RESTRICTED BY LAW. PERSONS INTO WHOSE POSSESSION THIS PRESENTATION MAY COME ARE REQUIRED BY THE COMPANY TO INFORM THEMSELVES ABOUT AND TO COMPLY WITH ALL APPLICABLE LAWS AND REGULATIONS IN FORCE IN ANY JURISDICTION IN OR FROM WHICH IT INVESTS OR RECEIVES OR POSSESSES THIS PRESENTATION AND MUST OBTAIN ANY CONSENT, APPROVAL OR PERMISSION REQUIRED UNDER THE LAWS AND REGULATIONS IN FORCE IN SUCH JURISDICTION, AND THE COMPANY SHALL NOT HAVE ANY RESPONSIBILITY OR LIABILITY FOR THESE OBLIGATIONS. IN PARTICULAR, NEITHER THIS PRESENTATION NOR ANY COPY OF IT MAY BE TAKEN OR TRANSMITTED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, INTO CANADA OR JAPAN. THIS PRESENTATION DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE SUCH AN OFFER OR SOLICITATION IN SUCH JURISDICTION. IN RELATION TO THE UNITED STATES AND U.S. PERSONS, THIS PRESENTATION IS STRICTLY CONFIDENTIAL AND IS BEING FURNISHED SOLELY IN RELIANCE ON APPLICABLE EXEMPTIONS FROM THE REGISTRATION REQIUREMENTS UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED. THE SHARES OF SDRL HAVE NOT AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS, UNLESS AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT IS AVAILABLE. ACCORDINGLY, ANY OFFER OR SALE OF SHARES IN SDRL WILL ONLY BE OFFERED OR SOLD (I) WITHIN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS, ONLY TO QUALIFIED INSTITUTIONAL BUYERS (”QIBs”) IN PRIVATE PLACEMENT TRANSACTIONS NOT INVOLVING A PUBLIC OFFERING AND (II) OUTSIDE THE UNITED STATES IN OFFSHORE TRANSACTIONS IN ACCORDANCE WITH REGULATION S. ANY PURCHASER OF SHARES IN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OF U.S. PERSONS, WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS AND ACKNOWLEDGEMENTS, INCLUDING WITHOUT LIMITATION THAT THE PURCHASER IS A QIB. NONE OF THE COMPANY’S SHARES HAS BEEN OR WILL BE QUALIFIED FOR SALE UNDER THE SECURITIES LAWS OF ANY PROVINCE OR TERRITORY OF CANADA. THE COMPANY’S SHARES ARE NOT BEING OFFERED AND MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN CANADA OR TO OR FOR THE ACCOUNT OF ANY RESIDENT OF CANADA IN CONTRAVENTION OF THE SECURITIES LAWS OF ANY PROVINCE OR TERRITORY THEREOF. This Presentation includes “forward-looking” statements (defined in Section 27A of the US Securities Act and Section 21E of the US Exchange Act as all statements other than statements of historical facts) including, without limitation, those regarding the Company’s financial position, business strategy, plans and objectives for future operations. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or, as the case may be, the industry, to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate. Among the important factors that could cause the Company’s actual results, performance or achievements to materially differ from those in the forward-looking statements are, among others, the competitive nature of the markets, technological developments, government regulations, changes in economical conditions or political events.

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