Marine Well Containment Company

1. Marine Well Containment Company Astley Blair Chief Financial Officer January 25, 2012

2. Our Commitment • Continuously ready to respond to a well control incident in the deepwater U.S. Gulf of Mexico • Continuously advancing deepwater well containment in the U.S. Gulf of Mexico • Recognized and respected leader in deepwater well containment in the U.S. Gulf of Mexico 2 MWCC – Confidential

3. About Our Company • Leading deepwater well containment system and technology provider for U.S. Gulf of Mexico • Expertise in subsea containment and incident response training • Independent, not-for-profit company • 10 members, representing 70% of the deepwater wells drilled from 2007-2009 • Each member has an equal share and an equal vote • Investment of over $1 billion in system • System available to all operators in the U.S. Gulf of Mexico as a member or as a non-member (per well basis) • Industry Recognition • Finalist for 2011 Platts Energy Awards for “Industry Leadership” • Recipient of LMOGA Blue Herron award 3 MWCC – Confidential

4. Key Accomplishments • Interim Containment System ready to go since February 2011 • All equipment transferred and housed at ASCO shipyard in Houston • Capping stack ready for 10,000 ft and TLP/SPARs response plan developed • Naming ceremony for “Eagle Texas” Modular Capture Vessel in Japan • Aframax tanker conversion has commenced in Dubai • Headquarters opened with all processes up and running • 2012 budgets approved by Members • Developed, documented and implemented a set of accounting procedures covering the accounting and reporting functions. • Some are system-centric and require updating for our move to SAP • MWCC is on SAP now. Ran parallel from August through October. November was our first stand-alone month. • UHY was selected as MWCC’s independent auditors. • 31 permits granted by BSEE, including 1 non-member • Incident Response Training: • Completed 8 member simulation exercises, including successful BSEE unannounced drill • More than 2,000 hours of Incident Preparedness & Response training delivered • Deployment tactical plans well developed; generic procedures available 4 MWCC – Confidential

5. MWCC Containment System Roles • MWCC • Maintain containment system in ready state • Deliver capping stack and subsea components to RP shorebase • Maintain mutual aid inventory list • Provide advice on operation of MWCC capping stack and other containment equipment • Provide on-going training to members and contracted parties • Covered Entity • (Responsible Party - RP) • Direct and manage containment response (with Unified Command) • Remove debris • Provide marine vessels (through mutual aid) to capture oil • Install capping stack and subsea components • Return capping stack and subsea equipment to MWCC upon completion 5 MWCC – Confidential

6. Containment Systems Overview Interim Containment System (ICS) 15,000 psi 18 ¾ in 10,000 ft 8,000 ft 60,000 120 Expanded Containment System (ECS) 15,000 psi 18 ¾ in 10,000 ft 10,000 ft 100,000 200 System*: PSI: Bore: Depth Cap Only: Depth Cap and Flow: Fluid BPD: Gas MMCFD: Umbilical Riser Subsea Containment Assembly Accumulator Unit Manifold Dispersant Fluid System *System offered as a total package; individual elements not available on a stand-alone basis 6 MWCC – Confidential

7. 2012 Priorities • Continuously advance MWCC’s service offering to keep pace with members’ needs • Enhance Containment System readiness (e.g. member drills) • Prepare for and accept Enhanced Containment System (operations, technology, response ready, and permitting process) • Continue to evolve incident preparedness and readiness training with members to enhance tactical planning • Continue to attract and motivate quality talent to maintain a high-performing organization 7 MWCC – Confidential

8. Q & A