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SKDP N-Class Jack-Up Unit Drilling

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SKDP N-Class Jack-Up Unit Drilling

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    2. Company Introduction Rig Concept and Design Project status Financial Market update

    4. RIG OPERATION Skeie Rig Management AS (SRM) established in Trondheim in 2008 as a wholly owned SKDP subsidiary. SRM will be responsible for all rig operations after delivery from yard. Key onshore and offshore management positions and section leaders already recruited. Pre-operations activities ongoing Training and competency development programs under development QHSE management systems established. Maintenance systems. Logistics (spare parts)

    5. Company Introduction Rig Concept and Design Project status Financial Market update

    6. TECHNICAL COMPARISON WITH PEERS AS DRILLING RIG

    8. COMBINED DRILLING AND PRODUCTION OPERATIONS

    9. 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.

    11. Company Introduction Rig Concept and Design Project status Financial Market update

    12. OVERALL STATUS

    13. CONSTRUCTION - HULL Hull structure complete Main equipment installed Engines commissioned First rig undocked Leg fabrication ongoing Helideck fabrication ongoing

    14. CONSTRUCTION - CANTILEVER Structure complete, main fixed equipment installed Commissioning to start November 2009

    15. CONSTRUCTION DRILL FLOOR Structure complete, main equipment being installed Derrick assembly is ongoing offsite Drilling equipment - commissioning to start January 2010

    16. Company Introduction Rig Concept and Design Project status Financial Market update

    18. MAIN FINANCIAL IMPLICATIONS FROM THE RESTRUCTURING

    19. OWNERSHIP DISTRIBUTION POST DEAL

    20. SKDP SCENARIOS POST FIX Reduced break-even meeting current dayrate environment

    21. Company Introduction Rig Concept and Design Project status Financial Market update

    22. NCS JACK-UP CONTRACT STATUS

    24. UPCOMING REQUIREMENTS AND PROSPECTS

    25. SUMMARY Three N-Class jack-up rigs under construction in Singapore ready for delivery in 2010/11 are on schedule and budget. Financial restructuring completed in July 2009 securing a significant debt write-off. All rigs are fully financed during construction period. New capital structure has triggered close dialogue with several oil companies for drilling projects in North Sea and other markets. Strong demand for new jack-up drilling units from 2010 onwards with current oil price. SKDP maintains its optimism that all three rigs will be on contract prior to delivery.

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