Pareto Securities’ 15th annual Oil & Offshore Conference September 10, 2009

1. Pareto Securities’ 15th annual Oil & Offshore Conference September 10, 2009

2. KFELS N-Class harsh environment jack-up drilling/production rigs

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

4. COMPANY INTRODUCTION – Skeie Drilling & Production ASA (SKDP) • 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, Q3-2010 and Q4-2010 • OTC listed in Oslo

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

6. CONSTRUCTION PROGRESS

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)

8. Company Introduction Rig Concept and Design Market/Financials Summary TABLE OF CONTENTS / AGENDA 1 2 3 4

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

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 sternIt 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 SPECIFICATIONS FOR DRILLING OPERATIONS

11. RIG CONCEPT AND DESIGN COMBINED DRILLING AND PRODUCTION OPERATIONS Limits Area: 12,918 sq ft (1,200M2) Height: 52.5ft (16M) 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.

12. RIG CONCEPT AND DESIGN PRODUCTION CONCEPTS WITH STANDARD UNITS/EQUIPMENT

13. RIG CONCEPT AND DESIGN ALTERNATIVE PRODUCTION

14. RIG DESIGN Keppel N-Class MSC CJ70-X150A MSC CJ62-S120 Class DNV DNV DNV Operating water depth (ft) 400 (430) 492 380 Drilling depts (ft) 35,000 30,000 30,000 Hull size (ft) (LxBxD) 264/289/35 291/336/38 256/296/35 Leg length (ft) 598 673 541 Cantilever outreach (ft) 75 90 60 BOP (psi rating) 15,000 15,000 15,000 Mud Pumps 3 (space for 4) 4 3 Liquid mud capacity (bbls) 6,600 6,793 5,400 Bulk mud capacity (bbls) 15,892 15,723 14,027 Drawworks (hp) 4,600 4,600 3,000 Top Drive 1 000 tons/2x1150 HP 750 tons/1150 HP 750 tons/2x1150 HP Cranes 3 3 3 Main Power(hp) 13,050 14,484 6,880 Variable Deck Load (st) 4,535 4,600 3,693 Accomodation 120 120 115 TECHNICAL COMPARISON WITH PEERS AS DRILLING RIGS MSC CJ70-X150A 1) DNV 492 40,000 291/336/38 673 90 15,000 4 6,793 15,723 4,600 1 000 tons/2x1150 HP 3 14,484 5,200 120 1) Enhanced version of the existing CJ-70 design with increased drilling depth, increased variable deck load and 1000 t top drive. Source: Company, ODS Petrodata

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

16. 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 Skeie Drilling & Production (SKDP)Turnkey contract with the world’s leading jackup builder

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

18. 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 Skeie Drilling & Production (SKDP)combined drilling/production units

19. 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 Strong markets with several near term contract opportunities –Limited no. of rigs approved for NCS

20. Contract Status Jackups, Norway Rowan Gorilla VI: AOC declined. Rowan has re-submitted AOC application in April/May 2008. Mobilization from UK to be delayed BG: - Planned mobilization to Norway around Q1 2009, depending on well in progress in UK

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

23. Oil production

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 2010-2011 SKDP maintains its optimism that alle three rigs will be on contract within the end of 2008. • 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

26. Contact details: Skeie Drilling & Production ASA Tordenskjoldsgate 9 4612 Kristiansand Norway Telephone: +47 38 04 19 40 Fax: +47 38 04 19 41