11

Mosvold Mosvold JackupJackup Ltd.Ltd.

CostCost efficientefficient jackupjackup’’ss tailortailor--mademade to to

meetmeet MiddleMiddle EasternEastern and and IndianIndian demanddemand

JanuaryJanuary 20072007

22

Table of contentsTable of contents

••IntroductionIntroduction

••Overview of Middle East and Indian marketOverview of Middle East and Indian market

••Corporate and project descriptionCorporate and project description

••FinancialsFinancials

••Investment considerationsInvestment considerations

33

Why build a Rolls Royce when a BMW will do ?Why build a Rolls Royce when a BMW will do ?

••Middle East and India are the fastest growing jackMiddle East and India are the fastest growing jack--up markets in the up markets in the world world

••More than 90% of acreage relevant for jackMore than 90% of acreage relevant for jack--ups can be drilled by 300ft ups can be drilled by 300ft unitsunits

••As evidenced by the latest ME contracts, dayrates for a 27 year As evidenced by the latest ME contracts, dayrates for a 27 year old old 300ft jack300ft jack--up on long term contracts have been secured at levels only up on long term contracts have been secured at levels only 17% below the most capable 35017% below the most capable 350--400ft newbuilds400ft newbuilds

••Current allCurrent all--in project price for the Mosvold units is 27% less than the in project price for the Mosvold units is 27% less than the last 350last 350--400 ft jack400 ft jack--up (drilling) newbuild orderedup (drilling) newbuild ordered

44

MiddleMiddle--East East –– more oil reserves than the rest of more oil reserves than the rest of

the world combined and 1/3 of global offshore the world combined and 1/3 of global offshore

reservesreserves

Proven oil reserves by region

5 % 9 %

12 %

61 %

10 % 3 %

North America S & C America Europe & Eurasia

Middle East Africa Asia

Source: BP Statistical Review of World Energy June 2006

Total proven offshore oil reserves

34 %

66 %

Middle East Rest of world

Source: OPEC

55

MiddleMiddle--East East –– supply deficit in 2007 supply deficit in 2007 ––

this situation expected to carry into 2008this situation expected to carry into 2008

Middle East Jack-Up's

0

10

20

30

40

50

60

70

80

90

jan.

00

jan.

01

jan.

02

jan.

03

jan.

04

jan.

05

jan.

06

aug.

06

jan.

07

aug.

07ede

c.07

e

Demand and Supply

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

80 %

90 %

100 %

Utilization

Supply Demand Utilization

Source: ODS Petrodata/Pareto Offshore

Recent Fixtures

Company Rig Design WD Operator Dayrate Country Duration

Rowan Hank Boswell Tarzan Class 300' Saudi Aramco USD 188,000 Saudi Arabia 4 years

Rowan Scooter Yeargain Tarzan Class 300' Saudi Aramco USD 188,000 Saudi Arabia 4 years

GSF GSF Key Hawaii Mitsui 300-C 300' Dolphin Energy USD 195,000 Qatar 6 months

Rowan Gilbert Rowe 116-C 350' Maersk Oil USD 195,000 Qatar 2 years

Rowan Rowan Paris 116-C 350' Maersk Oil USD 195,000 Qatar 2 years

GSF High Island I MLT 82-SD-C 250' Saudi Aramco USD 164,000 Saudi Arabia 4 years

GSF High Island II MLT 82-SD-C 270' Saudi Aramco USD 164,000 Saudi Arabia 4 years

GSF Main Pass I F&G L-780-II 300' Saudi Aramco USD 164,000 Saudi Arabia 4 years

GSF Main Pass IV F&G L-780-II 300' Saudi Aramco USD 164,000 Saudi Arabia 4 years

Thule Drilling Thule Power BMC-200-H 250' Saudi Aramco USD 147,260 Saudi Arabia 4 years

PV Drilling PV Drilling I KFELS MOD V B 300' Huan Vu USD 219,000 Vietnam 2 years

250/300 ft JU Dayrates in the Middle East

0

20

40

60

80

100

120

140

160180

200

jan.

00ju

l.00

jan.

01ju

l.01

jan.

02ju

l.02

jan.

03ju

l.03

jan.

04ju

l.04

jan.

05ju

l.05

jan.

06ju

l.06

jan.

07

$/k/day

Dayrate

66

MiddleMiddle--East East -- 300ft units perfectly suited300ft units perfectly suited

-- average water depth 115ftaverage water depth 115ftME definition: Saudi, Qatar, UAE, Bahrain, Oman, Iran and Egypt

Today: 9 JU Units by end 07: 11 JU Need by 08E: 14 JU

Today: 19 JU Units by end 07: 27 JU Need by 08E: 32 JU

Today: 19 JU Units by end 07: 27 JU Need by 08E: 30 JU

Today: 14 JU Units by end 07: 17 JU Need by 08E: 18 JU

Source ODS/Pareto Offshore

Source ODS/Pareto Offshore

Source ODS/Pareto Offshore

Source ODS/Pareto Offshore

Summary ME (ex Egypt)

Today 61

Units by 07E 82

Need by 08E 94

Source ODS/Pereto Offshore

77

India India –– significant growth forecasted. significant growth forecasted.

Source: ODS Petrodata/Pareto Offshore

•• Several tenders expected for 2008 and 2009Several tenders expected for 2008 and 2009

•• Mosvold is very well positionedMosvold is very well positioned–– ONGC ONGC favoursfavours thethe F&G designF&G design

–– Short Short mobilizationmobilization to Indiato India

–– AttractiveAttractive deliverydelivery accordingaccording to to upcomingupcoming requirementsrequirements

–– ConstructionConstruction costcost lowerlower thanthan newbuildnewbuild competitioncompetition

Company Rig Design WD Operator Dayrate Country Duration

Sinvest DeepDriller 1 BMC Pacific Class 375 375 Reliance $200 000 India 539 days

SeaDrill West Janus Gusto 328 Cairn Energy $185 000 Bangladesh 179 days

ENSCO ENSCO 53 F&G L-780 MOD II 300 BG $172 000 India 365 days

ENSCO ENSCO 50 F&G L-780 MOD II 300 BG $168 500 India 730 days

Transocean J.T. Angel F&G L-780 MOD II 300 ONGC $147 000 India 1047 days

Transocean Trident XII Baker Marine BMC-300-IC 300 ONGC $147 000 India 1095 days

Transocean Randolph Yost LeTourneau Class 116-C 300 ONGC $147 000 India 1095 days

Transocean Trident II LeTourneau Class 84-S 300 ONGC $147 000 India 1095 days

Pride Pride Hawaii Levingston Class 111-S 300 ONGC $144 500 India 1095 days

Hercules Hercules 31 Bethlehem JU-250 MS 250 Cairn Energy $140 000 India 300 days

Indian Jack-Up's

0

5

10

15

20

25

30

35

jan.

00

jan.

01

jan.

02

jan.

03

jan.

04

jan.

05

jan.

06

jan.

07

aug.

07e

dec.

07e

dec.

08e

Demand and Supply

75 %

80 %

85 %

90 %

95 %

100 %

Utilization

Supply Demand Utilization Source: ODS-Petrodata

300 ft JU Dayrates in the Indian Ocean

0

20

40

60

80

100

120

140

160

180

200

jan.

00ju

l.00

jan.

01ju

l.01

jan.

02ju

l.02

jan.

03ju

l.03

jan.

04ju

l.04

jan.

05ju

l.05

jan.

06ju

l.06

jan.

07

$/k/day

Dayrate

88

Mosvold Jackup Ltd. (Cayman) Mosvold Jackup Ltd. (Cayman) -- SummarySummary

•• Established by Mosvold Shipping Established by Mosvold Shipping Ltd. in April 2006Ltd. in April 2006

•• Listed on the OTCListed on the OTC

•• Turnkey construction contract Turnkey construction contract with Maritime Industrial Services with Maritime Industrial Services Co. Ltd. Inc. (Dubai Co. Ltd. Inc. (Dubai –– UAE) for UAE) for 2+1 jackups2+1 jackups

•• Turnkey contract price USDm Turnkey contract price USDm 126, all126, all--in delivered price USDm in delivered price USDm 143143

•• Delivery August 2008 and Delivery August 2008 and December 2008December 2008

•• USD 90 million in Equity raised. USD 90 million in Equity raised.

•• Sufficient equity in place to allow Sufficient equity in place to allow for debt financing, for instancefor debt financing, for instance

–– Bonds 20%Bonds 20%

–– Bank loans 50%Bank loans 50%

99

Mosvold Mosvold –– an experienced shipping and an experienced shipping and

offshore services groupoffshore services group

•• The Mosvold family has continuously been active in shipping sincThe Mosvold family has continuously been active in shipping since 1910 e 1910

•• First investment in offshore: Part ownership of semi early 80iesFirst investment in offshore: Part ownership of semi early 80ies

•• Acquired 3 modern J/Us from Keyes Offshore in 1989 Acquired 3 modern J/Us from Keyes Offshore in 1989

•• Mosvold Shipping was IPOMosvold Shipping was IPO’’d on the Oslo Stock Exchange in 1990 d on the Oslo Stock Exchange in 1990

•• Acquired 100% of Dual Drilling Co in 1990. Dual was a Dallas basAcquired 100% of Dual Drilling Co in 1990. Dual was a Dallas based worldwide ed worldwide

drilling contractor owning 3 J/Us and 10 platform rigsdrilling contractor owning 3 J/Us and 10 platform rigs

•• Through Dual, acquired further 3 J/Us in 1993 combined with raisThrough Dual, acquired further 3 J/Us in 1993 combined with raising new ing new

equity/bonds and listing of Dual on NASDAQ (Mosvold Shipping retequity/bonds and listing of Dual on NASDAQ (Mosvold Shipping retained 60% of ained 60% of

Dual) Dual)

•• Dual merged with Ensco in 1996 with payment in shares. All shareDual merged with Ensco in 1996 with payment in shares. All shares distributed to s distributed to

Mosvold shareholdersMosvold shareholders

•• Board member Morten Borge was the CEO of Mosvold Shipping duringBoard member Morten Borge was the CEO of Mosvold Shipping during the the ““Dual Dual

Drilling PeriodDrilling Period”” he also served as Chairman of the Board of Dual Drilling in Dalhe also served as Chairman of the Board of Dual Drilling in Dallaslas

•• Mosvold initiated a J/U project 1H 2004 to build 2 J/U (with 4 oMosvold initiated a J/U project 1H 2004 to build 2 J/U (with 4 options) at PPL ptions) at PPL

Shipyard and Keppel FELS in Singapore. The entire project sold tShipyard and Keppel FELS in Singapore. The entire project sold to Awilco in 2004 and o Awilco in 2004 and

is the now the foundation of Awilco Offshoreis the now the foundation of Awilco Offshore

•• In 2005, Mosvold founded Mosvold Drilling (That contracted two UIn 2005, Mosvold founded Mosvold Drilling (That contracted two Ultra Deep Water ltra Deep Water

Drillships with Samsung) which was later acquired by SeaDrillDrillships with Samsung) which was later acquired by SeaDrill

1010

BoardBoard ofof DirectorsDirectors & & ManagementManagement

•• Roy T. Mosvold (42), ChairmanRoy T. Mosvold (42), Chairman. Experience from New York and London in shipping, investment an. Experience from New York and London in shipping, investment and d trading. He serves as Chairman of Mosvold Shipping Ltd., Bermudatrading. He serves as Chairman of Mosvold Shipping Ltd., Bermuda. Mr. Mosvold holds a B.Sc. major . Mr. Mosvold holds a B.Sc. major Finance and International business from New York University.Finance and International business from New York University.

•• Andreas Ove Ugland (51), Board MemberAndreas Ove Ugland (51), Board Member. Mr. Ugland holds degrees from Newcastle University in . Mr. Ugland holds degrees from Newcastle University in England and New York University in Economics, Finance and InternEngland and New York University in Economics, Finance and International Trade. He has established a ship ational Trade. He has established a ship management company in the UK which was developed into a major shmanagement company in the UK which was developed into a major shipping operation culminating in a ipping operation culminating in a listing on the London Stock Exchange in 1993. Mr. Ugland has furlisting on the London Stock Exchange in 1993. Mr. Ugland has further been Director/Chairman of Andreas ther been Director/Chairman of Andreas Ugland & Sons A/S (Grimstad, Norway), Hoegh Ugland Autoliners A/Ugland & Sons A/S (Grimstad, Norway), Hoegh Ugland Autoliners A/S (Oslo), B & H Associates Inc S (Oslo), B & H Associates Inc (Bermuda). Mr. Ugland currently serves on the Board of New York (Bermuda). Mr. Ugland currently serves on the Board of New York Stock Exchange listed company Nordic Stock Exchange listed company Nordic American Tanker Shipping Ltd and is Chairman of a number of privAmerican Tanker Shipping Ltd and is Chairman of a number of privatelyately--owned companies in the Cayman owned companies in the Cayman Islands (such as Queensgate Bank & Trust Co. Ltd) and the UnitedIslands (such as Queensgate Bank & Trust Co. Ltd) and the United States and Europe.States and Europe.

•• Morten Borge (59), Board MemberMorten Borge (59), Board Member. Holds a Master Degree in Business Administration from Universi. Holds a Master Degree in Business Administration from University ty of Mannheim, Germany. He has experience from privately and publiof Mannheim, Germany. He has experience from privately and publicly traded shipping and offshore cly traded shipping and offshore companies. During the last 20 years he has served as managing dicompanies. During the last 20 years he has served as managing director of Anglo Eastern Management rector of Anglo Eastern Management Services Ltd., Hong Kong and Mosvold Shipping AS, Norway and chaServices Ltd., Hong Kong and Mosvold Shipping AS, Norway and chairman of Dual Drilling Inc., Dallas, irman of Dual Drilling Inc., Dallas, Mosvold Shipping Ltd., Bermuda and Ocean Rig ASA, Norway.Mosvold Shipping Ltd., Bermuda and Ocean Rig ASA, Norway.

•• Harald Vetnes (66) CTO.Harald Vetnes (66) CTO. Numerous degrees in marine and mechanical engineering. More thaNumerous degrees in marine and mechanical engineering. More than 35 years n 35 years of experience from the offshore oil & gas industry ranging from of experience from the offshore oil & gas industry ranging from newbuilding superintendent for semi newbuilding superintendent for semi submersibles for Fred Olsen & Co in the 70ies, managing directorsubmersibles for Fred Olsen & Co in the 70ies, managing director for Norwegian Rig Consultants in the for Norwegian Rig Consultants in the 80ies, co80ies, co--founder and CEO of an engineering company designing drilling rigfounder and CEO of an engineering company designing drilling rigs mids mid--90ies. Last 7 years as an 90ies. Last 7 years as an independent consultant.independent consultant.

1111

Super M2 Super M2 –– Main features Main features

•• Design: Friede & Goldman Super M2 Design: Friede & Goldman Super M2

•• 300ft enhanced leg design300ft enhanced leg design

•• Wrap around accommodation Wrap around accommodation (around forward leg) opening for (around forward leg) opening for more deck space and more efficient more deck space and more efficient accommodation facilityaccommodation facility

•• Modular hull designModular hull design

•• 25,000ft drilling depth25,000ft drilling depth

•• 110 person quarters capacity110 person quarters capacity

Source: Friede & Goldman, Pareto Offshore

1212

Super M2 Super M2 ––

Increasing the capabilities of existing 300ft unitsIncreasing the capabilities of existing 300ft units

9494110110AccommodationAccommodation

6,250 hp total6,250 hp total8,600 hp total8,600 hp totalMain Main PowerPower

3333CranesCranes

2000 hp2000 hp2660 hp2660 hpDrawworksDrawworks

1,400 1,400 bblsbbls3,800 3,800 bblsbblsLiquidLiquid mud mud capacitycapacity

3 x 1600 hp3 x 1600 hp3 x 1600 hp3 x 1600 hpMud PumpsMud Pumps

No No No No HPHT HPHT capabilitiescapabilities

10,000 10,000 psipsi10,000 10,000 psipsiBOPBOP

1,785 MT1,785 MT3,400 MT3,400 MTVariable Variable LoadLoad

47 47 ftft50 50 ftftCantilever Cantilever outreachoutreach

410 410 ftft411 411 ftftLeg Leg lengthlength

243 243 ftft L x 200 L x 200 ftft B x 26 B x 26 ftft DD196 196 ftft L x 183 L x 183 ftft B x 25 B x 25 ftft DDHull Hull sizesize (L x B x D)(L x B x D)

25,000 25,000 ftft25,000 25,000 ftftDrilling Drilling depthsdepths

300 300 ftft300 300 ftftOperating water Operating water depthdepth

TypicalTypical 116 C (80ies 116 C (80ies builtbuilt) ) F&G SUPER M2 (F&G SUPER M2 (MosvoldMosvold) ) RIG DESIGNRIG DESIGN

1313

Status reportStatus report

•• Supervision team in place since June 2006Supervision team in place since June 2006

•• All long lead items ordered by the yard, delivery dates All long lead items ordered by the yard, delivery dates

are fixed are fixed

•• Keel is laid on hull # 1 and hull # 2Keel is laid on hull # 1 and hull # 2

•• Progress according to scheduleProgress according to schedule

1414

KeelKeel LayingLaying ofof Mosvold 104Mosvold 104

1515

The yard The yard -- Maritime Industrial Services Co. Ltd. Inc.Maritime Industrial Services Co. Ltd. Inc.

•• Established in 1979Established in 1979

•• Headquartered in the Jebel Ali Port near Dubai, United Arab EmirHeadquartered in the Jebel Ali Port near Dubai, United Arab Emirates ates

–– In addition to top management and administrative staff, the headIn addition to top management and administrative staff, the headquarter houses quarter houses

the MIS Technical Services Division, which coordinates the managthe MIS Technical Services Division, which coordinates the management of ement of

operations and maintenance contractsoperations and maintenance contracts

•• Facilities in six different places near the Persian GulfFacilities in six different places near the Persian Gulf

–– Mosvold Jackups to be delivered from the Sharjah FacilityMosvold Jackups to be delivered from the Sharjah Facility

•• Wide range of capabilities, amongst these marine & offshore struWide range of capabilities, amongst these marine & offshore structuresctures

•• Total workforce 2,500+ (overall)Total workforce 2,500+ (overall)

•• Well established customer baseWell established customer base

•• ISO 9001 certifiedISO 9001 certified

•• Reputation of onReputation of on--time deliverytime delivery

1616

Panoramic View of MIS Yard Facilities at Sharjah, UAEPanoramic View of MIS Yard Facilities at Sharjah, UAE

1717

MIS has experience with all elements required MIS has experience with all elements required

to build a jackto build a jack--upup

•• Conversion of jackups to permanent Conversion of jackups to permanent

production facilitiesproduction facilities

•• Fabrication and supply of decksFabrication and supply of decks

•• Fabrication and supply of early Fabrication and supply of early

production facilitiesproduction facilities

•• Major hull steel renewalMajor hull steel renewal

•• Power system and cablingPower system and cabling

•• Mud systemsMud systems

•• Jacking system refurbishmentJacking system refurbishment

•• Leg extensionsLeg extensions

•• Installation of living quartersInstallation of living quarters

•• Water treatment facilitiesWater treatment facilities

•• Removal and reinstallation of cranesRemoval and reinstallation of cranes

•• Steel repair and modifications for sub Steel repair and modifications for sub

structurestructure

•• Upgrade of drilling equipmentUpgrade of drilling equipment

1818

Mosvold Jackup Mosvold Jackup -- capex and funding capex and funding

•• USD 142.5m estimated delivered USD 142.5m estimated delivered

cost cost

–– Incl. capitalised interest costsIncl. capitalised interest costs

•• Total funding requirement of USDm Total funding requirement of USDm

293293

–– Incl. G&A, fees and financing costsIncl. G&A, fees and financing costs

•• USD 90m of equity raised in spring USD 90m of equity raised in spring

20062006

•• USD 60m bond issue assumed in USD 60m bond issue assumed in

20072007

•• USD 150m of bank debt assumedUSD 150m of bank debt assumed

–– Last 2 yard instalmentsLast 2 yard instalments

–– Representing approx 50% of allRepresenting approx 50% of all--in in

costcost

Capex (summary) 2006E 2007E 2008E Cumul

Capex % of total 30% 25% 45% Yard instalment structure

JU #1 USDm 39 50 53 142

JU #2 39 50 56 144

Capex " 78 99 109 286

Source: Company/Pareto Securities ASA

MOSVOLD JACKUP FUNDING SUMMARY

Fig in USDm Per Unit Total

Turnkey contract price 126.0 252

Supervision 3.5 7

OFE (Handling equipment/spares) 5.0 10

Contingencies 1.0 2

Capitalised interest costs 7.0 14

All-in/ready to operate cost 142.5 285

G&A, fees & financing 4.0 8

Total Funding Requirement 146.5 293

Bank debt 150

Bond debt 60

Equity 90

Total Funding Sources 300

Implied Cash Position at delivery * 7

*) Ignoring cash flow from rig #1 until delivery of rig #2

1919

Q3 2006 Q3 2006 FinancialsFinancials

CONCOLIDATED PROFIT & LOSS ACCOUNT

(Unaudited figures in USD 1 000)

2006 2006

01.07-30.09 06.04-30.09

Administrative costs (293) (525)

Operating costs (293) (525)

Ordinary depreciation - -

Operating result (293) (525)

Net Financial items 978 1 394 Net Result 685 869

CONCOLIDATED BALANCE SHEET

(Unaudited figures in USD 1 000)

30.09.2006

ASSETS

Shipbuilding contracts 38 037

Total non-current assets 38 037

Other current assets 476

Cash and Cash equivalants 60 920 Total current assets 61 396

TOTAL ASSETS 99 433

LIABILITIES AND EQUITY

Capital and reserves 86 848 Total equity 86 848

Other current liabilities 12 585 Total current liabilities 12 585

TOTAL LIABILITIES AND EQUITY 99 433

2020

Pro Forma Mosvold Jackup key figures Pro Forma Mosvold Jackup key figures

(2 jackups)(2 jackups)

•• EV USD 297m YE 08E fully investedEV USD 297m YE 08E fully invested

–– Value of rig option ignoredValue of rig option ignored

•• Market cap USD 103m (NOK 18 per share)Market cap USD 103m (NOK 18 per share)

•• Current JU market (USD 170Current JU market (USD 170--180,000/d) implying EV/EBITDA 3.2180,000/d) implying EV/EBITDA 3.2--3.5x3.5x

–– P/E 1.5P/E 1.5--1.7x1.7x

Source: Pareto Offshore

MOSVOLD JACKUP - SCENARIOS (2 RIGS ONLY)

DAY RATES USD/Day 160 000 170 000 180 000 190 000

Utilization 95 % 95 % 95 % 95 %

Daily opex incl mgmt fee -40 000 -40 000 -40 000 -40 000

PROFORMA P&L

Rig EBITDA USDm 82 89 96 103

SG&A " -3 -3 -3 -3

EBITDA " 79 86 93 100

Depreciation (30yrs) " -10 -10 -10 -10

Operating profit " 69 76 83 90

Net financials (8% avg) " -16 -16 -16 -16

Net Profit " 53 60 67 74

Cash Earnings " 63 70 77 84

Maintenance capex " -5 -5 -5 -5

Free cash flow (to debt amortisation+dividends) " 58 65 72 79

Equity value USDm 103 103 103 103

Net debt fully invested YE 08 " 194 194 194 194

Enterprise Value YE 08 " 297 297 297 297

EV/EBITDA 3,8 3,5 3,2 3,0

P/CF 1,6 1,5 1,3 1,2

P/E 1,9 1,7 1,5 1,4

RoE (on mkt cap) 51,9 % 58,6 % 65,4 % 72,1 %

Free cash flow yield (on mkt cap) 56,5 % 63,3 % 70,0 % 76,7 %

2121

Shareholder information Shareholder information

•• Number of shares issued: 36,7 millionNumber of shares issued: 36,7 million

•• Issue price (April 2006): NOK 19 per shareIssue price (April 2006): NOK 19 per share

•• Current share price: NOK 18 Current share price: NOK 18

•• Mandatory bid level at 30% vs 40% Mandatory bid level at 30% vs 40% ““standardstandard””

•• 6 largest shareholders per January 11th 2007:6 largest shareholders per January 11th 2007:

PercentagePercentage NameName Acc typeAcc type CountryCountry27,2627,26 Mosvold Investment L CO Mosvold ShippingMosvold Investment L CO Mosvold Shipping CYMCYM

13,6413,64 Credit Suisse Securi (Europe) LTD/Firms Credit Suisse Securi (Europe) LTD/Firms GBRGBR

10,3710,37 Credit Suisse Securi (Europe) Prime brokeCredit Suisse Securi (Europe) Prime broke NOMNOM GBRGBR

9,349,34 Goldman Sachs Intern Equity nontreaty Cus NOM Goldman Sachs Intern Equity nontreaty Cus NOM GBR GBR

6,926,92 Olympia Holding AS C/O Banque Invik SA Olympia Holding AS C/O Banque Invik SA NOR NOR

3,563,56 Morgan Stanley & Co Client EQ ccountMorgan Stanley & Co Client EQ ccount NOM GBRNOM GBR

2222

Why invest in Mosvold Jackup Why invest in Mosvold Jackup

•• Most leveraged Most leveraged exposureexposure to the fastest growing region for JUto the fastest growing region for JU’’s in s in

the worldthe world

•• TailorTailor--mademade rigs for the Middle East and Indiarigs for the Middle East and India

•• Attractive construction Attractive construction priceprice and early and early deliverydelivery make the rigs make the rigs

competitive (15competitive (15--25 million below and 925 million below and 9--12 months before 12 months before

newbuild slots presently available)newbuild slots presently available)

•• Favourable Favourable optionoption provide for additional financial leverageprovide for additional financial leverage

•• Construction at a Construction at a reputable yardreputable yard in the in the ““heart of the Middle Eastheart of the Middle East””

attracts attention from local operators and reduces attracts attention from local operators and reduces mobilizationmobilization

cost/timecost/time

•• Experienced Experienced managermanager with good track recordwith good track record

•• OpportunisticOpportunistic approach to the investmentapproach to the investment