Global Geo Services - GGS ASA Pareto Securities’ 15th Annual Oil & Offshore Conference

GGS ASA

Global Geo Services - GGS ASAPareto Securities’ 15th Annual Oil & Offshore Conference

Oslo, 10 September 2008

CEO Knut Øversjøen

Copy of presentation available on www. GGS.no

2GGS ASA

GGS: Sales are three times higher, EBITDA is 83 MNOK higher than LYHeadlines 2nd quarterMNOK

• Rig operation starts to be reflected in financial figures- Alligator has been in drilling period since 31. January- Barracuda went into drilling period 28. April- Al Baraka 1 in final phase of yard stay

• Seismic operation carved out and sold to Spectrum ASA- Spectrum ASA is now listed on Oslo Axess

36,6

75,8

169,9

240,5

-

50,0

100,0

150,0

200,0

250,0

300,0

Q2 H1

NOK

mill

ions

Revenues

2007 2008(20,0)

(20,8)

57,1 62,0

(30,0)

(20,0)

(10,0)

-

10,0

20,0

30,0

40,0

50,0

60,0

70,0

Q2 H1

NOK

mill

ions

EBITDA

(33,8)

(57,6)

8,4

(31,2)

(70,0)

(60,0)

(50,0)

(40,0)

(30,0)

(20,0)

(10,0)

-

10,0

20,0

Q2 H1

NOK

mill

ions

EBIT

3GGS ASA

GGS exposure post Spectrum

Long term contracts Tax efficient Singapore

structure

GGS ASA

3 Tender Barges PC 2000 Taxloss Carry forward

Other

MC Library to be capitalized

Combined with PC 2000 should add shareholder value

Clean up of old commitments, and Spectrum related exposures

Gross debt MUSD 150 Cash and cash equiv MUSD 54 Spectrum transaction effects MUSD 18 Spectrum receivable MUSD 29 Calcualted NIBD 30. June 2008 MUSD 49

GGS is a dedicated niche rig company

Expect to be debt free in 2009Limited leverage compared to asset values

4GGS ASA

Agenda

1. GGS Update

2. GGS going forward

3. Financial information

5GGS ASA

Contract summary

2008 2009 2010 2011 2012 2013 2014

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

J F MAMJ J A S OND J F MAMJ J A S OND J F MAMJ J A S OND J FMAMJ J A S OND J F MAMJ J A S OND J F MAMJ J A S OND J F MAMJ J A S O N D

Alligator*

Al Baraka

Barracuda

Production Mob/Demob Yard Stay Option

* Petronas – final contract as of 10. September 2008.

6GGS ASA

Acquired from Pride International 29 January 2008

The modularized drilling package is lifted from the unit onto the platform prior to drilling operations.

Alligator is moored next to the platform rig during drilling operations, contains living quarters, storage for drilling supplies, power machinery for running the drilling equipment, helicopter deck, and well completion equipment.

Alligator has been operating for several years offshore West Africa – currently on a contract with Chevron in Angola with a confirmed duration up until end of 2008.

At completion of this contract Alligator will be moved to Singapore for Class recertification and gross maintenance work.

Alligator –Non-propelled self erecting tender rig

Rig Type Self Erecting Drilling Tender

Drilling Depth 20,000 ft

Classification Bureau Veritas

Registry Country Singapore

Built Year 1982

Water Depth115’ – 450’

Hull Dim. (LBD) 300’ x 90’ x 20’

Variable deck load 5,732 tons

Power Plant 4 x 3,516 kW

Accommodation 110 beds

7GGS ASA

Agreement with Pride International to complete the CABGOC Contract on behalf of GTB, estimated to end January/February 2009

1 year fixed contract @ 110,000USD/dayrate

Operation Results produced by Pride so far is satisfactory, more or less in line with budgets

GTB/KCAD has a team in place in Angola to follow the operation

GTB/KCAD is currently planning the SPS to be carried out in Q1/Q2 2009

Final contract with Petronas Carigali, 4 year, one year option, averagre 135,000 USD/dayrate. Cost escalation included in the price formula.

Alligator -Consistent Operation in Angola

8GGS ASA

Barracuda- Non-propelled self erecting tender rig

GTB acquired Barracuda 20th February 2008

The modularized drilling package is lifted from the unit onto the platform prior to operations.

Barracuda is moored next to the platform rig during drilling operations, contains living quarters, storage for drilling supplies, power machinery for running the drilling equipment, helicopter deck, and well completion equipment.

Class recertification (SPS) and some upgrade work Keppel Gul Yard, from January to March 2008

Major upgrades has included: Power & Assoc. Equipment Accommodation refurbishment Lifting and handling equipment BOP Safety Equipment Drilling Package Mud Treatment system Anchor Winches and mooring systems






Built Year 1982

Hull Dim. (LBD) 300’ x 90’ x 20’

Variable deck load 4700 tons

Power Plant 4 x 3,512 kW

Accommodation 120 beds

9GGS ASA

Barracuda in full operation for TOTAL in Indonesia

2+1 year drilling contract with Total Indonesie

2 year fixed contract @ 105,000USD/dayrate

1 year optional @ 105,000USD/dayrate

Commencement of Contract with Total Indonesia on 28th April 2008

GTB has established a base in Balikpapan, Indonesia

GTB holds catering, labor and yard contracts in Indonesia in order to fulfill the contract obligations towards TOTAL

Operation Results produced by so far is satisfactory

Current operation: Drilling on Sisi platform, Kalimantan

10GGS ASA

AL Baraka 1: Non-propelled self erecting tender rig GTB acquired 20th February 2008 As a tender assist drilling unit the Al Baraka will operate

alongside fixed offshore platforms where all drilling operations are conducted on the fixed platform while drilling support functions are on the floater.

The market for this type of drilling units are typically in benign offshore waters of West Africa and South East Asia.

After several years of operation offshore West Africa the Al Baraka is in Singapore for Class recertification and upgrade work

Major upgrades has included Power & Assoc. Equipment Accommodation New Cranes BOP Safety Equipment Drilling Package VCD & Mud Treatment system Anchor Winches and mooring systems





Built Year 1993


Hull (LWD) 320’ x 105’

Variable deck load 4700 tons

Power Plant 4 x 3,512

Accommodation 100

11GGS ASA

AL Baraka 1 – Shipyard Project at Keppel Gul Yard

ETA Shipyard; 16th April 2008, ETD September 2008

GTB holds a 3+1 year drilling contract with Brunei Shell Petroleum

3 year fixed contract @ 125,000USD/dayrate+ escalation

1 year optional @ escalated/dayrate

GTB has established a base branch in, Kulai Beleit, Brunei

GTB holds catering, labor and yard contracts in Indonesia in order to fulfill the contract obligations towards Brunei Shell Petroleum

Initial operation: Drilling on Mampak platform, offshore Seria, Brunei

12GGS ASA

Agenda

1. GGS Update



13GGS ASA

Strategic focus going forward

Further develop organisation

-Operating skills

- Yard expertise

- Cost

- Focus

Strong shareholder base

Organisational ability

- Transaction

- Operational

Competence

Shipyard knowledge

Capable financially

Related assets available

Niche segments in same geographical areas

Increased activity in region?

Loss carried forward

Optimize shareholder value with short to medium term time horizon

14GGS ASA

Take part in consoldation

GGS is willing to consolidate if the right structure / market

values are in place.

15GGS ASA

New builds

• A new design is under consideration

• Current market characteristics:- Few new builds currently in the market- Major E&P companies are currently considering long term commitments

• Selected and well known shipyards are under evaluation

• Expected new build prices are MUSD 170-200, dependent on specifications• ONLY an alternative for GGS with a long term contract in advance (> 4 years)

16GGS ASA

Is it an option to acquire related assets?

Drillship DPSemisubmersibleDP

SemisubmersibleMoored

Jack-upTender rigPlatformBarge

• Build on current core competences• Shallow water exposure is an attractive niche market• Asian pacific is the most promising geographical area short term• There are current assets available for sale• Current credit crunch might result in distress sales 2008/2009

17GGS ASA

PC 2000The survey covers the Iranian part of the Persian Gulf and Gulf of Oman.Invested 710 MNOK in 1999-2002.Database

• 2D: 100 000 line km.• 3D: 3 250 km².

National Iranian Oil Company (NIOC) has given GGS exclusive rights to the library and all offshore Multi Client work until 2012.

Revenues totals 550 MNOK• Sales to 16 companies.• Uplifts if the companies are awarded licenses or start production.• Revenues 1.half 2008 is MNOK 11• Another MNOK 11 in revenues happened in September.• Some activity in the region might result in some interest towards year end.

• One of the most promising areas to develop in the years to come if the political situation stabilises.

GGS block

PC2000 is an alternative spinoff case out of GGS?

18GGS ASA

Agenda

1. Rig operation



19GGS ASA

P/L 1st half

Figures are unaudited

As a result of rounding differences, numbers or percentages may not add up to the total.

FY2008 2007 2008 2007 2007

Continuing operations

Revenue 121 265 396 166 742 396 8 356

Operating expenses (76 817) (4 664) (99 630) (11 738) (38 231)

EBITDA 44 448 (4 268) 67 112 (11 342) (29 875)

Amortisation and depreciation (39 104) (4 873) (63 881) (10 214) (19 935) Write-downs 2 561

EBIT 5 344 (9 141) 3 231 (21 556) (47 249)

Interest expense, net (13 796) (591) (11 270) (915) 9 605 Foreign exchange gain/-loss 4 280 84 6 595 569 (22 443) Other financial items 79 777 (2) 79 204 (198) (13 498) Net financial items 70 261 (509) 74 529 (544) (26 336)

Profit/-loss before tax 75 605 (9 650) 77 760 (22 100) (73 585) Tax expense (5 067) (6 187) Net profit/-loss from continuing operations 70 538 (9 650) 71 573 (22 100) (73 585) Discontinued operations

Net profit/-loss from discontinued operations 1 248 (38 642) (45 179) (56 957) (79 954)

Net profit/-loss 71 786 (48 292) 26 394 (79 057) (153 539)

Net profit/loss to minority interest (449) 33 -

Net profit/loss to equity holders 71 337 (48 292) 26 427 (79 057) (153 539)

Earning / loss(-) per share 0,09 (0,41) 0,03 (0,74) (0,42) Diluted earning / loss(-) per share 0,09 (0,41) 0,03 (0,73) (0,42)

Basic shares outstanding average 805 276 687 117 268 734 805 276 687 106 168 275 367 078 036 Dilluted shares outstanding average 805 276 687 118 917 549 805 276 687 108 026 849 369 041 491

(In thousands of NOK)

Quarter ended Year to dateJun 30 Jun 30

20GGS ASA

P/L 1st half

GGS ASA - key figures Q2 Q2 H1 * H1 YearNOK million 2008 2007 2008 2007 2007

Revenues

Continued operations (GGS) 121,3 0,4 166,7 0,4 8,4

Discontinued operations (SpectrumASA) 48,6 36,2 73,8 75,4 140,8

Total 169,9 36,6 240,5 75,8 149,2

EBITDA

Continued operations (GGS) 44,5 (4,3) 67,1 (11,3) (29,9)

Discontinued operations (SpectrumASA) 12,6 (15,7) (5,1) (9,5) 8,5

Total 57,1 (20,0) 62,0 (20,8) (21,4)

EBIT

Continued operations (GGS) 5,3 (9,1) 3,2 (21,6) (47,2)

Discontinued operations (SpectrumASA) 3,1 (24,7) (34,4) (36,0) (73,0)

Total 8,4 (33,8) (31,2) (57,6) (120,2)



21GGS ASA

Balance sheet 1st half - AssetsYear ended

31st of December(In thousands of NOK) 2008 2007 2007

AssetsFixed assetsIntangible fixed assets

Goodwill - 6 738 28 347 Patents - - 10 825 Multi-client library, net 14 357 122 275 127 442

Total intangible fixed assets 14 357 129 013 166 614

Tangible fixed assetsMachinery and equipment 1 196 723 14 439 29 171

Financial fixed assetsInvestment in joint ventures (0) 1 481 1 715 Prepaid Charter - 26 740 - Other long term receivables 150 000 101 -

Total financial fixed assets 150 000 28 322 1 715 Total fixed assets 1 361 080 171 774 197 500

Current AssetsOther investments 1 003 - Inventory - 8 877 6 379

ReceivablesAccounts receivable 152 970 39 133 25 864 Other receivables 219 456 13 032 32 556

Total receivables 372 426 52 165 58 420

Restricted cash 75 964 - 117 843 Cash and cash equivalents 196 432 25 749 507 086

Total current assets 645 825 86 791 689 728

Total assets 2 006 905 258 564 887 228

Share capital 80 527 11 727 80 526 Share premium reserve 826 265 91 704 826 264 Other equity - 15 939 - Not registered capital increase - -

Total paid-in capital 906 792 119 370 906 790

Retained earnings (139 738) (129 311) (88 319) Other equity 30 968 (22 701) Minority interest 45 793 - -

Total equity 843 814 (9 941) 795 770

Deferred tax - 4 791 - Deferred revenue 136 839 1 750 - Long term liabilities 764 264 19 430 3 535

Total long term liabilities 901 103 25 971 3 535

Short term debt 69 879 112 481 3 379 Payable tax - 177 173 Deferred revenue 21 497 27 141 17 207 Accounts payable, accrued expenses and other short term liabilities 170 612 102 734 67 164

Total current liabilities 261 987 242 533 87 923

Period endingJune 30



22GGS ASA

Balance sheet 1st half – Equity and liabilities

Year ended31st of December



Machinery and equipment 1 196 723 14 439 29 171

Investment in joint ventures (0) 1 481 1 715 Prepaid Charter - 26 740 - Other long term receivables 150 000 101 -

Total financial fixed assets 150 000 28 322 1 715

Other investments 1 003 - Inventory - 8 877 6 379

Accounts receivable 152 970 39 133 25 864 Other receivables 219 456 13 032 32 556


Cash and cash equivalents 196 432 25 749 507 086 Total current assets 645 825 86 791 689 728

Total assets 2 006 905 258 564 887 228

Shareholders' Equity and Liabilities Shareholders' equity Paid-in capital




Total equity 843 814 (9 941) 795 770

LiabilitiesLong term liabilities



Current liabilitiesShort term debt 69 879 112 481 3 379 Payable tax - 177 173 Deferred revenue 21 497 27 141 17 207 Accounts payable, accrued expenses and other short term liabilities 170 612 102 734 67 164


Total shareholders' equity and liabilities 2 006 905 258 564 887 228

Year ended31st of December

(In thousands of NOK) 2008 2007 2007



Machinery and equipment 1 196 723 14 439 29 171

Investment in joint ventures (0) 1 481 1 715 Prepaid Charter - 26 740 - Other long term receivables 150 000 101 -

Total financial fixed assets 150 000 28 322 1 715

Other investments 1 003 - Inventory - 8 877 6 379

Accounts receivable 152 970 39 133 25 864 Other receivables 219 456 13 032 32 556


Cash and cash equivalents 196 432 25 749 507 086 Total current assets 645 825 86 791 689 728




Total equity 843 814 (9 941) 795 770



Short term debt 69 879 112 481 3 379 Payable tax - 177 173 Deferred revenue 21 497 27 141 17 207 Accounts payable, accrued expenses and other short term liabilities 170 612 102 734 67 164


Period endingJune 30



23GGS ASA

GGS Going forward

• Finalize Al Baraka 1 yard stay

• Prepare Alligator for new contract

• Consider new built

• Consider M&A projects

• PC 2000

24GGS ASA

Thank you for the attention !

Global Geo Services - GGS ASA Pareto Securities’ 15th Annual Oil & Offshore Conference

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