Pareto Oil & Offshore Conference 2010

Songa Offshore – International Presence

Songa Mercur

Songa Saturn

Songa Dee

Songa Trym

Songa Delta

HQ

� International drilling

Contractor

• 5+1 semi-submersibles

• 1 drillship

� Operating offshore Norway,

Songa Venus

Songa Eclipse(under construction)

� Operating offshore Norway,

Australia and South East

Asia,

� Based in Cyprus, listed in

Oslo (Ticker: SONG)

Our Growth Story

20062005 2007 2008 2009

January 2007 -

Purchased Songa Trym

May 2009 – Re-domiciled

to Cyprus

January 2005 - Songa

Offshore AS established,

purchased Songa Venus

and Songa Mercur

2010

January 2006 - Listed on the

Oslo Stock Exchange

March 2006 - Purchased

Songa Dee

August 2008 - Acquired

Songa Delta

December 2008 -

Converted to a European

Public Company (SE)

Phase I Strategy - (2005): Purchased stacked units and

re-commissioned

Phase II Strategy - (2006-2008): Purchased units in operation

April 2005 - Listed

on OTC

September 2005 -

Purchased the

drillship Songa

Saturn

Phase III Strategy -Focus on operations, new contracts, deleveraging

and growth

April 2010 – Entering the

Deep Water market through

our investment in DWD

Highlights YTD 2010…

� Completed the 5 year reclassification for Mercur and Venus

� Entered into new contracts for Mercur and Venus

� Entered DW/UDW market with our investment in DWD

� ESA support our complaint against the Norwegian Tax authorities� ESA support our complaint against the Norwegian Tax authorities

� Completed refinancing of bank facility

Songa’s Fleet - Proven Technology

Songa Venus

Builder: Bethlehem Steel Corporation.

Design: F&G L-900

Water/Drill depth: 1,500’ / 25,000’

BOP: 10,000 psi

Last Upgraded: 2006

Location: Australia

Songa Mercur

Builder: Vyborg Shipyard JSC

Design: F&G 9500

Water/Drill depth: 1,200’ / 25,000’

BOP: 15,000 psi

Songa Delta

Builder: Rauma Repola Oy

Design: Modified Ocean Ranger design

Water/Drill depth: 2,300’ / 25,000’

BOP: 15,000 psi

Last Upgraded: 1996

Location: Norway

Songa Trym

Builder: Verdal/Bergen

Design: Modified Aker H-3

Water/Drill depth: 1,312’ / 25,000’

BOP: 10,000 psi

Songa Dee

Builder: Mitsubishi Heavy Industries, Ltd.

Design: Mitsubishi type MD-602 enhanced

Water/Drill depth: 1,800’ / 30,000’

BOP: 15,000 psi

Last Upgraded: 2004

Location: Norway

Songa SaturnBuilder: Keppel FELS Ltd.

Design: Global Marine

Water/Drill depth: 3,800’ / 25,000’

BOP: 10,000 psi

Last Upgraded: 2006

Location: Equitorial Guinea

BOP: 15,000 psi

Last Upgraded: 2007

Location: Australia

BOP: 10,000 psi

Last Upgraded: 2005

Location: Norway

USD 450 Mill Capex Spent Since 2005

� Agreement with the shareholders in Deepwater Driller Ltd to invest USD 50

million in new equity, and thereby receive a 31,25% ownership in the

company. Contract price for the rig is approximately USD 652 million basis

delivery. Implied value on the rig based on the 31,25% investment is

approximately USD 613 million.

� Put/Call structure regarding Songa’s right/obligation to increase the � Put/Call structure regarding Songa’s right/obligation to increase the

shareholdings in Deepwater Driller Ltd.

� 6th generation ultra deepwater semi-submersible F&G ExD

� Classed to ABS � A1 - Column Stabilized Drilling Unit, � CDS, ����DPS-2

� Comply to IMO MODU Code, IMO Code 645 for Vessels with DP Systems, SOLAS, MARPOL and other recognized international

� 6th generation ultra deepwater semi-submersible F&G ExD

� Classed to ABS � A1 - Column Stabilized Drilling Unit, � CDS, ����DPS-2

� Comply to IMO MODU Code, IMO Code 645 for Vessels with DP Systems, SOLAS, MARPOL and other recognized international other recognized international standards

� Vessel will be flagged for 164 persons on board

other recognized international standards

� Vessel will be flagged for 164 persons on board

Maritime Hydraulics Hi-Pro Quad Rig suitable for safe and efficient drilling to 40,000 ft in water depths up to 10,000 ft

Offline stand building for casing, drill pipe and BHA while drilling

Crown mounted compensator dynamic

Cameron 18.75” BOP 6 cavity 15,000psi with super shear ram and subsea test facility

BOP handling system up to 550 tonnes

Cameron multiplex BOP Control system 5000 psi for 3050m water depth

DRILLING SYSTEM SUBSEA SYSTEM

Crown mounted compensator dynamic capacity 1500 kips and 25ft stroke and further equipped with active compensator connected to crown block

Wirth Drawworks 4500 with 3 AC motors

MH Topdrive with 2 AC motors and 1000 s.t. lift capacity

Cameron 21” 3.5 million lbs “LoadKing” Riser 7,500 ft with all accessories

MH hydraulic DAT 3.5 million lbs 15 m stroke with trip saver facility

Tech Drill Choke and Kill system rated 15,000psi

Provision for 2 work class ROVs

No Client Vessel name Order date

Delivery

(Original)

Delivery

(Actual)

Early/late

delivery

(mths)

1 Global Santa Fe GSF Development Driller 1 Apr-2001 Nov-2003 Mar-2005 16

2 Global Santa Fe GSF Development Driller 2 Apr-2001 Oct-2004 Feb-2005 4

3 Seadrill West Taurus Aug-2005 Nov-2008 Nov-2008 -

4 Seadrill West Sirius Jun-2005 Mar-2008 Mar-2008 -

5 Diamond Offshore Ocean Courage (ex-PetroRig I) Aug-2005 Jan-2010 Apr-2009 (9)

6 Diamond Offshore Ocean Valor (ex-PetroRig II) Mar-2006 Nov-2009 Oct-2009 (1)

7 Seadrill West Orion May-2007 Apr-2010 Feb-2010 (2)

8 RDS Ultra Deepwater Ltd La Muralla V (ex-PetroRig III) Jan-2007 Jan-2010 Mar-2010 2

Jurong Shipyard deliveries

Source: Jurong Shipyard website, ODS Petrodata, NRP Securities ASA.

8 RDS Ultra Deepwater Ltd La Muralla V (ex-PetroRig III) Jan-2007 Jan-2010 Mar-2010 2

9 Atwood Oceanics Atwood Osprey Jan-2008 Jan-2011

10 Deepwater Driller Ltd Deepwater Driller (ex Larsen Rig 1) Jun-2008 Apr-2011

11 Seadrill West Capricorn May-2008 Dec-2011

12 Atwood Oceanics Atwood Semisub TBN 2 Jul-2008 Jul-2012

Solid Track Record of Operational Efficiency

� Proven technology

� Skilful and highly trained

personnel

� Robust maintenance

program

Our Exceptional Operational Efficiency has Won Our Fleet

a Strong Reputation and Customer Base

High Quality Customer Base Built on Solid Relationships

11

� Norwegian North Sea relatively tight

� UK market activity picking up

� South East Asia and West Africa with low South East Asia and West Africa with low

tender activity since late 2008

� GOM fallouts?

� NOC will seek assistance from the Big Oil

Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec

7,500' F&G ExD, 15k psi BOP

Under construction Outfitting & Commissioning

Songa EclipseDeck mating Engine Startup Seatrials

1,500' Pacesetter, 10k psi BOP

Shell Australia (3 well firm) Total Australia (2 well firm) Option (1 well)

Songa VenusDeMOB to Singapore MOB to Australia IS

1,500' Pacesetter, 15k psi BOPDeMob to China DeMob to Singapore

Gazflot Russia (180d firm) Options (2 x 1 well)

Songa MercurDeMOB-Singapore Contract prep & MOB to Russia IS

Options

(2 x 1 well)

Eni China(1 w ell f irm)

MEO

(1w)

2010 2011 2012

SPS

SPS

3,750' Drillship, 10k psi BOP

Songa SaturnMOB to EG DeMOB to Malta SPS

1,800' Mitsubishi MD-602, 15k psi BOP

Marathon - Norway/UK (2yr firm + 1yr option)

Songa DeeFar Grimshader collision repair UWILD

1,200' Aker 3H, 10k psi BOP

Norway - StatoilHydro (2yr firm + 1yr option)

Songa TrymSPS

1,500' Ocean Ranger, 15k psi BOP

Norway - Wintershal and Det Norske Oljeselskap (3 yrs)

Songa DeltaSPS

CNOOC

Option

(2 x 1yr)

Current backlog USD 720 mill

EBITDA

80 000

100 000

120 000

140 000

(USD 1000)

0

20 000

40 000

60 000

Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409 Q110 Q210

Balance Sheet

(USD '000) 30.06.2010 30.06.2009

Non-current assets

Rigs, machinery and equipment 1 412 270 1 410 312

Deferred tax assets 46 720 46 722

Investment in associates 50 000 0

Total non-current assets 1 508 990 1 457 034

Current Assets

Cash and cash equivalents 45 604 87 957

Other Current Assets 121 640 175 206

Total non-current assets 167 244 263 163

TOTAL ASSETS 1 676 234 1 720 197

Total Equity 899 616 708 527

Non-current Liabilities

Bank loan 462 310 537 639

Bond loans 55 627 87 488

Other long term liabilities 1 267 2 933

Total non-current liabilities 519 204 628 060

Current liabilities

Bank loan 153 000 264 466

Bond loans 14 426 0

Other current liabilities 89 988 119 144

Total current liabilities 257 414 383 610

TOTAL EQUITY AND LIABILITIES 1 676 234 1 720 197

Capital Structure

57

280 335 360 551 656 707888

2 054

1 3031 248

1 386

1 531 1 520

1 380

1 500

2 000

2 500

USD million

Total capital structure and enterprise value in USD millionEnterprise value: Market cap+external debt-cash

1 026 976 935 937 865 802621 615

138139

141 8687

88

87 70

5747

4618

707888 900

1 056

0

500

1 000

Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10

USD million

Bank loan Bond loans Commercial papers Equity (BV) Enterprise value

Capital Structure

138139

14186

87

88

57

4746

18

800

1 000

1 200

1 400

USD million

Total debt structure and enterprise value per rig in USD millionEnterprise value: Market cap+ external debt-cash

1 026976 935 937

865802

621 615

87 70

342

217 208231

255 253230

176

0

200

400

600

Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10

USD million

Bank loan Bond loans Commercial papers Enterprise value per rig

Business plan 2010 and beyond......

� New contracts for the fleet – increase backlog

� Finalize strategy for DWD

� Maintain financial leverage

� Grow the company and build shareholder value

Q & A

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