Mosvold Jackup Ltd.

Why build a Rolls Royce when a BMW will do ?• Middle East and India are the fastest growing jack-up markets in theworld• More than 90% of acreage relevant for jack-ups can be drilled by 300ftunits• As evidenced by the latest ME contracts, dayrates for a 27 year old300ft jack-up on long term contracts have been secured at levels only17% below the most capable 350-400ft newbuilds• Current all-in project price for the Mosvold units is 27% less than thelast 350-400 ft jack-up (drilling) newbuild ordered3

Middle-East– more oil reserves than the rest ofthe world combined and 1/3 of global offshorereservesProven oil reserves by regionTotal proven offshore oil reserves10 % 3 %5 %9 %12 %34 %61 %66 %North America S & C America Europe & EurasiaMiddle East Africa AsiaMiddle EastRest of worldSource: BP Statistical Review of World Energy June 2006Source: OPEC4

Middle-East– supply deficit in 2007 –this situation expected to carry into 2008Recent FixturesCompany Rig Design WD Operator Dayrate Country DurationRowan Hank Boswell Tarzan Class 300' Saudi Aramco USD 188,000 Saudi Arabia 4 yearsRowan Scooter Yeargain Tarzan Class 300' Saudi Aramco USD 188,000 Saudi Arabia 4 yearsGSF GSF Key Hawaii Mitsui 300-C 300' Dolphin Energy USD 195,000 Qatar 6 monthsRowan Gilbert Rowe 116-C 350' Maersk Oil USD 195,000 Qatar 2 yearsRowan Rowan Paris 116-C 350' Maersk Oil USD 195,000 Qatar 2 yearsGSF High Island I MLT 82-SD-C 250' Saudi Aramco USD 164,000 Saudi Arabia 4 yearsGSF High Island II MLT 82-SD-C 270' Saudi Aramco USD 164,000 Saudi Arabia 4 yearsGSF Main Pass I F&G L-780-II 300' Saudi Aramco USD 164,000 Saudi Arabia 4 yearsGSF Main Pass IV F&G L-780-II 300' Saudi Aramco USD 164,000 Saudi Arabia 4 yearsThule Drilling Thule Power BMC-200-H 250' Saudi Aramco USD 147,260 Saudi Arabia 4 yearsPV Drilling PV Drilling I KFELS MOD V B 300' Huan Vu USD 219,000 Vietnam 2 yearsDemand and Supply9080706050403020100Source: ODS Petrodata/Pareto OffshoreMiddle East Jack-Up'sjan. 00jan. 01jan. 02jan. 03jan. 04jan. 05jan. 06aug. 06jan. 07Supply Demand Utilizationaug.07edec.07eUtilization100 %90 %80 %70 %60 %50 %40 %30 %20 %10 %0 %$/k/day200180160140120100806040200250/300 ft JU Dayrates in the Middle Eastjan.00jul.00jan.01jul.01jan.02jul.02jan.03jul.03Dayratejan.04jul.04jan.05jul.05jan.06jul.06jan.075

Middle-East- 300ft units perfectly suited- average water depth 115ftME definition:Saudi, Qatar, UAE, Bahrain,Oman, Iran and EgyptSummary ME (ex Egypt)Today 61Units by 07E 82Need by 08E 94Source ODS/Pereto OffshoreToday:9 JUUnits by end 07: 11 JUNeed by 08E: 14 JUSource ODS/Pareto OffshoreToday:19 JUUnits by end 07: 27 JUNeed by 08E: 32 JUSource ODS/Pareto OffshoreToday:19 JUUnits by end 07: 27 JUNeed by 08E: 30 JUSource ODS/Pareto OffshoreToday:14 JUUnits by end 07: 17 JUNeed by 08E: 18 JU6Source ODS/Pareto Offshore

India – significant growth forecasted.• Several tenders expected for 2008 and 2009• Mosvold is very well positioned– ONGC favours the F&G design– Short mobilization to India– Attractive delivery according to upcoming requirements– Construction cost lower than newbuild competitionCompany Rig Design WD Operator Dayrate Country DurationSinvest DeepDriller 1 BMC Pacific Class 375 375 Reliance $200 000 India 539 daysSeaDrill West Janus Gusto 328 Cairn Energy $185 000 Bangladesh 179 daysENSCO ENSCO 53 F&G L-780 MOD II 300 BG $172 000 India 365 daysENSCO ENSCO 50 F&G L-780 MOD II 300 BG $168 500 India 730 daysTransocean J.T. Angel F&G L-780 MOD II 300 ONGC $147 000 India 1047 daysTransocean Trident XII Baker Marine BMC-300-IC 300 ONGC $147 000 India 1095 daysTransocean Randolph Yost LeTourneau Class 116-C 300 ONGC $147 000 India 1095 daysTransocean Trident II LeTourneau Class 84-S 300 ONGC $147 000 India 1095 daysPride Pride Hawaii Levingston Class 111-S 300 ONGC $144 500 India 1095 daysHercules Hercules 31 Bethlehem JU-250 MS 250 Cairn Energy $140 000 India 300 daysIndian Jack-Up'sDemand and Supply35302520151050jan. 00jan. 01jan. 02jan. 03jan. 04Source: ODS Petrodata/Pareto Offshorejan. 05jan. 06jan. 07Supply Demand Utilizationaug.07edec.07edec.08eUtilization100 %95 %90 %85 %80 %75 %Source: ODS-Petrodata$/k/day200180160140120100806040200jan.00jul.00300 ft JU Dayrates in the Indian Oceanjan.01jul.01jan.02jul.02jan.03jul.03jan.04jul.04jan.05jul.05jan.06jul.06jan.07Dayrate7

Mosvold Jackup Ltd. (Cayman) - Summary• Established by Mosvold ShippingLtd. in April 2006• Listed on the OTC• Turnkey construction contractwith Maritime Industrial ServicesCo. Ltd. Inc. (Dubai – UAE) for2+1 jackups• Turnkey contract price USDm126, all-in delivered price USDm143• Delivery August 2008 andDecember 2008• USD 90 million in Equity raised.• Sufficient equity in place to allowfor debt financing, for instance– Bonds 20%– Bank loans 50%8

Mosvold – an experienced shipping andoffshore services group• The Mosvold family has continuously been active in shipping since e 1910• First investment in offshore: Part ownership of semi early 80ies• Acquired 3 modern J/Us from Keyes Offshore in 1989• Mosvold Shipping was IPO’d d on the Oslo Stock Exchange in 1990• Acquired 100% of Dual Drilling Co in 1990. Dual was a Dallas based worldwidedrilling contractor owning 3 J/Us and 10 platform rigs• Through Dual, acquired further 3 J/Us in 1993 combined with raising ing newequity/bonds and listing of Dual on NASDAQ (Mosvold Shipping retained 60% ofDual)• Dual merged with Ensco in 1996 with payment in shares. All shares s distributed toMosvold shareholders• Board member Morten Borge was the CEO of Mosvold Shipping during the “DualDrilling Period” he 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 options) oat PPLShipyard and Keppel FELS in Singapore. The entire project sold to Awilco in 2004 andis the now the foundation of Awilco Offshore• In 2005, Mosvold founded Mosvold Drilling (That contracted two Ultra UDeep WaterDrillships with Samsung) which was later acquired by SeaDrill9

Board of Directors & Management• Roy T. Mosvold (42), Chairman. . Experience from New York and London in shipping, investment andtrading. He serves as Chairman of Mosvold Shipping Ltd., Bermuda. . Mr. Mosvold holds a B.Sc. majorFinance and International business from New York University.• Andreas Ove Ugland (51), Board Member. . Mr. Ugland holds degrees from Newcastle University inEngland and New York University in Economics, Finance and International Trade. He has established a shipmanagement company in the UK which was developed into a major shipping operation culminating in alisting on the London Stock Exchange in 1993. Mr. Ugland has further been Director/Chairman of AndreasUgland & Sons A/S (Grimstad, Norway), Hoegh Ugland Autoliners A/S S (Oslo), B & H Associates Inc(Bermuda). Mr. Ugland currently serves on the Board of New York Stock Exchange listed company NordicAmerican Tanker Shipping Ltd and is Chairman of a number of privatelyately-owned companies in the CaymanIslands (such as Queensgate Bank & Trust Co. Ltd) and the United States and Europe.• Morten Borge (59), Board Member. . Holds a Master Degree in Business Administration from Universityof Mannheim, Germany. He has experience from privately and publicly traded shipping and offshorecompanies. During the last 20 years he has served as managing director of Anglo Eastern ManagementServices Ltd., Hong Kong and Mosvold Shipping AS, Norway and chairman of Dual Drilling Inc., Dallas,Mosvold Shipping Ltd., Bermuda and Ocean Rig ASA, Norway.• Harald Vetnes (66) CTO. Numerous degrees in marine and mechanical engineering. More than n 35 yearsof experience from the offshore oil & gas industry ranging from newbuilding superintendent for semisubmersibles for Fred Olsen & Co in the 70ies, managing director for Norwegian Rig Consultants in the80ies, co-founder and CEO of an engineering company designing drilling rigs s mid-90ies. Last 7 years as anindependent consultant.10

Super M2 – Main features• Design: Friede & Goldman Super M2• 300ft enhanced leg design• Wrap around accommodation(around forward leg) opening formore deck space and more efficientaccommodation facility• Modular hull design• 25,000ft drilling depth• 110 person quarters capacitySource: Friede & Goldman, Pareto Offshore11

Super M2 –Increasing the capabilities of existing 300ft unitsRIG DESIGNF&G SUPER M2 (Mosvold(Mosvold)Typical 116 C (80ies built)Operating water depthDrilling depthsHull size (L x B x D)Leg lengthCantilever outreachVariable LoadBOPHPHT capabilitiesMud PumpsLiquid mud capacityDrawworksCranesMain PowerAccommodation300 ft25,000 ft196 ft L x 183 ft B x 25 ft D411 ft50 ft3,400 MT10,000 psiNo3 x 1600 hp3,800 bbls2660 hp38,600 hp total110300 ft25,000 ft243 ft L x 200 ft B x 26 ft D410 ft47 ft1,785 MT10,000 psiNo3 x 1600 hp1,400 bbls2000 hp36,250 hp total9412

Status report• Supervision team in place since June 2006• All long lead items ordered by the yard, delivery datesare fixed• Keel is laid on hull # 1 and hull # 2• Progress according to schedule13

Keel Laying of Mosvold 10414

The yard - Maritime Industrial Services Co. Ltd. Inc.• Established in 1979• Headquartered in the Jebel Ali Port near Dubai, United Arab Emirates– In addition to top management and administrative staff, the headquarter housesthe MIS Technical Services Division, which coordinates the management ofoperations and maintenance contracts• Facilities in six different places near the Persian Gulf– Mosvold Jackups to be delivered from the Sharjah Facility• Wide range of capabilities, amongst these marine & offshore structures• Total workforce 2,500+ (overall)• Well established customer base• ISO 9001 certified• Reputation of on-time delivery15

Panoramic View of MIS Yard Facilities at Sharjah, UAE16

MIS has experience with all elements requiredto build a jack-up• Conversion of jackups to permanentproduction facilities• Fabrication and supply of decks• Fabrication and supply of earlyproduction facilities• Major hull steel renewal• Power system and cabling• Mud systems• Jacking system refurbishment• Leg extensions• Installation of living quarters• Water treatment facilities• Removal and reinstallation of cranes• Steel repair and modifications for substructure• Upgrade of drilling equipment17

Mosvold Jackup - capex and funding• USD 142.5m estimated deliveredcost– Incl. capitalised interest costs• Total funding requirement of USDm293– Incl. G&A, fees and financing costs• USD 90m of equity raised in spring2006• USD 60m bond issue assumed in2007• USD 150m of bank debt assumed– Last 2 yard instalments– Representing approx 50% of all-incostMOSVOLD JACKUP FUNDING SUMMARYFig in USDm Per Unit TotalTurnkey contract price 126.0 252Supervision 3.5 7OFE (Handling equipment/spares) 5.0 10Contingencies 1.0 2Capitalised interest costs 7.0 14All-in/ready to operate cost 142.5 285G&A, fees & financing 4.0 8Total Funding Requirement 146.5 293Bank debt 150Bond debt 60Equity 90Total Funding Sources 300Implied Cash Position at delivery * 7*) Ignoring cash flow from rig #1 until delivery of rig #2Capex (summary) 2006E 2007E 2008E CumulCapex % of total 30% 25% 45% Yard instalment structureJU #1 USDm 39 50 53 142JU #2 39 50 56 144Capex " 78 99 109 286Source: Company/Pareto Securities ASA18

Q3 2006 FinancialsCONCOLIDATED PROFIT & LOSS ACCOUNT(Unaudited figures in USD 1 000)2006 200601.07-30.09 06.04-30.09Administrative costs (293) (525)Operating costs (293) (525)Ordinary depreciation - -Operating result (293) (525)Net Financial items 978 1 394Net Result 685 869CONCOLIDATED BALANCE SHEET(Unaudited figures in USD 1 000)30.09.2006ASSETSShipbuilding contracts 38 037Total non-current assets 38 037Other current assets 476Cash and Cash equivalants 60 920Total current assets 61 396TOTAL ASSETS 99 433LIABILITIES AND EQUITYCapital and reserves 86 848Total equity 86 848Other current liabilities 12 585Total current liabilities 12 585TOTAL LIABILITIES AND EQUITY 99 43319

Pro Forma Mosvold Jackup key figures(2 jackups)• EV USD 297m YE 08E fully invested– Value of rig option ignored• Market cap USD 103m (NOK 18 per share)• Current JU market (USD 170-180,000/d) 180,000/d) implying EV/EBITDA 3.2-3.5x3.5x– P/E 1.5-1.7x1.7xMOSVOLD JACKUP - SCENARIOS (2 RIGS ONLY)DAY RATES USD/Day 160 000 170 000 180 000 190 000Utilization 95 % 95 % 95 % 95 %Daily opex incl mgmt fee -40 000 -40 000 -40 000 -40 000PROFORMA P&LRig EBITDA USDm 82 89 96 103SG&A " -3 -3 -3 -3EBITDA " 79 86 93 100Depreciation (30yrs) " -10 -10 -10 -10Operating profit " 69 76 83 90Net financials (8% avg) " -16 -16 -16 -16Net Profit " 53 60 67 74Cash Earnings " 63 70 77 84Maintenance capex " -5 -5 -5 -5Free cash flow (to debt amortisation+dividends) " 58 65 72 79Equity value USDm 103 103 103 103Net debt fully invested YE 08 " 194 194 194 194Enterprise Value YE 08 " 297 297 297 297EV/EBITDA 3,8 3,5 3,2 3,0P/CF 1,6 1,5 1,3 1,2P/E 1,9 1,7 1,5 1,4RoE (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 %Source: Pareto Offshore20

Shareholder information• Number of shares issued: 36,7 million• Issue price (April 2006): NOK 19 per share• Current share price: NOK 18• Mandatory bid level at 30% vs 40% “standard”• 6 largest shareholders per January 11th 2007:PercentageNameAcc type27,26 Mosvold Investment L CO Mosvold Shipping13,64 Credit Suisse Securi (Europe) LTD/Firms10,37 Credit Suisse Securi (Europe) Prime brokeNOM9,34 Goldman Sachs Intern Equity nontreaty Cus NOM6,92 Olympia Holding AS C/O Banque Invik SA3,56 Morgan Stanley & Co Client EQ ccountCountryCYMGBRGBRGBRNORNOM GBR21

Why invest in Mosvold Jackup• Most leveraged exposure to the fastest growing region for JU’s s inthe world• Tailor-maderigs for the Middle East and India• Attractive construction price and early delivery make the rigscompetitive (15-25 million below and 9-129months beforenewbuild slots presently available)• Favourable option provide for additional financial leverage• Construction at a reputable yard in the “heart of the Middle East”attracts attention from local operators and reduces mobilizationcost/time• Experienced manager with good track record• Opportunistic approach to the investment22