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Pro Forma <strong>Mosvold</strong> <strong>Jackup</strong> 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