EQUINOX OFFSHORE ACCOMMODATION LIMITED

Explanatory Statement1. PURPOSE OF INFORMATIONThe purpose of this Explanatory Statement (which is included in and forms part of the Noticeof AGM dated 2 June 2009) is to provide the Shareholders with an explanation of the businessof the meeting and of the Resolutions to be proposed and considered at the AGM and toassist Shareholders to determine how they wish to vote on each of the Resolutions.Shareholders should read the full text of this Explanatory Statement before deciding how tovote.Words or expressions used in this Explanatory Statement are defined below. Unless otherwisestated, all references to USD are references to the currency of the United States of Americaand all references to SGD are references to the currency of Singapore.2. DEFINITIONSIn this Explanatory Statement, the following terms have the following meanings:-Act means the Companies Act (Cap. 50) of Singapore;AGM means the annual general meeting of the Company to be convened on 24 June 2009;Articles of Association means the articles of association of the Company;Auditors means Messrs Deloitte & Touche, Certified Public Accountants, Singapore;Company means Equinox Offshore Accommodation Limited;Directors means the directors of the Company;Explanatory Statement means this explanatory statement which accompanies and formspart of the Notice of AGM;Listing means the listing of the Company’s Shares on the Oslo Axess no later than 31December 2009;Notice of Annual General Meeting means the notice of AGM referred to in, andaccompanying, this Explanatory Statement;Oslo Axess means the Oslo Axess list at the Oslo Stock Exchange;Registered Office means the registered office of the Company at SGX Centre 2, #17-01, 4Shenton Way, Singapore 068807;5