Directors: Registered Office: Oscar Spieler Par-la-Ville Place Kate ...

Directors: Registered Office:
Oscar Spieler Par-la-Ville Place
Kate Blankenship 14 Par-la-Ville Road
Jens Martin Jensen Hamilton HM 08
Bermuda
July 25, 2007
Dear Shareholder
Notice of Special General Meeting
Principal place of Business in Norway:
c/o Sea Production Management AS
Holmens gate 4
P.O.Box 1327 Vika
0112 Oslo
Norway
On Monday 16th June 2007, Ashmore Global Special Situations Fund 2 Limited, Ashmore Global
Special Situations Fund 3 Limited Partnership and Asset Holder PCC No.2 Ltd re Ashmore Asian
Recovery Fund (together, the “Ashmore Funds”) became the beneficial owners of 47,653,850 shares
representing approximately 52.95% of the issued share capital of Sea Production Ltd (the
“Company”).
In light of its controlling shareholding, Ashmore has requested that its nominees be elected to the
board of directors of the Company. The board of directors of the Company has resolved to convene a
special general meeting to be held on Monday August 13, 2007 (“SGM”) to give shareholders an
opportunity to determine the composition of the board of directors of the Company. The proposals
require only the approval of a simple majority of shareholders present and voting at the SGM.
Notice of the SGM together with a form of proxy is enclosed. Please read the notes on the notice and
form of proxy carefully. In particular please note that forms of proxy and the power of attorney or
other authority (if any) under which they are signed or a notarially certified copy thereof must be
deposited at Nordea Bank Norge ASA Issuer Services PO Box 1166 Sentrum 0107 Oslo, Norway
(Fax: +47 22 48 49 90/ +47 22 48 63 49) by not later than 48 hours before the time for holding the
meeting failing which they will not be valid. The completion and return of a form of proxy will not
prevent you attending the SGM in person should you so desire.
Biographical details of the proposed new directors are as follows:
Justin Reis is a Director and one of the founders of Presidio Capital, an Asian based private equity
investment firm headquartered in Singapore. Justin has a Bachelor of Science degree from the
London School of Economics.

Tim Davis is head of legal at Ashmore. He qualified as a banking and capital markets lawyer with
Simmons & Simmons in London before joining Credit Suisse First Boston’s Emerging Markets
Group. During his five years with CSFB, he gained extensive experience structuring emerging
market fixed income and equity products in Asia, Eastern Europe and South America and was also
responsible for the establishment of a number of local branches and subsidiaries of the CSFB group
within emerging market jurisdictions. He holds a degree and masters in law from University
College London.
Seumas Dawes is senior portfolio manager and a member of the Investment Committee at Ashmore.
He joined Ashmore from Paribas Limited, where he was responsible for local markets derivatives
trading. Prior to Paribas he worked for two years as Head of Local Markets Proprietary Trading at
ANZ Investment Bank and before that, was a Director at Merrill Lynch, in the International Credit
Trading group. Mr Dawes has extensive trading experience in emerging markets, credit products,
and foreign exchange, interest rate and equity derivatives.
Graham B.R. Collis is a Bermudian attorney specialising in company and commercial law and is a
partner with the firm Conyers Dill & Pearman in Bermuda. He has a Bachelor of Commerce Degree
from the University of Toronto and received his law degree from Oxford University.
Tim Davis and Graham Collis are intended to be successors to Kate Blankenship and Jens Martin
Jensen who have both indicated their intention not to continue in office beyond the SGM.
I will continue in office as a director and chief executive officer of the Company. No other changes
in the senior management of the Company are proposed at this time.
I hope you will be able to attend the SGM in person although if you cannot do so I would urge you
to cast your vote(s) by completing and returning the form of proxy.
I look forward to your attendance at the SGM.
Yours faithfully,
Oscar Spieler
Chairman/Director and Chief Executive Officer