Viking Producer

Pareto Offshore Conference
Ole Geir Hagen
President & CEO
6 September 2006

Rig floaters investment case – large upside
Owns 3 semi submersibles with flexible working modes
High oil price – strong market dynamics
– Marginal oil & gas fields – profitable
– New small oil companies – increased demand
Very strong market fundamentals and outlook
Oil companies not able to complete planned drilling programs
– due to lack of equipment
Short time to market for first drilling rig
Raised USDm 83 equity in May 2006
Lead investor - Mr Christen Sveaas owns 14% (21% incl. warrants)
Construction management team in place with substantial experience
Yard capacity secured for reactivation of Viking Producer
2

Short time to market – early cash flow
Confidential
Reactivation of Viking Producer – ready-to-drill end 2007
– 1500 ft drilling rig with 10.000 psi BOP and 3 Mud Pumps
– Estimated cost USDm 105 mill
– Estimate prepared by Odin Rig Services Inc, Houston, Texas, the Odin team has more than 200
years experience in the offshore drilling business
– Critical equipment identified and partly secured
Current day rate USD 300 - 350,000
– SS Petrolia (sister rig of Viking Producer) - 5 months contract in 2007 at USD 300,000 /day
Viking Century - tender drilling, floating production or accommodation rig
– Hull in good condition - estimated cost USDm 15 - 20 to bring the hull back to class
– Reactivation program not decided
Viking Prospector – floating production or accommodation rig
– Hull in good condition - estimated cost USDm 15 – 20 to bring the hull back to class
– Reactivation program not decided
Several industry players expressed interest in V. Century and V. Prospector for
floating production and tender drilling
3

Equity
Confidential
Listed on the OTC-list in Norway 19
May 2006
– 56.6 million shares outstanding
– 6.2 million warrants outstanding (1)
– No current trading in the shares
Market cap NOKm 566 (USDm 90)
– Based on subscription price of NOK 10.0 per
share in the private placement (49.6 million
shares) in May 2006
Financially strong shareholder base
No of shares % Holder
Largest shareholders
9 840 000 17,39 % UBS AG, LONDON BRANC S/A IPB SEGREGATED C
7 963 200 14,07 % CHRISTEN SVEAAS incl. Companies (1)
7 230 000 12,77 % DEUTSCHE BANK AG LON PRIME BROKERAGE FULL
6 150 000 10,87 % CREDIT SUISSE SECURI (EUROPE) PRIME BROKE
4 665 297 8,24 % GOLDMAN SACHS INTERN EQUITY NONTREATY CUS
3 075 000 5,43 % TEIGEN FRODE NAKA RACHA TLD, 87/2
2 083 750 3,68 % UBS NOMINEES PTY. LT .
2 000 000 3,53 % TEIGEN OLE
1 906 500 3,37 % DANSKE BANK A/S 3887 SETTLEMENTS NOR
1 500 000 2,65 % OKO OSUUSPANKKIEN KE CORPORATE ACTIONS
10 186 253 18,00 % OTHER
56 600 000
(1) Warrants – terms
(1) subscription price NOK 1.00 per share
(2) provided the market share price is min. NOK 15.00 over 10 consecutive
working days with a an accumulated min. traded volume of 1.0 mill shares
(3) can be executed any time on or before Nov. 9, 2007.
(1) Incl. AS Holding, Kistefos Investment AS, Portfolio Management AS and Polar Quest AS
4

Confidential
Planned financing
200
IINVESTMENTS
USDm
180
Acquisition three hulls 44
160
140
Interest costs,
G&A USDm 16
Equity /
new loan
USDm 20
Construction
Cost =
USDm 149
Reactivation Viking Producer 105
Interest cost, G&A to 4Q2007 16
Financing need 165
120
Equity
issued
USDm 83
FINANCING SOURCES
USDm
100
80
Reactivation
cost Viking
Producer
USDm 85
Equity already issued 83
Further equity or new loan 20
Bond financing 70
60
Total financing 173
40
20
Acquisition
cost USDm 44
Bond 1.pri
USDm 70
- All numbers are Viking estimates
- Assume equity issue or new loan of USDm 20 in order to finance completion of
reactivation of Viking Producer, to have a small capital buffer and to service
interest payments in the construction period.
0
Asset Value
Security Structure
5

Viking Producer (ex. Pan Producer, Neptune 7 & Pentagone 81)
Hull in good condition
– Bare deck - no removal cost of old equipment
– USDm 20 was invested in the lower hull and main deck in 2001/02 by
Crest Petroleum
– Dry docking of the rig not required, confirmed by ABS (class)
– One horizontal brace to be mounted between column A & E to reach
class
The rig will be outfitted as 2G 1,500 ft drilling rig
– Standard rig, less complex than modern state-of-the-art newbuilds
Estimated completion end 2007
– Detailed planning and engineering ongoing
– Major work on the rig will commence Oct / Nov 2006
The drilling and marine equipment will be totally “new”
– New and reconditioned equipment will be used
– Significant share of critical equipment secured or being negotiated
– The living quarter onboard, which is 40-50% completed (new in
2001/02), is in good condition
– Plan to use the drilling derrick onboard Viking Century
Secured and identified drilling and marine equipment
– Availability of resources and equipment in Houston, Texas area is good
– Mid-water equipment is being traded in against new deepwater
equipment as rigs are being upgraded
Yard capacity secured
Viking Producer
(after hull refurbishment in 2002)
6

Confidential
Viking Producer – planned technical specification
General:
Rig design: Forex Neptune Pentagone
Built 1969 – CFEM, LeHavre, France
Water depth: 1,500 ft
Drilling depth: 22,000 ft
Living quarters: 100 men
VDL: 4,600 kips (2.100 MT)
Main power: 4 EMD @ 2,200 hp
Mooring system: 10 anchor winches
Cranes: 2 National OS 435, 2 National OS 325 or equiv.
Drilling equipment:
BOP: 10,000 PSI stack
Riser: 1,500 ft Vetco 21”
Mud pumps: 3 triplex @ 1,600 hp
Draw works: One 3,000 HP 1 5/8” drill line, Lebus drum
Rotary table: One 49.5” w/independent drive @ 800 HP
Top drive: One Varco TDS “4” 30,000 ft/lbs torque
Noble Therald Martin
(similar design as Viking Producer)
7

Viking Producer – cost estimate
Purchase price USDm 15.5 as-is /
where-is
Reactivation cost estimated to
USDm 105
Both equipment and labour prices
are increasing
Equipment ordered & under
negotiation incl. installation costs
represent approx. 46% of the cost
estimate
Total project cost
USDm
Engineering & Management 6,9
Hull & deck st ruct ural 20,3
Drilling and Deck equipment 59,8
Quart ers f or 100 men 5,0
Elect rical inst allat ion 10,7
Test ing and Commissioning 2,2
Tot al 104,9
8

Viking Producer – equipment status
Confidential
Sourcing of new and reconditioned
equipment is making good progress
The status with regard to critical equipment
is as follows:
– ORDERED – refurbishment underway
- 4 EMD main diesel generators @ 2,200 hp (used)
- Draw-works – One 3,000 HP for 1 5/8” drill line(used)
- Rotary table (used) – one 49.5” w/independent drive @
800 hp
- Travelling Block etc. (used)
– UNDER NEGOTIATION
- Mud pumps 3 triplex @ 1,600 hp (used)
- Riser – 1,500 ft Vetco 21” (used)
- BOP 10,000 psi stack (used)
- Drilling string (new)
- Mooring system – 10 anchor winches (new or used)
- Derrick (from Viking Century)
- Electrical equipment package
– IDENTIFIED
- Top drive – one Varco TDS ”4” 30,000 ft/lbs torque
- Heave compensator
Cost split, equipment incl. installation
USDm
Ordered 12 11%
Under Negotiation 25 24%
Identified 4 4%
Man. & Eng. 7 7%
Total 48 46%
Total equipment
cost incl.
installation of
USDm 48
Pecentage
9

Viking Producer
Confidential
There are eight Pentagone rigs in the world
– Six rigs are working
– SS Petrolia - 5 months contract in 2007 at USD 300,000
/day
Viking Producer is one of two rigs not currently
in operations
At least 15 years of useful lifetime after
reactivation
Zagreb 1
(similar design as Viking Producer)
In operation
Year Water Drilling
Rig name Owner Built depth Depth Employment
ft ft
Pride Mexico Pride International, US 1973 1 400 18 000 Pemex, Mexico
Noble Lorris Bouzigard Noble Corporation, US 1975 2 300 25 000 Mariner, GOM
Noble Therald Martin Noble Corporation, US 1975 4 000 25 000 Petrobras, Brazil
Atlantic Star Queiroz Galvao Perfuracoes, Brasil 1976 1 900 25 000 Petrobras, Brazil
Zagreb 1 Crosco Ltd, Kroatia 1977 1 500 20 000 Devon, West Africa
Petrolia Petrolia Drilling, Norway 1976 1 200 20 000 Apache, North Sea, UK
Asterie Ghana National Petroleum Company 1974 660 20 000 Cold- stacked, West Africa
Viking Producer Viking Drilling, Norway 1969 1 500 22 000 Reactivation
Source: ODS-Petrodata / www.coltoncompany.com
10

Confidential
Viking Century (ex. Ocean Century & Diamond M Century)
Purchase price USDm 14.25 as-is/where-is
Korkut class
Built 1973 – Alabama Dry Dock & Shipbuild.
270’ x 173’ x 83’ hull
Last worked July 1998, cold stacked since Oct
2000
Out of class
Major refurbishment (USDm 15-20) in 1997/98
by Diamond Offshore
Requires substantial investment in hull and topside
facilities
Living quarter, main engines, mooring winches
in fair condition and can be used
Hull back to class – est. cost USDm 12
Liberia flag
Working modes: Tender Drilling, Floating
Production, Accommodation / Service
Drilling ban – put on by Diamond to reduce
market capacity
Total preliminary cost estimates
Tender drilling USDm 70 +
Floating production (1) USDm 100 +
Accommodation (2) USDm 70 +
(1) 50.000 bbl/day
(2) 500 pers.
11

Confidential
Viking Prospector (ex. Ocean Prospector)
Purchase price USDm 14.25 as-is/where-is
Ocean Victory class
Built 1971 – Mitsubishi Heavy Ind., Japan
338’ x 263’ x 126’ hull
Stacked since 1998
Out of class
Last upgraded 1981
Requires substantial investment in hull and top-side
facilities
Hull back to class – est. cost USDm 15
Large deck space, particularly suited for floating
production
Marshall Island flag
Working modes: Floating Production, Accommodation /
Service
Drilling ban – put on by Diamond to reduce market
capacity
Total preliminary cost estimates
Floating production (1) USDm 120 +
Accommodation (2) USDm 110 +
Drilling (3) USDm 180 +
(1) 50.000 bbl/day
(2) 700 pers.
(3) 3.000 ft
12

Viking Drilling ASA management
Confidential
Ole Geir Hagen
New Houston based CEO
President & CEO
Strong background in finance and
restructuring.
– CFO Tandberg Data ASA (2003 – 06)
– CFO Management for hire (2002 – 03 & 1998 – 00)
– CEO Cappit ASA (2001 – 02)
– CFO Viking Supply Ships AS / Viking Rigs AS (1990 – 97)
– Vice President Oslobanken AS (1987 - 89)
– Financial Controller/Contracts Engineer Stolt-Nielsen
Seaway AS (1982 - 87).
Hagen holds a Master of Business
Administration degree from the Norwegian
School of Management, Oslo, Norway, 1981.
Viking Drilling is searching for a new CEO,
who will be based in Houston, Texas
Several qualified candidates have been
interviewed, all with substantial track
record and experience from the industry
Appointment of the CEO expected in 2 – 3
months
Source: Viking Drilling
13

Construction Management Team in place
Odin Rig Services Inc, Houston, Texas – construction manager for the
reactivation of Viking Producer
– Owned and headed by Mr Ole Peter Blom
– A team of 12 engineers and planners with 20 – 35 years experience from rig
reactivation and new builds
– Site office established at the yard; Gulf Copper, Galveston, Texas
– Early delivery bonus gives the construction management incentives to complete on
time and within cost estimate
Subcontracted engineering & marine consultants
- ODL Services (Noble Denton) – global analysis & stability
- Zentech Engineering – drilling systems
- Nimmo & Associates – structural engineering
- Grand Marine – weight control
- DCTEL – mooring analysis
Allum Marine AS, Sandefjord, Norway
– owner’s technical advisor and project verifier
Master Service Agreement signed with the yard; Gulf Copper,
Galveston, Texas
14

Confidential
Odin Rig Services – the Construction Manager
Ole Peter Blom
Odin Rig Services Inc. (the Blom Group) with
Ole Peter Blom in charge
Ole Peter Blom has 30 years experience from
leading management teams involved with
offshore drilling operations, rig new builds and
rig refurbishment projects
Mr. Blom has a reputation for completing
marine projects “correctly”, on time and on
budget. Mr. Blom holds a Norwegian Chief
Engineer license, Master of Science Mech.
Engineering
President/CEO, ADC TX, Client Sonangol
– USDm 40 conversion of Dolphin III shallow water jack up
drilling unit to Mobil Production Unit at Gulf Copper
Director of Engineering and Winterisation of
SS Eirik Raude, Halifax, Canada
Vice President of Engineering, Marine Drilling
Companies, Houston, Texas
- Responsible for all engineering and construction projects for
the company’s fleet of jack up and semi-submersible offshore
drilling rigs, including the USDm 270 U.S. deep water project
of Marine 700 and USD m 110 upgrade of Marine 500 to deep
water application. Completed on time – on budget.
Executive Vice President Operations &
Engineering, Arethusa Offshore, Houston, Texas
- Exmar, Belgium acquired Zapata Offshore together with
Swedish partners in 1991 and went public with the company
as Arethusa Offshore in 1994. Blom joined Exmar in 1981 and
held several positions with Exmar and Zapata / Arethusa until
the company was merged with Diamond Offshore in 1996.
Dyvi Offshore
- Responsible for 2 new build jack ups and 1 new build semi
Fearnley & Eger
- Responsible for site team in Finland for 2 new build semi’s
16

Allum Marine - tech consultants
Technical advisor and project verifier
– Perform independent progress survey of the reactivation work
on Viking Producer
– Verification of the quality of the work
Confidential
Track record
Allum Marine AS - a Norwegian engineering
company specializing in rig reactivation and rig new
buildings
Bideford Dolphin
Bingo 9000#1
Bingo 9000#2
Bingo 9000#3
Bingo 9000#4
Drill Semi
Drill Semi
Drill Semi
Drill Semi
Drill Semi
H3
Bingo
Bingo
Bingo
Bingo
Borgland Dolphin
Drill Semi
H3
Allum Marine AS provides high qualified engineering
services within naval architecture, marine- and
topside engineering and contractor services to shipand
offshore industries, highlighting all type of
floating units.
Borgny Dolphin
Borgsten Dolphin
Bow Drill II
Bow Drill III
Byford Dolphin
Deep Sea Bergen
Drill Star
Drillmar
Drill Semi
Drill Semi
Drill Semi
Drill Semi
Drill Semi
Drill Semi
Drill Semi
Drill Semi
H3
H3
Pacesetter
H4.2
H3
H3
Pacesetter
Pacesetter
Dundee Explorer
Drill Semi
H3
Dyvi Alpha
Drill Semi
H3
17

Gulf Copper Shipyard, Galveston, Texas
Confidential
The reactivation of Viking Producer will take
place at Gulf Copper shipyard, Galveston.
Steel-work, painting, sand blasting and
provide crane capacity and other support
services.
– Odin Rig Services – will engage specialized
contractors for other work
Gulf Copper 50 years experience
– Track record includes conversion of tankers to FPSOs
and major conversions on semi submersibles as well
as reactivated five jack-up rigs
– Since May 2005, about 10 rigs and vessels have been
dry docked
– 800 employees
The yard is located in an area with long
history within rig refurbishment and
construction, close to suppliers
Offshore track record
Major customers include
– GlobalSantaFe
– Nabors
– TODCO
– US Navy
18

Risk factors
Oil price – reduced drilling activity
Delay – time-to-market
Cost overruns
Personnel resources
19

Earnings and Cash flow scenarios
Confidential
Rig EBITDA (USDm)
Dayrate 2008 2009
Viking Producer 350 000 89 88
Viking Prospector 175 000 (1) 37
Viking Century 175 000 12 37
Rig EBITDA USDm 100 161
Per share (fully diluted) NOK 10,01 16,20
Net profit before tax USDm 70 104
Per share (fully diluted) NOK 7,00 10,48
Rig EBITDA (USDm)
Dayrate 2008 2009
Viking Producer 400 000 105 104
Viking Prospector 200 000 (1) 45
Viking Century 200 000 16 45
Rig EBITDA USDm 121 194
Per share (fully diluted) NOK 12,11 19,50
Net profit before tax USDm 91 137
Per share (fully diluted) NOK 9,10 13,78
Working mode, ready and CAPEX:
V. Producer – drilling Jan 2008, USDm 120
V. Century – tender July 2008, USDm 65
V. Prospector – floating prod. Jan 2009, USDm 120
Assumptions:
a) Utilization of Viking Producer 90% both years
b) Utilization of Viking Century 50% in 2008, 90% in 2009
c) Utilization of Viking Prospector 0% in 2008, 90% in 2009
d) OPEX 2008 - V. Producer $ 72,000 / dag + escalation 3%
e) OPEX 2008 - V. Century $ 55,000 / dag, escalation 3%
f) OPEX 2009 - V. Prospector $ 56,650 / dag
g) Other opex SG&A, 2008 - USDm 5, 2009 USDm 7
h) Depreciation 10 years, 2008 - USDm 15, 2009 - USDm 30
i) Reactivation cost of Viking Producer financed by USDm 70 debt
j) Reactivation cost of Viking Century of USDm 50 is financed by debt
k) Reactivation cost of Viking Prospector of USDm 105 is financed by debt
l) Interest cost new debt of 12%, 2008 - USDm 10, 2009 - USDm 20
m) Per share data fully diluted basis (62.8 mill shares incl. warrants)
20

Confidential
Appendix
21

Execution Team – key personnel
Dan R. Becker
Chief Operating Officer
30 years experience from the offshore drilling industry
20 years as drilling superintendent
Been responsible for:
preparation and development of specifications and
requirements for jack-up, platform and semi submersible
drilling rigs.
new construction jack-ups and completion of a bare hull
current latest generation deep water semi.
Responsible for technical and commercial evaluation of
shipyard bids and preparing recommendations to
management for yard selection.
Key management positions with companies such as:
National Oilwell - Site Project Manager
Pride International - Manager, LCM
Marine Drilling Companies - Vice President, Technical
Services
Global Marine Drilling - Senior Project Engineer, Subsea
Zapata Offshore / Arethusa – Drilling Superintendent
Earl Zimmer
Construction Manager
40 years of experience in all phases of Marine Engineering and
construction
Managed over 60 separate projects involving new construction and
refurbishment of jack-up and semi-submersible drilling rigs,
production platforms and marine supply vessels.
Key management positions with companies such as
ENSCO Offshore
Chiles Offshore
Nabors Drilling
First Wave New Park
Keppel Amfels
Eastern Electric
Avondale Shipyards in New Orleans, Louisiana.
22

Viking Producer, Rig Specifications
General
Drilling Equipment
Confidential
Rig Type Moored Semi Submersible Drilling Rig (SSDR)
Rig Design Forex Neptune Pentagone
Water Depth Rated 1500 ft
Drilling Depth 22000 ft
Hull Dimensions 325 ft x 328 ft x 133 ft
Draft, Operating 71,5 ft
Draft, Transit 52 ft
Draft, Survival 59 ft
Sustainable Weather Wave height 100 ft at 20 secs, 120 knot winds
current 2.5 knot, 32 F ambient
Capacities
Quarters 100 men
Helicopter Deck Suitable for S-61, 80 ft dia.
Life Boats Two (2) Schaat/Harding 75 men/each with davits.
Life Rafts Four (4) Viking 25 men raft with launching system.
Variable Deck Load 4,600 kips@71.5ft draft
Liquid Mud 2,600 bbls
Bulk Mud/Cement 10,000/3,500 cubic ft
Sack Storage 6,000 Sacks
Fuel 5,000 bbls
Drill Water 5,000 bbls
Potable Water 3,400 bbls
Main Power Four (4) EMD @ 2200 HP each.
Emergency Power One (1) EMD @750 HP
SCR System One (1) Ross Hill System for all DC Drives
Draw works One (1) 3,000 HP for 1 5/8” Drill line, Lebus drum
Rotary Table One (1) 49.5” with independent drive @ 800 HP
Top Drive One (1) Varco TDS “4” 30,000 ft/lbs torque
Mud Pumps Three (3) triplex @1,600 hp
Charge Pumps Three (3) Mission Magnum @ 100 HP each.
Degasser One (1) SWACO rated for full mud flow
Shale Shakers Four (4) BRANT Tandem screen
Hook Load 1,000 kips
Motion Compensator One (1) Vetco @ 400 kips dynamic with 15 ft stroke
Tensioners Eight (8) RS/RT @ 80 kips each stroke down
Four (4) RS/GL @14 kips each stroke up
Derrick Bolted 184ft high x 40 ft x 40 ft base
Moon pool Proposed 19.5 ft x 52 ft
BOP/Riser System LMRP, One (1) Ball joint, One (1) 18 ¾” upper
annular,
5,000 PSI, One (1) Connector Vetco, H4, bolted
top,
flange bottom, 5000 PSI
BOP-Stack Description Main Stack One (1) annular 18 ¾” x 5,000 PSI
flanged top Two (2) double ram 18 ¾” x 10,000 PSI One (1)
Well
head connector Vetco H4 10,000 PSI 1,500 ft Vetco
21” Riser, thirty (30) fifty(50)ft joints One (1) Slip Joint
with
integral C/K Jumper hoses
Choke and Kill Diverter System One (1) 3 1/16”, 10,000 PSI with three (3) chokes
One (1)
Vetco / Regan 500 PSI diverter with two (2) 16” flow
lines
Compensator One (1) RS@400 kips with 18' stroke
Riser Tensioner Eight (8) Single RS @ 80 kips, 640 kips total
Mooring System Ten (10) Anchor winches rated at 250 kips with 2
3/4'’
wire ( 500 ft of 3” chain ORQ at anchor end
Anchors Ten (10) 25 kips Stevpris Mark 5 or equivalent
Cranes Two (2) National OS 435 with 130ft boom
Two (2) National OS 325 with 130ft boom
23

Confidential
The mid-water floater Market
24

The world running out of oil production capacity ...
Global demand for oil & gas
continues to grow
– Offshore drilling expected to increase to meet oil
companies’ need for additional reserves
– Long upturn cycle expected in the oil service
industry
– Good visibility for the next 3-4 years
The world needs significant
investments in the whole energy
complex:
– Growth in demand for oil
– Replacement of old oil fields
There are reserves out there, the
challenge is to bring them onstream
– 25% of all oil companies highlights access to
drilling units as one of the major concerns and
challenges
The answer is more exploration!
90
85
80
75
70
65
60
55
50
45
40
1 9 7 1
1 9 7 3
Confidential
Excess oil supply in a squeeze
1 9 7 5
1 9 7 7
1 9 7 9
1 9 8 1
Excess oil production capacity (mbpd)
World Oil Demand (mbpd)
Spare capacity
1 9 8 3
1 9 8 5
1 9 8 7
1 9 8 9
1 9 9 1
1 9 9 3
1 9 9 5
1 9 9 7
1 9 9 9
2 0 0 1
2 0 0 3
2 0 0 5 E
30 %
25 %
20 %
15 %
10 %
5 %
0 %
Source: ODS Petrodata / BP
25

Mid-water Floaters in increasingly short supply
Confidential
Global demand for oil & gas continues
to grow
– Offshore drilling expected to increase to meet
oil companies’ need for additional reserves
168 floaters currently working
– 85% of total supply (including coldstacked/idle
units)
– Note that several rigs are cold stacked or in
shipyards for maintenance / upgrading
– All rigs that are able to work get contract in the
current market
210 floaters average 2007E demand
– Exceeding all available supply towards 2010,
even including upgrade/re-activation of all
currently idle units
No. of rigs
220
200
180
160
140
120
100
Floater supply and demand
Current Avg 2007
Demand Theoretical supply
Source: ODS Petrodata May 2006
26

Confidential
Mid-water dayrates have responded to shortage of rigs
Dayrates on a rising trend
– Passing USD 350,000 /day. Transocean foresees day rates of USD 350,000 – 450,000 for mid-water
floaters
$'/day
Mid water semi dayrates
400
350
300
250
200
150
100
50
0
Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06
UK Standard Semisubmersible (no 15K BOP)- Average
Fixture Comp- Rate Prev. Dura- Start-
22.aug Diamond Ocean Concord 2GSS Anadarko USGOM 272 170 90D mar.07
10.aug Songa Songa Mercur 2GSS Chevron Australia 300 300 90D aug.07
08.aug RIG Sedco 601 2GSS Daewoo MyanMar N/A 77 119D feb.07
27.jul Diamond Ocean New Era 2GSS W&T Offshore USGOM 255 135 90D aug.06
27.jul Diamond Ocean Whittington 2GSS TBA Trinidad 295 60 539D feb.07
14.jul Diamond Ocean Voyager 2GSS Marathon USGOM 300 125 60D aug.06
10.jul Diamond Ocean Concord 2GSS Tana Expl. USGOM 170 132 90D des.06
29.jun DO Ocean Voyager 2GSS Walter O&G USGOM 82 125 30D jan.07
29.jun Diamond Ocean Concord 2GSS Pogo USGOM 202 170 65D sep.06
27.jun Atwood Atwood S. Cross 2GSS Vanco Ukraine 325 302 40D jan.08
27.jun Atwood Atwood S. Cross 2GSS Vanco Ukraine 302 290 80D nov.07
23.mai RIG Sedco 706 2GSS Chevron Brazil 350 78 3Y mar.08
19.mai Diamond Ocean Nomad 2GSS Talisman UK 335 285 2Y aug.08
19.mai Diamond Ocean Princess 2GSS Talisman UK 335 152 2Y jan.08
17.mai RIG Transocean Amirante 2GSS Repsol USGoM 325 130 80D feb.07
28.apr Atwood Atwood S. Cross 2GSS TPAO Turkey 290 125 apr.07
27.apr RIG Sedco 703 2GSS Apache Australia 400 155 150D jan.07
17.apr RIG C.K. Rhein 2GSS Reliance India 339 64 2Y des.06
06.apr Pride Pride South Seas 2GSS Tullow Namibia 230 67 185D jan.07
30.mar Diamond Ocean Bounty 2GSS Woodside Australia 350 100 1Y okt.07
30.mar Diamond Ocean Patriot 2GSS Santos Australia 375 100 1Y feb.07
24.mar Diamond Ocean Lexington 2GSS BP Egypt 265 200 3Y okt.06
21.mar COSL Nanhai II 2GSS Genting Oil Indonesia 100 75 90D jun.06
16.mar CNSPC Kan Tan III 2GSS Rosneft Russia NA NA 90D jun.06
07.mar Stena Stena Clyde 2GSS Peak Australia NA 170 159D mar.06
03.mar FOE Bredford Dolphin 2GSS Peak UK 350 245 60D jun.06
22.feb Petrolia Petrolia 2GSS Petrolia UK 300 175 150D apr.07
02.feb Diamond Ocean Epoch 2GSS Shell Australia 225 225 1Y nov.06
West Africa Semisubmersibles 2001-5000'- Average
Source: ODS-Petrodata & Pareto Securities
27

Market highlights
In addition to the 34 rigs built for
the ultra deepwater market, one
semi for Iran and two units for the
North Sea designed for lower
water depths are also being
constructed
# of units
25
20
15
Worldwide floater fleet – order book only 19%
Total fleet 199 units
Average fleet age 20 years
49 units built since 1990
64 units built last 20 years
37 units under construction
Most newbuilds are deepwater
rigs, meaning that they will not
compete in Viking Producer’s
market segment
Viking Producer will enter the
market much faster than a
newbuild that is ordered at the
same time
10
5
0
0 1 2 9 10 16
21
1 97 0
1 972
1 974
1 97 6
14
0
2
1 978
1 98 0
1 982
4 5 14
20
9
7
5 4
5
2 1
2
1 984
1 986
1 988
1 990
0 0 0 0 0 0
1 992
1 994
1 996
Source: Pareto/ODS-Petrodata
6
17
13
13
11 10
1 1 2 2 1 2
1 998
2 000
2 002
2 00 4
2 006
2 008
4
2 01 0
28