Premium At Work. Page 1

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2 Premium At Work Page 1

3 Guided by our Vision Safety as our greatest responsibility Environmentally responsible Develop and train our people Modern fleet of rigs with outstanding capabilities Page 2

4 Main Office Locations HOUSTON DUBAI SINGAPORE Page 3

5 Base Office Locations AHMEDABAD SHENZCHEN MUMBAI HO CHI MINH CITY SINGAPORE MIRI / BRUNEI PERTH Page 4

6 Fleet Status Page 5

7 Personnel Diversity Page 6

8 Wells Drilled Well Operations to Date Premium s Uptime Average: 96.4% 8 new build start-up Operations Q2 06 QTR QTR Q3 06 Q4 06 All Wells Drilled Q1 07 Q2 07 Q4 07 HP/HT Wells Drilled Page 7

9 Brief Oil and Gas Market Overview Page 8

10 Reserve Replacement Ratio (RRR) Replacement Ratio ( ) E 2007 Estimate Source: S/E/B Enskilda Page 9

11 Average RRR (2005 to 2010)??? Aramco and Other OPEC??? PEMEX 43% Royal Dutch Shell 75% BP 85% Exxon Mobil 90% Conoco Phillips 96% Chevron 110% Replacement Ratio % RRR Target for all companies should be Greater than 100%. Aramco s RRR is a closely guarded secret. Others worthy of note expected for 2007: Petrobras = 113% and ONGC = 135% Source: Operating Companies, RigZone and Businessweek Page 10

12 Exploration s Share of E&P USDm Lowest Ever Seen Share Exploration of Total E&P % E 2008E 2009E USDm Share Exploration of Total E&P (%) Source: S/E/B Enskilda Page 11

13 Oil and Gas Market Outlook Sustainable high commodity prices Oil and Gas demand continues to grow steadily (2% per annum) Production must grow to meet demand Minimal Spare Production Capacity Reserve Replacement and therefore exploration, must increase to achieve Greater than 100% Development Spending has short-term priority. The long term solution has to be increased spending on exploration. Page 12

14 How will increased exploration and production be achieved? More drilling via drill bit and stimulation (NOC Approach) Technology and Cost Efficiency Drilling for gas needs to increase significantly Drilling deeper more challenging wells (30,000 feet+) Drilling in water depths greater than 300 feet Page 13

15 Jack-Up Rig Market Page 14

16 120 Special Capability Jackups Supply & Demand Worldwide: Non-Harsh and Harsh jan.2005 jan.2006 jan.2007 jan.2008 Source: Fearnley Offshore Existing contracts Options Requirements Possibles Supply Page 15

17 30 New Build Special Capability Jack-ups (excludes Chinese new builds for the Chinese market) Number of Rigs Contracted Number of Rigs w/ No Contract Number of Rigs Contracted Source: Fearnley Offshore / Petrodata / Stewart Group Premium Rigs Number of Rigs w/ No Contract Page 16

18 Special Capability Jack-Up Rate, Duration and Lead Times 1,080 days $270, days 900 days 810 days 720 days $180, days 540 days 450 days 360 days $90, days 180 days 90 days days Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q $0 Lead time Avg Firm contract duration Average DayRate Avg Lead Time Avg Firm Contract Duration Avg DayRate Source: Fearnley Offshore Page 17

19 Forthcoming Jack-Up Opportunities Special Capability Jack-Up opportunities we are either already participating in or following closely are 19 in total as follows: M. East = 7 S. E Asia = 4 Mediterranean = 4 Venezuela and S. America = 3 Russia = 1 Page 18

20 Forthcoming Jack-Up Opportunities Non-Special Capability Jack-Up opportunities we are also following very closely and are of interest because of their duration are 19 in total as follows: M. East = 10 W. Africa = 4 Mediterranean = 4 S. America = 1 Page 19

21 Recent Special Capability Jack-up Fixtures Region Operator Rig Duration Approx. Rate Angola CABGOC Rowan Gorilla VII 2 Yr + 1 Yr Option $315,000 Vietnam Premier WilBoss 6 or 12 Months $220,00 or $210,000 India Reliance Deep Driller 4 Bangladesh Cairn Deep Driller 5 6 to 8 months India GSPC Deep Driller 1 Trinidad BP 1 Yr + 2 x 6 Month Options $197,000 10K = $198,000, 15K = $210,000 2 Yrs + 1 yr Option $196,000 GSF Constellation 1 18 months $218,00 UAE DPE Maersk HE1 3 Years $185,000 Oman RAK Petroleum Offshore Courageous 6 months + 6 months option $190,000 Page 20

22 Jack-Up Market 2008 and 2009 Supply and Demand information indicates the Jack-Up Rig Market continues to look in balance to the end of 2008 A good indicator of a tight market is the lead time between tendering and commencement of work currently 6 to 9 months average Demand in 2009 becoming clearer; we are seeing evidence of good requirements in 2009 for high spec units. Given the continued growth in demand, the need to replace reserves and strong commodity prices, the assumption for 2009 is that the jack-up supply and demand will continue to be in balance. Operators are continuing to exercise existing contract options Operators already contracting special capability jack-ups preparing for more deeper and challenging drilling Page 21

23 Conclusion For Awilco and Premium There have been some negative releases lately from analysts and investment banks; however, these are in contrast with the following market fundamentals: Sustained high oil price Increasing demand for oil and gas The need to replace reserves A balanced international jack-up rig market (2008 known, 2009 expected.) The drilling of deeper, more challenging wells The AWILCO Offshore fleet of special capability jack-up drilling units, managed by Premium Drilling, is ideally placed to meet future demand and continue to participate successfully in this strong market. We expect to be able to continue to secure good contracts at the current levels (or better) being achieved in today s market. Page 22

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