Market Update. 27 th of May August 2013

26 August 2013

Market Update

Contract Status – Floaters NCS

2

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D WEST NAVIGATOR Seadrill Norway 5 Y N 15 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6

TRANSOCEAN SPITSBERGEN Transocean Statoil Norway 547000 6 Y Y 15 # # # # # #6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6

WEST RIGEL Seadrill Singapore Singapore 6 Y Y 15 # # # # # # 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6

TRANSOCEAN SEARCHER Transocean BG Group Edison Norway (Norway) / Norway396000 3 N Y 15 # # # # # # # 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6

WEST VENTURE Seadrill Statoil Norway 444000 5 Y N 15 # # # # # # # 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6

DEEPSEA ATLANTIC Odfjell Drilling AS Statoil Norway 490000 6 Y Y 15 # # # # # # # #6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6

TRANSOCEAN BARENTS Transocean Shell Norway (Norway) 615000 6 Y Y 15 # # # # # # # # # 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6

BREDFORD DOLPHIN Fred Olsen Energy AGR AGR Norway Norway / (Norway)442000 2 N Y 10 # # # # # # # # # #6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6

COSLPROSPECTOR COSL Europe CNOOC China China 5 Y Y 15 # # # # # # # # # # # # 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6

NORTH DRAGON North Sea Rigs China 5 Y Y 15 # # # # # # # # # # # # 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6

ISLAND INNOVATOR Odfjell Drilling AS Lundin Oil Norway (Norway) / Norway470000 6 Y Y 15 # # # # # # # # # # # # 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

SONGA TRYM Songa Offshore Statoil Statoil Norway UK / Norway 355000 2 N Y 10 # # # # # # # # # # # # # #2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

LEIV EIRIKSSON Ocean Rig ASA RMN Norway (Norway) / Norway560000 5 Y Y 15 # # # # # # # # # # # # # # # 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

STENA MIDMAX Stena Drilling South Korea 6 Y Y 15 # # # # # # # # # # # # # # # # # 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6

TRANSOCEAN WINNER Transocean Det Norske OljeselskapDet Norske OljeselskapNorway Norway 425000 3 N Y 15 # # # # # # # # # # # # # # # # # #6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6

WEST ALPHA Seadrill ExxonMobil Norway 560000 4 N Y 15 # # # # # # # # # # # # # # # # # # # 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6

COSLPIONEER COSL Europe Statoil Norway (Norway) 420000 6 Y Y 15 # # # # # # # # # # # # # # # # # # # 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6

TRANSOCEAN ARCTIC Transocean RMN OMV Norway Norway 428000 4 N Y 15 # # # # # # # # # # # # # # # # # # # # # 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6

SONGA DELTA Songa Offshore Statoil Statoil Norway Norway 373000 3 N Y 15 # # # # # # # # # # # # # # # # # # # # # 2 2 2 2 2 2 2 2 2 2 2 2 6 6 6

SONGA DEE Songa Offshore Statoil Norway Norway 345000 3 N Y 15 # # # # # # # # # # # # # # # # # # # # # #2 2 2 2 2 2 2 2 2 2 2 26 6

STENA DON Stena Drilling Statoil Norway Norway 497000 5 Y N 15 # # # # # # # # # # # # # # # # # # # # # # # 2 2 2 2 2 2 2 2 2 2 2 2 6

BEACON ATLANTIC North Sea Rigs China 5 Y Y 15 # # # # # # # # # # # # # # # # # # # # # # # # 6 6 6 6 6 6 6 6 6 6 6 6

WEST HERCULES Seadrill Statoil / Statoil Norway / CanadaNorway 500000 / 500000 6 Y N 15 # # # # # # # # # # # # # # # # # # # # # # # # # 2 2 2 2 2 2 2 2 2 2 2

SCARABEO 8 Saipem S.p.A. ENI Norway Norway 460000 6 Y Y 15 # # # # # # # # # # # # # # # # # # # # # # # # # 2 2 2 2 2 2 2 2 2 2 2

BIDEFORD DOLPHIN Fred Olsen Energy Statoil Norway 475000 3 N Y 10 # # # # # # # # # # # # # # # # # # # # # # # # # # # 6 6 6 6 6 6 6 6 6

DEEPSEA BERGEN Odfjell Drilling AS Statoil Statoil Norway Norway 340000 3 N Y 15 # # # # # # # # # # # # # # # # # # # # # # # # # # # # # #2 2 2 2 2 2

SCARABEO 5 Saipem S.p.A. Statoil Norway Norway 495000 4 Y Y 15 # # # # # # # # # # # # # # # # # # # # # # # # # # # # # #2 2 2 2 2 2

BORGLAND DOLPHIN Fred Olsen Energy RMN (Repsol) / RMN Norway (Norway) / Norway520000 3 N Y 15 # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # 6 6 6

COSLINNOVATOR COSL Europe Statoil Norway Norway 420000 6 Y Y 15 # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # #

COSLPROMOTER COSL Europe Statoil Norway Norway 420000 6 Y Y 15 # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # #

SONGA EQUINOX (CAT D I) Songa Offshore Statoil South Korea Norway 6 Y Y 10 # # # # # ## # # # # # # # # # # # # # # # # # # # # # # # # # # # # #

SONGA ENDURANCE (CAT D II) Songa Offshore Statoil South Korea Norway 6 Y Y 10 # # # # # # ## # # # # # # # # # # # # # # # # # # # # # # # # # # # #

SONGA ENCOURAGE (CAT D III) Songa Offshore Statoil South Korea Norway 6 Y Y 10 # # # # # # # # ## # # # # # # # # # # # # # # # # # # # # # # # # # #

SONGA ENABLER (CAT D IV) Songa Offshore Statoil South Korea Norway 6 Y Y 10 # # # # # # # # # # ## # # # # # # # # # # # # # # # # # # # # # # # #

FIRM CONTRACT OPTION

CONSTRUCTION/YARD NEWBUILDINGS

2015 2016 2017

M BOP

DP Country Next Countries Current

Rate Gen

Contract Status & Expected demand NCS

Average Dayrates - NCS

Contract Status – Floaters UKCS

J F M A M J J A S O N D

J F M A M J J A S O N D

BORGNY DOLPHIN

Fred Olsen Energy

Cold Stacked

UK

2

N

Y

10

6 6 6 6 6 6 6 6 6 6 6 6

6 6 6 6 6 6 6 6 6 6 6 6

OCEAN VANGUARD

Diamond Offshore

Cold Stacked

UK

3

N

Y

15

6 6 6 6 6 6 6 6 6 6 6 6

6 6 6 6 6 6 6 6 6 6 6 6

OCEAN NOMAD

Diamond Offshore

Cold Stacked

UK

2

N

Y

10

# #

6 6 6 6 6 6 6 6 6 6

6 6 6 6 6 6 6 6 6 6 6 6

OCEAN PRINCESS

Diamond Offshore

Cold Stacked

UK

2

N

Y

15

# #

6 6 6 6 6 6 6 6 6 6

6 6 6 6 6 6 6 6 6 6 6 6

TRANSOCEAN PROSPECT

Transocean

On Contract - New Contract

ConocoPhillips

UK

376000

3

N

Y

15

# # # # #

6 6 6 6 6 6 6

6 6 6 6 6 6 6 6 6 6 6 6

OCEAN GUARDIAN

Diamond Offshore

On Contract - Extension

Shell

UK

350000

3

N

Y

15

# # # # # # #

6 6 6 6 6

6 6 6 6 6 6 6 6 6 6 6 6

WEST PHOENIX

Seadrill

On Contract - Extension

Total

UK

445000

6

Y

Y

15

# # # # # # #

6 6 6 6 6

6 6 6 6 6 6 6 6 6 6 6 6

OCEAN VALIANT

Diamond Offshore

On Contract - New Contract

Premier Oil

UK

UK

320000

4

N

Y

15

5 5 5

# # # # # # #

2 2

2 2 2 2

6 6 6 6 6 6 6 6

PARAGON MSS1 (N TON VAN LANGEVELD)Paragon Offshore

On Contract - New Contract

Nexen

Nexen

UK

UK

280000

3

N

Y

10

# # # # # # # # # # # #

6 6 6 6 6 6 6 6 6 6 6 6

SEDCO 711

Transocean

On Contract - Extension

Talisman

UK

350000

3

N

Y

15

# # # # # # # # # # # #

6 6 6 6 6 6 6 6 6 6 6 6

WILHUNTER

Awilco

On Contract - Extension

Hess

UK

(UK)

385000

3

N

Y

15

# # # # # # # # # # # #

6 6 6 6 6 6 6 6 6 6 6 6

SEDCO 714

Transocean

On Contract - New Contract

Total

UK

440000

3

N

Y

15

# # # # # # # # # # # #

# #

6 6 6 6 6 6 6 6 6 6

SEDCO 704

Transocean

On Contract - New Contract

Maersk Oil

Maersk Oil

UK

UK

365000

2

N

Y

15

# # # # # # # # # # # #

# #

6 6 6 6 6 6 6 6 6 6

BYFORD DOLPHIN

Fred Olsen Energy

On Contract - Extension

BP

UK

(UK) / UK

345000

2

N

Y

15

# # # # # # # # # # # #

# # # #

2 2 2 2 2 2 2 2

STENA SPEY

Stena Drilling

On Contract - Exercised Option

EnQuest

UK

285000

3

N

Y

15

# # # # # # # # # # # #

# # # # # # # # #

6 6 6

BLACKFORD DOLPHIN

Fred Olsen Energy

On Contract - New Contract

Nexen

Chevron

UK

UK

426000

4

N

Y

15

# # # # # # # # # # # #

# # # # # # # # # # # #

PAUL B. LOYD JR.

Transocean

On Contract - Extension

BP

UK

UK

430000

4

N

Y

15

# # # # # # # # # # # #

# # # # # # # # # # # #

WILPHOENIX

Awilco

On Contract - New Contract

Apache

UK

UK

387000

3

N

Y

15

# # # # # # # # # # # #

# # # # # # # # # # # #

OCEAN PATRIOT

Diamond Offshore

On Contract - New Contract

Shell

UK

UK

401000

3

N

Y

15

# # # # # # # # # # # #

# # # # # # # # # # # #

TRANSOCEAN LEADER

Transocean

On Contract - New Contract

EnQuest

UK

335000

4

N

Y

15

# # # # # # # # # # # #

# # # # # # # # # # # #

BOLLSTA DOLPHIN

Fred Olsen Energy

Under Construction / Waiting for Contract

Chevron

South Korea UK / (UK)

7

Y

Y

15

# # # # # # # # # # # #

# # # # # # # # # # # #

DEEPSEA ABERDEEN

Odfjell Drilling AS

Transit / Not available

BP

UK

UK

6

Y

Y

15

# # # # # # # # # # # #

# # # # # # # # # # # #

FIRM CONTRACT

OPTION

CONSTRUCTION/YARD

NEWBUILDINGS

Name

Contractor

Status

Operator

Next

Operators

Country

Next

Countries

Current

Rate

Contract Status & Expected demand - UKCS

Opportunities NCS “Floaters”

•

Statoil - Johan Sverdrup – 3yr. Firm. Commencement Q2 2016.

•

Det norske – Alvheim - 4 wells firm (250 days). Commencement 2

nd

_{half 2016. Det}

norske plans to award in late June.

•

Wintershall – Maria – 600 days. Commencement in Q1 2017.

•

RWE Dea – Zidane – 4 wells firm (250 days).

•

Other Independent Operators considering programs for 2017.

•

When will Statoil contract more rig’s?