Presentation by

Glen Olivera

CEO

Equatorial

Drilling

International

12 June 2008

Offshore Support Services

(OSS)Offshore Construction Services

(OCS)

Offshore Drilling Services

(ODS)

• Marine transportation

• Charter of offshore marine

support vessels

• Provision of diving support

vessels

• Shipyard facilities

• Ship repair and maintenance

• Subsea products

• Pipelay and subsea

construction

• Subsea maintenance

• Floating and fixed platforms

installation

• Subsea field commissioning

• Supply rig and crew

• Well services

• Work over services

• Drilling and service

applications

OVERVIEW OF SWIBER GROUP BUSINESS

• Ship repair and maintenance

services

• Shipbuilding services

• Conceptual and feasibility

• Front end engineering design

• Mooring systems design

• Basic and detailed engineering

• Start up and commissioning

• Operation and maintenance

• Vessel life extension

• Subsea field commissioning

• Mooring services

• Top side construction

• Installation and operations

1996 2002 2007

Offshore Drilling Services

Equatorial Drilling International

(Singapore)

Equatorial Drilling Services

(Singapore)

90%

100%

Offshore Construction Services

Swiber Rahaman (Brunei)

Swiber Offshore (Brunei)

Swiber Offshore (India)

PT Swiber Offshore (Indonesia)

51%

100%

100%

99.5%

Swiber Marine (Malaysia)

Swiber Engineering (Labuan)

100%

100%100%

100%

Offshore Support Services

Kreuz International (Singapore)

Kreuz Engineering (Labuan)

Kreuz Shipbuilding &

Engineering (Singapore)

Kreuz Offshore Marine

(Singapore)

100%

100%

PT Kreuz Berjaya (Indonesia)49%

Equatorial Driller

(Singapore)

100%

PT Swiber Berjaya (Indonesia)

Swiber Offshore Marine

(Singapore)

Swiber Offshore Construction

(Singapore)

80%

100%

100%

Swiber Maritime (Seychelles)

Swiber Marine (Singapore)

100%

100%

Swiwar Offshore (Singapore)50%

OBT Holdings (Singapore)30%

Principia Asia Pacific

Engineering (Singapore) 49%

Raymond Goh Jean Pers Darren Yeo Francis Wong Nitish Gupta

Executive Chairman

& Group CEO

Group Senior

Executive VP -

Engineering

Group Executive VP

- Marine

Group Executive VP

– CFO and

Corporate Services

Group Executive VP

– COO, Offshore

Construction

Services

SWIBER GROUP SENIOR MANAGEMENT

Services

DRILLING DIVISION MANAGEMENT

Glen Olivera Ee Li Choo Hilmy Chung Ron Schakovsky Richard Purcell

CEO VP - Operations CFO VP - Business

Development

HSE Manager

Execution Strategy

• Build a strong team:

– Upper management team

– Drilling team

– Core operation team

– Recruitment programme

� Build strategic assets:

Building a World Class Drilling Company

Deepwater – The Next Growth Frontier Execution Strategy

– Cost-effective newbuilds – Example, ED1

– Target market fundamentals

� Build markets

– Leverage on Swiber’s existing client base

– Target appropriate deepwater markets

� Secure Contract at Premium Dayrates

� Maintain Safe and Efficient Operations

• Expand Swiber’s Competitive Advantage

– Moving up the oil and gas value chain

• Leverage on the Drilling Team’s

Capabilities

A Top Notch Drilling Team

Glen Olivera

> 35 years of drilling experience• shelf operations in West Africa & Trinidad; ERD wells in the Netherlands & California; HPHT wells in Madura Straits & Mobile Bay; and the rocky mountain regions of USA

Graham Pomstra

> 28 years of drilling experience• Has worked for major drilling contractors - Transocean, Schlumberger, Sedco-Forex, Sedco, Sedneth

One of the most productive drilling team in the world

Drilled more than 140 deepwater wells and water depths approaching 7,800ft

Significant experience working on a full range of drilling vessels, water depths & weather conditions

Track record in drilling new basins, and commercial execution

Track record in technical innovation in drilling

Choo Ee Li

> 14 years of drilling experience• Has worked for major drilling contractors and operators -Schlumberger, Unocal, Santos and Hess• Expertise in designing and executing deepwater exploration wells

Bryan Archibald

> 32 years of drilling experience• Has worked for major drilling contractors and operators - Santos, Pearl, Nippon Oil, Daewoo Int’l, IPSAA, Lapindo Indonesia, Unocal, Transocean, Sedco-Forex, Sedco

Rick Dupin

>20 years of offshore oil & gas engineering and construction experience• shallow & deepwater experience in the design, installation of offshore facilities & mooring system• Managed project teams

Equatorial Team’s Drilling Track Record

25000000

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Drilling

Costs

Water

Depth

S

S

Over 140 wells in the last 7 years, or an average of 20 wells per year

Highly efficient drilling, with virtually all well drilled within US$10 million per well

Efficient drilling attributable to:

• Excellent planning, coordination and logistics skills

• Extensive well construction and drilling knowledge

• Extensive drilling experience

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Well drilled using subsea BOP

Well cost includes test cost

Case Study – The West Seno Project

Case Study – The West Seno Project (cont’d)

Executing the Nucoastal Drilling Project in the Gulf of Thailand

Nucoastal’s Forward Plan

� Nucoastal is the licensed offshore concession block of G3/43

� Equatorial has been awarded a 1+1 year drilling contract

� Operation to commence within the next few months

� There is limited entry opportunities

� A great stepping stone for Equatorial

Nucoastal’s Forward Plan

A Dedicated Supervision Team for the Equatorial Driller

Nicolas Genton

> 13 years of experience in design and construction of offshore drilling rigs.• Has worked for Schlumberger, Transocean, PT Apexindo.•Involved in design and construction of semi-subs, barges and jack-up rig

Paul Antunano

>34 years of experience in drilling and construction of drilling rigs.• Has worked for Schlumberger and Transocean• Involved in drilling operations, maintenance and repair of about 50 offshore rigs worldwide

A team with common past experience

A team with vertical knowledge & experience from basic design to drilling operation.

A team with horizontal knowledge & experience (naval architecture, electricity, drilling, structure, etc.)

A team with background on various type of offshore drilling rigs: semi-sub, jack-up, tender, etc…

Track record in construction from basic design to completion of vessel in Singapore

Olivier Chapuis

> 13 years of experience in engineering and design of drilling rigs.• Has worked for Schlumberger, Transocean, PT Apexindo.• Involved in design and construction of semi-subs, barges and jack-up rig

offshore rigs worldwide

Roberto Lopez

> 32 years of drilling experience• Has worked for Schlumberger and Transocean• Involved in drilling operations, design, repair and construction of about 50 offshore rigs worldwide

Patrick Courte

> 32 years of experience in engineering and construction of drilling rigs.• Has worked for Schlumberger and Transocean• Involved in construction and repair of about 50 offshore rigs worldwide

TECHNICAL ARRANGEMENT

Accommodation

Block

Drill Floor

Riser StorageLarge Pipe rack

General Outside

The Equatorial Driller

Designer Moonpool Consultants Pte Ltd

Builder TBD

Drilling Depth 9,144m (30,000 ft)

Water Depth From 50 m (165 ft)

Up to 1,830m (7,000 ft) w/ subsea BOP stack

Up to 2,600m (8,500 ft) w/ surface BOP stack

Classification Bureau Veritas

Flag TBD

Accommodation 136 Pax in single or double berth cabins

Main Characteristics

• Deep water drilling capabilities using well proven and easy-to-handle drilling equipment

• Capable of operations with surface BOP or subsea BOP in equatorial environment

Special Features

Equatorial Driller Specifications

• Large Variable Load capacity, large deck space

• Low maintenance and operating cost

• Zero-discharge capability integrated from the early design stage of the vessel

• Large BOP storage platform allowing safe maintenance and improved handling operations. Include facilities for handling wellheads and Shut In Device (SID)

• Fully integrated and ergonomic system for driller’s control and instrumentation

• High standard accommodations

Hull Length 161 m 528 ft

Hull Breadth 31 m 102 ft

Hull Breadth at water line 27 m 89 ft

Hull Depth 10 m 33 ft

Normal Operating Draft 4.75 m

Max Transit Draft (M.E.) 5.50 m

Maximum Load Line Draft 6.50 m

Moonpool

Width 9.0 m

Length 20.0 m (excluding beach)

Main Dimensions

Operating Areas for Equatorial Driller

00

Operating areas of interest

West

India

Nigeria

Arabian

Sea

Rated Water Depth : 50 to 8,500ftTargeted Countries

• Asia - Malaysia, Indonesia, Thailand, parts of India, parts of Vietnam and parts of Myanmar• West Africa – Angola, Nigeria, Liberia, Togo, Benin, Equatorial Guinea

Targeted Clients:

• Key NOCs: PETRONAS, Pertamina, PetroVietnam, ONGC• Key IOCs: XOM, BP, Chevron, Hess, COP, TOTAL, Murphy, Shell• Key Asian players: Reliance, SK, Santos

7West

Africa

S.E.A

Angola

Equatorial Driller – “The right rig for the right job”

Why are deepwater dayrates so high?

• Tight deepwater rig markets

• High capex for newbuilds - >US$700 million for new deepwater rigs

– Rig contractors must get high dayrates to cover high costs

GOM, North Sea, etc ED Operating Areas

“the Bath Tub”

New deepwater rigs are built for severe drilling environment of Gulf of Mexico, North Sea, etc

• Severe met ocean conditions

• Water depth > 10,000ft

• Drilling depth >30,000ft

Many areas targeted by Equatorial Driller have benign met drilling environment, where new deepwater rigs are over-spec and over-sized

• Benign met ocean conditions

• Water depth <8,000ft

• Drilling depth <20,000ft

Equatorial Driller – Significant cost savings for oil companies

• Significant savings through:

• a purpose built rig, like the Equatorial Driller

• drilling wells using surface stack BOP

Surface

BOP Mode

Sea Level

Conventional

Subsea Mode

21” Marine Riser Surface BOP

Sea Bed

21” Marine RiserWith buoyancy

18-3/4” SubseaBOP

High PressureRiser

Surface BOP(Jack up type)

Shut In Devicecontrolled byacoustic signal

� Faster to build

� Cost effective

Why Barge-Shaped instead of Semi-Submersible or drillship

� Cost effective

� Can be built by many yards

� Larger deck space for same amount of steel

� Larger loading capacity for same amount of steel

� Model test proves operability is very good in the targeted environment

� BETTER reliability for positioning lead to SAFER operations (well

testing, well control, drilling with HP riser)

� Environmental Friendly (less emissions)

� Lower OPEX (fuel, maintenance, crew)

WHY Moored Instead Of Dynamic Positioning?

� 40 years of field practice

• Stability Analysis

performed using

Moses. Approved by

Bureau Veritas.

• Hydrodynamic

analysis performed

with Diodore.

Checked motions,

accelerations and

validated hull size.

Model Tests Conducted

validated hull size.

• Model Test in various

sea states. Simulation

of target environment

(85 runs, wave &

current).

The rig can drill in head seas of 3.8m high which cover the 10 year return period of the region

Global Strength Analysis

of the Hull and

superstructure using

Structural FEM Analysis Conducted

superstructure using

NASTRAN ®

Structural Drawings are completed

and approved by Bureau Veritas

Main Scantling Has Been Approved By Bureau Veritas

• We have the Right People

– A strong management team

– The best drilling and operation team

– An abundance of drilling experience

• We have the Right Equipment

– ED is a unique targeted solution

– Purpose built and market driven demand

Critical Success Factors of Our Business Model

– Purpose built and market driven demand

• We have the Right Focus

– A clear vision

– A dedicated drilling management team to spearhead development

• We have Adequate Resources

– Strong commitment from Swiber group

– The next engine of growth for Swiber