Global Geo Services GGS ASA

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• Global Geo Services - GGS ASA
• Pareto Securities 15th Annual Oil Offshore
  Conference
• Oslo, 10 September 2008
• CEO Knut Øversjøen

Copy of presentation available on www. GGS.no
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GGS Sales are three times higher, EBITDA is 83
MNOK higher than LY

• Headlines 2nd quarter
• MNOK

• Rig operation starts to be reflected in
  financial figures
• - Alligator has been in drilling period since
  31. January
• - Barracuda went into drilling period 28. April
• - Al Baraka 1 in final phase of yard stay
• Seismic operation carved out and sold to
  Spectrum ASA - Spectrum ASA is now listed on
  Oslo Axess

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GGS exposure post Spectrum
GGS is a dedicated niche rig company
GGS ASA
3 Tender Barges
PC 2000
Taxloss Carry forward
Other

• Long term contracts
• Tax efficient Singapore structure

• MC Library to be capitalized

• Combined with PC 2000 should add shareholder value

• Clean up of old commitments, and Spectrum related
  exposures

• Gross debt MUSD 150
• Cash and cash equiv MUSD 54
• Spectrum transaction effects MUSD 18
• Spectrum receivable MUSD 29
• Calcualted NIBD 30. June 2008 MUSD 49

• Expect to be debt free in 2009
• Limited leverage compared to asset values

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Agenda

• GGS Update
• 2. GGS going forward
• 3. Financial information

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• Contract summary

Petronas final contract as of 10. September
2008.
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Alligator Non-propelled self erecting tender rig

• Acquired from Pride International 29 January 2008
• The modularized drilling package is lifted from
  the unit onto the platform prior to drilling
  operations.   
• Alligator is moored next to the platform rig
  during drilling operations, contains living
  quarters, storage for drilling supplies, power
  machinery for running the drilling equipment,
  helicopter deck, and well completion equipment.
• Alligator has been operating for several years
  offshore West Africa currently on a contract
  with Chevron in Angola with a confirmed duration
  up until end of 2008.
• At completion of this contract Alligator will be
  moved to Singapore for Class recertification and
  gross maintenance work.

Rig Type Self Erecting Drilling Tender Drilling
Depth 20,000 ft Classification Bureau
Veritas Registry Country Singapore Built
Year 1982 Water Depth 115 450 Hull Dim.
(LBD) 300 x 90 x 20 Variable deck load 5,732
tons Power Plant 4 x 3,516 kW Accommodation 110
beds
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Alligator -Consistent Operation in Angola

• Agreement with Pride International to complete
  the CABGOC Contract on behalf of GTB, estimated
  to end January/February 2009
• 1 year fixed contract _at_ 110,000USD/dayrate
• Operation Results produced by Pride so far is
  satisfactory, more or less in line with
  budgets
• GTB/KCAD has a team in place in Angola
  to follow the operation
• GTB/KCAD is currently planning the SPS to
  be carried
  out in Q1/Q2 2009
• Final contract with Petronas Carigali, 4 year,
  one year option, averagre 135,000 USD/dayrate.
  Cost escalation included in the price formula.

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Barracuda- Non-propelled self erecting tender rig

• GTB acquired Barracuda 20th February 2008
• The modularized drilling package is lifted from
  the unit onto
• the platform prior to operations.   
• Barracuda is moored next to the platform rig
  during drilling
• operations, contains living quarters, storage for
  drilling
• supplies, power machinery for running the
  drilling equipment,
• helicopter deck, and well completion equipment.
• Class recertification (SPS) and some upgrade work
  Keppel
• Gul Yard, from January to March 2008
• Major upgrades has included
• Power Assoc. Equipment
• Accommodation refurbishment
• Lifting and handling equipment
• BOP

Rig Type Self Erecting Drilling Tender Drilling
Depth 20,000 ft Water Depth 50
450 Classification Bureau Veritas Registry
Country Singapore Built Year 1982 Hull Dim.
(LBD) 300 x 90 x 20 Variable deck load 4700
tons Power Plant 4 x 3,512 kW Accommodation 120
beds
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Barracuda in full operation for TOTAL in Indonesia

• 21 year drilling contract with Total Indonesie
• 2 year fixed contract _at_ 105,000USD/dayrate
• 1 year optional _at_ 105,000USD/dayrate
• Commencement of Contract with Total Indonesia on
  28th April 2008
• GTB has established a base in Balikpapan,
  Indonesia
• GTB holds catering, labor and yard contracts in
  Indonesia in order to fulfill the contract
  obligations towards TOTAL
• Operation Results produced by so far is
  satisfactory
• Current operation Drilling on Sisi platform,
  Kalimantan

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AL Baraka 1 Non-propelled self erecting tender
rig

• GTB acquired 20th February 2008
• As a tender assist drilling unit the Al Baraka
  will operate alongside fixed offshore platforms
  where all drilling operations are conducted on
  the fixed platform while drilling support
  functions are on the floater.
• The market for this type of drilling units are
  typically in benign offshore waters of West
  Africa and South East Asia.
• After several years of operation offshore West
  Africa the Al Baraka is in Singapore for Class
  recertification and upgrade work
• Major upgrades has included
• Power Assoc. Equipment
• Accommodation
• New Cranes
• BOP
• Safety Equipment
• Drilling Package
• VCD Mud Treatment system
• Anchor Winches and mooring systems

Rig Type Self Erecting Drilling Tender Drilling
Depth 20,000 ft Classification Bureau
Veritas Registry Country Singapore Built
Year 1993 Water Depth 40 650 Hull
(LWD) 320 x 105 Variable deck load 4700
tons Power Plant 4 x 3,512 Accommodation 100
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AL Baraka 1 Shipyard Project at Keppel Gul Yard

• ETA Shipyard 16th April 2008, ETD September
  2008
• GTB holds a 31 year drilling contract with
  Brunei Shell Petroleum
• 3 year fixed contract _at_ 125,000USD/dayrate
  escalation
• 1 year optional _at_ escalated/dayrate
• GTB has established a base branch in, Kulai
  Beleit, Brunei
• GTB holds catering, labor and yard contracts in
  Indonesia in order to fulfill the contract
  obligations towards Brunei Shell Petroleum
• Initial operation Drilling on Mampak platform,
  offshore Seria, Brunei

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Agenda

• GGS Update
• GGS going forward
• Financial information

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• Strategic focus going forward

• Further develop organisation
• Operating skills
• Yard expertise
• Cost
• Focus

• Strong shareholder base
• Organisational ability
• Transaction
• Operational

Competence Shipyard knowledge Capable
financially
Related assets available Niche segments in same
geographical areas
Increased activity in region? Loss carried
forward Optimize shareholder value with short to
medium term time horizon
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• Take part in consoldation

GGS is willing to consolidate if the right
structure / market values are in place.
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• New builds

• A new design is under consideration
• Current market characteristics
• Few new builds currently in the market
• Major EP companies are currently considering
  long term commitments
• Selected and well known shipyards are under
  evaluation

• Expected new build prices are MUSD 170-200,
  dependent on specifications
• ONLY an alternative for GGS with a long term
  contract in advance (gt 4 years)

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• Is it an option to acquire related assets?

• Build on current core competences
• Shallow water exposure is an attractive niche
  market
• Asian pacific is the most promising geographical
  area short term
• There are current assets available for sale
• Current credit crunch might result in distress
  sales 2008/2009

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PC2000 is an alternative spinoff case out of GGS?

• PC 2000

• The survey covers the Iranian part of the Persian
  Gulf and Gulf of Oman.
• Invested 710 MNOK in 1999-2002.
• Database
• 2D 100 000 line km.
• 3D 3 250 km².
• National Iranian Oil Company (NIOC) has given GGS
  exclusive rights to the library and all offshore
  Multi Client work until 2012.
• Revenues totals 550 MNOK
• Sales to 16 companies.
• Uplifts if the companies are awarded licenses or
  start production.
• Revenues 1.half 2008 is MNOK 11
• Another MNOK 11 in revenues happened in
  September.
• Some activity in the region might result in some
  interest towards year end.
• One of the most promising areas to develop in
  the years to come if the political situation
  stabilises.

GGS block
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Agenda

• Rig operation
• GGS going forward
• Financial information

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• P/L 1st half

Figures are unaudited As a result of rounding
differences, numbers or percentages may not add
up to the total.
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• P/L 1st half

Figures are unaudited As a result of rounding
differences, numbers or percentages may not add
up to the total.
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• Balance sheet 1st half - Assets

Figures are unaudited As a result of rounding
differences, numbers or percentages may not add
up to the total.
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• Balance sheet 1st half Equity and liabilities

Figures are unaudited As a result of rounding
differences, numbers or percentages may not add
up to the total.
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• GGS Going forward

• Finalize Al Baraka 1 yard stay
• Prepare Alligator for new contract
• Consider new built
• Consider MA projects
• PC 2000

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Thank you for the attention !