Bondholder Presentation

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Bondholder Presentation CFO Peter K. Gjessing 8
Feb 2007
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Thule Power at QGM- Expected delivery May
07 Rebuilt 250 ft Jack-up 30.000 feet
drilling depth Quarters up to 108 people
Automatic pipe handling Varco Drilling package
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Thule PowerCantilever with drill floor and
derrick under completion
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(No Transcript)
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Thule Power Saudi Aramco Contract

• 4 year fixed contract, with one year option
• Commencement May 2007
• Penalties starts accruing at USD 73,500/day
  from 1 March 2007
• Contract Value USD 215 mill incl. mob
• EBITDA contribution over the fixed contract
  to Thule USD 123 mill
• Manager and Contractor KCA Deutag

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JU New buildings at QGM

• Friede Goldman Super M2 Design
• Proven design 30 units built (L780)
• 300 ft water depth w/fixation
• 30 000 ft drilling depth capacity
• Accommodation 100 people
• 3 000 ton variable load
• 57 ft cantilever reach
• Ideally suited for the Middle East area
• Delivery
• 1st unit 1st quarter 2008
• 2nd unit 2nd quarter 2008
• Both units are on schedule for these
• adjusted deliveries.

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NEWBUILDINGSAssembly site at QGMs main yard at
Hamriyah, UAE (Jan 2007)
Thule Energy Thule Force
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Thule Drilling marketing strategy newbuildings

• Thule Energy Thule Force
• Objective Long term contract for one of the
  rigs in place within 3Q 2007
• Market target Middle East South East Asia,
  where rigs are best suited
• Joint market approach with KCA Deutag to
  present to the customers a fully integrated
  Contractor
• Several bids submitted and rigs have been
  pre-qualified by several oil companies

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QGM Financial status today

• QGM is still short of funding to complete all
  three projects unless other work can be secured
  or additional funds are made available
• QGM and Thule Drilling are cooperating to find
  alternative sources for this funding
• Alternative sources being pursued
• Financial investors
• Industrial investors
• Thule Drilling already made USD 22 mill
  available
• All alternatives will probably entail change of
  control or substantial ownership transfer of
  shares in QGM
• Value of QGM is more than funding required and
  debt to Thule

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Thule Drilling exposure for bond holders (USD
mill)
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Thule Drilling continues to be an attractive
investment case

• Thule Power is a profitable project
• Cost is still low compared with newbuildings
• Attractive contract with payback well within
  the contract term
• Two new jack-ups under construction at attractive
  prices
• Two Jack-ups delivered at the right time in an
  expected promising market
• QGM a lesson learnt Thule has better control
  of their operation
• QGMs infrastructure and yard facilities nearly
  fully upgraded (USD 20 mill invested)
• Thule Drilling favorable balance sheet with
  around 45 equity (on proforma balance)