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Standard Drilling Company Presentation June 2012 PURPOSE

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Standard Drilling Company Presentation June 2012 PURPOSE Standard Drilling Company Presentation June 2012 PURPOSE S.D. Standard Drilling was established for the purpose of creating shareholder value by building a premium oilfield services company through superior assets, systems and people. VISION S.D. Standard Drilling will build a world‐class drilling company focused on the safety of its crew, satisfying customers through the delivery of high quality services and creating shareholder value through growth and consolidation globally. The Company will capitalize on the strong market opportunity and demand for premium jack‐up rigs due to an ageing worldwide rig fleet that requires replacement and new technologies and environmental features more desirable in the current regulatory environment. The Company is run with a financially conservative profile. 2 Standard Drilling Strengths Experienced Management Committed and Experienced Team with Strong Track Sponsors Record Proven Rig Design Conservative Financial Profile Constructed at an Experienced Shipyard Source: Company 3 Company Timeline 2014: One rig to be delivered 2012: Marketing the rigs Raising takeout financing Establishing operations Oct 2011: Hired CFO Geir Johansen 2013: Five rigs to be delivered April 2011: $330 million private placement Acquired two rigs from Clearwater Q1 2012 Hired VP HSEQ, VP Eng., Mgr. of Operations Ordered four rigs at Keppel Dec 2011: Hired COO Mike Kelley Dec 2010: $42 million private placement Standard orders first rig Nov 2011: Closed sale of B319 Clearwater orders two rigs March 2011: Listed on Oslo Axess Source: Company 4 Proven Rig Design Constructed at an Experienced Shipyard Proven Rig Design Accepted Across the Industry The KFELS B‐Class jackup rig is a first class rig design accepted by all major E&P companies 24 Mod V B Class jackup units built by Keppel in Singapore since 2006 State‐of‐the‐art equipment including National Oilwell Varco Drilling Package and Cameron B.O.P. Experienced Shipyard Ensures On‐Time and On‐Budget Delivery Established in 1967, Keppel FELS is the global leader in rig design, construction and repair, ship repair and conversion and specialized shipbuilding The world’s leading jackup construction yard with an excellent track record, having built over 40% of the world’s jackups in the last 10 years Negligable Newbuild Risk! 5 KFELS mod V B‐class Yes Yes 6 Superior Delivery Schedule First remaining rig delivery in February 2013 Uniform rig design reduces project cost and creates efficiency in post delivery operations Timeline ¾Q4 ¾Q1 ¾Q2 ¾Q3 ¾Q4 ¾Q1 ¾Q2 ¾Q3 ¾Q4 ¾Q1 ¾Q2 2011 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 July B 319 2012 Feb B 324 78% complete 2013 June B 325 65% complete 2013 July BStd 337 Rig 3 (opt) 37% complete 2013 Nov B 338 2013 B 339 Dec 2013 B 340 May 2014 Source: Company 7 S.D. Standard Drilling PLC. Group –Legal Structure Investors OlOslo Axess SDS.D. Stan dar d Dr illing Plc. Cyprus 100 % Offshore Driller Offshore Driller Offshore Driller Offshore Driller Offshore Driller Offshore Driller S.D. Standard Drilling Pte Ltd. B324 Ltd. B325 Ltd. 1 Ltd. 2 Ltd. 3 Ltd. 4 Ltd. Singapore Cayman Cayman Cayman Cayman Cayman Cayman Islands Islands Islands Islands Islands Islands Holding Holding Holding Holding Holding Holding Singapore company company company company company company Management for B324 for B325 for B337 for B338 for B339 for B340 Company 8 Equity Ownership by Country Equity Ownership by Country 2% 2% 3% 3% 2% Norway 4% Cayman Islands 30% USA 5% Belgium UK 9% Germany Sweden Luxembourg 10% Monaco Finland 30% Other 9 Committed and Experienced Sponsors Asian focused private equity firm with Norwegian investment firm with solid track record substantial experience in the offshore drilling sector Actively involved in portfolio companies, assisting companies in improving Successfully invested in 16 rig projects performance, capital structure and including Songa Offshore, Standard corporate governance Drilling ASA and Offshore Rig Services Equity Ownership Percentage Clearwater 29.9% QVT 10.5% Ferncliff 8.5% Goldman 6.4% Others 44.7% Source: Company 10 Standard Drilling –Corporate Structure CEO Adm. mgr. CFO COO VP-Mkt. Accounting Engineering Tendering Procurement HSEQ Marketing IT & OtiOperations Integration HR Crewing 11 Management Team • Martin Nes has more than 15 years of experience within the maritime and offshore industry. He CEO has a law degree from University of Oslo, Norway and also holds a Master of laws’ degree from Martin Nes University of Southampton, England. He started his career as a lawyer with the shipping law firm Evensen & Co and worked several years for the international law firm Wikborg Rein, before joining Ferncliff TIH AS where he has been serving as Chief Executive Officer. • Geir Johansen has more than 20 years of experience within the maritime and oil and gas industry across Asia, the Americas and Europe. Previously he served as CFO for DOF Subsea Group, a CFO unit of DOF ASA, a company which owns and operates a fleet of offshore/subsea vessels and Geir Johansen provides engineering services. Prior to DOF, he was at Det Norske Veritas (DNV) Maritime, last serving as Global Financial Director. Tatiana Dolobko brings to the role a broad range of experience in almost every phase of the oil and Financial gas business. Her background includes public accounting (Ernst & Young), oil and gas construction Controller (Metall Co. Ltd) and sub-sea construction works for the oil and gas industry (Acergy Services Tatiana Dolobko Limited). Most recently she has worked as project controller and senior accountant for DOF Subsea Pte. Ltd. Ms. Dolobko holds a university degree in accounting and audit from Khabarovsk State Academy of Economics and Law. 12 Management Team • Prior to joining our Company, Mr Kelley have for the past four years been an independent consultant providing expert advice and counsel on proprietary initiatives, large-scale collaborative projects and organizational develdevelopmentopment for major independent and state-owned oil and gas companies. From 2004 to 2007 he was Vice President, Operations at TODCO (NYSE: THE), a leading provider of contract oil and gas drilling services with a fleet of offshore, barge and land rigs. While overseeing a crew of 3,000 and a fleet of 61 rigs, TODCO’s safety and fleet performance record improved dramatically under Mr. Kelley’s stewardship. Mr. Kelley and his team were COO responsible for bringing 13 rigs out of the shipyard and into operations while doubling the total Mike Kelley number of working vessels and employees at the company. TODCO merged with Hercules Offshore, Inc. in 2007. From 1999 to 2004 Mr. Kelley was Operations Manager with ENSCO International Inc., a global offshore contract drilling company. In this role he was responsible for the leadership and safe operation of 12 offshore drilling rigs. Prior to that, Mr. Kelley was with R&B Falcon Corporation, a worldwide provider of contract oil and gas drilling services. During the course of his 17 year tenure he held positions of increasing responsibility and completed assignments in India, Brunei, Tunisia, Egypt, Italy, Angola and the U.S. Gulf of Mexico. • Mr. Kelley holds a bachelor degree in Business Administration from the University of Texas at Austin and a master of business administration degree from the University of Phoenix. 13 Management Team • Mr. Cunningham has over 35 years of industry experience from around the world. Prior to joining Standard Drilling, Mr. Cunningham served as Vice President Engineering at Hercules Offshore, Inc., owner of one of the largest shallow water jjpggackup rig drilling fleets in the world. Mr. Cunningham has significant experience from numerous senior engineering roles and has, through his career, been building and overseeing technical teams while developing technical programs to ensure asset reliability, employee safety and environmental protection. He also has VP Engineering extensive project management skills and a background in the design, construction and maintenance of a variety of marine vessels. As Vice President Engineering at Hercules Offshore, Inc. he served and supported an ambitious push into foreign markets - that required technical rig Ron upgrades stipulated by customers - for international contracts in Malaysia, India, West Africa and Cunningham the Middle East. In addition to Hercules, Mr. Cunningham has worked at TODCO, a leading provider of contract oil and gas drilling services with a fleet of offshore, barge and land rigs, Diamond Offshore Drilling, Inc., Arethusa Offshore Company and Sedco Forex.Mr. Cunningham began his career as a hull designer in Newport News, Va. and later as an engineer at different shipyards that are now part of Northrop Grumman Shipbuilding. Mr. Cunningham holds a Bachelor's degree in Ocean Engineering from Florida Atlantic University and numerous technical certifications related to his field of expertise. Mr. Cunningham is a U.S. Army Vietnam veteran. 14 Management Team • Mr. Bridle has almost 25 years of experience working in the exploration and production industry and brings extensive experience developing safety cultures and achieving world class safety performance by building engaged and motivated workforces. From 2007 to 2012, Mr. Bridle was HSE Director at Noble Drilling, an offshore drilling contractor with a fleet of 68 offshore drilling units. From 2005 to 2007 he was Vice President HSE at TODCO (The Offshore Drilling Company), a leading provider of contract oil and gas drilling services with a fleet of offshore, barge and land rigs. Prior to that, Mr. Bridle was HSE Director at ENSCO International from 1998 to 2004 and VP HSE&Q Senior Safety Engineer at Shell International Exploration and Production from 1994 to 1998. A results-driven executive, Mr. Bridle helped Noble, TODCO and ENSCO collectively win five coveted Peter V. Bridle Safety Awards for Excellence (SAFE) issued by the Bureau of Ocean Energy Management, Regulation and Enforcement (formerly the Mineral Management Service (MMS)) on behalf of U.S.
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