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Presentation Pareto September 2001 Agenda Agenda Presentation Pareto September 2001 Company Overview Rig/Market Profiles Business Strategy Future Plans Financials Questions Page 1 of 32 Company Overview • Petrolia Drilling ASA, a Norwegian, publicly listed limited Company established March 17 1997, owns and charters drilling vessels for offshore, deepwater oil and gas Company Overview exploration and development drilling. Rig/Market Profiles • Predecessor company formed by principals of DNO ASA in 1995. Business Strategy Future Plans • DNO ASA holds approx. 37% of outstanding shares (total of 45 mill.). Financials • The Company has a market capitalization of Questions approximately NOK 300 million, as per September 2001. Page 3 of 32 Operation and Business Management Head Office Company Overview Bergen Rig/Market Profiles Base Office Base Office Business Strategy Macae, Brazil Aberdeen, UK Future Plans Hands-on controlling Odebrecht Maersk Odfjell Drilling Financials Oil & Gas Contractors (Deepsea Bergen) Questions Page 4 of 32 Rig / Market Profiles Petrolia Drilling Fleet SS Petrolia DS Valentin Shashin SS Deep Sea Bergen (20,19%) SS Petrolia Description 2. generation Pentagone-class Semisubmersible Upgraded 1991 / 2001 CFEM, France Market Segment Medium water depth 1.200 ft Class / Flag DNV +1A1 / Liberia Charter Party DNO Charter Type 1 well + 2 well option Dayrate USD 65.000 (option USD 65’-100’) Cost per day USD 40.000 (operation) Manager Maersk Estimated value USD 40 - 45 mill. SS Deep Sea Bergen Description 3. generation Aker H-3.2 Semisubmersible Built 1983 (upgraded 2000) Aker Verdal / BMV Market segment Medium water depth 1.500 ft Class / Flag DNV +1A1 / Norway Charter Party Esso Charter Type 4 wells + 3 well option Dayrate USD 110.000 (T/C) Cost per day USD 65.000 Manager Odfjell Drilling Estimated value USD 127,5 mill. Tot. #of rigs 24 26 28 30 32 34 36 38 40 42 44 Tight market for Semisubmersibles Sea in theNorth Tight for market Semisubmersibles Total rig fleet of 46, whereof 44 are on the market. Aug Sep Oct Jan. 12 estimate 12 Jan. Nov Dec Jan Feb Mar Apr Max. utilisation of 88% of88% Max. utilisation May Summer 2000 June July Aug Sep Oct Nov Dec Jan of95% Utilisation Summer 2001 Feb Mar Apr May Jun Brazil ! Most mature deepwater market in the world ! Petrobras has announced its aim for 1,9 mill. Barrels / day to cover Company Overview national consumption. Today’s level is approx. 1,3 mill. barrels / day. ! Petrobras is the largest customer of deepwater drilling equipment Rig/Market Profiles ! Petrobras monopoly has been broken Business Strategy ! Petrobras has an estimated 16 joint venture deepwater exploration blocks with international operators Future Plans Financials Questions Page 10 of 32 Petrobras Press Release 08/01/2001 7:11 PM Increase in domestic petroleum production PETROLEUM PRODUCTION INCREASED BY 8% IN JUNE The petroleum domestic production in June achieved 1,338,491 barrels per day, 8% higher than the 1,242,324 bpd from the previous month. The reasons for this growth were both the improvement of Campos Basin operational efficiency and the operational startup of another well in Marlim Field (MRL-126), with a flow of 12 thousand barrels/day. To increase its domestic production, Petrobras needs to produce its fields in deep and ultra- deepwaters. In 2005, the Company plans to reach a 1.9-million bopd production in Brazil and to have nearly 75% of it from deep and ultra-deepwaters. Source: http://www2.petrobras.com.br/portal/ingles/tecnologia.htm DS Valentin Shashin Description Drillship IHC Gusto design Pelican Class DP Built 1982 (upgraded 1998-99) Rauma Repola, Finland Market Segment Deep Water 4.500 ft (can be upgraded to 6000 ft) Class / Flag DNV ICE 1A* / Barbados Charter Party Petrobras Charter Type Bareboat Charter Expiration March 2003 Dayrate USD 100.000 Cost per day USD 40.000 Manager Odebrecht Estimated Value USD 100 mill. Estimated Demand and Supply of Deep Water Units 2000-2008 120 117,3 100 83,0 Supply Demand 80 60 40,8 40 34,0 31,7 26,0 28,8 14,0 16,0 20 9,0 0 Total US Gulf Brazil W. Africa Other Business Strategy Future Plans Key Events last year November 2000 • 1 year contract for SS Deepsea Bergen / Esso • USD 110’ per day / OPEX USD 65’ Company Overview December 2000 Rig/Market Profiles • 2 year contract extension for DS Valentin Shashin / Petrobras • USD 100’ per day incl. Bonus / OPEX USD 40’ Business Strategy July 2001 Future Plans • 1 (+2) well contract for SS Petrolia / DNO • USD 65’ per day (cost USD 40’/day) Financials Questions • Net Cash Flow from operation approx. USD 80’ per day. Page 15 of 32 Petrolia Drilling’s Conclusions PastPast • Poor market due to lack of investment from oil companies • Invested in re-activation and mobilisation of vessels for contracts FutureFuture • All vessels upgraded , reactivated, classed and drilling. • Valentin Shashin on long term contract until 2003 (market outlooks give higher dayrates) • SS Petrolia / SS Deepsea Bergen short term contracts (market outlooks give higher dayrates) Petrolia Drilling’s Strategy MediumMedium TermTerm • Focus on key growth markets [West Africa, Brazil, others] • Secure long term contracts, at the right time, with the world’s major oil and gas companies • Develop joint marketing and operating arrangements with established local partners LongLong Term Term • Specialize in deep water • Pursue expansion of fleet / Merger and acquisitions • Optimize share value over time ChallengesChallenges / / Threats Threats • Oil price • The industry is very capital intensive. Financials Q2 2001 - Group Result 2. Quarter 1. Half Year Year PROFIT AND LOSS STATEMENT 2001 2000 2001 2000 2000 Operating income 38 711 448 46 881 421 83 136 624 98 127 349 252 075 671 Company Overview Other operating income 0 51 425 011 Sum operating income 38 711 448 46 881 421 83 136 624 149 552 360 252 075 671 Ordinary depreciation -29 252 214 -34 900 602 -58 504 428 -69 193 752 -133 727 657 Rig/Market Profiles Other operating costs -19 055 964 -23 080 841 -29 186 326 -40 255 554 -75 203 125 Sum operating costs -48 308 178 -57 981 443 -87 690 754 -109 449 306 -208 930 782 Operating profit -9 596 730 -11 100 022 -4 554 112 40 103 054 43 144 889 Business Strategy Income from investment in associated company 3 002 054 -7 036 099 4 183 542 -14 374 412 -27 715 283 Other interest income 168 145 243 826 261 939 737 904 Other finance income 9 864 784 201 6 621 624 Other interest costs -20 441 582 -12 039 948 -35 959 242 -24 987 318 -64 547 515 Future Plans Other finance costs and currency losses -8 228 785 -3 558 294 -21 089 890 -7 527 394 -52 243 201 Ordinary result before tax cost -35 255 179 -33 566 218 -56 391 675 -6 524 131 -94 001 582 Tax cost on ordinary result 0 0 0 0 2 913 257 Financials The period's result -35 255 179 -33 566 218 -56 391 675 -6 524 131 -91 088 325 Result per share -1,24 -2,05 Book equity per share 10,35 11,49 Questions Page 19 of 32 Booked Equity as per 30.06.01 USD 52 mill (NOK 471 mill) Vessels Booked Value Market Value Company Overview SS PetroliaUSD 26 300 000 USD 45 000 000 SS Deepsea Bergen (20,19%)USD 12 500 000 USD 25 700 000 DS Valentin ShahsinUSD 94 800 000 USD 100 000 000 Other equipment (riser / top drive / BOP)USD 10 300 000 USD 20 000 000 Rig/Market Profiles SUMUSD 143 900 000 USD 190 700 000 Business Strategy Debt SS PetroliaUSD 17 000 000 SS Deepsea Bergen (20,19%)USD 18 000 000 Future Plans DS Valentin Shashin / equipmentUSD 36 000 000 Convertible LoanUSD 20 000 000 SUMUSD 91 000 000 Financials Questions Page 20 of 32 Net Asset Values (NOK per share) 35 Company Overview 29,4 30 25 Rig/Market Profiles 19,6 20 15 Business Strategy 10,3 10 6,25 Future Plans 5 0 Financials Share price Book value of Net asset value Net asset value (Aug 29-01) equity (2001) (a) (1997) (b) Questions (a) Based on the following rig values: SS Petrolia = $45 million; SS Deep Sea Bergen = $117 million (PDR’s share = $25,7 million; DS Valentin Shashin = $100 million; spare drilling equipment = $20 million. (b) Based on the following rig values: SS Petrolia = $60 million; SS Deep Sea Bergen = $137 million (PDR’s share = $30 million; DS Valentin Shashin = $130 million; spare drilling equipment = $20 million. Page 21 of 32 20 Largest Shareholders (as per 4/9/01) Balance Share Name Country 16 945 614 37,17 DNO ASA NOR 1 132 000 2,48 Independent Oilfield GBR 1 027 000 2,25 Sundal Collier & Co Meglerkonto Innland NOR 900 000 1,97 Verdipapirfondet K_S V/K-Fondene AS NOR Company Overview 800 000 1,75 Larsen Oil & Gas AS NOR 638 000 1,39 Verdipapirfondet SKA NOR 550 000 1,2 Orkla Enskilda Secur Egenhandelskonto DER NOR Rig/Market Profiles 481 900 1,05 DnB Aksje Pensjon NOR 470 000 1,03 Firstnordic Norge VE V/Firstnordic Fonden NOR 437 000 0,95 IOR Trading AS NOR Business Strategy 424 000 0,93 Teigum Hans I NOR 400 000 0,87 Increased Oil Recovery GBR 400 000 0,87 Sanne Per Olav NOR Future Plans 360 130 0,79 Energy Drilling LBR 300 000 0,65 Halvorsen Grave- Transportservice AS NOR 260 000 0,57 Huntington Invest A/S NOR Financials 258 175 0,56 Larsen Holding A/S Bernh.
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