1st Quarter 2008 www.globalrig.no

Report for Global Rig Company ASA 1st Quarter 2008 www.globalrig.no

Rig 2 ready for drilling operations. The rig is on a 1+1+1 well contract and started earning money in January. Highlights Strong momentum in US market Economies of scale from additional rigs may generate significant profits Operating profit of NOK 4.1 million for the Group Interest expenses and currency losses from the depreciating dollar generate a post-tax loss Expecting future positive development 2

1st Quarter 2008 1.1st Quarter Summary 1st quarter 2008 was the first quarter in which the Global Group started generating positive operating results. Global Rig Company ASA subsidiary NorAm Drilling Company generated income from all three rigs, though not for all days in the quarter, as neither Rig 2 nor Rig 3 contractors had been ready on location. As a consequence, somewhat reduced standby rates were charged for parts of the quarter. On the other hand, expenses were reduced due to this standby state, and the rig was not subject to wear and tear. In the coming quarter, we expect all rigs to earn full rates. The Global Group s focus this quarter was on laying the groundwork for increasing the number of rigs. More rigs will generate more profits through solid margins and economies of scale. Based on two new drilling contracts, subject to financing, and one LOI, Global Rig Company ASA entered into a contract for the purchase of two new, more powerful rigs with a reputable rig manufacturer. The contract was also subject to successful financing and offered options for the purchase of additional rigs. On this basis, the Board of Global Rig Company ASA got approval from the extraordinary general assembly, held March 13, to finance the purchase of the new rigs. This process was still ongoing at the end of the quarter. The capital markets are currently characterized by considerable uncertainty. The market for land rigs in the US did, however, strengthen substantially throughout the quarter, and we are determined to take part in this development. 2. The Group Global Rig Company ASA was established Feb 19, 2007. On May 14 of that year, the company raised NOK 115 mill in equity, and on June 28, a loan agreement for NOK 120 mill in bonds with warrants was signed. The total of NOK 235 mill went to finance the purchase of 3 onshore drilling rigs, as well

Global Rig Company ASA 100% 100% Global Rig Active AS NorAm Drilling Company Rig 1 Rig 2 Rig 3 Marketing Crewing Operations - engineering IT/ Finance - Legal as the establishment and operations of a subsidiary drilling company in the US. Global Rig Company ASA owns 100% of NorAm Drilling Company and Global Rig Active AS. The three rigs are owned by Global Rig Active AS and are leased to NorAm Drilling Company. The rig purchases of the Norwegian subsidiary and the drilling operations of the US subsidiary have been financed through intercompany loans from Global Rig Company ASA. Parts of these loans were converted to equity in the 1st quarter. with a strategy for newbuilds. Global Rig Company shares this strategy, and our fleet is brand new. We aim to add rigs to our fleet and manpower to NorAm Drilling Company to suit the needs of our clients. The market pays a premium for new rigs as these are more efficient and cost-effective, and horizontal drilling increases the clients recoverable reserves. There is strong momentum in the US land rig market, and provided sufficient financing is achieved, our company will benefit from a strategy of increasing the number of rigs. 3. Market Strategy Oil and gas prices rose substantially during the 1st quarter. While US growth in total number of rigs in operation has slowed over the last year, the number of rigs capable of drilling horizontal wells has had strong growth. Old rigs are being phased out and new, more advanced rigs are taking over. These factors are reflected in the share prices of established US land rig companies 4. Largest Share Holders 20 largest shareholders in Global Rig Company ASA. As of March 31, 2008 Name Share % Pactum A/S 9,6 Rogaland Vekst A/S 8,3 SEB Private Bank S.A., Luxembourg 6,8 Bank of New York, Brussels branch 4,7 Aksjevold AS 4,2 Consafe Invest AB 4,2 Havila 4,2 Olympia Holding AS, c/o Banque Invik S.A. 3,3 Crown Hill Chartering AS 2,5 Banque Invik S.A., Luxembourg 2,4 Nilsen, Sven Irgens 2,0 Juuhl, Michael Stensrød 1,9 Lang, Svein 1,7 Dragesund Invest A/S 1,7 Sundt AS 1,7 Johs Lunde Invest A/S, c/o Johs Lunde 1,4 Risa & Øglend AS 1,4 BÅTSTØ Maritim AS 1,3 KG Investment Comp AS 1,3 BSN AS 1,0

5. Financial statements The statements below have not been reviewed by an auditor. Global Rig Company ASA and Group s financial statements are presented herein. In the consolidated statement, intercompany transactions and balances have been eliminated. The same accounting principles (NGAAP) apply in this report as in the annual accounts. Profit and loss The financial post-tax result for the Group for the period Jan 1 Mar 31, 2008 was NOK -1.5 mill. Global Rig Company ASA: NOK 1.2 mill Global Rig Active AS: NOK -1.9 mill NorAm Drilling Inc: USD -0.2 mill Global Rig Company incurred NOK 2.0 mill in operating expenses during this quarter. Of this, NOK 1.2 mill was payroll related. The company earned NOK 7.6 mill in interest on intercompany loans. The main financial expense was NOK 3.4 mill in payments of bond interest. Profits before tax were NOK 1.6 mill, and the after-tax result was NOK 1.2 mill. The Group had operating income of NOK 21.7 mill from drilling and associated activities in the first quarter, nearly double the income of 2007. Operating expenses were NOK 17.6 mill, approximately 40% of which was payroll related. The Group had its first quarter with operating profits. The operating result was NOK 4.1 million. Group net financial expenses of NOK 5.8 mill were mostly related to interest on bonds, while some NorAm Drilling Company interest expenses pertained to loan financing of vehicles and warehouses; there were also losses due to the falling US dollar. The result before tax was NOK -1.7 mill, and NOK -1.5 mill post tax. Balance Sheet The balance sheet has not been audited. Global Rig Company ASA s main assets are the intercompany loans and shares in the subsidiaries. During the first quarter, NOK 35 mill of the loans were converted to shares in Global Rig Active AS, and USD 1.5 mill was converted to shares in NorAm Drilling Company. This was done to ensure sufficient equity in the subsidiaries. Global Rig Company had deferred tax assets from losses in 2007 and other receivables including NOK 2.0 mill in reimbursable MVA (Norwegian VAT) and a technical accrual of expenses related to bonds. Bank deposits amounted to NOK 7.0 mill by the end of the quarter. The company had equity of NOK 99.3 mill, and a bond loan of NOK 120.0 mill. Other liabilities were mainly interest on the loan that had accrued but was not paid by the end of the quarter. The Group had NOK 9.6 mill in deferred taxes from losses in 2007. Its tangible assets included rigs, vehicles, warehouses, and office equipment, all amounting to NOK 164.8 mill. Accounts receivable were NOK 16.4 mill, as some of NorAm Drilling Company s clients have yet to pay their obligations. The receivables are substantial, and ensuring payment of these has a high priority. Other receivables involve mainly NOK 3.1 mill in drill pipe prepayments. The group as a whole reported NOK 12.2 mill in cash holdings at the end of the quarter. The equity of the group stood at NOK 80.3 mill. In addition to parent company bonds, NorAm Drilling Company has certain long-term liabilities related to vehicles and purchase of land and warehouses. In addition to the bond interest, current liabilities consist primarily of accounts payable to vendors of rig accessories. Cash flow Global Rig Company ASA had a change in cash of NOK -6.6 mill due mostly to additional intercompany loans. Interest accrued was added to the loans. Cash and cash equivalents amounted to NOK 7.0 mill at the end of the quarter. The Group s net change in cash of NOK -7.3 mill resulted from the purchase of land and warehouses, plus a number of additional accessories for the rigs, while also covering operating and financial expenditures. Accounts receivable have increased by NOK 10.8 mill. Cash and cash equivalents stood at NOK 12.3 mill at the end of the quarter. 5

Profit & Loss per March 31, 2008 (Norwegian krone - NOK) NOT AUDITED Global Rig Company ASA Group Revenue/Expense - Sales 21 669 915 - Other Income - - Total operating income 21 669 915 1 185 127 Payroll Expenses 7 383 829 - Depreciation of tangible and intangible assets 2 491 145 - Rig mobilization, service and supplies 2 523 360 - Insurance rigs and employees 2 263 812 854 608 Other Operating Expenses 2 923 138 2 039 735 Total Operating Expenses 17 585 282 2 039 735 Operating profit (+)/ loss (-) 4 084 632 Financial Income and Expenses 7 590 243 Interest Income from Group Companies - 34 793 Other Interest Income 40 014 7 613 Other Financial Income 14 146 - Interest Expense to Group Companies - 3 446 311 Other Interest Expenses 3 495 209 504 659 Other Financial Expenses 2 387 735 3 681 679 Net Financial Items -5 828 784 1 641 945 Profit (+)/Loss(-) before Income Tax -1 744 151 459 744 Income Tax Expense -273 802 1 182 200 Net Profit (+)/Loss (-) -1 470 349 Allocation 1 182 200 Transferred to Other Equity -1 470 349 1 182 200 Total Allocation -1 470 349 0,10 Earnings per share -0,12 0,09 Earnings per share (including warrants) -0,11 Cash Flow Statement (Norwegian krone - NOK) NOT AUDITED Global Rig Company ASA Group 1 641 945 Pre-tax profit/loss -1 744 151 0 Tax paid for the period 0 0 Depreciation of fixed assets 2 491 145 0 Change in accounts receivable -10 809 415 281 419 Change in accounts payable 1 558 853 0 Impact of changes in rate of exchange 573 081-6 327 Change in other current balance sheet items 1 344 714 1 917 036 Net cash flow from operational activities -6 585 774 0 Purchase of tangible fixed assets -2 373 292 0 Purchase of investments in shares 0 0 Net cash flow from investing activities -2 373 292 0 Proceeds from issuance of long term debt 1 611 639 0 Issue of share capital 0-8 472 102 Net change in long-term intercompany balances 0-8 472 101 Net cash flow from financing activities 1 611 639-6 555 065 Net change in cash and cash equivalent -7 347 427 13 537 354 Cash and cash equivalents jan 01, 2008 19 590 301 6 982 288 Cash and cash equivalents mar 31, 2008 12 242 875 6

Balance Sheet per March 31, 2008 (Norwegian krone - NOK) NOT AUDITED Global Rig Company ASA Group Assets Intangible Assets 6 498 057 Deferred Tax Assets 9 589 852 6 498 057 Total Intangible Assets 9 589 852 Tangible Assets - Rigs and accessories 158 905 699 - Other tangible assets 5 845 108 - Total Tangible Assets 164 750 806 Assets 42 773 800 Investment in Subsidiaries - 162 730 624 Loans to Group Companies - 205 504 424 Total Financial Assets - 212 002 481 Total Fixed Assets 174 340 658 Current Assets Receivable - Accounts Receivable 16 327 193 4 706 505 Other Receivable 8 723 723 4 706 505 Total Receivable 25 050 916 Cash and cash equivalents 6 982 289 Bank Deposits/Cash 12 242 875 11 688 794 Total Current Assets 37 293 792 223 691 275 Total Assets 211 634 450 Equity Owners Equity 24 000 000 Issued Capital 24 000 000 72 437 483 Share Premium 72 437 483 96 437 483 Total Owners Equity 96 437 483 Accumulated Profits 2 836 643 Other Equity -16 183 696 2 836 643 Total Accumulated Profits -16 183 696 99 274 126 Total Equity 80 253 787 Liabilities Non-Current Liabilities 120 000 000 Liabilities to Financial Institutions 120 000 000 - Intercompany loan - - Other Long Term Liabilities 2 746 920 120 000 000 Total Non-Current Liabilities 122 746 920 Current Liabilities 318 662 Accounts Payable 2 958 318 93 869 Public Duties Payable 93 869 4 004 618 Other Current Liabilities 5 581 554 4 417 149 Total Current Liabilities 8 633 741 124 417 149 Total Liabilities 131 380 661 223 691 275 Total Equity & Liabilities 211 634 450 7

GLOBAL RIG COMPANY ASA Fortunen 7 N-5013 Bergen, Norway Phone: +47 55 54 48 05 Fax: +47 55 54 48 01 post@globalrig.no www.globalrig.no Prodution: dragefjellet.no Photo: AP Torres, MD Cowan Global Rig Comany ASA 2008