Maersk Drilling Annual Result 2014

Maersk Drilling Annual Result 2014 26 February 2015

Legal notice This presentation contains certain forward looking statements (all statements that are not entirely based on historical facts, among others expectations to future financial performance, developments, resources growth and production levels). Those forward looking statements reflect current views on future events and are by their nature subject to significant risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. We consider such forward looking statements reasonable based on the information available to us at this time, but the actual results etc. may differ materially from our expectations because of external factors as well as changes to APMM s goals and strategy. Thus, no undue reliance should be placed on such statements. Neither APMM, nor any other person, shall assume responsibility for the accuracy or completeness of the forward looking statements and do not undertake any obligation to update such statements except as required by law. This Legal Notice shall be governed by Danish Law. Any dispute arising out of or in relation to this Legal Notice which can not be solved amicably shall be decided by the Danish Courts.

Result supported by high operational uptime and divestment of Venezuela activities but offset by planned yard stays and start-up of new rigs page 3 Financial Highlights (USDm) Highlights 2014 2013 Revenue 2,102 1,972 Profit/loss before depreciation, amortisation and impairment losses etc. (EBITDA) Depreciation, amortisation, and impairment losses 903 863 348 239 Gain on sale of non-current assets, etc., net 82 4 Share of profit/loss in joint ventures -36 19 Profit/loss before financial items (EBIT) 601 647 Tax 123 119 Net operating profit/loss after tax (NOPAT) 478 528 Cash flow from operating activities 701 775 Cash flow used for capital expenditure -2,106-1,517 Invested capital 7,623 5,320 ROIC 7.1% 10.8% Operational uptime 97% 97% Maersk Drilling result Revenue increased to USD 2,102m in 2014 from USD 1,972m in 2013 Profit (NOPAT) decreased to USD 478m from USD 528m in 2013 The result was positvely impacted by a gain of USD 73m from the divestment of all drilling activities in Venezuela and strong operational performance across the fleet, while planned maintenance of the fleet, start of new rigs and impairments negatively impacted the result As a result of the weakened market, Maersk Drilling made an impairment of USD 85m (USD 73m after tax) of which USD 50m (USD 38m after tax) relates to the joint venture EDC in Egypt The underlying profit was USD 471m (USD 524m) ROIC of 7.1% down from 10.8% in 2013 Forward contract coverage is 80% for 2015, 52% for 2016 and 30% for 2017 Operational uptime in 2014 at 97% (97%) Maersk Drilling expects a higher underlying result for 2015 than in 2014 (USD 471m) due to more rigs in operation, high forward contract coverage as well as the cost reduction and effiency enhancement programme

Continued strong operational performance in 2014 page 4 Operational uptime 100% 97% 97% 96% 96% 97% 97% 80% 60% 40% 20% 0% Maersk Drilling Floating rigs Jack-up rigs 2013 2014

Divestment of Venezuela activities In September 2014, Maersk Drilling divested the activities in Venezuela to Barrystar Holding S.A. with a USD 73m after tax gain Venezuela Leading drilling contractor in Venezuela with a fleet of 10 cantilevered drilling barges which in 2013 generated a revenue of USD 195m Operation in Venezuela since 1992

Extensive yard stay programme page 6 2014 Yard stays Rig Start Service Heydar Aliyev Mærsk Developer Maersk Resolve Mærsk Gallant Maersk Discoverer Maersk Reacher Mærsk Inspirer Q4 2013 5 year special survey + upgrade Q4 2013 5 year special survey Q2 2014 5 year special survey Q2 2014 5 year special survey + lifetime extension Q2 2014 5 year special survey Q2 2014 5 year special survey (offshore) Q2 2014 5 year special survey (offshore) Mærsk Gallant yard stay at Fayard, 2014 Completed Note: Yard stay progress by end 2014

Maersk Interceptor Customer: Det norske Oljeselskab page 7 Delivery of new rigs In February 2014, Maersk Drilling took delivery of Maersk Viking, the first in a series of four ultra deepwater drillships, from Samsung Heavy Industries in South Korea Country: Norway Contract value: USD 700m Duration: Five years In March 2014, Maersk Drilling took delivery of Maersk Intrepid from Keppel FELS in Singapore; the first delivery in a series of four ultra harsh environment jack-up rigs In April 2014, Maersk Drilling took delivery of Maersk Valiant from Samsung Heavy Industries in South Korea; the second delivery in a series of four ultra deepwater drillships In August 2014, Maersk Drilling took delivery of Maersk Interceptor from Keppel FELS in Singapore; the second delivery in a series of four ultra harsh environment jack-up rigs In September 2014, Maersk Drilling took delivery of Maersk Venturer from Samsung Heavy Industries in South Korea; the third delivery in a series of four ultra deepwater drillships Note: Maersk Integrator was delivered in Q1 2015 Note: Maersk Voyager will be delivered in Q1 2015 and XL Enhanced 4 will be delivered in 2016

Maersk Drilling signed several contracts in 2014 page 8 Maersk Deliverer Maersk Convincer Maersk Venturer Customer: Cabinda Gulf Oil Company (Chevron) Country: Angola Contract value: USD 387m Duration: Two years extension Customer: Petronas Carigali Country: Malaysia Contract value: USD 56m Duration: One year extension Customer: Total Country: Malaysia Contract value: USD 27m Duration: 70 days

Strong revenue backlog of USD 6bn with quality customers page 9 Revenue backlog, end 2014, USDbn Revenue backlog by customer, end 2014 2,5 Others BP 2,0 ~2.3 Chevron Marathon 1,5 1,0 ~1.6 ~1.2 Total USD 6.0bn Statoil ~0.9 0,5 ExxonMobil 0,0 2015 2016 2017 2018+ ConocoPhillips Det norske

Contract coverage reduces near term exposure page 10 Maersk Drilling forward contract coverage 100% 80% 80% 60% 40% 52% 20% 30% 0% 2015 2016 2017 Note: As per end 2014

Strategy Deliver on the financial ambition of Net Operating Profit After Tax (NOPAT) of USD 1bn in 2018 (ROIC >10%) Conduct incident free operation Grow the business within the ultra deepwater and harsh environment segments Leverage market leading position in Norway and build ultra deepwater positions in the US Gulf of Mexico, South America and West Africa

Ultra deepwater market US Egypt Malaysia The cutback in reduced exploration and production spending in combination with a large number of newbuilds being delivered have significantly changed the supply/demand picture Fact box Angola Maersk Drilling s ultra deepwater fleet consists of three semisubmersibles and three drillships Maersk Drilling has one ultra deepwater drillship under construction Maersk Drilling has been operating in ultra deepwater since 2009 It is expected that the intensified competition amongst rig contractors will continue in 2015 for all floater segments Maersk Drilling maintains its positive longer term outlook for the ultra deepwater market Note: As per year end 2014

Ultra harsh environment jack-up market Fact box Maersk Drilling s fleet consists of eight ultra harsh environment jack-up rigs Maersk Drilling has two ultra harsh environment jack-up rigs under construction Maersk Drilling has been operating in the ultra harsh environment market since 1990 The Norwegian jack-up market maintained full capacity utilisation; however, tendering activity for longer term drilling programmes continued to be slow in the fourth quarter Currently there are 14 jack-up rigs working in Norway and there are four ultra harsh jack-ups under construction for the Norwegian market, all of which have secured long term contracts Norway Note: As per year end 2014

North Sea International premium jack-up market The general market slowdown also affects the international premium jack-up market in the North Sea (outside Norway). Fact box Cameroon Premium jack-up rigs are capable of drilling in water depths > 350ft Maersk Drilling s fleet consists of six premium jack-up rigs Maersk Drilling has been present in the international jack-up market since 1972 South East Asia The decline is expected to be more gradual than currently experienced in the ultra deepwater market South East Asia also shows an oversupply in the market which might put downward pressure on the market going forward Note: As per year end 2014

Maersk Drilling s priorities for execution in 2015 Execute on the profit optimisation programme to mitigate the impact of the deteriorating market Secure contracts for Maersk Venturer and Maersk Voyager Secure contracts for rigs rolling of contract during 2015

Present in the most important oil and gas markets Rig fleet + newbuilds 6+1 Ultra deepwater floaters 8+2 Ultra harsh environment jack-up rigs 6 Premium jack-up rigs 1 Midwater floater Financial investment Egyptian Drilling Company, Joint Venture (50/50) Note: As per end 2014

Maersk Drilling Moving boundaries within offshore drilling page 17