Market Update. 27 th of May 2015. 26 August 2013

Market Update 27 th of May 2015 26 August 2013

Contract Status Floaters NCS Name Contractor Operator Next Operators Country Next Countries Current Gen DP M BOP 2015 2016 2017 Rate J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D WEST NAVIGATOR Seadrill Norway 5 Y N 15 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 TRANSOCEAN SPITSBERGEN Transocean Statoil Norway 547000 6 Y Y 15 # # # # # # 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 WEST RIGEL Seadrill Singapore Singapore 6 Y Y 15 # # # # # # 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 TRANSOCEAN SEARCHER Transocean BG Group Edison Norway (Norway) / Norway 396000 3 N Y 15 # # # # # # # 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 WEST VENTURE Seadrill Statoil Norway 444000 5 Y N 15 # # # # # # # 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 DEEPSEA ATLANTIC Odfjell Drilling AS Statoil Norway 490000 6 Y Y 15 # # # # # # # # 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 TRANSOCEAN BARENTS Transocean Shell Norway (Norway) 615000 6 Y Y 15 # # # # # # # # # 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 BREDFORD DOLPHIN Fred Olsen Energy AGR AGR Norway Norway / (Norway) 442000 2 N Y 10 # # # # # # # # # # 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 COSLPROSPECTOR COSL Europe CNOOC China China 5 Y Y 15 # # # # # # # # # # # # 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 NORTH DRAGON North Sea Rigs China 5 Y Y 15 # # # # # # # # # # # # 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 ISLAND INNOVATOR Odfjell Drilling AS Lundin Oil Norway (Norway) / Norway 470000 6 Y Y 15 # # # # # # # # # # # # 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 SONGA TRYM Songa Offshore Statoil Statoil Norway UK / Norway 355000 2 N Y 10 # # # # # # # # # # # # # # 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 LEIV EIRIKSSON Ocean Rig ASA RMN Norway (Norway) / Norway 560000 5 Y Y 15 # # # # # # # # # # # # # # # 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 STENA MIDMAX Stena Drilling South Korea 6 Y Y 15 # # # # # # # # # # # # # # # # # 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 TRANSOCEAN WINNER Transocean Det Norske Oljeselskap Det Norske Oljeselskap Norway Norway 425000 3 N Y 15 # # # # # # # # # # # # # # # # # # 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 WEST ALPHA Seadrill ExxonMobil Norway 560000 4 N Y 15 # # # # # # # # # # # # # # # # # # # 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 COSLPIONEER COSL Europe Statoil Norway (Norway) 420000 6 Y Y 15 # # # # # # # # # # # # # # # # # # # 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 TRANSOCEAN ARCTIC Transocean RMN OMV Norway Norway 428000 4 N Y 15 # # # # # # # # # # # # # # # # # # # # # 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 SONGA DELTA Songa Offshore Statoil Statoil Norway Norway 373000 3 N Y 15 # # # # # # # # # # # # # # # # # # # # # 2 2 2 2 2 2 2 2 2 2 2 2 6 6 6 SONGA DEE Songa Offshore Statoil Norway Norway 345000 3 N Y 15 # # # # # # # # # # # # # # # # # # # # # # 2 2 2 2 2 2 2 2 2 2 2 2 6 6 STENA DON Stena Drilling Statoil Norway Norway 497000 5 Y N 15 # # # # # # # # # # # # # # # # # # # # # # # 2 2 2 2 2 2 2 2 2 2 2 2 6 BEACON ATLANTIC North Sea Rigs China 5 Y Y 15 # # # # # # # # # # # # # # # # # # # # # # # # 6 6 6 6 6 6 6 6 6 6 6 6 WEST HERCULES Seadrill Statoil / Statoil Norway / CanadaNorway 500000 / 500000 6 Y N 15 # # # # # # # # # # # # # # # # # # # # # # # # # 2 2 2 2 2 2 2 2 2 2 2 SCARABEO 8 Saipem S.p.A. ENI Norway Norway 460000 6 Y Y 15 # # # # # # # # # # # # # # # # # # # # # # # # # 2 2 2 2 2 2 2 2 2 2 2 BIDEFORD DOLPHIN Fred Olsen Energy Statoil Norway 475000 3 N Y 10 # # # # # # # # # # # # # # # # # # # # # # # # # # # 6 6 6 6 6 6 6 6 6 DEEPSEA BERGEN Odfjell Drilling AS Statoil Statoil Norway Norway 340000 3 N Y 15 # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # 2 2 2 2 2 2 SCARABEO 5 Saipem S.p.A. Statoil Norway Norway 495000 4 Y Y 15 # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # 2 2 2 2 2 2 BORGLAND DOLPHIN Fred Olsen Energy RMN (Repsol) / RMN Norway (Norway) / Norway 520000 3 N Y 15 # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # 6 6 6 COSLINNOVATOR COSL Europe Statoil Norway Norway 420000 6 Y Y 15 # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # COSLPROMOTER COSL Europe Statoil Norway Norway 420000 6 Y Y 15 # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # SONGA EQUINOX (CAT D I) Songa Offshore Statoil South Korea Norway 6 Y Y 10 # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # SONGA ENDURANCE (CAT D II) Songa Offshore Statoil South Korea Norway 6 Y Y 10 # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # SONGA ENCOURAGE (CAT D III) Songa Offshore Statoil South Korea Norway 6 Y Y 10 # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # SONGA ENABLER (CAT D IV) Songa Offshore Statoil South Korea Norway 6 Y Y 10 # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # FIRM CONTRACT OPTION CONSTRUCTION/YARD NEWBUILDINGS 2

Contract Status & Expected demand NCS How will Supply be adjusted? 3

Average Dayrates - NCS 4

Contract Status Floaters UKCS Name Contractor Status Operator Next Operators Country J F M A M J J A S O N D J F M A M J J A S O N D BORGNY DOLPHIN Fred Olsen Energy Cold Stacked UK 2 N Y 10 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 OCEAN VANGUARD Diamond Offshore Cold Stacked UK 3 N Y 15 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 OCEAN NOMAD Diamond Offshore Cold Stacked UK 2 N Y 10 # # 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 OCEAN PRINCESS Diamond Offshore Cold Stacked UK 2 N Y 15 # # 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 TRANSOCEAN PROSPECT Transocean On Contract - New Contract ConocoPhillips UK 376000 3 N Y 15 # # # # # 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 OCEAN GUARDIAN Diamond Offshore On Contract - Extension Shell UK 350000 3 N Y 15 # # # # # # # 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 WEST PHOENIX Seadrill On Contract - Extension Total UK 445000 6 Y Y 15 # # # # # # # 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 OCEAN VALIANT Diamond Offshore On Contract - New Contract Premier Oil UK UK 320000 4 N Y 15 5 5 5 # # # # # # # 2 2 2 2 2 2 6 6 6 6 6 6 6 6 PARAGON MSS1 (N TON VAN LANGEVELD)Paragon Offshore On Contract - New Contract Nexen Nexen UK UK 280000 3 N Y 10 # # # # # # # # # # # # 6 6 6 6 6 6 6 6 6 6 6 6 SEDCO 711 Transocean On Contract - Extension Talisman UK 350000 3 N Y 15 # # # # # # # # # # # # 6 6 6 6 6 6 6 6 6 6 6 6 WILHUNTER Awilco On Contract - Extension Hess UK (UK) 385000 3 N Y 15 # # # # # # # # # # # # 6 6 6 6 6 6 6 6 6 6 6 6 SEDCO 714 Transocean On Contract - New Contract Total UK 440000 3 N Y 15 # # # # # # # # # # # # # # 6 6 6 6 6 6 6 6 6 6 SEDCO 704 Transocean On Contract - New Contract Maersk Oil Maersk Oil UK UK 365000 2 N Y 15 # # # # # # # # # # # # # # 6 6 6 6 6 6 6 6 6 6 BYFORD DOLPHIN Fred Olsen Energy On Contract - Extension BP UK (UK) / UK 345000 2 N Y 15 # # # # # # # # # # # # # # # # 2 2 2 2 2 2 2 2 STENA SPEY Stena Drilling On Contract - Exercised EnQuest Option UK 285000 3 N Y 15 # # # # # # # # # # # # # # # # # # # # # 6 6 6 BLACKFORD DOLPHIN Fred Olsen Energy On Contract - New Contract Nexen Chevron UK UK 426000 4 N Y 15 # # # # # # # # # # # # # # # # # # # # # # # # PAUL B. LOYD JR. Transocean On Contract - Extension BP UK UK 430000 4 N Y 15 # # # # # # # # # # # # # # # # # # # # # # # # WILPHOENIX Awilco On Contract - New Contract Apache UK UK 387000 3 N Y 15 # # # # # # # # # # # # # # # # # # # # # # # # OCEAN PATRIOT Diamond Offshore On Contract - New Contract Shell UK UK 401000 3 N Y 15 # # # # # # # # # # # # # # # # # # # # # # # # TRANSOCEAN LEADER Transocean On Contract - New Contract EnQuest UK 335000 4 N Y 15 # # # # # # # # # # # # # # # # # # # # # # # # BOLLSTA DOLPHIN Fred Olsen Energy Under Construction / Waiting for Contract Chevron South Korea UK / (UK) 7 Y Y 15 # # # # # # # # # # # # # # # # # # # # # # # # DEEPSEA ABERDEEN Odfjell Drilling AS Transit / Not available BP UK UK 6 Y Y 15 # # # # # # # # # # # # # # # # # # # # # # # # Next Countries Current Rate Gen DP M BOP 2015 2016 FIRM CONTRACT OPTION CONSTRUCTION/YARD NEWBUILDINGS 5

Contract Status & Expected demand - UKCS 6

Average Dayrates - UKCS 7

Opportunities NCS Floaters Statoil - Johan Sverdrup 3yr. Firm. Commencement Q2 2016. Det norske Alvheim - 4 wells firm (250 days). Commencement 2 nd half 2016. Det norske plans to award in late June. Wintershall Maria 600 days. Commencement in Q1 2017. RWE Dea Zidane 4 wells firm (250 days). Other Independent Operators considering programs for 2017. When will Statoil contract more rig s? 8