Aker Drilling Presentation

Aker Drilling ASACompany PresentationOctober 2005

Important informationTHIS PRESENTATION AND ITS ENCLOSURES AND APPENDICES (HEREINAFTER JOINTLY REFERRED TO AS THE “PRESENTATION” HAS BEEN PREPARED BY AKER DRILLING ASA (”ADAS” OR THE ”COMPANY”) EXCLUSIVELY FOR INFORMATION PURPOSES. THIS PRESENTATION HAS NOT BEEN REVIEWED OR REGISTERED WITH ANY PUBLIC AUTHORITY OR STOCK EXCHANGE. RECIPIENTS OF THIS PRESENTATION MAY NOT REPRODUCE, REDISTRIBUTE OR PASS ON, IN WHOLE OR IN PART, THE PRESENTATION TO ANY OTHER PERSON.

THE DISTRIBUTION OF THIS PRESENTATION AND THE OFFERING, SUBSCRIPTION, PURCHASE OR SALE OF SECURITIES ISSUED BY THE COMPANY IN CERTAIN JURISDICTIONS IS RESTRICTED BY LAW. PERSONS INTO WHOSE POSSESSION THIS PRESENTATION MAY COME ARE REQUIRED BY THE COMPANY TO INFORM THEMSELVES ABOUT AND TO COMPLY WITH ALL APPLICABLE LAWS AND REGULATIONS IN FORCE IN ANY JURISDICTION IN OR FROM WHICH IT INVESTS OR RECEIVES OR POSSESSES THIS PRESENTATION AND MUST OBTAIN ANY CONSENT, APPROVAL OR PERMISSION REQUIRED UNDER THE LAWS AND REGULATIONS IN FORCE IN SUCH JURISDICTION, AND THE COMPANY SHALL NOT HAVE ANY RESPONSIBILITY OR LIABILITY FOR THESE OBLIGATIONS. IN PARTICULAR, NEITHER THIS PRESENTATION NOR ANY COPY OF IT MAY BE TAKEN OR TRANSMITTED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, INTO CANADA OR JAPAN.

THIS PRESENTATION DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE SUCH AN OFFER OR SOLICITATION IN SUCH JURISDICTION.

IN RELATION TO THE UNITED STATES AND U.S. PERSONS, THIS PRESENTATION IS STRICTLY CONFIDENTIAL AND IS BEING FURNISHED SOLELY IN RELIANCE ON APPLICABLE EXEMPTIONS FROM THE REGISTRATION REQIUREMENTS UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED. THE SHARES OF ADAS HAVE NOT AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS, UNLESS AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT IS AVAILABLE. ACCORDINGLY, ANY OFFER OR SALE OF SHARES IN ADAS WILL ONLY BE OFFERED OR SOLD (I) WITHIN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS, ONLY TO QUALIFIED INSTITUTIONAL BUYERS (”QIBs”) IN PRIVATE PLACEMENT TRANSACTIONS NOT INVOLVING A PUBLIC OFFERING AND (II) OUTSIDE THE UNITED STATES IN OFFSHORE TRANSACTIONS IN ACCORDANCE WITH REGULATION S. ANY PURCHASER OF SHARES IN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OF U.S. PERSONS, WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS AND ACKNOWLEDGEMENTS, INCLUDING WITHOUT LIMITATION THAT THE PURCHASER IS A QIB.

NONE OF THE COMPANY’S SHARES HAS BEEN OR WILL BE QUALIFIED FOR SALE UNDER THE SECURITIES LAWS OF ANY PROVINCE OR TERRITORY OF CANADA. THE COMPANY’S SHARES ARE NOT BEING OFFERED AND MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN CANADA OR TO OR FOR THE ACCOUNT OF ANY RESIDENT OF CANADA IN CONTRAVENTION OF THE SECURITIES LAWS OF ANY PROVINCE OR TERRITORY THEREOF.

Important informationTHIS PRESENTATION AND ITS CONTENTS ARE CONFIDENTIAL AND ITS DISTRIBUTION (WHICH TERM SHALL INCLUDE ANY FORM OF COMMUNICATION) ISRESTRICTED UNDER ENGLISH LAW PURSUANT TO SECTION 21 (RESTRICTIONS ON FINANCIAL PROMOTION) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (AS AMENDED). IN RELATION TO THE UNITED KINGDOM, THIS PRESENTATION IS ONLY DIRECTED AT, AND MAY ONLY BE DISTRIBUTED TO, PERSONS WHO FALL WITHIN THE MEANING OF ARTICLE 19 (INVESTMENT PROFESSIONALS) AND 49 (HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, ETC.) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2001 (AS AMENDED) OR WHO ARE PERSONS TO WHOM THE DOCUMENT MAY OTHERWISE LAWFULLY BE DISTRIBUTED. THIS PRESENTATION MAY ONLY BE DISTRIBUTED IN CIRCUMSTANCES WHICH DO NOT RESULT IN AN OFFER TO THE PUBLIC IN THE UNITED KINGDOM WITHIN THE MEANING OF THE PUBLIC OFFERS OF SECURITIES REGULATIONS 1995 (AS AMENDED).

THE CONTENTS OF THIS PRESENTATION ARE NOT TO BE CONSTRUED AS LEGAL, BUSINESS, INVESTMENT OR TAX ADVICE. EACH RECIPIENT SHOULD CONSULT WITH ITS OWN LEGAL, BUSINESS, INVESTMENT AND TAX ADVISER AS TO LEGAL, BUSINESS, INVESTMENT AND TAX ADVICE.

THERE MAY HAVE BEEN CHANGES IN MATTERS WICH AFFECT THE COMPANY SUBSEQUENT TO THE DATE OF THIS PRESENTATION. NEITHER THE ISSUE NOR DELIVERY OF THIS PRESENTATION SHALL UNDER ANY CIRCUMSTANCE CREATE ANY IMPLICATION THAT THE INFORMATION CONTAINED HEREIN IS CORRECT AS OF ANY TIME SUBSEQUENT TO THE DATE HEREOF OR THAT THE AFFAIRS OF THE COMPANY HAVE NOT SINCE CHANGED, AND THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT ANY INFORMATION INCLUDED IN THIS PRESENTATION.

THIS PRESENTATION INCLUDES AND IS BASED ON, AMONG OTHER THINGS, FORWARD-LOOKING INFORMATION AND STATEMENTS. SUCH FORWARD-LOOKING INFORMATION AND STATEMENTS ARE BASED ON THE CURRENT EXPECTATIONS, ESTIMATES AND PROJECTIONS OF ADAS OR ASSUMPTIONS BASED ON INFORMATION AVAILABLE TO THE COMPANY. SUCH FORWARD-LOOKING INFORMATION AND STATEMENTS REFLECT CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS. ADAS CANNOT GIVE ANY ASSURANCE AS TO THE CORRECTNESS OF SUCH INFORMATION AND STATEMENTS.

AN INVESTMENT IN THE COMPANY INVOLVES RISK, AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION, INCLUDING, AMONG OTHERS, RISKS OR UNCERTAINTIES ASSOCIATED WITH THE COMPANY’S PRODUCTS, SEGMENTS, DEVELOPMENT, GROWTH MANAGEMENT, FINANCING, MARKET ACCEPTANCE AND RELATIONS WITH CUSTOMERS, AND, MORE GENERALLY, GENERAL ECONOMIC AND BUSINESS CONDITIONS, CHANGES IN DOMESTIC AND FOREIGN LAWS AND REGULATIONS (INCLUDING WITHOUT LIMITATION THE US COASTWISE LAWS), TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE RATES AND INTEREST RATES AND OTHER FACTORS. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS DOCUMENT. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT THE INFORMATION INCLUDED IN THIS PRESENTATION.

FINAL AGREEMENTS ON PROJECT FINANCING ARE NOT YET IN PLACE AND THE EFFECTIVENESS AND LEGAL ENFORCEABILITY OF THE EPC CONTRACTS FOR THE AKER H 6 SEMI-SUBMERSIBLE DRILLING RIGS IS SUBJECT TO CERTAIN CONDITIONS BEING MET WITHIN 21 OCTOBER 2005. THE COMPANY MAY AT ITS OWN DISCRETION WITHDRAW THE CONVERTIBLE BOND OFFERING AND/OR THE EQUITY OFFERING DESCRIBED IN THIS PRESENTATION AT ANY TIME AND MAY DECIDE TO REFRAIN FROM MAKING THE RELEVANT CORPORATE DECISIONS TO APPROVE THE OFFERINGS AND THE RELEVANT AGREEMENTS NECESSARY FOR COMPLETING THE TRANSACTIONS ON WHICH THE OFFERINGS ARE BASED.

THIS PRESENTATION IS SUBJECT TO NORWEGIAN LAW, AND ANY DISPUTE ARISING IN RESPECT OF THIS PRESENTATION IS SUBJECT TO THE EXCLUSIVE JURISDICTION OF THE NORWEGIAN COURTS.

Contents

Introduction

Market outlook

Aker H-6e Semi Submersibles

Aker Drilling set-up and funding

Closing remarks

Aker H6e - the world’s largest drilling rig

Zero discharge to sea

Full winterization

Ultra deep water

Largest air gap

Largest deck area

Dual RamRig

Aker Drilling ASA

Project initiated by Aker ASA spring 2005

Building 2+2 harsh environment, ultra deepwater semi submersible drilling rigs

Turnkey contract with Aker Kværner

Construction cost per rig of NOK 3.8bn (USD 600m)

Ready to drill Feb and Oct 2008

Convertible bond offering of NOK 800m

Equity offering of NOK 2, 500m

Fully funded through to delivery

Aker will be a major shareholder

Aker ASA- Refinanced and refocused

Aker ASA

TRG Holding AS Public

67.8% 32.2%

Aker Maritime Finance AS

(incl Kværner)

Aker American Shipping

ASA

AkerSeafoods

ASA

AkerYards ASA

AkerKværner

ASA

AkerCapital

AkerMaterialHandling

Listed Listed Listed Listed

Listed

50.01% 55.6% 66.7% 53.2% 100% 100% 100%

Gaining industrial momentum

Aker has delivered substantial value creationShareholder return Aker Yards Convertible

KVI +392%

AKY +259%

AKVER +197 %AKER +210 %

0

100

200

300

400

500

01.01.04 01.07.04 01.01.05 01.07.05

Oslo BMI +92 %

0

100

200

300

400

500

08.07.04 08.01.05 08.07.05

Index to issue priceIndex to listing

Note: Including accumulated coupon payments

AKY-C + 183%

AKS (from 13/5/05) 28,90 39,00 34% 31%AKASA (from 11/7/05) 66,00 75,00 14% 10%

Listing price 28/09 Increase OSE

Aker Seafood & Aker American Sh.

Aker responding to rig shortage

Constructing the two most advanced harsh and ultra deepwater floaters ever built

Building on the success of the Aker rig design, Aker Kværner is setting the new industry standard for the next ultra harsh environmentallyfriendly drilling rig

Aker Kværner’s attractive yard slots with 2 rigs ready-to-drill Feb & Oct2008. Options with delivery Jun 2009 and Feb 2010

Aker Kværner has unique experience and track record in designing, constructing and execution of complex offshore installations

Aker Drilling will maximize shareholder values as an independent drilling company and take part of industry consolidation

Aker DrillingInvestment themes

RIG SHORTAGE

THE NEW STANDARD

EARLY DELIVERY

EXECUTION

OPPORTUNISTIC STRATEGY

Transaction summary

Private placement Listing

• Fully fund Aker Drilling during construction phase for its initial two semis

• Offering size:Convertible bond: NOK 800m

Equity: NOK 2,500m

• Equity valuationPre-offering NOK 476-930m

Post offering NOK 2,976 – 3,430m

Implicit ready-to-drill rig price USD 640-675m

• Timetable:Subscription period 5. Oct to 14. Oct 2005

Allocation 14. Oct 2005

Payment 20. Oct 2005 (DVP)

OTC-listing prior to public listingOn or about the allocation date

Public listing on Oslo Stock Exchange expected Dec 2005

Targeting approval by Oslo Stock Exchange at 16. Dec 2005 board meeting

Listing of convertible bond

Contents

Introduction

Market outlook



Closing remarks

Growing high-end rig supply shortage

Deepwater1 and harsh environment drilling

111

155

111090

0

20

40

60

80

100

120

140

160

180

Currentsupply

On order Potentialyard

capacity

Totalsupply2010

Demand2010E

# rigs

+40-50 units

Current world deepwater and harsh weather rig fleet at 100% utilization

Potential supply expansion from 90 to 111 rigs by 2010E

Demand to reach >150 rigs, but constrained by rig supply

Supply deficit estimated at 40-50 units by 2010

1) Deepwater: >4,000ft of water depthSource: Pareto

Deepwater and Harsh key to offshore oil & gas

West Africa

Brazil

North Atlantic

East Canada / Greenland Sakhalin

GoM

Deepwater offshore areas

Barents Sea

Australia

New harsh offshore areas

Deepwater offshore output to triple by 2010

Deepwater oil and gas production Deepwater representing main areas of new offshore exploration efforts

Deepwater representing main areas for offshore production growth

A tripling of deepwater oil & gas production projected by 2010E

Deepwater share of offshore oil & gas production from 9% to 21% by 2010E

Mbpd

1,9

3,4

6,6

10,6

0

2

4

6

8

10

12

2000 2004 2007E 2010E

x3.1

9% 21%% of total offshore

*) Deepwater: >3,000ft of water (>1,500ft if harsh environment)Source:CERA (July 2005), IFP

Harsh environment critical part of long term supplyWorld Oil Production 2005

84 million bbls/day

Onshore68 %

Harsh offshore

7 %

Deepwater5 %

Benign offshore

20 %

Represents approximately 7% of current global supply (~6 mill bbls/day)

Huge natural gas/LNG reserve base

New frontier acreage

Main areas include:Arctic regionNCSCanadaAtlantic marginGreenland

New areas considered as harsh environment

Gulf of MexicoAustralia

Source: Pareto, DTI, NPD, American Association of Petroleum Geologists, EIA, Douglas Westwood

Arctic: The next frontierArctic areas Examples of undiscovered reserves

Norway / Barents Sea

41% of wells drilled has proven oil & gas reserves

More than 300 exploration and development wells could be drilled in the coming 15 – 30 years

Russia – (Shtokman + Kara Sea)

Limited past activity with approx. 50-55 wells drilled

More than 2,700 exploration and development wells could be drilled in the coming 15 – 30 years

Requires 15 rigs drilling for 30 years8,2

20

46

0

5

10

15

20

25

30

35

40

45

50

Barents Sea(Nor)

Barents Sea(Shtokman)

Kara Sea

Bn boe

Arctic estimated to hold 75bn boe or 25% of global undiscovered reserves

Source: NPD, Statoil, Fritjof Nansens Institute and Enskilda Securities

Example: Huge remaining potential on NCS

Source: Statoil

Harsh/Artic

11

12

7

NCS oil and gas reserves

Bn boe

Further exploration and development require harsh and deepwater semi submersibles

30

25

25

0

10

20

30

40

50

60

70

80

90

Produced Discovered Undiscovered

Source: Statoil

NCS oil & gas supply limited by rig fleet

0

20

40

1999 2000 2001 2002 2003 2004 2005

# exploration wells in Norway

Current activity limited by rig availability

32 wells planned in 2005 but only 20 to be drilled

New NCS players + increased acreage to boost rig demand

450-600 wells needed to discover 150 small fieldsLicenses awarded to new entrants in Norway

Source: Norwegian Petroleum Directorate

0

10

20

30

40

50

1999 2000 2001 2002 2003 2004

No 5G or 6G rigs available before AD131.12.04 31.12.05 31.12.06 31.12.07 31.12.08 31.12.09 31.12.10

Henry Goodrich

Paul B. Loyd, Jr.

Transocean Leader

Bideford Dolphin

Scarabeo 5

Eirik Raude

West E-Drill

Stena Drill Max

SeaDrill Daewoo1

West Navigator

Leiv Eiriksson

Polar Pioneer

Belford Dolphin

Borgland Dolphin

Transocean Arctic

West Venture

4G

4G

4G

4G

5G

5G

5G

4G

4G

5G

6G

6G

AD2 Opt 1

Under construction

Under construction

Overview harsh environment* rig fleet

Opt 2

5G

Under construction 6G

4G

4G

AD1Source: Drilling companies, ODS Petrodata, Pareto

*) Definition: Harsh Environment 4G, 5G and 6G fleet defined as capable of working on Norwegian Continental Shelf

Lack of yard capacity limits fleet expansionTotal potential Of which

Est Ultra Deepwater Floater Supply 2007 2008 2009 by end-2009 harshOn order (excl conversions) 1 7 2 10 3Est. available slots 0 3 8 11 7Potential max new supply 1 10 10 21 10

10 floater newbuilds on order1x Eastern Drilling semi, 2x Maersk semis, 3x Seadrill semis, 1x Stena drillship, 1x PetroMena semi, 1x Ensco semi, 1x Mosvold drillshipWorld order book representing 5% of total floater fleet of 197 units to be delivered next 4 years

Of which only 3 harsh environment rigs on orderWest E-Drill (Eastern Drilling)Stena Drill Max (Stena drillship)SeaDrill Daewoo GVA 7,500 semi

Limited supply by end - 2009Estimated yard capacity for additional approx. 11 ultra deepwater floaters (benign or harsh)Of which estimated 7 potential harsh environment rigsAker Drilling controlling 3 out of 7 identified harsh environment slots

EST AVAILABLE ULTRA DEEPWATER CAPACITY2006-2009Samsung 3

AkerKvaerner 3

Daewoo 3

Jurong 1

KFELS 1

TOTAL 11

Source: Pareto

Contents

Introduction

Market outlook



Closing remarks

Aker H-6e ultra deep, harsh rig history

Combining unmatched design experience and latest technology

2005Aker H-6 2005Aker H-6eAker H-3&3.2

1974-1983

Aker H-4.3

Aker H-4.2 1986

Aker H-3 pioneered the floater market in the 1970’s

37 units – most still in operationAker H-3 represent >50% of current 2nd generation fleet

Aker H-6e design is based on 30 years of experience with latest technology embedded

Substantial efforts made to create Aker DrillingConcept, engineering and design

Combined forces of Aker Kværner, Aker & Aker Yards used to develop Aker H-6eEngineeringConcept and designDialogue with drilling operators

Built-in own experience from construction of production rigs

Rig design owned by Aker Kværner

Aker Drilling establishmentProject management and initiation in 2005

Active in selection of equipment packages, technology and material

Participation in vendor negotiations

Superior harsh environment capabilities

•Huge air gap of 18.5 meters•Wave heights up to 36 meters•Fully winterized

Top-of-class efficiency

• Industry’s largest deck area

•Dual RamRig

•20-40 % efficiency gain•Flexible accommodation

Aker H-6e – the new industry standard

The largest semi sub drilling rig ever constructed

Exceeding size and specifications of existing high-end rigs incl. current order book

Setting the industry standard for future harsh environment/new frontier drilling

Able to work in all floater markets

7,700mtVariable Deck load90x70m (6,300m2)Deck area

YesHarsh & winterized56,900 tonnesDisplacement

18.5mAir gapYesZero discharge to sea

Feb 2008Oct 2008

Ready-to-drill

140 (160)Accommodation

750mRiser stacks1,000tHook load

10,000 ft Water depth

Aker H-6eRIG DESIGN

Capabilities of world 5G & 6G rig fleet

39

1612

5

0

5

10

15

20

25

30

35

40

45

Ultra deep &/or Dual Drilling &/or Harsh env. &/or Winterized

Aker H-6e

No of units

Aker H-6e designed and equipped for all markets

Only three other rigs have similar capabilitiesSource: Pareto & Enskilda

Norwegian Offshore Technology at the forefrontSubsea-to-shoreInnovative floating production6G Drilling rigs

Sevan SSP Snøhvit Ormen LangeAker H.6e

State-of-the-art subsea vessels Electromagnetic seismic

EMGSNormand Progress & Pioneer

Aker Kværner with proven project executionKristin production semi

Proven execution model for large and complex projects, relevant references includes:

Kristin semi for Statoil (2005)Snorre B semi for Norsk Hydro (2001) Njord semi for Norsk Hydro (1997)

Long established and close relations between Norwegian engineering and fabrication capacity

Unique network of suppliers to Aker Kværner and Aker Yards

Ultra high temperature & high pressure(HTHP) field

Delivered March 2005

Client: Statoil

Aker Kværner Stord

Delivered on time and budget

Contents

Introduction

Market outlook

Aker H-6 Semi Submersibles


Closing remarks

Company structureCompany set-up Corporate structure

Independent AD Board of Directors

2 from Aker, 1 external– Leif Arne Langøy – Chairman– Martinus Brandal– Ole Melberg

To be elected following private placement

AD to employ key team

CEO: Martinus Brandal

CFO: Bengt Rem

In-house or external (through mgmt contract) supervision of construction process

Drilling operator to be established prior to rig delivery

Contract CoBeta AS

Contract CoAlfa AS

AKER DRILLING

ASA

100% 100%In kind contribution

AKER

16-27%

73-84%

New investors

100% 100%

Contract CoAlfa AS

Contract CoBeta AS

1 firm + 1 option

1 firm + 1 option

Aker Drilling sponsors and management

Kjell IngeRøkke

Founding Father

Leif-Arne LangøyChairman

Martinus BrandalCEO, Board Member

Bengt A RemCFO

Ole MelbergBoard Member

Holds the position as managing partner in Energy Ventures ASNorwegian School of Economics and Business Administration in Bergen and INSEAD. More than 30 years of industry experience, inter alia as CEO of Smedvig ASA until 1998. Mr Melberg is a Norwegian citizen

EVP Aker ASA in charge of operations, strategy and business development Bachelor of Science in Electrical EngineeringFrom 1985 to 2004, Mr Brandal held various management positions in the ABB Group, inter alia as Group Senior Vice President Mr Brandal is a Norwegian citizen

President & CEO of Aker ASAMBA from Norwegian School of EconomicsPreviously served as President & CEO of Aker Kværner Yards, and as Managing Director for Aker Brattvaag Mr Langøy is a Norwegian citizen

Entrepreneur and industrialist Main shareholder and Chairman in Aker ASA Has been a driving force in the development of Aker since the 1990s. Mr. Røkke launched his business career with the purchase of a 69-foot trawler in the United States in 1982 gradually building a leading worldwide whitefish fisheries business Kjell Inge Røkke is a Norwegian citizen.

CFO Aker ASAState authorized accountant and a Master of Business and Economics from the Norwegian School of ManagementMr. Rem joined the Aker RGI Group in 1995Mr. Rem has also worked with Arthur Andersen & Co. and Oslo Børs.Mr Rem is a Norwegian citizen

Construction contract and delivery overview

H1 2010H2 2005 H1 2006 H2 2006 H1 2007 H2 2007 H1 2008 H2 2008 H1 2009 H2 2009

38% payment 62% paymentReady-to-drill February 2008AD 1

38% payment 62% payment Ready-to-drill October 2008

AD 2

38% payment 62% paymentReady-to-drill

June 2009Option

exercise June 2006

AD 3

38% payment 62% paymentOption

exercise June 2006

Ready-to-drill February 2010

AD 4

Option rigs at same price (with escalation clauses)

Aker Drilling funding requirement *Project cost

1,207

28

226

1,179Total

589589Sum turnkey contract

1111Financial and legal fees33Pre delivery opex

1414Sum other project costs

603603Total ready-to drill project costs

AD 2AD 1USDm

59%59%59%- In % of financing required

729365365Senior bank debt 1)

1,237618618Total project financing 2)

Financing plan*

10%

123

31%

384

Total

31%31%- In % of financing required

192192Equity

10%10%- In % of financing required

6262Convertible bond

AD 2AD 1USDm

1) Term sheet from commercial bank received2) Total financing includes USD 30m in cash at delivery

* Contract price in NOK. USD figures based on a conversion ratio of NOK/USD 6.50

Subordinated convertible bond

Issuer: Aker Drilling ASA

Loan amount: NOK 800m

Coupon: 9.5% p.a. Semiannually interest payments.

Interest will commence to accrue 2.5 years after settlement

Settlement date: Expected 20. Oct 2005 (same as for equity offering)

Maturity: 5 years after Settlement date

Conversion price: 25% premium to the share price of the equity offering

Bondholder representative: Norsk Tillitsmann ASA

Earnings capacity at different day rates

Assumptions

Key figures based on mid-range post offering equity value USD 493m (NOK 3,205m)

Earnings potential illustrated based on two units

Based on proforma balance sheet at delivery

Ignoring cash flow on AD1 until delivery of AD2

Assuming 10% tax rate

Excluding value of two rig options

$400,000 $500,000 $600,000Utilization 95 % 95 % 95 %Opex per day (USD) 130,000 130,000 130,000

Revenues 277 347 416Opex incl. G&A 97 97 97EBITDA 181 250 319EBIT 141 211 280Net result 77 145 208

MultiplesEV/EBITDA 7.3x 5.3x 4.1xP/E 6.4x 3.4x 2.4x

Return on capitalROCE pretax 10.7 % 16.0 % 21.3 %ROE 15.7 % 29.4 % 42.1 %

Day rate scenariosUSDm

USD figures based on a conversion ratio of NOK/USD 6.50

Contents

Introduction

Market outlook



Closing remarks

Aker responding to rig shortage

Constructing the two most advanced harsh and ultra deepwater floaters ever built

Building on the success of the Aker rig design, Aker Kværner is setting the new industry standard for the next ultra harsh environmentallyfriendly drilling rig

Aker Kværner’s attractive yard slots with 2 rigs ready-to-drill Feb & Oct2008. Options with delivery Jun 2009 and Feb 2010

Aker Kværner has unique experience and track record in designing, constructing and execution of complex offshore installations

Aker Drilling will maximize shareholder values as an independent drilling company and take part of industry consolidation

Aker DrillingInvestment themes

RIG SHORTAGE

THE NEW STANDARD

EARLY DELIVERY

EXECUTION

OPPORTUNISTIC STRATEGY

Transaction summary

Private placement Listing

• Fully fund Aker Drilling during construction phase for its initial two semis

• Offering size:Convertible bond: NOK 800m

Equity: NOK 2,500m

• Equity valuationPre-offering NOK 476-930m

Post offering NOK 2,976 – 3,430m

Implicit ready-to-drill rig price USD 640-675m

• Timetable:Subscription period 5. Oct to 14. Oct 2005

Allocation 14. Oct 2005

Payment 20. Oct 2005 (DVP)

OTC-listing prior to public listingOn or about the allocation date

Public listing on Oslo Stock Exchange expected Dec 2005

Targeting approval by Oslo Stock Exchange at 16. Dec 2005 board meeting

Listing of convertible bond

Aker Drilling Presentation

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Transcript of Aker Drilling Presentation