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Seawell Limited

Pareto Oil and Offshore Conference – September 2008

Executive Chairman Jørgen Peter Rasmussen

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This is Seawell

• Seawell Limited is an International Oilfield Service 

company

• Established October 2007

• Drilling Services and Well Services

• Core business lines being Platform drilling, Drilling facilityengineering, Modular Rigs, Well intervention services and

Oilfield technology

• More than 2500 people at present

• OTC ticker - SEAW

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Page 3

What part of the oilfield service

market do you prefer ?

1/3 + 2/3Probably the no 1 market to be in!Drilling Services and Well Services

Fighting declining production and increasing the reserves

Only 1/3 of the oil has been produced in existing fields

2/3 of new wells are drilled from fixed platforms

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We are about people and technology

• Skills

• Experience

• Attitude

• Knowledge

• Technology

• Innovation

• Tools

• Solutions

•

Ideas• Risk management

• Patents

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Page 5

BergenStavanger

Esbjerg

Abu Dhabi

Kuala Lumpur

Houston

Aberdeen

Newcastle

Caspian Sea

Lagos

Alaska

Seawell – becoming a global company

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Seawell have two major operational divisions

• Our goal is to help our clients produce more hydrocarbonsthrough better production wells, effective repairs of producingwells and assisting in increasing reserves !

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Platform Drilling Service

Drilling Facility Engineering

Modular Rigs

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• Production drilling

• Integrated operations

• Drilling facility maintenance

• Platform operations

• Recompletions

• Modular Rig crewing

• 1800 experienced drillers

• 30 years experience

• Long term contract and relations

• Quality of service

• World leadership

• Steady and solid business

Platform Drilling Services

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Drilling facility engineering

• Design and commissioning of Drilling

facilities and technology

• 400 Skilled engineers

• Total project management

• Deepwater experience

• Rig Support teams

• Operations World-wide

• Fastest growing unit in Seawell

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Next generation modular drilling systems

• Multipurpose: drilling, work-over,

snubbing, P&A work

• Flexible module set-up, can be arranged

to suit most North Sea platforms

• Rig up/down time = < 10 days

• Low POB = <13 POB

• Modern, proven technology & meetsNorth Sea rules and regulations

• Global application and potential

Modular Rig

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Drilling Services - Growth and Margins

• Expand Core business to a global footprint by entering GOM,Brazil, West Africa and Middle East with platform drillingservices.

• Develop a Modular Rig fleet for offshore platform drillingservices as a higher margin business.

• Expand our Engineering House to a world wide business andusing a global back office model.

• Effective cost control to improve operational profit

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Well Intervention Services

Oilfield Technology

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• Wireline and slickline multi drums

• Conveying of logging, perforation,

zonal isolation.

• Well clean-up and fishing

•

Emergency response team• TECWEL investigation tools

• Leak and sand detection

• 400 jobs in 25+ countries

• 95 percent success rate

• Wireline tractor services

• Subsea well intervention services

• Special designed intervention tools

Well Intervention services

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Oilfield technology

• Barrier plug technology

• Cementing technology

• Tools and technology for wire-line

and slick-line

• Investigation and video technology

• Fishing tools

• Drilling technology

• Remote operations

•

Conveyance technology• Drilling engineering CAD-CAM

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Well Services - Growth and Margins

• Commercialize TecWel tools and technology world wide

• Build a global sales organisation for PEAK products andservices, underway with UK and USA since June

• Expand our Wireline Business to a world wide business andorganically and through acquisitions of local wirelinecompanies.

• More technology commercialised and more technology indevelopment… 

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• EBITDA of NOK101.7 million

• Operating profit NOK83.3 million

• Net income NOK44.0 million

• Revenues of NOK885 million

• Total asset: NOK3,000 million

Financial highlights Q2-2008

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Financial data divisions

• Drilling Services

• Q2 2008

• Revenue 722,3 MNOK• Operating Profit 49,8 MNOK

• Q1 2008

• 554,6 MNOK revenue

• 37,0 MNOK Operating profit

• Well Services

• Q2 2008

• Revenue 162,4 MNOK• Operating Profit 33,5 MNOK

• Q1 2008

• 92,4 MNOK revenue

• 13,5 MNOK Operating profit

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Strong track record lays foundation for growth

0

500

1 000

1 500

2 000

2 500

3 000

3 500

2003 2004 2005 2006 2007 2Q2008*4

0

50

100

150

200

250

300

350

400

450

Sales EBIT DA

   O  p .  r  e  v  e  n  u  e  s ,   N   O   K  m    1

   )

E B I 

T DA  ,N OK m 

1) Excl. reimbursables

CAGR 2003-2007

Revenues +27%

EBITDA +30%

2Q08 vs. 1Q08

Revenues +31%

EBITDA +53%

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Strategy 

• Strengthen our core businesses to become world leaders in each domain

• Buy and Build, keep the focus on what we do best.

• Global operating company• North Sea, Americas, Africa and Middle East- South East Asia

• Develop a multinational organisation for expansion and excellence.

• Develop new core business lines in the drilling service and well services

• Build significant shareholder value through profitable growth

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The story so far, 11 months old30 years of experience

Seawell established October 1 2007

• 2008 – Acquired Noble’s platform drilling division in the

UK.

• 2008 – Seawell Engineering established in the US

• 2008 – Placed an order for new well service modular rig

unit

• 2008 – Acquired Peak Well Solutions a.s

• 2008 – Acquired TecWel a.s.

• YTD: 5 billion NOK of new and extended contracts

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What do you think we will do next year?

Confidential

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Disclaimer

THIS PRESENTATION AND ITS ENCLOSURES AND APPENDICES (HEREINAFTER JOINTLY REFERRED TO AS THE  “PRESENTATION” HAS BEEN PREPARED BYSEAWELL LIMITED. (”SEAW”  ,  “SEAWELL or THE ”COMPANY”) EXCLUSIVELY FOR INFORMATION PURPOSES. THIS PRESENTATION HAS NOT BEENREVIEWED 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 INCERTAIN JURISDICTIONS IS RESTRICTED BY LAW. PERSONS INTO WHOSE POSSESSION THIS PRESENTATION MAY COME ARE REQUIRED BY THECOMPANY TO INFORM THEMSELVES ABOUT AND TO COMPLY WITH ALL APPLICABLE LAWS AND REGULATIONS IN FORCE IN ANY JURISDICTION IN ORFROM WHICH IT INVESTS OR RECEIVES OR POSSESSES THIS PRESENTATION AND MUST OBTAIN ANY CONSENT, APPROVAL OR PERMISSION REQUIREDUNDER THE LAWS AND REGULATIONS IN FORCE IN SUCH JURISDICTION, AND THE COMPANY SHALL NOT HAVE ANY RESPONSIBILITY OR LIABILITY FORTHESE OBLIGATIONS. IN PARTICULAR, NEITHER THIS PRESENTATION NOR ANY COPY OF IT MAY BE TAKEN OR TRANSMITTED OR DISTRIBUTED, DIRECTLYOR 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 TOANY 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 INRELIANCE ON APPLICABLE EXEMPTIONS FROM THE REGISTRATION REQIUREMENTS UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED. THESHARES OF SDRL HAVE NOT AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OR ANY STATE SECURITIES LAWS, AND MAY NOT BEOFFERED OR SOLD WITHIN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS, UNLESS AN EXEMPTION FROM THEREGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT IS AVAILABLE. ACCORDINGLY, ANY OFFER OR SALE OF SHARES IN SDRL WILL ONLY BEOFFERED OR SOLD (I) WITHIN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS, ONLY TO QUALIFIED INSTITUTIONALBUYERS (”QIBs”) IN PRIVATE PLACEMENT TRANSACTIONS NOT INVOLVING A PUBLIC OFFERING AND (II) OUTSIDE THE UNITED STATES IN OFFSHORETRANSACTIONS 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 THEPURCHASER 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 OFCANADA. THE COMPANY’S SHARES ARE NOT BEING OFFERED AND MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN CANADA OR TO OR FORTHE ACCOUNT OF ANY RESIDENT OF CANADA IN CONTRAVENTION OF THE SECURITIES LAWS OF ANY PROVINCE OR TERRITORY THEREOF.

This Presentation includes  “forward-looking” statements (defined in Section 27A of the US Securities Act and Section 21E of the US Exchange Act as allstatements other than statements of historical facts) including, without limitation, those regarding the Company’s financial position, business strategy, plansand objectives for future operations. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may causethe actual results, performance or achievements of the Company, or, as the case may be, the industry, to materially differ from any future results,performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerousassumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate. Among the importantfactors that could cause the Company’s actual results, performance or achievements to materially differ from those in the forward-looking statements are,among others, the competitive nature of the markets, technological developments, government regulations, changes in economical conditions or politicalevents.