Company Profile

Sinvest ASA is a public listed company, and

has been listed on the Oslo Stock Exchange
since its incorporation early in 2001.
The company is located in Kristiansand.
Sinvest’s objective is to be a long-term
financial and strategic investor in oil- and
offshore companies.
 Sinvest’s mission is to create shareholder value by pursuing attractive
investment opportunities within the global oil&gas industry. The
company’s dedicated and experienced management team emphasize
an industrial “hands-on approach” to successfully complete
the mission.

Mission
Investment Strategy
Sinvest investment strategy is based upon the following key factors:

International perspective
The activities of the companies within the oil, natural gas and

Statement
offshore industry are global, and thus the companies active in this
field as well as projects (e.g. the construction of offshore rigs) need to
have an international perspective.

Selective and focused approach

Sinvest shall always have the approach of keeping its funds at a
manageable size in order not to create the potentially harmful
pressure to invest for the sake of investing. This allows Sinvest to
make fewer investments and, consequently, to be able to spend
more time and effort on the projects and with the management of its
portfolio companies and projects.

Partnering with dedicated Management Teams

Companies or projects that Sinvest invest in shall have dedicated
management teams. Sinvest will provide suitable management
to projects or companies if such are not in place prior to the
investments.

Adding value through active ownership

Through active ownership Sinvest will supply the project
management teams and portfolio company management teams
with extensive and international experience to facilitate growth and
successful completion of projects.

Sound financial structure

Sinvest has significant experience in negotiating and structuring
attractive equity and debt financing. Minimizing Sinvest´s loss
exposure is key factor to its investment decisions.

Operational and exit strategy

It is Sinvest’s ambition to be an active owner of companies or projects
until they have matured and are ready for exit through public
offering or industrial trade sale. However, as Sinvest’s investments
are targeted at projects and companies within a cyclic industry,
Sinvest shall at all times remain alert and ready to secure capital
gains of its investors.
Corporate Structure Sinvest

SINVEST ASA
(Norway)

100 % 50 % Approx. 20 %

Beta Drilling AS Venture Drilling AS Petrojack ASA

Murmanskaya Deep Venture

100 %

DDI Holding AS 50 % Premium Drilling

100 %

Deep Drilling Invest

Pte. Ltd.
(Singapore)

100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 %

Deep Drilling 1 Deep Drilling 2 Deep Drilling 3 Deep Drilling 4 Deep Drilling 5 Deep Drilling 6 Deep Drilling 7 Deep Drilling 8
Pte. Ltd. Pte. Ltd. Pte. Ltd. Pte. Ltd. Pte. Ltd. Pte. Ltd. Pte. Ltd. Pte. Ltd.
(Singapore) (Singapore) (Singapore) (Singapore) (Singapore) (Singapore) (Singapore) (Singapore)

Deep Driller 1 Deep Driller 2 Deep Driller 3 Deep Driller 4 Deep Driller 5 Deep Driller 6 Deep Driller 7 Deep Driller 8
PPL KFELS KFELS PPL KFELS KFELS PPL KFELS
Hull P2006 Hull B263 Hull B267 Hull P2008 Hull B271 Hull B284 Hull P2015 Hull B289
 When making the decision to undertake this particular investment it
was concluded that it was of importance to differentiate this concept
to other expected “fleet replacement” orders. Alternative criteria
to achieve this were evaluated and it was concluded a few critical
elements were of high importance:
• Moving early. There was a concern regarding shipyard capacity,

Deep
steel and equipment prices.
• Target the deep (and ultra-deep) gas segment – hoisting assembly
& top drive rating, mud & bulk volumes, mud pump capability and
well control equipment & systems.
• Maximize cantilever & skid-off capabilities for the chosen designs.

Drilling
• Reduce unproductive time by allowing jacking with full preload in
a single stage operation.

Company Structure and Organization

Invest
Sinvest’s engagement in this project has been placed in a separate
corporate entity, Deep Drilling Invest, which have the overall
responsibility for this particular investment. Deep Drilling Invest
is a Singapore company owned 100 % by Sinvest ASA through DDI
Holding AS. Deep Drilling Invest is set up with eight rig owning
daughter companies registered in Singapore.

Business concept Deep Drilling Invest’s units are now marketed and operated by the
As a consequence of the company’s investment strategy Sinvest drilling contractor Premium Drilling.
decided in December, 2003 to take a position in the market for top
quality jack-up drilling units. This decision materialized in January of Contact info Deep Drilling Invest Pte. Ltd.
2004 by placing an order for one (with an option for a second unit) Mustadsvei 1, P.O. Box 280 Lilleaker, N-0216 Oslo
KFELS Super B Class jack-up at Keppel FELS Ltd. and one additional DDI phone: +47 22 06 49 01
order for one (also with an option for a second unit) Baker Marine Switchboard: +47 22 06 49 00
Pacific 375 (enhanced) jack-up at PPL Shipyard Pte. Ltd. Fax: +47 22 06 49 10
DDI Units – Unique Capabilities
PPL Pacific Class 375 KFELS Super B Class

DESIGN & CAPABILITIES DESIGN & CAPABILITIES

Pacific Class 375 (Enhanced) KFELS Super B Class

Water Depth  375 ft Water Depth  350 ft
Drilling Depth  30,000 ft Drilling Depth  35,000 ft
Accommodation  120 persons Accommodation  120 persons

CLASSIFICATION CLASSIFICATION

ABS @1A1 Self Elevating Drilling Unit, CDS, US Coast Guard ABS @1A1 Self Elevating Drilling Unit, CDS, US Coast Guard
Flag Panama Flag Panama

PRINCIPAL DIMENSIONS PRINCIPAL DIMENSIONS

Length  240 ft Length  246 ft

Breadth  224 ft Breadth  218 ft
Depth  28 ft Depth  25 ft
Leg Length  506 ft Leg Length  486 ft

LOADING AND STORAGE CAPACITIES LOADING AND STORAGE CAPACITIES

Variable Load (Drilling)  7,500 kips Variable Load (Drilling)  7,600 kips
Liquid Mud  4,050 bbls Liquid Mud  5,100 bbls
Bulk Storage  11,650 cuft Bulk Storage  15,000 cuft
Base Oil  1,200 bbls Base Oil  1,500 bbls
Brine  1,200 bbls Brine  1,015 bbls
Drill Water  4,850 bbls Drill Water  6,853 bbls
Sack Store  5,000 sacks Sack Store  5,000 sacks

DRILLING EQUIPMENT & SYSTEMS DRILLING EQUIPMENT & SYSTEMS

Derrick 160’ x 35’ x 35’, 30,000 ft racking capacity Derrick 170’ x 36’ x 36’, 35,000 ft racking capacity
Hook Load 1,500,000 lbs Hook Load 2,000,000 lbs
Drawworks 3,000 hp Drawworks 4,500 hp
Top Drive 1,500,000 lbs. 1,130 hp, high torque Top Drive 2,000,000 lbs. 2,300 hp
Pipehandling Iron Roughneck Pipehandling Derrick Piperacking. Iron Roughneck
Mud Pumps 3 x 2,200 hp, 7,500 psi. Prepared for 4th Pump Standbuilding Capability
Solids Control 2,200 gpm Mud Pumps 3 x 2,200 hp, 7,500 psi. Prepared for 4th Pump
BOP Stack 15k, 18 3/4”, HT, H2S. Two Double + Annular Solids Control 2,200 gpm
Main Power 12,900 hp BOP Stack 15k, 18 3/4”, HT, H2S. Two Double + Annular
Skidding System 70 ft, +/- 15 ft. With full set-back (560 mt) Main Power 12,740 hp
Jacking System 54 x 800 = 43,200 kips Skidding System 70 ft, +/- 15 ft. With full set-back (560 mt)
Skid Off Capabilities
Jacking System 36 x 1,300 = 46,800 kips. Rack Phase Differential.
Monitoring System. Jacking with full preload.
Single stage preload capacity.
 Vision Statement
Premium Drilling’s vision is to be the contractor of choice for safe,
environmentally responsible, high specification drilling services
enabling our clients to meet their most demanding drilling
objectives.

Premium
We will achieve this vision by:
•o  perating the industry’s most modern and effective fleet of jack-up
drilling units with outstanding capabilities
• t rain and develop our workforce to ensure that we can provide the
most competent operational teams in the industry

Drilling
• v aluing the integrity of our people and their safety as our greatest
responsibility.

Premium Drilling is a modern and innovative Drilling Contractor

operating latest generation equipment with a capable well-trained
workforce.
Premium Drilling was formed as a Drilling Contractor in 2005 by Harnessing the talents of our people and allowing them to operate
Sinvest ASA and Awilco Offshore ASA. The company has offices in the the industry’s most modern and effective fleet of jack-up drilling
United States, Singapore, Malaysia and Brunei and will operate units will enable the pysical assets to provide financial returns in a
17 Mobile Offshore Drilling units worldwide. safe and environmentally responsible manner.

Contact info Premium Drilling Inc.

11200 Richmond Ave. Suite 450
Houston, TX 77082
Main Line: +1-281-560-2600
Fax line: +1-281-560-2601
Rig Operation and Organization Chart Premium Drilling

Rig fleet
Premium Drilling is currently and in the near future operating
the following rigs:

SINVEST RIGS AWILCO RIGS

Deep Driller 1 (Jack-up) WilPower (Jack-up)

Deep Driller 2 (Jack-up) WilCraft (Jack-up)
Deep Driller 3 (Jack-up) WilSuperior (Jack-up)
Deep Driller 4 (Jack-up) WilBoss (Jack-up)
Deep Driller 5 (Jack-up) WilForce (Jack-up)
Deep Driller 6 (Jack-up) WilStrike (Jack-up)
Deep Driller 7 (Jack-up) WilSeeker (Jack-up)
Deep Driller 8 (Jack-up) Option (Jack-up)
Murmanskaya (Jack-up)

SINVEST/PETROLIA DRILLING RIG

D/S Deep Venture (Drill Ship)

Premium Drilling Organization Chart

President and CEO

Bill Rose

Executive Assistant
Karen Johnson

Vice President
Vice President Vice President Vice President Vice President
Health, Safety and
Controller Administration Operations Marketing and Contracts
Environment
Sonny ONG Steve Bradshaw Sunil Pangarkar Mike Pope
Mike Cadigan
Deep Driller 2 at Keppel FELS Shipyard
Jack-up “Murmanskaya”

Business agreement
• Up to 7 months bareboat hire during re-activation phase
• Thereafter 3 year bareboat contract
• Demobilization period
• Re-activation and Mobilization Cost – Beta Drilling
•S invest has made an agreement with Dockwise for transport of the

Beta
unit to a Singapore Shipyard (or other suitable location). The rig is
currently enroute Singapore.
•R e-activation expected to be completed within a three to four
months period. Ready to drill by second half 2006.

Drilling AS JACK-UP MURMANSKAYA – MAIN SPECIFICATIONS

Independent Leg Cantilever jack-up

Owner Arktikmorneftegazrazvedka
Built 1991 in Vyborg
Max drilling water depth 331 ft
Sinvest owns 100 % in Beta Drilling (BD), which has entered into a Derrick rating 500 T
bareboat agreement regarding the jack-up Murmanskya with unit Power swivel 1,300,000 lbs
owner Arktikmorneftegazrazvedka (’Arktik’). Rotary table 49 1/2 ’’
Murmanskaya is a 3-legged, heavy duty Barents and Kara Seas type Power 6,000 kW
jack-up with cantilever, built at Vyborg Shipyard, Russia in 1991. It Variable deck load 2,400 T
has a quadrangle unit shape with spud outriggers and its design Cranes 65 T
is from Central Design Office “Korall”, the Ukrain in Sevastopol 3 mud pumps 3 x 1,200 kp
– with an ISTR international call sign. The jack-up operates under Mud volume 2,300 bbls
the Gosgortechnadsor rules, standars and recommendations of ANI Bulk volume 10,000 ft3
practice. Construction and classification rules of Russian Maritime Deck area 19,000 ft2
Register of Shipping (as per applicable part). Length 358 ft
Breadth 223 ft
Current location (April 2006) Enroute Singapore
Main target drilling markets Far East, South East Asia, Middle East
Drill Ship “Deep Venture”

Business agreement
•1 2 months bareboat hire during re-activation/upgrade phase
• Thereafter 5 year bareboat contract
•6 x 2-yr extension options of bareboat charter (Venture Drilling’s
option)
•V enture Drilling to re-activate Valentin Shashin including putting

Venture
previously offloadedand new equipment on board
• Ready to drill by end of 3Q 2006
• 3 years drilling contract in US Gulf of Mexico in place.

Drilling AS
DRILL SHIP “DEEP VENTURE” – MAIN SPECIFICATIONS

Dynamically positioned drill ship – Recognized Gusto design

Owner Arktikmorneftegazrazvedka
Built Rauma Repola, 1981 in Finland
Upgraded 1998 and 2006
Max drilling water depth 4,200 ft
Sinvest owns 50 % in Venture Drilling, which has entered into
Class DnV @1A1 MODV, DYNPOS-AUTR, Ice
a bareboat agreement regarding the drillship Deep Venture
Derrick (w/crown mounted DSC) 1,300,000 lbs
(ex Valentin Shashin) with vessel owner Arktikmorneftegazrazvedka
Power swivel 1,300,000 lbs
(’Arktik’)
Pipehandling system 3 arms sysem
Iron roughneck 1 floor mounted
Mud pumps 3 off
Riser-tensioning system max 1,440,000 lbs
Overhead crane for Riser Handling
1 BOP compl. 18 3/4 ’’ 10,000 psi
1 BOP compl. 16 3/4’’ 10,000 psi
Electro hydraulic multiflex control system 6,000 ft
Drilling depth 20,000 ft
Variable deck load 7,500 MT
Tubular in piperack 450 MT
1 deck crane 60 T
1 deck crane 40 t
Current location (April 2006) Argentina
Main target drilling markets US Gulf of Mexico, West Africa, Brazil,
Alaska, Canada, Russia (Sakhalin)
trigger Bryne Offset
Photo: KFELS, PPL
FSUE Arktikmorneftegazrazvedka
© Sinvest ASA 4.2006 1,000
Sinvest ASA · P.O. Box 728 · N-4666 Kristiansand · Norway
Tel. (47) 38 04 19 40 · Fax (47) 38 04 19 41 · www.sinvest.no