CAPACITY BUILDING INITIATIVE (CBI)

Seawolf' s presentation to the National Petroleum Investment Management Services (NAPIMS)

Overview:

$550 million Enterprise established in 2007.

Value

Company

Short term debt financing provided by First Bank of Nigeria Plc. Nigerias largest financial institution First Bank of Nigeria Plc and other local and international co-investors have committed $150 million in start-up private equity capital to fund development. SeaWolf is premier Nigerian owner of offshore oilfield assets (3 jack-up rigs) by virtue of the $210 million acquisition of Norwegian publicly listed Mosvold Jackup Limited and the $146.5 million acquisition of West Titania from Seadrill SeaWolf is additionally in discussions with an international oil major towards the establishment of an incorporated joint venture for the purposes of acquiring and operating land rigs and swamp barges in West Africa

Mission & Objectives:

Create a Nigerian-owned world-class drilling company

Achieve market-leader position in West Africa

Achieve local content transfer by developing Nigerian workforce in drilling and related fields Contractor of choice for safe environmentally responsible, high specification drilling service

Key focus:
Operating the most modern fleet

of land, swamp and shallow offshore drilling units

Focus on Nigerian producers as

core clients
Joint approach with technical

partner to present a fully integrated contractor

Training and developing Nigerian

workforce to provide the most competent operational service in the industry

TEPNG-SEAWOLF -Drilling Operation so far Seawolf arrived at TEPNG location on the 29 October 2010 Started operation on 26 November 2010 First well completed- 13 May 2011 Wells Completed to date EMEM-7 IME-12 IME-13 EBEN

Rig is moving to Amenam

CAPACITY BUILDING INITIATIVE (CBI) Came into existence based on agreement to ADDENDUM NO. 3 to the Drilling contract for Offshore Drilling Services Contract Ref-NG00005669/DRI/09 (October 29, 2011)
To assist CONTRACTOR enhance its competence and improve its productivity Initial CBI Invoices submitted on the 21st of November 2011

Payment for initial CBI invoices received 24th of January 2012

Payment for April 2012 invoices received on the 6th of June 2012 (May 2012 invoices Outstanding) $6.2MM received up to date from November 2011- April 2012

PAYMENT RECEIVED- CBI

CAPACITY BUILDING INITIATIVE - Net Amount Received to date (WHT 5% and LOCAL CONTENT TAX 1% Deducted)

SPARES
RIGDEN OILFIELDS $ 263,200.00 25,066.67 25,066.67 25,066.67 25,066.67 25,066.67 388,533.35

TRAINING
CHARKIN LIMITED $ 126,900.00 42,300.00 42,300.00 42,300.00 253,800.00 FOZTER OFFSHORE $ 112,800.00 112,800.00 112,800.00 112,800.00 112,800.00 112,800.00 676,800.00 DATE OF DATE OF SUBMISSION PAYMENT 24-Nov-2011 24-Dec-2011 24-Jan-2012 24-Feb-2012 24-Mar-2012 24-Apr-2012 24-Jan-2012 30-Jan-2012 14-Feb-2012 19-Mar-2012 27-Apr-2012 6-Jun-2012

WORLD RIG $ Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 TOTAL 1,052,800.00 100,266.67 100,266.67 100,266.67 100,266.67 100,266.67 1,554,133.35

TECON $ 263,200.00 29,244.44 29,244.44 29,244.44 29,244.44 29,244.44 409,422.20

RIGEQUIP $ 75,200.00 75,200.00 75,200.00 75,200.00 75,200.00 75,200.00 451,200.00

FALCK PRIME $ 50,760.00 16,920.00 16,920.00 16,920.00 84,600.00 84,600.00 270,720.00

JC INT'L $ 76,140.00 25,380.00 25,380.00 25,380.00 152,280.00

OMS $ 344,666.67 344,666.67 344,666.67 344,666.67 344,666.67 344,666.67 2,068,000.02

TOTAL $ 2,365,666.67 771,844.45 771,844.45 771,844.45 771,844.45 771,844.45 6,224,888.92

SPARES $ 1,942,666.70 TRAINING $ 676,800.00

SPARES World rig supply and Rigden Oilfields chosen as vendors for supply of Spares

$1,944,399.64 has been received by both vendors from TEPNG for spares from January 25, 2011 till date
33 % of spares has been delivered by vendors Out of the 33% delivered, 39% are on the rig, 16% in our PH Base and 45% in transit to Nigeria. Majority of these spares have a lead time of eight to ten weeks. We also need to consider the transportation period of 6weeks to sea freight and clear customs

Present PPE Inventory

PPE 1 2 3 4 5 6 Coveralls Safety Glasses Safety boots Hard Hat Hand Gloves Rain Coats Quantity available on the rig 56 160 40 15 1954 120 pcs pcs pairs pcs pairs pcs Quantity available in PH Base 0 0 60 60 0 0 pcs pcs pairs pcs pairs pcs Quantity on order 220 100 0 0 0 0 pcs pcs pairs pcs pairs pcs

TRAINING JC International, Falck Prime Atlantic, Charkin Maritime chosen as vendors for training Over $650,000k has been paid to training vendors by TEPNGTraining Program hampered as vendors were unable to meet request Seawolf is constrained as $268k of funds are held by the vendors Seawolf has requested from TEPNG that the vendors be replaced by RIGEQUIP LIMITED

Training- WHERE WE ARE ( Personnel )

Seawolf has as its workforce, a crop of budding professionals drawn from various sectors of the drilling industry. The vast majority of our crew currently have the requisite training to perform their duties safely and efficiently. However, to ensure strict compliance to industry standards and regulations, we have embarked on a company wide audit of training requirements across all functional lines. Data gathered from this is being mapped in accordance with our training matrix to ensure that all personnel without the requisite training are promptly given this training to the job properly.

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TRAINING STATUS AND COMPLIANCE ON ORITSETIMEYIN

TRAINING STATUS ON THE ORITSETIMEYIN COURSES COWAIN CRANE OPERATORS IWCF HLO FIRE FIGHTING EMERGENCY RESPONSE TEAM LEADER COMP-EX CERTIFICATION BOSIET/HUET GMDSS CERTFIFCATE/LICENSE PROFICIENCY IN SURVIVAL CRAFT NOV AMPHION DEVELOPMENT(DRILLING CREW) STABILITY MEM/PIC SAFETY TRAININGS(RIG BASED) JOB RISK ASSESSMENT CONFINED SPACE ENTRY PERMIT TO WORK LOCK OUT/TAG OUT PPE AWARENESS HAZARD COMMUNICATION SPILL PREVENTION RESPIRATORY PROTECTION FALL PROTECTION FIRST AID(ELEMENTARY) BLOOD BORNE PATHOGENS FIRE WATCHER FORKLIFT AWARENESS

REQUIRED NO REQUIRED % COMPLIANCE % SCHEDULE DATE 8 100% 0% JULY 2012, AUG 2012 8 100% 100% NOT APPLICABLE 12 100% 75% 18-Jun-12 12 100% 0% 23-Jul-12 8 100% 100% NOT APPLICABLE 4 100% 0% 17-Jul-12 4 100% 0% JULY 16, 2012, AUG 13, 2012 116 100% 93% JUNE 25, 2012, JULY 02, 2012 4 100% 100% AWAITING LICENSES FROM NIMASA 6 100% 83% NOT APPLICABLE 12 100% 40% AUG 13, 2012, AUG 20, 2012 8 100% 50% AUG 2012, SEPT 2012(DEVELOPMENTAL) 4 100% 0% 116 116 116 116 116 116 116 116 116 116 116 116 116 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% JULY 02 - 05, 9 - 12, 16 - 19, 23 - 26 JULY 02 - 05, 9 - 12, 16 - 19, 23 - 26 JULY 02 - 05, 9 - 12, 16 - 19, 23 - 26 JULY 02 - 05, 9 - 12, 16 - 19, 23 - 26 SEPT 03 - 06, 10 - 13, 17 - 20, 24 - 27 SEPT 03 - 06, 10 - 13, 17 - 20, 24 - 27 SEPT 03 - 06, 10 - 13, 17 - 20, 24 - 27 SEPT 03 - 06, 10 - 13, 17 - 20, 24 - 27 NOV 05 - 08, 12 - 15, 19 - 22, 26 - 29 NOV 05 - 08, 12 - 15, 19 - 22, 26 - 29 NOV 05 - 08, 12 - 15, 19 - 22, 26 - 29 NOV 05 - 08, 12 - 15, 19 - 22, 26 - 29 NOV 05 - 08, 12 - 15, 19 - 22, 26 - 29

VENUE ARAB ACADEMY FOR TECHNOLOGY, EGYPT JC INTERNATIONAL PULGET KONSULT JC INTERNATIONAL CHARKIN FALCK PRIME ATLANTIC ASET INT'L OIL & GAS, ABERDEEN CHARKIN MARITIME CHARKIN MARITIME ELKINS MARINE NOV, MONTROSE, SCOTLAND MARTIN INTL FALCK PRIME ATLANTIC RIG BASED RIG BASED RIG BASED RIG BASED RIG BASED RIG BASED RIG BASED RIG BASED RIG BASED RIG BASED RIG BASED RIG BASED RIG BASED

TRAINING STATUS AND COMPLIANCE ON ORITSETIMEYIN

WHERE WE WANT TO BE
Seawolf would like to be known as the preferred drilling contractor with highly trained and capable staff who adhere to world class safety and operational standards. To achieve this we have embarked on a multi pronged training and development approach which comprises of the following:
1. 2. 3.

Consultants to train our crew - NOV. Internal mentoring and training practices. External auditors to verify the effectiveness of training being delivered.

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SAFETY TRAINING
Seawolf has commenced an ongoing training and have engaged the services of various indigenous and international training contractors as official training partners for courses covering but not limited to the following:
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

Helicopter landing Officer . Basic fire fighting. Advanced fire fighting. Life boat coxswain. Offshore Survival. BOSIET. Basic first Aid Banks man/Signaler Abrasive Wheels Mobile Crane Operations. Offshore Crane operations. Fall Protection. Overhead Crane and Hoist.

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Developmental Training
Mechanical Cat engine Maintenance training. TDS8SA Maintenance, Top Drive. ADS10 Maintenance, Cat Head & Capital equipments.
Electrical Kato Gen set maintenance training.. TDS8SA Maintenance . ADS10 Maintenance. ABB VFD Maintenance/Operations. AC Recovery for Chief Electricians. Amphion Maintenance ET

ABB VFD Maintenance/Operations. Siemens PLC Maintenance/Operations. Rig Sense Maintenance/Operations. Amphion Maintenance.

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THANK YOU