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FOR ALL THINGS HEAVY SEAMETRIC INTERNATIONAL AS MAXIMIZING FLEXIBILITY AND COST SAVING OF OPERATIONS

FOR ALL THINGS HEAVY SeaMetric International aims to be a key international player in the offshore heavy lift market SeaMetric s flexible vessels provide attractive position in heavy transport segment SeaMetric will be a key member of local constellations Partner agreements with strong regional players have been established in Northeast Asia, Latin America and the North Sea Strong market growth expected in coming years SeaMetric with an attractive position both technically and market wise to benefit from expected growth Copyright 2008 SeaMetric International AS. All rights reserved May 22, 2008 2

AGENDA Technology Use as HLV Alternate application Market Business Model Strategy Partnerships MoU s Financials Q1 2008 financial statements CAPEX Copyright 2008 SeaMetric International AS. All rights reserved May 22, 2008 3

THE TWIN MARINE LIFTER SYSTEM Consists of two HTVs, each with a versatile lifting arrangement consisting of four lifting arms with inherent motion damping capabilities (= low dynamic forces) The lifting arms are skidded on board from aft and can easily be removed, thus converting the vessels into HTV, construction support or accommodation vessels Each arm has a lifting capacity of 2,500 tonnes. The arms are 75 meters long and can be extended 20 meters. The lift force is created by de-ballasting of the buoyancy tanks and simultaneously ballasting the ballast tanks The TML system can lift very large objects of any shape The TML system is water depth independent The TML system can perform both float-over operations and crane lift operations and can lift anything by use of the chain jack lift system Each TML vessel is identical with accommodation for 41 people, helideck, DP class 3 propulsion and submersible capabilities to -20 meters Copyright 2008 SeaMetric International AS. All rights reserved May 22, 2008 5

THE TML IN OPERATION The platform is skidded from the fabrication yard on board a HTV or transport barge The TML lift arm system is connected to the preinstalled lifting arrangement located underneath or on the side of the platform The topside is lifted from the HTV The TML system moves slowly with the platform resting on the lifting arms towards the jacket as a normal float-over operation The topside is downloaded onto the jacket structure by load transfer within the TML arms The TML system may be used for both installation and removal in seastate conditions of Hs = 2.5 meters and 2 m/s current Copyright 2008 SeaMetric International AS. All rights reserved May 22, 2008 6

UNIQUE OPERATIONAL FLEXIBILITY The TML system and vessels offer high operational flexibility For heavy lift operations As construction support vessels As heavy transport vessels Mitigating market risks HEAVY TRANSPORT VESSELS HEAVY LIFT OPERATIONS CONSTRUCTION SUPPORT VESSELS Copyright 2008 SeaMetric International AS. All rights reserved May 22, 2008 7

APPLICATION OF THE TML TECHNOLOGY INSTALLATION Installation of steel substructures ( jackets ) Installation of platform topsides on steel or concrete substructures Subsea installations Mating of topsides with semi submersible hulls Miscellaneous, e.g. bridge elements Can be utilised for ultra-deepwater construction heavy lift operations REMOVAL Complete topsides from steel or concrete substructure Steel substructures Ships (salvage operations) Subsea de-installation Rigs for reef programs TRANSPORT Jack-up rigs Semi submersible rigs Modules Construction elements Large equipment Copyright 2008 SeaMetric International AS. All rights reserved May 22, 2008 8

COMPETING TECHNOLOGIES SSCV TML Strengths Proven technology Versatile (platforms or parts) Short period of operation per lift Market domination One lift for topside One or two lifts for jacket Less operation time offshore TML vessels also for construction support Shorter platform preparation period Short period of operation (single lift) Moderate capital expenditure Well proven lift principles Weaknesses Expensive to operate Several lifts per platform Decommissioning piece by piece High capital expenditure for new build More offshore operations More transport legs to shore Long preparation period New vessel lifting system, but uses known lifting techniques (float-over and chain lifting) Copyright 2008 SeaMetric International AS. All rights reserved May 22, 2008 9

HEAVY LIFT MARKET Main drivers: installation and decommissioning markets New discoveries Removal of existing installations Main lifts: topsides and jackets Demand driven by more complex installation challenges Deeper water Remote areas Larger topsides Limited number of newbuilds have entered the market the last decade 3 2 1 0 Global heavy lift fleet (>2.500 tonnes capacity) Heerema COOEC McDermott Seaway Copyright 2008 SeaMetric International AS. All rights reserved May 22, 2008 11

HEAVY TRANSPORT MARKET Main cargoes: Transportation of drilling rigs and offshore modules Faster, more secure and cheaper than wet tug or barge transportation Reducing cost of idle time for jack-ups and semis Drilling rigs (jack-ups and semis) currently representing more than 50% of market New-buildings, conversions and upgrades Offshore modules represent 2nd largest cargo type Spar buoys, TLPs and production modules Going forward: installation (float-overs) will be an important high-end segment Other special items also demanding HL vessels Cranes, navy vessels, barges etc. Global heavy transport fleet 25 20 15 10 5 0 Dockwise Cosco Ocean Heavy Lift Fairstar Copyright 2008 SeaMetric International AS. All rights reserved May 22, 2008 12

CONVENTIONAL VS. TML VESSELS Semi-submersible crane vessels Market rates up from USD 600,000 to USD 1,200,000 in the past three years Limited capacity for decommissioning market Cost of newbuilds EUR 1 billion+ / delivery 2011 Saipem SSCV Saipem 7000 capacity 14,000 tonnes in tandem (built 1983 / modified 1999) Dual pipe lay / installation capability Heerema Marine Contractors Thialf capacity 14,200 tonnes in tandem (built 1985) Hermod capacity 4,500 + 3,600 tonnes (built 1977 / upgraded 1986) Balder capacity 3,600 + 2,700 tonnes (built 1978 / modified 2001) J. Ray McDermott DB 101 3,500 tonnes capacity (built 1978) DB 50 4,000 tonnes capacity (built 1988) Smaller heavy lift vessels COOEC Crane vessels 3,800 tonnes and 7,500 tonnes (delivery June 2008) Seaway Heavy Lift Stanislav Yudin 2,500 tonnes capacity (built 1985/1993/1996) Newbuild 5,000 tonnes capacity (delivery 2010) cost USD 460 million Nordic Heavy Lift Newbuild 5,000 tonnes capacity (delivery 2010) cost USD 400 million SeaMetric s TML system 20,000 tonnes capacity cost USD 335 million Copyright 2008 SeaMetric International AS. All rights reserved May 22, 2008 13

SEAMETRIC BUSINESS STRATEGY Project management and engineering Lift operations Construction support Transport SeaMetric target segments SeaMetric will secure safe project execution of TML lift operations by offering to its clients and partners: The TML system / technology TML operational management and supervision Training programs for partners and clients personnel Training simulator Operational engineering support (heavy lifting and marine operations) Operational and cost study capabilities Copyright 2008 SeaMetric International AS. All rights reserved May 22, 2008 15

PARTNERS AND CLIENTS Evaluate potential candidates for role as global partner Promote TML System within global partner s client base Establish, with local partners, several local jointly-owned operating companies (OpCo s) Bareboat charter of TML System from SeaMetric to the OpCo SeaMetric to provide operational support, management and supervision, technical support and training to clients and partners Target clients: Long term contracts with state owned major oil companies, as well as tail-end producers Copyright 2008 SeaMetric International AS. All rights reserved May 22, 2008 16

CURRENT CONTRACTS Blue Marine Technology Group MOI signed: August 31, 2007 Background: BM provide marine and offshore services Intention: During 2008 establish a jointly-owned company to charter (from SeaMetric) and operate 20,000te Twin Marine Lifter (TML) System Area of operations: Latin America Start TML operations: Planned June 2010 Partner s role: Marketing, provision of marine operations management, logistics and crew, support services and equipment Additional features: BM have indicated their interest in investing directly in SeaMetric CNOOC Offshore Oil Engineering Co. (COOEC) MOI signed: December 13, 2007 Background: COOEC are an offshore engineering and construction company owned by CNOOC Intention: By December 2008 establish a jointly-owned company to charter (from SeaMetric) and operate 20,000te Twin Marine Lifter (TML) System Area of operations: North East Asia/Pacific Start TML operations: Planned December 2009 Partner s role: Marketing, provision of marine operations management, logistics and crew, support services and equipment Fairfield Energy Ltd. MOU signed: February 12, 2008 Background: Fairfield are an innovative upstream oil producer focused on exploiting undeveloped and abandoned fields Intention: SeaMetric to install/remove Fairfield assets including removal of Fairfield s Dunlin platform upon cessation of production Area of operations: North Sea Contract signing: Heads of Agreement: June 2008; Contract: November 2008 Scope of work: Engineering, planning, estimating and execution of platform installation and removal Scope of work: In addition to an upfront payment upon contract signature, Fairfield are assisting to secure financing for TML Copyright 2008 SeaMetric International AS. All rights reserved May 22, 2008 17

INTELLECTUAL PROPERTIES TML system patent registered in all major markets Europe Asia Americas Africa Oceania : 17 countries + European Patent Organisation : 3 countries (China, Indonesia, Hong Kong) + The Eurasian Patent Organisation : 4 countries (USA, Canada, Mexico, Brazil) : African Intellectual Property Organisation : 2 countries (Australia, New Zealand) Copyright 2008 SeaMetric International AS. All rights reserved May 22, 2008 18

CONSTRUCTION CONTRACT Contract details Fabrication contract with ESSCA in Beijing CPLEC Offshore Engineering Company shipyard is responsible for delivery of the two vessels SeaMetric will in May/June 2008 invite different contractors to tender for the construction of the lifting arms systems The shipyard s parent company is owned by PetroChina, currently one of the world s largest companies by market capitalisation and a subsidiary of China National Petroleum Corporation (CNPC) CPLEC Offshore Engineering Company secures the Refund Guarantees. CNPC has signed Parent Company Performance Guarantees for the whole system The shipyard The construction of the two TML vessel takes place in Panjin, China CPLEC Offshore Engineering Company shipyard The CNPC group has significant experience within constructing storage and transportation facilities, developing new oil/gas production and constructing and renovating refining and chemical facilities Copyright 2008 SeaMetric International AS. All rights reserved May 22, 2008 19

SEAMETRIC PROJECT STATUS Design of TML vessels completed Received DnV Certificate of Fitness in June 2006 Completed six successful model tests by Marintek/SINTEF Fabrication contract signed in 2007 for completion in Q3 2009 Thrusters, engines, diesel electric drive package, DP control and vessel management systems already ordered Steel cutting took place in April 2008 Detail engineering of lifting arm system to be completed in Q2 2008 Adoption of vessels instead of barges enables alternate use of vessels as heavy transport and construction support vessels Limited downside risk Copyright 2008 SeaMetric International AS. All rights reserved May 22, 2008 20

PROJECT TIMELINE SeaMetric International AS Concept development Maturing phase and verification phase Project phase Operations phase Financing phase Commercialisation phase Change of shipyard from JingJiang to Liaohe MoI signed with Blue Marine in Mexico Activity level Increased marketing activities within the offshore industry First ConocoPhillips tender for removal of two Ekofisk platforms EC supported studies completed re. TML control system TML system operation confirmations from DNV and Marintek Study contracts from several oil companies Public funding received from SND, Skattefunn and EU Johan F. Andresen appointed CEO SeaMetric founded Idea born Contract signed for construction of TML system Bond issue USD60m Tender invitation issued to shipyards Decision to build vessels with DP class 3 instead of barges Second ConocoPhillips tender re. Ekofisk Equity issue USD50m and OTC listing TML project kick-off MoI signed with COOEC in China DNV Certificate of Fitness received for TML Prequalification re. Ekofisk achieved Steel cutting commenced for TML vessels MoU signed with Fairfield in UK Prequalification document delivered to ConocoPhillips re. Ekofisk 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Copyright 2008 SeaMetric International AS. All rights reserved May 22, 2008 21

INCOME STATEMENT Q1 2008 NOK thousand Q1 2008 Q1 2007 2007 2006 Operating revenues 0 0 226 0 Salaries (2 359) (2 011) (4 520) (6 335) Depreciation (92) (14) (364) (81) Other operating expenses (4 920) (1 383) (11 076) (6 188) Total operating expenses (7 371) (3 408) (15 960) (12 603) Net operating profit/(loss) (7 371) (3 408) (15 734) (12 603) Financial income 5 064 2 033 19 310 4 476 Financial expenses (5 006) (9) (9 267) (10) Net financial items 58 2 024 10 043 4 466 Tax 0 0 (347) 0 Net profit/(loss) (7 313) (1 384) (6 038) (8 137) Copyright 2008 SeaMetric International AS. All rights reserved May 22, 2008 23

BALANCE SHEET 31 MARCH 2008 Assets NOK thousand Equity and Liabilities NOK thousand 700 000 700 000 600 000 11 313 600 000 25 638 500 000 Other current assets 500 000 Current liabilities 400 000 361 899 400 000 318 550 300 000 2 691 Cash, bank deposits 300 000 6 301 Long term liabilities 200 000 235 320 200 000 100 000 248 797 Fixed assets 100 000 289 788 277 821 Shareholders equity 0 58 078 31.03.07 31.03.08 0 31.03.07 31.03.08 Copyright 2008 SeaMetric International AS. All rights reserved May 22, 2008 24

CAPITAL EXPENDITURE AND FINANCING USD million BUDGETED PROJECT COSTS TML vessel #1 80 TML vessel #2 80 TML lifting arms 153 Expected financing costs 22 Payment schedule to the yard 20% at contract 20% at steel cutting 20% when keel is laid out 20% when mechanical complete 20% at acceptance and delivery Total budgeted project costs 335 USD million FINANCING Total budgeted project costs 335 Already financed through: - Equity issue June 2006 50 - Bond issue May 2007* 60 Remaining financing requirement 225 Remaining financing requirement to be covered through Equity 40-45% Debt 55-60% Processes regarding further financing have been initiated *11.625% SeaMetric International AS Senior Secured Callable Bond Issue 2007/2012, redeemable at 105% May 2008 May 2009 Copyright 2008 SeaMetric International AS. All rights reserved May 22, 2008 25

FINANCIAL PROJECTIONS 2010 Low Base High Dayrate TML (USD/day) 900 000 900 000 900 000 Dayrate HT (USD/day) 65 000 80 000 95 000 OPEX TML (USD/day) (110 000) (110 000) (110 000) OPEX HT (USD/day) (10 000) (10 000) (10 000) # of heavy lifts per year 4 5 6 Average days per lift 35 35 35 Utilisation HT 70% 70% 70% Tax 10% 10% 10% USD million 2010E 2010E 2010E Revenues 146 179 210 OPEX (20) (23) (26) SG&A (4) (4) (4) EBITDA 122 152 180 Depreciation (17) (17) (17) EBIT 105 135 163 Interest costs (22) (22) (22) EBT 83 113 141 Tax (8) (11) (14) Net income 75 102 127 Copyright 2008 SeaMetric International AS. All rights reserved May 22, 2008 26

SUMMARY: TML KEY ADVANTAGES Cost effective Minor preparations Short operation period Weather robust Low CAPEX Low OPEX Topsides and jackets in same operational campaign Flexible Can be used for almost any configuration and weight Can install and remove Can lift anything in, on and adjacent to the water Can operate in shallow and deep waters Safe Low manning requirements during execution Predictable in use new concept, but uses only well known subsystems with long track record of reliability Environmentally friendly Low energy consumption minimal emissions Copyright 2008 SeaMetric International AS. All rights reserved May 22, 2008 27

FOR ALL THINGS HEAVY SeaMetric International AS Løkkeveien 99 4008 Stavanger Norway Tel. no.: +47 51 20 16 20 Fax no.: +47 51 20 16 39 E-mail: post@seametric.com Website: www.seametric.com