1

Forretningsmodell for Olje - & Gas Produksjonsskip (FPSOs)

Vestafrika vs. Nordsjøen

12. Oktober 2005

Bergesen Worldwide - Group Structure

Bergesen WorldwideTankers

(Bermuda)

100% 100%

World Nordic ApS(Denmark)

Bergesen Worldwide Offshore Limited

(Bermuda)

100%

Bergesen LNG(Bermuda)

100%

Bergesen WorldwideDry Bulk

(Bermuda)

100%

Bergesen WorldwideOffshore AS

(Norway)

100%

Bergesen Worldwide Gas ASA

(Norway)

Bergesen Worldwide Limited(Bermuda)

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Bergesen Worldwide - Business Activities

Long-termpartnerships

Cost-effectivesolutions

Strong capital base

Flawlessoperations

Flexibleorganisation

Values and traditions:

LPG LNG Crude Oil Dry Bulk Offshore

52 vessels

2 newbuilds

4 vessels

7 newbuilds

26 VLCCs 12 vessels 5 oil FPSOs

2 LPG F(P)SOs

1 oil FSO

1 VLCC avail

Significant provider of maritime transportation and FPSO services:

Bergesen Worldwide Offshore

• Based in Oslo, Norway

• Converts, owns and operates oil and gas FPSOs and FSOs on lease contracts to oil companies

• Current operations in Equatorial Guinea, Angola, Nigeria, Mauritania, Russia, Mexico

3

Bergesen Worldwide Offshore – Generic FPSO Concept Philosophy

• Modularisation

• Standardisation

• Flexibility by Design

• Selecting the right sub-suppliers

Bergesen Worldwide Offshore – Generic FPSO Applications

Time

Pro

du

ctio

n

Life of Field

Time

Pro

du

ctio

n

Early Production

Time

Pro

du

ctio

n

Phased Development -Swap/Upgrade

Sendje Ceiba, EG Sept’03

Sendje Berge/ Sendje Ceiba, EG Jan’02

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Bergesen Worldwide Offshore – Current Vessel Portfolio – Oil FPSOs (1)

Sendje Ceiba Hess, Equatorial Guinea

160.000 B/D Liquids Processing 120.000 B/D Oil135.000 B/D Water Injection

Sendje Berge Addax, Nigeria

60.000 B/D Oil Processing55 MSCF/D Gas Compression

Berge HeleneWoodside, Mauritania

100.000 B/D Liquids Processing75.000 B/D Oil100.000 B/D Water Injection70 MSCF/D Gas Compression

Bergesen Worldwide Offshore – Current Vessel Portfolio – Oil FPSOs (2)

Berge Songa (ex Whakaaropai)Available

46.000 B/D Liquids Processing 40.000 B/D Oil25 MSCF/D Gas Compression

Berge ”TBN” (ex B.Enterprise)Pemex, Mexico

600.000 B/D Oil Handling 200.000 B/D Oil Processing120 MSCF/D Gas Compression

Berge NisaAvailableVLCC (322.000 dwt)

5

Bergesen Worldwide Offshore – Current Vessel Portfolio – FSOs and Gas FPSOs

Belokamenka Rosneft, Russia

2.4 MB Storage

Berge Okoloba ToruGlobal, Nigeria

10.000 B/D Propane/Butane

Berge TrollChevronTexaco, Angola

6.000 B/D Propane/Butane

10

14 February 2002

Jurong Shipyard Pte Ltd

Aerial View of Topside - P37 FPSO

FPSOs – From the Most Complex.......

6

11

.......to Less Complex Solutions

Nordsjøen vs. Vest-Afrika

7

NewfieldWildcat

Oil ReservesAdded(MMbbl)

Exploration vs. Discoveries

Lifting Cost

8

Year built 1980Length over all 340,50 mBreadth 65 mDepth moulded 31,5 mTotal Oil cargo: 416.178 m3

Year built 1980Length over all 340,50 mBreadth 65 mDepth moulded 31,5 mTotal Oil cargo: 416.178 m3

Big is Beautiful

Flexibility by Design

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• Modularisation• Standardisation

• Flexibility in Operation• Flexibility throughout Field Life

• Selecting the right tools for West Africa

Bergesen’s Concept Philosophy

The Generic Core and Upgrade Potential

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The Topside Fabrication Yard (Thailand)

Fabrication Facilities

Hook-up and conversion at Jurong Shipyard

Fabrication Facilities

11

Generic Generic + expansion

Designed for Expansion

5 10

FPSO

Contract Period (Years)

Why Choosing a Generic Approach?