Interim Results

29 August 2013
New build jackup rig: Jindal Star

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Disclaimer
This presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/ or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words believes, expects, predicts, intends, projects, plans estimates, aims, foresees, anticipates, targets and similar expressions. The forward-looking statements, contained in this document, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are uncertain and subject to risks. A multitude of factors can cause actual events to differ significantly from any anticipated development. Neither the Company nor any of its officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does any of the foregoing accept any responsibility for the future accuracy of the opinions expressed in this document or the actual occurrence of the forecasted developments.

No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither the Company nor any of its subsidiary undertakings nor any such persons officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.

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Overview
James Moffat, CEO
Rig refurbishment: Noble rig

Agenda

1 2 3 4

Overview Financial Review Operational Review and Strategy Summary and Outlook

Appendices

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Overview
Recovery on track
Problem projects delivered or on track

New senior management team and structure established and new ERP system being implemented

Stabilised financial position; Refinancing secured

Supply chain improving and actively managed

Strong operational performance and world class safety record

Solid improvement in H1 results and full year outlook ahead of expectations

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Fundamentally strong and sustainable business

Lamprells core strengths are hard to replicate Safety first approach Leading market position Reputation for quality
Good health and safety record with HSE a core value across the Group Strong track record of successful project execution in our core competencies First class build quality that meets all national and international standards >30 years offshore expertise in the Gulf and the regions leading rig market service provider Consistent partner of choice for long term clients

Technical expertise

Client satisfaction Leading footprint

World class facilities strategically well located in the Gulf

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Financial Review
Frank Nelson, CFO
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Liftboats: Seajacks Zaratan

Highlights
H1 results ahead of expectations Revenue broadly flat at $521m (H1 2012: revenue $528m)

Profit before tax $10.1m* (H1 2012: loss before tax $50.8m*)
Net cash $151.1m (H1 2012: net debt $35.7m) Average monthly net cash of $115.7m Successful refinancing with new $181m facility secured Current favourable working capital profile will partially unwind in H2

* Prior to exceptional items

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Summary P&L
Return to profitability
H1 2013
$m

H1 2012
$m

Revenue

521.0x

528.0x

Gross margin
Operating profit / (loss)* Profit / (loss) before tax* Tax Exceptional costs Net profit / (loss) Diluted EPS (pre exceptional) Diluted EPS (post exceptional)
* Profit / (loss) stated before income tax and before exceptional items

8.2%x
14.7x 10.1x (0.5)x (2.3)x 7.3x 3.7c 2.8c

(3.0%)x
(37.8)x (50.8)x (0.3)x 0.0x (51.1)x (19.7)c (19.7)c

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Balance sheet
Significant improvement in liquidity

H1 2013 H1 2012 $m $m Total net assets Tangible net assets

413.8 197.9

467.8 239.3

Gross cash
Free cash Net cash/(debt)

274.5
197.8 151.1

134.0
32.6 (35.7)

Land Rig Services

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Refinancing
Refinancing provides security to 2016
$181m facility maturing in June 2016

$100m term loan ('Facility A')

$60m term loan ('Facility B') $21m revolving credit facility ('RCF') Common set of financial covenants across the debt structure More suitable covenants: gross debt/EBITDA, interest cover, minimum tangible net worth and maximum capital expenditure Reduced number of syndicate banks Restrictions on paying dividends until balance outstanding on Facility B cleared Blended average interest margin of 6.7% for Facility A, Facility B and the RCF Facility B interest costs increase incrementally from July 2014 Upon repayment of Facility B, the margins in Facility A and the RCF will reduce, as will potential future bonding costs
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Financial summary
A stable platform for sustainable growth Refinancing secured

Robust reporting and financial planning in place

Improved liquidity management

Strong cash performance

Financial performance ahead of expectations for full year

Offshore platforms: North Sea operator

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Operational Review and Strategy

James Moffat, CEO
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Offshore platforms: North Sea operator

H1 2013 operational highlights

High activity levels in H1 and strong execution Strong performance in offshore construction

Several key projects successfully delivered:

Windcarrier Bold Tern Greatships jackup rig Two major offshore structures Three major projects to be delivered in H2 Over 15 upgrade and refurbishment projects during the period Order book of $1.1bn Bid pipeline of $4.6bn
As at 30 June 2013
New build jackup rig: Greatdrill Chaaya

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Current activity
Contract awards expected to accelerate in H2 2013 contract awards: New build jackup for Jindal Group 3 major rig refurbishment projects
Key contract awards / extensions $0.38bn

Current major project activity:

8 jackups under construction 3 rig refurbishment projects 4 offshore construction projects 1 lift boat (1st generation)

21%

58%
7%

14%

Positive contract growth in offshore construction and refurbishment

New Build Jackups Land Rigs

Rig Refurbishment Others

Wins since 1st Jan 2013 as at 30th June 2013

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Bid pipeline
Increased pipeline in our core markets Increasing bid pipeline in core markets (Dec 12: $4.1bn) Strong focus on pipeline conversion in H2 2013 Creating a balanced portfolio is a strong focus for 2014 and beyond
Current pipeline of $4.6bn
2,800 2,400 2,000 1,600 1,200 800 400 0 Newbuild Offshore Rig 2 Land rigs Others Jack Ups Const. Refurb

As at 30 June 2013 Refurbishment value stream has short bid to award profile and therefore limited order book / pipeline values

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Core markets offer significant opportunities

Safety, quality, technical and operational capabilities are key differentiators
OFFSHORE RIGS
Strong forecast drilling activity and global fleet metrics continues to drive rig new build and refurbishment Jackup market has tightened through 2013 - Utilisations and day rates continue to increase - Tender activity strong - Acceleration in attrition rate of older rigs

OFFSHORE CONSTRUCTION
Increasing global E&P capex inc. FPSOs, LNG Demand for broader range of process modules Quality is a key differentiator Strong track record in complex North Sea projects

Two thirds of global jackup fleet over 25 years old

>35

Half of global fleet in Middle East and Asia

Other

LAND RIGS
Exceptionally strong global and regional demand Growth increased by potential for unconventional drilling Cost barriers to rig relocation strengthen Middle East build programme Versatile design enhancements to broaden market 16

Far East
<10

Middle East

Indian Ocean

US GOM
25-35 10-25

Mexico W Africa
NW Europe SE Asia

Source: Pareto / ODS Petrodata

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Focusing on our core competencies

Established market positions and strong track record New build jackups
Established new build jackup rig capability Leading non-Asian yard for <= 350ft rig class Larger rigs well within Groups core capabilities

Land rigs
Full land rig refurbishment services API accreditation Regional expansion

Offshore construction
Proven strength in a range of high quality process module fabrication Specialism in North Sea projects Well placed for significant regional opportunities

Refurbishment
Regional market leader in offshore rig refurbishment Strong track record across all refurbishment disciplines Full refurbishment, upgrade and conversion capabilities

Service businesses are non-core and are under strategic review

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Long term value drivers

Leveraging our core strengths to deliver sustainable growth
Maintain our reputation for build quality and strong safety focus

HSEQ

World class approach to HSE Execution excellence

Capitalise on significant opportunities in our core markets

Focus

Core market pipeline conversion initiatives Utilise core capabilities and enhance differentiation Enhanced risk management and no prototype projects

Best in class customer focus and responsiveness

Service

On schedule and on budget every time Client and supplier partnerships to enhance overall service delivery

Improve procurement process and labour productivity

Efficiency

Enhanced production planning and efficiency Cost flexibility and procurement enhancement

Returns
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Deliver sustainably higher returns with improved earnings visibility and reduced project risk
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Summary and outlook

2013 recovery on track
Refinancing secured New organisation in place Operational and process improvements evidenced in H1 High level of tendering activity Significant opportunity to create value in our core markets

Continued refinement of strategy whilst focusing on implementation

Outlook for full year ahead of expectations

New Build Greatship Chaaya

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Appendices
Rig refurbishment: Noble rig

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Strategic timeline
Oct-12
Departure of executive team

Nov-12
Announced expected $105m loss for the year

Feb-13
Windcarrier II delivered in line with revised schedule

Mar-13
Divisional review commenced

Jun-13
H1 return to profitability

Jul-13
Completion of refinancing

Appointment of Peter Whitbread

Announcement of unquantified deterioration in full year forecast

New ERP project commenced

Strategic timeline

Strategic options review commenced

Review of strategic options completed

Nov-12

Jan-13

Jim Moffat joins as CEO

New INEDs appointed

Term sheet signed with lenders

Mar-13

May-13

Jun-13

Project risk review and refinancing Independent business review

Operational and strategic review

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Order book and bid pipeline

Current order book of $1.1bn
900 800 700 2,000 600 500 400 300 800 200 100 0 Newbuild Jack Ups Newbuild Lift Boats Offshore Const. Rig Refurb
2

Current pipeline of $4.6bn

2,800 2,400

1,600 1,200

400 0 Newbuild Offshore Jack Ups Const.

Rig Land rigs Others Refurb

As at 30 June 2013 Refurbishment value stream has short bid to award profile and therefore limited order book / pipeline values

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Current project summary

$1.1bn order book
Project North Sea operator Nexen EDC1 (Caspian Sea) North Sea contractor Jindal Star NDC 3 Leighton NDC 4 Seajacks - Hydra Nexen EDC2 (Caspian Sea) NDC 5 Dev Drilling NDC 6 Type 5,217 tonne utility platform 5,353 tonne wellhead deck Le Tourneau S116E 15 process modules Le Tourneau S116E Le Tourneau S116E Topside & jackets Le Tourneau S116E Gusto MSC NG-2500X 13,700 tonne PUQ deck Le Tourneau S116E Le Tourneau S116E Le Tourneau S116E Le Tourneau S116E Facility Jebel Ali Jebel Ali Hamriyah Jebel Ali Hamriyah Hamriyah Sharjah Hamriyah Hamriyah Jebel Ali Hamriyah Hamriyah Hamriyah Hamriyah Delivery Delivered Q1 2013 Delivered Q2 2013 Q3 2013 Q4 2013 Q4 2013 Q1 2014 Q1 2014 Q2 2014 Q2 2014 Q2 2014 Q4 2014 Q4 2014 Q1 2015 Q1 2015

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New lending covenants

Gross debt/EBITDA Interest cover Minimum tangible net worth

4.5x decreasing to 1.5xx 1.75x increasing to 3.5x $160m increasing to $250m

Capex levels sufficient for business plan

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Lamprell facilities
Leading footprint in the Gulf

1. Hamriyah Sharjah, UAE 2. Port Khalid Sharjah, UAE 3. Jebel Ali Dubai, UAE 4. Dubai Investments Park Dubai, UAE 5. Jubail Saudi Arabia* 6. West Shuaiba - Kuwait

* MISA Joint Venture

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