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DALIAN

DEVELOPER
“the world’s largest and most versatile
drillship and field development asset”

February 2011
Contents

1. Introduction
2. Asset Description
3. Asset Functionality
4. EPC Contractor
5. Project Status
6. Summary
7. Contacts

Project Presentation – February 2011


DALIAN
DEVEL O PER
1. Introduction

• Following the failure of MPF Corp to obtain financing to complete construction of its MPF-01
ultradeepwater drillship, the company was placed under US Chapter 11 bankruptcy protection in Sept
2008

• In July 2010, a restructuring of the project resulted in a capital write-down of about USD 610 million

• The vessel was renamed as the “Dalian Developer” and is now under construction as an
ultradeepwater drillship

• The unit is now owned by an SPC which is financed by, and has contractual ties with, DVB Bank

• Under a lump sum turn-key EPC contract with the owner, Cosco (Dalian) Shipyard Co Ltd will complete
the unit with delivery planned for 3Q 2012

• Cosco acquired the equipment from MPF Corp and settled all claims with the related suppliers

• The EPC contract price is USD 561 million, of which USD 110 million has been paid as downpayment

• The Dalian Developer is fully financed until delivery

• Vantage Drilling Company has been engaged as Construction Supervisor

• DVB is marketing the Dalian Developer for sale and for charter

Project Presentation – February 2011


DALIAN
DEVEL O PER
2. Asset Description

General Particulars:

• Basic Design: MPF 1000


• Detailed Design: COSCO
• Class: DNV – DP3
• LOA: 291.25 m
Design Features: • Breadth: 50.00 m
• Depth: 27.00 m
• Double hull structure (built to ICE class)
• Identical bow and stern sections for +/- 90˚ heading change • Drilling Draft: 13.00 m
• Large variable deck load and storage capacity • Displacement: 240,750 mt
• Motion characteristics equivalent to 6th generation semi in head seas • Water Depth: 3,050 m
• 2 moon-pools (drilling and production)
• Drilling Depth: 10,670 m
• Equipment / system modularized and elevated above tank top – less integration
• Accommodation upgradable to 240 men • Transit Speed: 12 knots
• Pre-prepared for production upgrade • Accommodation: 180 men
• Large available deck space for additional services (EWT, EPS, etc.) • Crude Oil Storage: 1,000,000 bbls
• Large oil storage capacity for production
• Variable Deck Load: 25,000 mt

Project Presentation – February 2011


DALIAN
DEVEL O PER
2. Asset Description
• Leading equipment vendors

• Industry proven equipment and technical solutions

• Certain vendors like WANO and AKMH have ‘sub-EPC’ scope with Cosco

• Engineering by RDS, Mustang, Inocean and Cosco

Drilling Equipment
AKMH / Dril-Quip / Hydril LQ / Helideck / Lifeboats
Emtunga
Cranes
Hydramarine

Hull / Marine Design Hull Construction Power / Propulsion / Automation


Inocean COSCO Wartsila Automation (WANO)

Project Presentation – February 2011


DALIAN
DEVEL O PER
2. Asset Description – Main Drilling Equipment

• MH HiPro Quad Derrick, 42x46 ft base, 210 ft height, SWL 2,000,000 lbs
(907 mt). Derrick designed for 1,135 mt
• Stand building while drilling (for drill pipe and casing)
• Set-back, racking capacity 38,000 ft DP and 8,600 ft casing (9-5/8”)
• Crown Mounted Active Heave Compensator, 1,000 kips, 25 ft stroke
• Bridge crane vertical pipe handling system for racking
• Wirth GH 4500 AC drawwork, with Baylor Brake, Auto Driller
• Two iron roughnecks on drill floor (interchangeable)
• Top drive – MH DDM-1000-AC-2M - 128,000 Nm @ 125 rpm
• Rotary table, 60 ½” hydraulic driven
• 8 x Dual wire-line riser tensioners (3,200,000 lbs total)

Project Presentation – February 2011


DALIAN
DEVEL O PER
3. Asset Functionality: Drilling Unit & Logistic Hub

• Large aft deck area (30,000 ft2)


can be used for storage of
equipment for other rigs in
vicinity
• Potentially could store / mud /
bulk in aft cargo tank if
converted
• Potential additional crane
installed on port side. (Note: Aft
cranes on Starboard side to
allow clear access for production • Significant advantages for Operations in:

facilities / packages from port • Remote Locations


side) • Lack of or limited infrastructure
• Brazil: Pre-Salt area is 300 – 400 km offshore
• West Africa: Logistic Challenges, Security Issues
• Can upgrade accommodation to • East Africa: New Frontier – no infrastructure
240 capacity

Project Presentation – February 2011


DALIAN
DEVEL O PER
5. Hazard Area Plan – Prepared for Production, Storage & Offloading

October 2010
Project
Project
Presentation
Briefing – –Drilling
February& Production
2011 Mode
DALIAN
DEVEL O PER
3. Extended Well Testing / Early Production

• Following the drilling of a well /


wells, they can be hooked up to
the DD for extended well testing
to gather reservoir data and
receive additional incomes, or
simply to produce oil quickly to
earn early returns in potentially
remote locations
• Previous history of DP
production e.g. Seillean
• Personnel in Vantage with
previous Seillean experience

Project Presentation – February 2011


DALIAN
DEVEL O PER
General Arrangement of Dalian Developer including Production

October 2010
Project
Project
Presentation
Briefing – –Drilling
February& Production
2011 Mode
DALIAN
DEVEL O PER
Early Production #1 – Production from main drilling moonpool

Case # 1: Production from main drilling moonpool


- Principle system similar to drilling unit test production
- Use existing drilling derrick to operate production riser
- Upgrade of drilling derrick for production
- Disconnect of production riser by means of LMRP

October 2010
Project
Project
Presentation
Briefing – –Drilling
February& Production
2011 Mode
DALIAN
DEVEL O PER
Early Production #2 – Production from 2nd moonpool – fixed riser buoy

Case # 2: Production from 2nd moonpool by fixed riser buoy termination in hull
- Use traditional flexible production risers
- Releasable riser buoy for quick disconnect
- No swivel stack necessary
- ± 90 deg heading when buoy connected

October 2010
Project
Project
Presentation
Briefing – –Drilling
February& Production
2011 Mode
DALIAN
DEVEL O PER
Early Production #3 – Production from 2nd moonpool – turret riser buoy

Case # 3: Production from 2nd moonpool by turret riser buoy terminated in hull
- Use traditional flexible production risers
- Releasable riser buoy for quick disconnect /connect
- Swivel stack to handle turret rotation
- Full heading control when drilling riser is disconnected

October 2010
Project
Project
Presentation
Briefing – –Drilling
February& Production
2011 Mode
DALIAN
DEVEL O PER
Early Production #4 – Production from 2nd moonpool – Seillean Solution

Case # 4: Production from 2nd moonpool by Seillean riser solution


- Use 2nd moonpool to operate production riser
- Upgrade with Seillean solution production equipment
- Disconnect of riser similar to drilling system by LMRP

October 2010
Project
Project
Presentation
Briefing – –Drilling
February& Production
2011 Mode
DALIAN
DEVEL O PER
3. Simultaneous Drilling & Production

• Earlier studies have indicated this is


possible

• Seillean type solution and mast or use


of APL type buoy in aft moonpool

• Further studies required to check


feasibility

Project Presentation – February 2011


DALIAN
DEVEL O PER
3. Subsea Construction / Hook Up

• Aft moonpool can potentially be used


for subsea construction activities

• Tree running

• Jumper running and hook up

• Space for 2 or more ROVs

• Use of tower, subsea winch or large


heave compensated deepwater crane

Project Presentation – February 2011


DALIAN
DEVEL O PER
3. Emergency Response & Containment

• While also used in drilling mode


DD can be pre-prepared for
emergency response /
containment activities

• Production equipment onboard

• Storage / offloading facilities

• Deck area for field storage

• Drilling of relief wells

Project Presentation – February 2011


DALIAN
DEVEL O PER
3. Asset Functionality - Summary
E&P Activities Dalian Drill Semi FPSO
Drilling Unit with Versatile Applications: Developer Ship
Exploration & Appraisal
• Warehouse Logistics Offshore Hub Drilling
√ √ √
• lower dependence on supply chain Testing √ √ √
• serve multiple vessels in remote offshore areas Extended Well Testing √ √
• Extended Well Testing Early Production √ √
• more reliable reservoir data / history Drilling of Production Wells √ √ √
• Early Production Work Over √ √ √
• early cash flow Production √ √
• Simultaneously Drilling & Production
Storage √ Limited

• drilling appraisal wells while testing Offloading √ √
• drilling development wells while producing

• Intervention & Subsea Installation Works


• drilling while carrying out well intervention

• Oil Spill Emergency Response & Containment


• contain, process and store well flow while drilling relief wells

Project Presentation – February 2011


DALIAN
DEVEL O PER
4. EPC Contractor

About Cosco Shipyard Group:


• Cosco Shipyard Group is one of China’s leading shipyard groups, and arguably China’s leading offshore yard
• Owns 7 yards throughout China, employing over 50,000 workers
• Since 2001, Cosco has developed a successful track record in offshore vessel newbuilds/conversions ranging from ultradeepwater
drilling rigs to complex FPSOs

Corporate Structure Key Offshore Project Experience


Project Asset Client Status
* ** Sevan Driller I UDW DP3 Sevan Delivered
drilling rig (Petrobras)
Tupi Pilot 100k bopd Modec Delivered
FPSO (Petrobras)
Caesar DP 2 Pipe- Helix Energy Delivered
Layer
Opportunity 350mmcfd Modec Delivered
Gas FPSO (Petrobras)
Sevan Driller II UDW DP3 Sevan Under
drilling rig Construction
GM4000 Semi-sub Maracc- Under
drilling rig Island Construction
*Cosco Group – China’s largest shipping group and a
leading Chinese SOE
** Temasek Holdings

Project Presentation – February 2011


DALIAN
DEVEL O PER
5. Project Status

Level 1 Schedule Summary:

Project Presentation – February 2011


DALIAN
DEVEL O PER
5. Project Status

Current Status:
• Construction supervision team from Vantage currently circa 15 full time personnel at site. Project offices established. Gradual
ramp-up to 19 personnel by March 2011. Discipline support from Vantage’s Singapore HQ. Experienced PM engaged from
Vantage’s S. Korean drillship project.

• Engineering approx 70-80% complete. Cosco design engineers (currently a team of 76) have been working since May 2010.
Estimated completion Q2 2011 – priority focus.

• Dedicated quay-side and lay-down / storage and fabrication areas arranged. Hull alongside quay and tank work / coating and
outfitting ongoing.

• LQ lifted onboard and installed, equipment start arriving yard

Project Presentation – February 2011


DALIAN
DEVEL O PER
5. Project Status

Project Presentation – February 2011


DALIAN
DEVEL O PER
6. Summary

Key Points:
• The world’s largest and most versatile drillship
• Unique capabilities create option value for operators
• Very competitive build cost
• Built under fixed-price, turn-key EPC Contract with China’s leading offshore yard
• Experienced construction supervisor / manager – Vantage Drilling Company
• Clear market delivery window - 3Q 2012
• Flexible commercial arrangements

Value proposition for the Malaysian market:


• An effective tool for deepwater field development
• Deepwater drillship with additional options and capabilities
• Enables commercialization of marginal deepwater fields
• Accelerate “first oil” – early cash flow
• Flow containment and response capabilities

Project Presentation – February 2011


DALIAN
DEVEL O PER
7. Contacts

SINGAPORE

DVB Group Merchant Bank


(Asia) Ltd Sven Dybdahl Jonny Klepsvik Sidat Senanayake
Managing Director / Head FPG Senior Vice President Vice President
77 Robinson Rd, #30-02 Phone: +65 6511 3436 Phone: +65 6511 3473 Phone: +65 6511 3476
Mobile: +65 9030 2565 Mobile: +65 9647 5662 Mobile: +65 9105 4159
Singapore 068896
Fax: +65 6511 0700 Fax: +65 6511 0700 Fax: +65 6511 0700
Singapore Email: sven.dybdahl@dvbbank.com Email: jonny.klepsvik@dvbbank.com Email: sidat.senanayake@dvbbank.com

OSLO

DVB Bank SE (Nordic Branch)


Jonas Gunstad
Haakon VII’s Gate 1 (Office) Senior Vice President
Postbox 1999 (Postal) Mobile: +47 924 51 000
Office: +47 23 01 22 06
0125 Oslo Fax: +47 23 01 22 66
Email: jonas.gunstad@dvbbank.com
Norway

Project Presentation – February 2011


DALIAN
DEVEL O PER