Site visit 30 November 2015

www.lamprell.com

ENSCO 140 & 141

Disclaimer

www.lamprell.com 1

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 person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.

Agenda

www.lamprell.com 2

1 Welcome to Lamprell

2 Operations (part 1) and recent improvements in Hamriyah

3 Business development and marketing

4 Operations (part 2) and recent improvements in Jebel Ali

5 Strategy and current trading

6 Appendices

Welcome to Lamprell Jim Moffat, CEO

MIS Arabia

Welcome to Lamprell

Jim Moffat, CEO

www.lamprell.com 4

Your hosts today

Further information

The information pack: Lamprell Times, photos, plan and itinerary

Available for Q&A over dinner

Tony Wright, CFO Niall O’Connell, COO Karl Roberts, CCO

Programme

9.00 – 9.45: Welcome to Lamprell (Jim Moffat) 9.45 – 10.30: Overview of operations in Hamriyah, recent improvements (Niall O’Connell) 10.30 – 10.45: Safety induction for Hamriyah 10.45 – 12.30: Hamriyah yard visit 12.30 – 1.00: Lunch and Q&A 1.00 – 2.00 Travel to Jebel Ali 2.00 – 2.25: Marketing and business development (Karl Roberts) 2.25 – 3.15: Overview of operations in Jebel Ali (Niall O’Connell) 3.15 – 3.30: Safety induction for Jebel Ali 3.30 – 4.30: Jebel Ali yard visit 4.30 – 5.00: Wrap Up & Q&A 5.00: Depart 6.30 – Pick-up for dinner 7.30: Dinner www.lamprell.com 5

Schedule for the day

Safety moment – heat stress

www.lamprell.com 6

TAKE SAFETY AT WORK, HOME

• Drink plenty of water throughout the day

• Do not stay in direct sunshine for long periods

• Observe urine colouring

• Wear light coloured, loose fitting clothing

• Avoid liquid that contains alcohol or large

amounts of sugar – they cause you to lose more

body fluid

• Never leave anyone in a closed, parked vehicle

• Look out for friends/family/colleagues to see signs

of heat stress

• NO WATER NO WORK – if you see a yard

worker without water, stop him

Safety awareness

7 www.lamprell.com

Focus on world-class safety

www.lamprell.com 8

Strong foundation for remaining competitive Renewed focus on safety: management, campaigns, culture Safety as a competitive advantage (clients, labour, cost)

2 1

5 4 5 7

4 2 2 3 0

3

1 4 3 2 3 2

4 3 6

3 5 1

0

0 2 0

3

1

0 0

1

0

0

0

1 1

0 0

0

0 1

1

0

1

TRIFR Target FY 2014 0.55

TRIFR Target FY 2015 0.22

0.63

0.55

0.48 0.44 0.42

0.39 0.35 0.33 0.32 0.31

0.27 0.28 0.29 0.33 0.32 0.32 0.31

0.27 0.27 0.28 0.31 0.29

0.33

0.02 0.02 0.02 0.03 0.03 0.05 0.05 0.05 0.05 0.06 0.06 0.06

0.05 0.07 0.08 0.06 0.06

0.04 0.03 0.04 0.05 0.03 0.04

Incid

ent F

requ

ency

Rat

es

Tota

l Num

ber o

f DA

FWC

& Re

cord

able

Incid

ents

DAFWC TRC TRIR Target TRIR Actual DAFWC Actual

Values & Strengths

COMPETITIVE SOLUTIONS

FOR COMPLEX PROJECTS

HSSE Mind Set: We deliver world class

safety standards and leave nothing to chance so

everyone goes home safely Integrity: We conduct

our business honesty, with professional integrity, fairness and transparency

Customer Drive: Building customer

trust is key to our business

Team Work: We will strive to work Together and believe

Great teams achieve Incredible things.

Accountability: We deliver

what we say we will

Fiscal Responsibility:

We are all accountable to ensure that we achieve

the most cost effective solutions

9

Lamprell’s

Key

Strengths Strong management

& highly skilled, low cost

workforce

Commitment to reliability

World class safety

Focus on client

satisfaction

Strategic location

First class quality

www.lamprell.com

Driving excellence at all levels

www.lamprell.com 10

Best practices in business

Project Compass

Online Business Code of Conduct launched

Treasury award

Employees: Launch of Lamprell’s new in-house employee health and wellness site

HR Employee Engagement survey

Daman Corporate Health Award

PRODUCTIVITY IMPROVEMENTS ACROSS THE GROUP

Workforce

www.lamprell.com 11

Workforce demographics

Further information

Yard Core Workforce…………………..4,333 Yard O & M resources ………………...1,249 Yard Labour Supply resources……… .2,188 Total Active Yard Workforce…………...7,770 O&M externally seconded……………….601 Admin Payroll in core business……….1,433 Admin Payroll in Service entities……….174

TOTAL WORKFORCE…………………….9,978

4%

40%

33%

18%

5%

Age Demographics (Total Workforce)

< 25 26-35 36-45 46-55 56-65 >65

Employee loyalty

Yard employees with > 10 years’ service

19%

Admin employees with > 10 years’ service

22%

65 employees have more than 25 years’ service

Lamprell’s multi-national workforce

Core Yard Workforce:

· 84% Indian

· 7% Pakistani

· 4% Filipino

· 3% Bangladeshi

Admin Payroll:

· 68% Indian

· 12% Filipino

· 6% Pakistani

· 4% UK

Total nationality count (Yard and Admin): 50

Wellness Campaigns & Employee Engagement

Cricket Tournament April 2015

Women's Wellness Campaign March 2015

12 www.lamprell.com

Bowling Tournament May 2015

Health Awareness Campaign February 2015

Yard Christmas party December 2014

Football Tournament January 2015

Keeping employees active and engaged

www.lamprell.com 13

NDC 8

Operations (part 1) Niall O’Connell, COO

Key facts

www.lamprell.com 15

Strong position

Approximately 10,000 people employed across facilities; three categories of workforce Primary facilities: Hamriyah and Jebel Ali Total surface: 899,000 m2 with 2 km of quayside Limited number of comparable competitors Regional position is an advantage, particularly in the current market

Other Group Businesses

www.lamprell.com 16

Synergies and complementary services

LRS Sunbelt E&C O&M

Hamriyah Yard

www.lamprell.com 17

UAE Land (m2)

365,000

UAE Quayside (m)

1,400

No. of Workforce

4,600

Hamriyah Yard

www.lamprell.com 18

Engineering Procurement Finance

Information Technology

HR & Admin

Major execution centre of:

www.lamprell.com

New Build Jackup Rigs - Hamriyah

www.lamprell.com

19

Established, Reliable and Proven builder of state of the art drilling rigs

• Regional market leader for the construction of new build jackup drilling rigs

• Highly sophisticated engineering capabilities, custom-built construction and load-out facilities

Specialised expertise

• 35 years’ experience in the jackup business

• In-house expertise across all disciplines to deliver in today’s demanding market

Solutions to meet client needs

• Committed to on-time delivery, achieving world class HSE and quality standards

• Highly competitive edge for the complete package

www.lamprell.com ENSCO 140

PEMSA HAFFAR 2

19

Efficiency and productivity improvements

www.lamprell.com 20

Project Evolution - Hamriyah:

• Semi-automatic welding • 3D robotic beam cutting line • Installation of new cranes • Air & gas supply • Panel line / T-master • In-house scaffolding in Jebel Ali • Yard transporter delivered • Layout improvement • Procurement initiatives • Blasting and painting process • SEWA connection – Hamriyah

Major changes on organisation, infrastructure and operations

Committed to date:$50m

Savings on track

Payback within 3-4 years of full run-rate

Back to basics:

• Organisational streamlining • Change in operational structure:

• Overheads reduction • Reporting lines • Schedule Management • Procurement synergies • Customer service culture

• Return to operational excellence • Completion of legacy projects • Culture of continuous improvement • Training

Today you will see

www.lamprell.com 21

Large scale construction

Today you will see

www.lamprell.com 22

High Grade Welding

Today you will see

www.lamprell.com

23

Major Panel line

Today you will see

www.lamprell.com 24

High class Electrical & Instrumentation performance

Today you might see

www.lamprell.com 25

Major lifts

26 www.lamprell.com

Business development and marketing Karl Roberts, CCO Petrofac UZ750

Current Oil price, market impact and forecast price

www.lamprell.com 27

2015 tough year for oil prices; recovery expected in 2H 2016 and into 2017

Source: Wood Mackenzie (Global Energy Markets Review – 26 Oct 2015)

Wood Mackenzie expects Brent prices to recover to US$70 beginning 2017 and reach US$76 by Q4 2017. The rationale for this recovery:

Steady demand growth in 2015 and 2016

US onshore production declines

Non-OPEC year-on-year decline in 2015 & 2016

Lower investments in 2015 / 2016 consequently reducing the supply

Higher cost of developing new supply to meet growing demand lifts price outlook

Current market and competitive environment

www.lamprell.com 28

Oil & gas industry downturn continuing

Capex cuts impact on project sanctioning specifically • Unconventional shale • Oil sands, and • Deep / ultra-deepwater developments

Capex drop from $610bn in 2014 to $482bn in 2015 and a further drop to $437bn in 2016, with Middle East showing resilience

Longer term prospects (2017-2020) positive in the Upstream O&G market

Opportunities in Downstream and LNG markets (Global LNG market and MENA downstream market total $245bn for 2015-2020)

Strong position in a market with tough competition

Capex by Region

Russia

Europe

America N

America S

Africa

Middle East

Asia

Australia

*Covers O&G capex (excludes Opex, LNG expenditure, Downstream)

*

Strong bid pipeline in challenging markets

www.lamprell.com 29

Solid bid pipeline over the next three years

Proactively sourcing opportunities

Focus on diversification across markets: • Leveraging strong position in the Middle East • Broadening addressable market in the longer

term

Despite the downturn, strong bid pipeline and diversification across markets

39%

57%

2% 2%

Reported bid pipeline breakdown

New Build Jackup rigs Offshore/ Onshore constructionRig refurbishment and conversion Land Rig services

$5.2bn

32%

58%

0.32% 10%

Current bid pipeline breakdown

New Build Jackup rigs Offshore/ Onshore constructionRig refurbishment and conversion Land Rig services

Continued strong levels of bidding, although there is a slow-down in awards

Current bids within Offshore / Onshore include: • Fixed Platforms • Onshore LNG and Petrochemical modules • Onshore construction & pressure vessels • Renewables – Wind farm jackets • Subsea

Lamprell’s Key Differentiators

www.lamprell.com 30 30

Cost Competitive & Geographically well positioned for Global project deliveries

Safe

World class Statistics

Impact on overall project

performance

Quality

Strong Reputation On time

On budget

Experienced and dedicated PM’s

and Site construction teams

No carry over Reduced risk

Competitive

Multiple UAE Free Zone facilities

Load out and in house rolling

capacity

Facilities offer cost competitive, high quality fabrication

track record

Reliability

Management People Ethics

Regional fabrication and

jack-up rig market leader (i.e. NDC)

Flexible Financially Sound

Enhanced Business Development Strategy

Refined Business Development Strategy: • Increase external customer focus including

target EPC(I) companies based on target markets and prospects.

• Grow Bid Pipeline with prioritised target prospects

• Increase competitiveness • Refresh the Lamprell brand awareness

campaign, with particular focus on the Middle East

Strengthening the position: • Access larger opportunities through

strategic alliances / partnerships • Adjustment of approach and resources in

the sales team

www.lamprell.com 31

Refining and adapting the strategy

32 www.lamprell.com

Operations (part 2)

Petrofac UZ750

Niall O’Connell, COO

Jebel Ali Yard

www.lamprell.com 33

UAE Land (m2)

163,000

No. of Workforce

650

Access to quayside

Committed load-out corridor

Jebel Ali Yard

Modern facility – Purpose Built

Good yard shape for projects and flexibility

Local load out facilities in Jebel Ali Port

First class links to main transport arteries

Excellent client track record

www.lamprell.com 34

Key strengths

Major clients

Location of Fabrication : UAE

Location of Deployment: UK, North Sea

Description: Engineering (shop drawings and as-built), Procurement & Construction of 4,800MT Wellhead Topside & 13,500MT Process, Utility & Quarters Topside

Weight (MT): 18,300 Te (Overall)

Project Startup Date: Oct. 2011

Delivery Date: June 2013 (Wellhead) April 2014 (PUQ)

www.lamprell.com 35

Client / End User: Nexen Petroleum Golden Eagle Area Development

Jebel Ali Yard Project Reference 1

Click to watch the time-lapse video

https://www.youtube.com/watch?v=PCukMafQngQ

Jasmine Development Project

Location of Integration: UAE

Location of Deployment: UK, North Sea

Description: Fabrication, Assembly and Pre-commissioning of Jasmine Living Quarter Topsides (Utility Deck) and full EPC of 38 man Accommodation Module

Weight (MT): 5,217

Project Startup Date: August 2010

Delivery Date: May 2013

www.lamprell.com 36

Client / End User : ConocoPhillips

Jebel Ali Yard Project Reference 2

Laggan Tormore Gas Field Development End User: Total

Location of Integration: UAE

Location of Deployment: Shetland Islands, UK

Description: Fabrication of 15 preassembled units (PAU) for Total ‘Laggan Tormore’ Gas Field Development. The PAUs includes high pressure gas processing facilities for integration into the ‘Laggan Tormore’ onshore gas plant.

Weight (MT): 4,500

Project Startup Date: October 2012

Delivery Date: October 2013

www.lamprell.com 42

Client : Petrofac

Jebel Ali Yard Project Reference 3

ZADCO UZ750 PARs, PAUs & PAMs Client / End User: Petrofac

www.lamprell.com 43

Location of Fabrication: UAE

Location of Deployment: Abu Dhabi

Description: Engineering (shop drawings and as-built), Procurement & Construction of 39 PARs (14,500 Te) 3 PAUs (5,700 Te) 3 PAMs (1,400 Te)

Weight (MT): 21,600 Te (Overall)

Project Startup Date: Oct. 2014

Delivery Date: Mar 2016 ( 34 PARs) Sept 2016 (3 PAUs & 5 PARs) Oct 2016 ( 3 PAMs)

Jebel Ali Yard project reference 4

Windcarrier 2 – Bold Tern Fred Olsen Windcarrier

www.lamprell.com 44

Location of Fabrication: UAE

Location of Deployment: North Sea

Description: Design, construction and delivery of Gusto MSC NG-9000 design self- elevating and self- propelled offshore wind turbine installation vessel.

Weight (MT): 14,800

Project Startup Date: March 2010

Delivery Date: Feb. 2013

Jebel Ali Yard Project Reference 5

What is makes Lamprell Different?

www.lamprell.com 40

Strengths • Proven track record of timely project delivery • World Class QHSE • Competitive labour costs • Geographical location • A regional fabrication and jackup rig market leader • International, experienced management team • Strong balance sheet

People • Training school and related skills benefits • Long term commitment to Lamprell • Health, safety and wellness efforts • Skills base and capability to supplement teams • Flexibility of approach to support delivery

Location • Cultural alignment due to long-time operations in ME • Good communication links locally and internationally • UAE Oil and Gas based economy • Excellent support infrastructure of vendors, specialist

services and equipment • Climate supports construction activities

Focus on delivery

www.lamprell.com 41

• Commitment to safety • Flexibility to meet schedule demands

Labour flex Equipment flex Material flex

• High skill levels particularly with specialized trade labour • Quality assurance and related certifications and accreditations • Project execution tools and related processes • Transparency due to strong communication culture

Excellent track record of delivery

Shelf 1 - Hamriyah

Strategy and Current trading Jim Moffat, CEO and Tony Wright, CFO

Strong operational performance

Further module awards from Petrofac - grown from 26 PARs to a total of 45 PARs, PAMs & PAUs

Record of seven concurrent jackups being constructed in Hamriyah

Added 1,500 people to project workforce

New Land Rig design – marketing started

Slow-down in refurbishment continues

Rig stacking for clients (currently eight)

www.lamprell.com 43

High levels of activity

Land Rigs Services

Steady financial performance

www.lamprell.com 44

Strong platform Reported 1H15 revenue of $351.4m and net profit

of $20.3m; to be strongly weighted towards 2H15

Improved debtors collection

Focus on maintaining appropriate overhead levels

Reduced interest margins and lower bonding costs (offset by increased commitment fees on the revolver)

Project Evolution offsetting margin pressure: gross margin 11.6% in 1H15

Net cash of $316.3m at end 1H15; trending downwards as projects progress

Significant headroom available

1H15 revenue coverage: over 90% of 2015 and over 60% of 2016

Performing in line with expectations

Debt package $m

Term loan 89 Working capital facility 50 Revolver 200

Total funded facilities 339

Committed bonding 250

Financial strength to support growth

Positive outlook

High levels of bidding maintained Slow-down in awards but bid-to-win ratio healthy

and stable Focus on conversion of the pipeline

Strong performance in tough markets

On track to deliver

www.lamprell.com 45

High levels of commercial activity Strong operational performance continues Recent improvements a competitive advantage Contribution to bottom line through protection of

margins

Strong balance sheet to weather the storm Operational performance driving repeat business Benefits in savings from improvements and

efficiencies Leveraging geographical location Bid pipeline remains strong

Position of strength in current environment

Noble Paragon refurb

Driving forward with our Strategy

www.lamprell.com 46

47 www.lamprell.com

Appendices

ENSCO 140

Revenue split by business segment

www.lamprell.com 48

Revenue dominated by jackups Slow year for offshore construction Refurbishment slow-down

244.9

36.7

19.9 17.7

32.2

1H2015 $m

New Build Rigs

Rig Refurbishment

Onshore/Offshore

Land Rig Services

Other420.1

87.5

61.9 23.7

39.2

1H2014 $m

351.4 632.3

Current project summary

www.lamprell.com

49

Project Type 2014 1H 2015 2H 2015 1H 2016 2H 2016 1H 2017

NDC 9 Le Tourneau S116E

NDC 7 Le Tourneau S116E

NDC 8 Le Tourneau S116E

Petrofac UZ750 Process modules

Ensco 1 Le Tourneau S116E

Ensco 2 Le Tourneau S116E

Shelf 1 Le Tourneau S116E

Shelf 2 Le Tourneau S116E

49

Site visitDisclaimerAgendaWelcome to LamprellWelcome to LamprellProgrammeSafety moment – heat stressSafety awarenessFocus on world-class safetySlide Number 10Driving excellence at all levelsWorkforceWellness Campaigns & Employee EngagementKeeping employees active and engagedSlide Number 15Key factsOther Group BusinessesHamriyah YardHamriyah YardSlide Number 20Efficiency and productivity improvementsToday you will seeToday you will seeToday you will seeToday you will seeToday you might seeSlide Number 27Current Oil price, market impact and forecast priceCurrent market and competitive environmentStrong bid pipeline in challenging marketsLamprell’s Key DifferentiatorsEnhanced Business Development StrategySlide Number 33Jebel Ali YardJebel Ali YardJebel Ali Yard Project Reference1Jasmine Development ProjectLaggan Tormore Gas Field DevelopmentZADCO UZ750 PARs, PAUs & PAMsWindcarrier 2 – Bold TernWhat is makes Lamprell Different? Focus on deliveryStrategy and Current tradingStrong operational performanceSteady financial performance Positive outlookDriving forward with our StrategySlide Number 48Revenue split by business segmentCurrent project summary