Exhibit 99.2

VALIANT OFFSHORE INC.Investor PresentationEquity Offering of USD 175m 28 May 2018

This presentation dated 28 May 2018 (the “Presentation”) has been produced by Valiant Offshore Inc. (the “Company” or “Valiant Offshore”), for use in its dialogue with potential investors in a contemplated equity offering of new shares by the Company (the “New Shares”) to Norwegian investors, international institutional investors and professional investors and other investors in such other jurisdictions as are permitted or catered for by exemption rules under applicable securities laws (the “Equity Offering”). This Presentation is for information purposes only and does not in itself constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein. No representation of warranty (express or implied) is made as to, and no reliance should be placed on, any forward looking statements, including projections, estimates, targets and opinions, contained herein. To the extent permitted by law, the Company, its parent or subsidiary undertakings; Clarksons Platou Securities AS and Pareto Securities AS as joint lead managers and bookrunners, ABN AMRO Bank N.V. as joint lead manager, Nordea Bank AB (publ), filial i Norge as co-manager (together referred to as the “Managers”, each a “Manager”) or any such person’s officers, directors, or employees disclaim all liability whatsoever arising directly or indirectly from the use of this Presentation. 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, not historical facts and are 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 Presentation (including assumptions, opinions and views of the Company or opinions cited from third party sources) are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company, any of its parent or subsidiary undertakings, the Managers or any such person’s officers, directors, or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors, nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments described herein or any obligation to update any information contained herein.The Presentation contains information obtained from third parties. Such information has been accurately reproduced and, as far as the Company is aware of and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information to be inaccurate or misleading in any material respect. AN INVESTMENT IN THE COMPANY INVOLVES RISK. SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE PREDICTED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION, INCLUDING, BUT NOT LIMITED TO, RISKS OR UNCERTAINTIES ASSOCIATED WITH THE COMPANY’S BUSINESS, DEVELOPMENT, GROWTH MANAGEMENT, FINANCING, MARKET ACCEPTANCE AND RELATIONS WITH CUSTOMERS AND, MORE GENERALLY, ECONOMIC AND BUSINESS CONDITIONS, CHANGES IN DOMESTIC AND FOREIGN LAWS AND REGULATIONS, TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE AND INTEREST RATES AND OTHER FACTORS. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, THE ACTUAL RESULTS OF THE COMPANY MAY VARY MATERIALLY FROM THOSE FORECASTED IN THIS PRESENTATION. By attending or receiving this Presentation recipients acknowledge that they will be solely responsible for their own assessment of the Company and its shares as an investment and that they will conduct their own analysis and be solely responsible for forming their own view of the potential future performance of the Company and its business. The distribution of this Presentation may, in certain jurisdictions, be restricted by law. Persons in possession of this Presentation are required to inform themselves about and to observe any such restrictions. No action has been taken or will be taken in any jurisdiction by the Company or the Managers that would permit the possession or distribution of any documents or any amendment or supplement thereto (including but not limited to this Presentation) in any country or jurisdiction where specific action for that purpose is required. In relation to the United States and U.S. Persons, this Presentation is strictly confidential and is being furnished to investors solely in reliance on applicable exemptions from the registration requirements under the U.S. Securities Act of 1933, as amended (the “US Securities Act”). The shares of the Company have not and will not be registered under the U.S. Securities Act or any state securities law and may not be offered or sold within the United States unless an exemption from the registration requirements of the U.S. Securities Act is available. Accordingly, any offer or sale of shares in the Company will only be offered or sold (i) within the United Sates to Qualified Institutional Buyers (“QIBs”) pursuant to an applicable exemption from the registration requirements under the US Securities Act. and (ii) outside the United States in offshore transactions in accordance with Regulations S of the U.S. Securities Act. Neither the U.S. Securities and Exchange Commission, nor any other U.S. authority, has approved this Presentation. This Presentation is being communicated in the United Kingdom to persons who have professional experience, knowledge and expertise in matters relating to investments and who are "investment professionals" for the purposes of article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and only in circumstances where, in accordance with section 86(1) of the Financial and Services Markets Act 2000 ("FSMA"), the requirement to provide an approved prospectus in accordance with the requirement under section 85 FSMA does not apply. Consequently, investors understand that the shares to be issued in the Equity Offering may be offered only to "qualified investors" for the purposes of sections 86(1) and 86(7) FSMA, or to a limited number of UK investors, or only where minima are placed on the consideration or denomination of securities that can be made available (all such persons being referred to as "relevant persons"). The contents of this Presentation shall not be construed as legal, business, or tax advice. Each reader of this Presentation should consult its own legal, business or tax advisor as to legal, business or tax advice. If you are in doubt about the contents of this Presentation, you should consult your stockbroker, bank manager, lawyer, accountant, or other professional adviser. This Presentation speaks as of 28 May 2018. Neither the delivery of this Presentation nor any further discussions by the Company or the Managers with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. This Presentation and the information contained therein should be kept confidential by the recipient and may not be photocopied, reproduced or disclosed to third parties without the prior written consent of the Managers. This document has not been independently verified.This Presentation shall be governed by Norwegian law. Any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of the Norwegian courts with the Oslo City Court as legal venue. Important information 2

Risk factors (1/3) Investing in the Company involves inherent risks. Prospective investors should consider, among other things, the risk factors set out below before making an investment decision. The risks described below are not the only ones facing the Company. Additional risks not presently known to the Company or that the Company currently deems immaterial may also impair the Company’s business operations and adversely affect the price of the Company’s shares and ability to service its debt. If any of the following risks actually occur, the Company’s business, financial position and operating results could be materially and adversely affected. A prospective investor should consider carefully the factors set forth below, and elsewhere in the Presentation, and should consult his or her own expert advisors as to the suitability of an investment in the shares of the Company. An investment in the New Shares is suitable only for investors who understand the risk factors associated with this type of investment and who can afford a loss of all or part of the investment.Valiant Offshore may be unable to secure ongoing drilling contracts for the Eirik Raude, which is currently cold stacked, or the Leiv Eiriksson's when its current engagement ends.Valiant Offshore’s ability to meet its cash flow obligations will depend on its ability to secure drilling contracts for its drilling units at sufficiently high day rates. Valiant Offshore cannot guarantee that it will be able to secure employment for the Eirik Raude, which is currently cold stacked in Greece or for the Leiv Eiriksson when its current engagement ends. Your investment in Valiant Offshore may be negatively affected if it is unable to secure suitable employment for its rigs, including the Eirik Raude. Further, even if both the Eirik Raude and the Leiv Eiriksson are successfully employed, Valiant Offshore cannot predict the future level of demand for their services or future conditions in the oil and gas industry. If the oil and gas companies do not continue to increase exploration, development and production expenditures, Valiant Offshore may have difficulty securing drilling contracts, or it may be forced to enter into drilling contracts at unattractive day rates. Either of these events could impair Valiant Offshore’s ability to generate sufficient cash flow to ensure a favorable return on your investment and meet its capital expenditure and other obligations. Further, Valiant offshore's current backlog of contract drilling revenue may not be fully realized, and Valiant Offshore's current and/or future drilling contracts may be terminated due to a number of events. If customers cancel any of Valiant Offshore's contracts, and we are unable to secure new contracts on a timely basis and on substantially similar terms, or if contracts are suspended for an extended period of time or if a number of the contracts are renegotiated, it could adversely affect Valiant Offshore and your investment.There is no guarantee that Ocean Rig will contribute both Eirik Raude and the Leiv Eiriksson to Valiant Offshore. As such, your investment in Valiant Offshore may be negatively affected.At the time of the closing of the offering, it is expected that Ocean Rig UDW Inc. (“Ocean Rig” or “ORIG”), through certain subsidiaries, will contribute the Eirik Raude and the Leiv Eiriksson together with all the outstanding shares in Primelead Ltd, which owns the operational base in Norway, as contribution-in-kind to Valiant Offshore in exchange for 57.8% of the shares of Valiant Offshore. Delivery of the Leiv Eiriksson to Valiant Offshore is expected to be effected within 90 days of the closing of the offering. In the event the drilling contracts cannot be novated, the transfer of the Leiv Eiriksson shall be restructured from an asset sale to a sale of shares in the current ownership entity. If the Leiv Eiriksson for whatever reason is not transferred to Valiant Offshore with the drilling contracts as agreed, the shares of Valiant Offshore paid as deposit for the purchase shall be returned, but there are no restrictions on such shares. Delivery of Eirik Raude, which is currently cold-stacked in Greece, will take place following reactivation expected to take 12-15 months, and no later than 18 months from the closing of the offering. If Ocean Rig fails to mobilize the Eirik Raude in accordance with the terms set out in the Memorandum of Agreement, Valiant Offshore has the right to repurchase 21,500,000 shares free of compensation for cancellation. These shares will be pledged and blocked until delivery of the Eirik Raude. As a result, if the Eirik Raude is not delivered to Valiant Offshore in accordance with the scope of work agreed in the Memorandum of Agreement, we will have a call option, which will provide us with the right to acquire for no compensation 21,500,000 shares of Valiant Offshore held by Ocean Rig, returned to us for cancelation. If the Eirik Raude is not delivered, it is expected that we will only own the Leiv Eiriksson and Ocean Rig will be a minority shareholder in Valiant Offshore. In this case your investment in Valiant Offshore will be disproportionately affected by the future operating income of the Leiv Eiriksson. Furthermore, the Company will not have any operating income before it acquires either the Eirik Raude or the Leiv Eiriksson, but may accrue costs from an earlier stage. Pursuant to the Company's articles of association, the Company will not pay out dividends until the expected delivery dates of both the Leiv Eiriksson and the Eirik Raude. Because Valiant Offshore’s board of directors and management will have broad discretion over the use of the net proceeds from the offering, you may not agree with how it will use the proceeds, and Valiant Offshore’s board of directors and management may not invest the proceeds successfully or apply the proceeds effectively.Valiant Offshore intends to use the net proceeds from the offering together with a contribution-in-kind from Ocean Rig to finance the acquisition of the Leiv Eiriksson from a subsidiary of Ocean Rig and for general corporate purposes including working capital. However, Valiant Offshore’s board of directors and management may use any of the net proceeds from the offering for other purposes, at their discretion including if the Leiv Eiriksson is not delivered to Valiant Offshore. Accordingly, you will be relying on the judgment of Valiant Offshore’s board of directors and management with regard to the use of the proceeds of the offering, and you will not have the opportunity, as part of your investment decision, to influence how the proceeds are being used. Valiant Offshore’s failure to apply the funds received in the offering effectively may adversely affect Valiant Offshore’s business and may lead to a loss of part or all of your investment. 3

Risk factors (2/3) Valiant Offshore is incorporated in the Republic of the Marshall Islands, which does not have a well-developed body of corporate law or bankruptcy law, and as a result, shareholders may have fewer rights and protections under Marshall Islands law than under a typical jurisdiction in the United States.Valiant Offshore’s corporate affairs are governed by its amended and restated articles of incorporation, its bylaws and by the Marshall Islands Business Corporations Act, or the BCA. The provisions of the BCA resemble provisions of the corporation laws of a number of states in the United States. However, there have been few judicial cases in the Republic of the Marshall Islands interpreting the BCA. The rights and fiduciary responsibilities of directors under the law of the Republic of the Marshall Islands are not as clearly established as the rights and fiduciary responsibilities of directors under statutes or judicial precedent in existence in certain United States jurisdictions. Shareholders’ rights may differ as well. While the BCA does specifically incorporate the non-statutory law, or judicial case law, of the State of Delaware and other states with substantially similar legislative provisions, shareholders may have more difficulty in protecting their interests in the face of actions by management, directors or controlling shareholders than would shareholders of a corporation incorporated in a United States jurisdiction.There is currently no market for Valiant Offshore’s common stock and although Valiant Offshore intends to list the shares sold in the offering on the Norwegian over-the-counter market (“N-OTC”), there is no guarantee that a liquid market in the shares will develop in the foreseeable future.There is currently no market for Valiant Offshore’s common stock. While Valiant Offshore expects to list its shares on the N-OTC following the closing of the offering under the ticker symbol "VAL", there is no guarantee that that a liquid market in Valiant Offshore’s shares will develop at any time in the foreseeable future. The lack of a market in the common shares may impair your ability to sell the shares acquired in the offering at a time you wish to sell them or at a price considered to be reasonable. In the event that a market develops, we expect that it may be volatile and illiquid. Valiant Offshore shares may be immediately tradeable on the N-OTC in transactions by persons that are not affiliated with Valiant Offshore, in transactions that are not pre-arranged with a U.S. buyer and are otherwise conducted in compliance with Rule 904 of Regulation S. Affiliates of Valiant Offshore may be restricted from reselling their shares on the N-OTC market and may only resell their shares in compliance with Rule 903 of Regulation S or pursuant to another available exemption from the registration requirements of the Securities Act.The securities being offered by Valiant Offshore in the offering will be restricted shares of common stock for U.S. securities law purposes and an investment in its common stock may be illiquid.Valiant Offshore is offering shares of its common stock pursuant to applicable exemptions from registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”) which imposes substantial restrictions on the transfer of such securities. All certificates which evidence the shares purchased in the offering (along with any electronic shares held in book entry form) will be inscribed with a printed legend which clearly describes the applicable restrictions on transfer or resale by the owner thereof. Accordingly, each investor should be aware of the long-term illiquid nature of his investment. In no event may such securities be sold, pledged, hypothecated, assigned or otherwise transferred unless such securities are registered under the Securities Act and applicable state securities laws or we receive an opinion of counsel that an exemption from registration is available with respect thereto. Regulation S is the primary exemption for resales of restricted securities outside of the U.S. and is discussed in the risk factor above. Rule 144, the primary exemption for resales of restricted securities in the U.S. is only available for securities of issuers providing current information to the public. Valiant Offshore currently does not make such information available precluding reliance on Rule 144. Shares held by non-affiliates of an issuer that is not a reporting company are restricted in the hands of holders for a period of twelve months under Rule 144. Thus, each investor in the offering who intends to rely on Rule 144 to sell its shares, should be prepared to bear the risk of such investment for a period of at least twelve months, especially if an active and liquid market for Valliant’s securities does not develop on the N-OTC. Valiant Offshore’s majority shareholder, Ocean Rig, may significantly influence matters to be voted on and its interests may differ from, or be adverse to, the interests of you or any other shareholders.Valiant Offshore’s majority stockholder, Ocean Rig., controls 100% of its outstanding common stock prior to this offering. Following the offering, it is expected that Ocean Rig will own 57.8% of the shares of our common stock and investors in the offering will own 42.2% of the shares in our common stock. Accordingly, Ocean Rig will possess significant influence over Valiant Offshore on matters submitted to the stockholders for approval, including the election of directors, mergers, consolidations, the sale of all or substantially all of its assets, and also the power to prevent or cause a change in control. This amount of control gives Ocean Rig a substantial ability to determine Valiant Offshore’s future business decisions. The interest of Ocean Rig may differ from the interests of you or any other shareholders and could therefore result in corporate decisions that are adverse to you or other shareholders. Ocean Rig is likely to hold a significant ownership interest in the Company and thus exercise a significant amount of control even if it fails to deliver either or both rigs in accordance with the relevant Memorandum of Agreements. 4

Risk factors (3/3) Valiant Offshore has a limited number of rigs and customersValiant Offshore relies heavily on a relatively small number of customers and the loss of a significant customer or a dispute that leads to the loss of a customer could have a material adverse impact on Valiant Offshore's consolidated statement of financial position, results of operations or cash flows. The loss of any of these customers or another significant customer, or a decline in payments under any drilling contract, could, at least in the short term, have a material adverse effect on results of operations and cash flows. In addition, any drilling contracts are subject to counterparty risks. Should a counterparty fail to honour its obligations under an agreement with Valiant Offshore, we could sustain losses, which could have a material adverse effect on our business, financial condition, results of operations or cash flows.The damage or loss of the Eirik Raude and the Leiv Eiriksson could have a material adverse effect on our results of operations and financial condition.Valiant Offshore’s revenues will be dependent on the Leiv Eiriksson, which is operating offshore Norway, and the Eirik Raude which is currently uncontracted and cold stacked in Greece.These drilling units may be exposed to risks inherent in deepwater drilling and operating in harsh environments that may cause damage or loss. The drilling of oil and gas wells, particularly exploratory wells where little is known of the subsurface formations involves risks, such as extreme pressure and temperature, blowouts, reservoir damage, loss of production, loss of well control, lost or stuck drill strings, equipment defects, punch throughs, craterings, fires, explosions, pollution and natural disasters such as hurricanes and tropical storms.In addition, offshore drilling operations are subject to perils peculiar to marine operations, either while on-site or during mobilization, including capsizing, sinking, grounding, collision, marine life infestations, and loss or damage from severe weather. The replacement or repair of a drilling unit could take a significant amount of time, and we may not have any right to compensation for lost revenues during that time. As we currently are only expected to have two drilling units in our our fleet (one of which is currently in operation) serious damage to one of the drilling units could materially reduce our revenues for the time that drilling unit is out of operation. In view of the sophisticated design of the drilling units, we may be unable to obtain a replacement unit that could perform under the conditions that our drilling units are expected to operate, which could have a material adverse effect on our results of operations and financial condition.For a more comprehensive discussion of risks relating to the oil and gas industry generally and our parent company, Ocean Rig, please see the section titled “Risk Factors” in Ocean Rig’s annual report on Form 20-F for the year ended December 31, 2017, filed with the U.S. Securities and Exchange Commission on March 15, 2018. 5

Table of contents Transaction overviewHigh quality HE fleet and established track recordFocus on shareholder valueStrengthening market fundamentalsSummaryAppendix 6

2x HE semi-submersible rigs Transaction overview Valiant Offshore Inc.(Marshall Islands)USD 415m Establishing a new pure-play platform in the harsh environment market New investorsUSD 175m ORIGUSD 240m ~42.2% Valiant Offshore to be a newly established offshore drilling company focused on harsh environment (“HE”) drillingValiant Offshore has entered into an agreement to acquire, among others, two HE semi-submersible rigs from Ocean Rig UDW Inc. (NASDAQ:ORIG) (“ORIG”) Leiv Eiriksson, on contract with LundinEirik Raude, to be delivered fully reactivated and suitable for work in Norway All relevant inventories (spares/capital equipment), estimated to be worth ~USD 40mOperational base in Norway plus offshore personnel related to the two HE semi-submersible rigsAttractive price of USD 350m with consideration in the form of Equity contribution (in-kind) of USD 240m from ORIGCash of USD 110m from Equity OfferingNo interest bearing debt on the balance sheetAdditional growth opportunities being explored ~57.8% 100% Management agreement Transaction structure (simplified) Commentary Leiv Eiriksson (“LE”)(2001) Eirik Raude (“ER”)(2002) On contract To be reactivated 7 Operational base (Norway)

Valiant Offshore – Harsh environment pure-play Two high-quality 5th generation HE semi-submersible rigsProven track record with a loyal blue-chip client base (~USD 2.4bn in aggregate EBITDA since 2002)Master Services Agreement signed with ConocoPhillips for a term of 3 years, plus 2 optional yearsExisting backlog of ~USD 132m (incl. options) with Lundin and ConocoPhillips High Quality HE Fleet and Established Track Record Pure-Play and Lean Setup Focus on Shareholder Value Pure play on harsh environment through a new setup taking over offshore personnel and base in NorwayExperienced management with strong backing from ORIGLean and attractive cost structure Low entry cost at attractive multiplesCommitted to pay 100% of net profit as dividends after the expected delivery date of both rigsThree directors independent of ORIG, forming a majority on the boardNo marketing conflicts with ORIG as Valiant Offshore is purely focused on HE“Best-in-class” balance sheet with no interest bearing debt or legacy issuesAdditional growth opportunities being explored (existing, newbuilds, consolidation or a combination) Strengthening Market Fundamentals Direct exposure to a recovering HE marketRig specification and quality well suited for the projected demandHE demand expected to outstrip supply 8

Equity Offering details Amount: Gross proceeds of USD 175m Offer price: USD 10.0 per share # of offer shares: 17,500,000 common shares, each with a par value of USD 0.01 # of shares: ORIG: 24,000,000 common shares, each with a par value of USD 0.01Total (pro-forma): 41,500,000 common shares, each with a par value of USD 0.01 Ownership: ~57.8% ORIG~42.2% new investors Listing and ticker: The new shares will be listed on the Norwegian over-the-counter market (N-OTC). Company intends to list on Oslo Stock Exchange (OSE) in 3Q18. Ticker: “VAL” Use of proceeds: Net proceeds from the Equity Offering shall be used as part payment for the acquisition of the Leiv Eiriksson, for working capital and for general corporate purposes Minimum order and allocation amount: USD equivalent of EUR 100,000, provided that the Company reserves the right to, at its sole discretion, allocate lower amounts to investors that qualify as “professional investors” pursuant to the Norwegian Securities Trading Act and Ancillary regulations Allocation: The allocation will be made at the sole discretion of the Company’s Board. The Board will focus on criteria such as (but not limited to), perceived investor quality, timeliness of the order and investment horizon Application period: Start of application period: 29 May-18 at 15:30 CETEnd of application period: 7 Jun-18 at 16:00 CETBook may be closed earlier or later at the Company’s discretion Settlement and trading: Payment date: On or about 11 Jun-18Delivery date: On or about 11 Jun-18 Closing conditions: The issue of offer shares is subject to all necessary corporate resolutions being passed, including the sole shareholder’s approval of the share capital increase and Board’s approval of the allocation of the offer shares. Documentation: This Presentation, application agreement and term sheet, all dated 28 May-18 Leiv Eiriksson: Leiv Eiriksson will be delivered to Valiant Offshore when the required novation of the relevant drilling contracts is in place, expected to be within 90 days after the closing of the offering Eirik Raude: Eirik Raude will be delivered to Valiant Offshore following reactivation. Delivery is expected within 12-15 months, no later than 18 months after the closing of the offering. On Completion, ORIG will receive approximately USD 215m in shares and hold ~57.8% of the issued share capital of Valiant Offshore. The shares will be held by ORIG, and will pledged and blocked in favour of Valiant Offshore until Eirik Raude is delivered to Valiant Offshore. In the event the Eirik Raude is not delivered after reactivation, 21,500,000 shares shall be returned to Valiant Offshore and cancelled. Valiant Offshore will not pay out dividends until the expected delivery dates of both the Leiv Eiriksson and the Eirik Raude Managers: Clarksons Platou Securities AS and Pareto Securities AS as joint lead managers and bookrunners, ABN AMRO Bank N.V. as joint lead manager and Nordea Bank AB (publ), filial i Norge as co-manager (together referred to as the “Managers”, each a “Manager”) 9

Sources of funds USDm ORIG, equity contribution (in-kind) 240 New investors, Equity Offering 175 Sum 415 Uses of funds USDm Acquisition of LE (on contract) and ER (to be reactivated) 350 Working capital 25 General corporate purposes 30 Transaction costs 10 Sum 415 Estimated sources and uses of funds Sources and uses of funds Sources of funds include a combination of Equity Offering and equity contribution (in-kind): New investors: USD 175mORIG: USD 240mValiant Offshore to acquire:LE, 2001 built HE semi-submersible rig (including the existing Lundin and ConocoPhillips contracts) for USD 135m, of which USD 110m in cash and USD 25m in sharesER, 2002 built HE semi-submersible rig (to be reactivated and suitable to operate in Norway) for USD 215m in sharesInventories (spares/capital equipment), estimated to be worth ~USD 40m, and the rigs will come with 17.5k ft of total riser between them Operational base in Norway plus offshore personnel related to the two HE semi-submersible rigsER will be delivered to Valiant Offshore following reactivation:Delivery is expected within 12-15 months, no later than 18 monthsOn Completion of the Equity Offering, ORIG will receive USD 215 million in shares and hold ~57.8% of the issued share capital of Valiant OffshoreThe shares will be held by ORIG, and will be pledged and blocked in favour of Valiant Offshore until ER is delivered to Valiant Offshore 10

Table of contents Transaction overviewHigh quality HE fleet and established track recordFocus on shareholder valueStrengthening market fundamentalsSummaryAppendix 11

Successful operations in HE and benign areas for several blue chip clients Leiv Eiriksson Eirik Raude Clients (operators) Top 5 clients* *Based on contract duration Clients (operators) Canada~2 years NW Europe~2 years US GoM~1.5 years Falkland Island~1 year West of Africa~5 years Regional drilling experience overview Greenland~1 year NW Europe~6.5 years Black Sea~1.5 years Falkland Island~1 year West of Africa~5 years Top 5 clients* Regional drilling experience overview 12

~USD 2.4bn in EBITDA since 2002 Leiv Eiriksson and Eirik Raude with combined EBITDA of ~USD 2.4bn since first operational yearLeiv Eiriksson with ~USD 1.1bnEirik Raude with ~USD 1.3bn USDm EBITDA per year for Leiv Eiriksson and Eirik Raude 2002-2017 Source: Pareto Securities Equity Research 13

HE specialistWinterized to DNV GL OS A201 BASIC classification for operations to -20°CCold climate training to crew by NorthQPOSMOOR-ATA notation with 8ea RR anchor winches, 2000m 84mm R5 chainDP class 3 Kongsberg K-Pos with 6ea Rolls Royce 100mt thrustersBingo 9000 design hull with class leading WoW characteristicsExcellent performance>97% operating efficiency since 20152.0% WoW during full year ops in Barents Sea (Jul-16 to today)DifferentiatorsConsistent and high performing crew since 2013>800 days drilling in Barents SeaNewly installed 5 ram Cameron BOP complete with casing super shear ramWell maintained rig in good conditionIntermediate survey for LE completed Mar-18, total cost of USD 15mNext special periodic survey due in 2021 Leiv Eiriksson – A superior HE rig 14

Leiv Eiriksson – Strong existing backlog Lundin contract ConocoPhillips contract Ongoing contract with Lundin Norway AS (“Lundin”) since Jul-16Firm period estimated through Aug-18Six one-well options Master Services Agreement (MSA) signed with ConocoPhillips Skandinavia AS (“ConocoPhillips”) for a term of 3 years, plus 2 optional yearsDrilling Program Order (DPO) signed for one firm well of about 90 days, plus two options 15 Existing revenue backlog of ~USD 132m (1) (1) Includes optional period for Lundin contract and firm and optional period for ConocoPhillips contract 2018 2019 2020 M J J A S O N D J F M A M J J A S O N D J F M A M J J Lundin Firm 7th Optional 8th Optional 9th Optional 10th Optional 11th Optional 12th Optional COP Firm 1st Optional 2nd Optional

Eirik Raude – Reactivated to same condition as Leiv Eiriksson ORIG will reactivate the rig and ensure it is suitable for operation in NorwayBased on gap analysis performed by third partyBased on verification performed by third partyRig presently in “preservation stack” mode in Astakos, GreeceRig will be towed and reactivated in Las PalmasSummary of scope of workReactivation of subsea, drilling and marine (incl. thrusters) equipmentClass recertificationBOP upgrade to 5 ramCrane upgrades to comply with NORSOKNew 8-point mooring system installedWinterized to DnV BASIC notation (-20°C)68 joints of certified 75ft. riser (i.e. total of approximately 5k ft.) Estimated total cost of ~USD 106.6m to be completed within 12-15 months ORIG responsible for reactivation 16

Eirik Raude – Summary reactivation budget 17 Work scope (all figures in USDm) Materials Services Shipyard Grand total Project team - 3.1 - 3.1 Reactivation On-Board survey with OEM - 0.4 - 0.4 Rig towage - 0.8 - 0.8 SPS and UWILD 0.5 1.5 - 2.0 Thrusters - 5.5 - 5.5 Engines 1.0 - - 1.0 Accommodation (cleaning and outfitting) - 1.0 - 1.0 Drilling equipment 6.7 4.7 - 11.4 Well control equipment 6.5 5.4 - 11.9 Electrical and control reactivation 0.5 0.5 - 1.0 Steel, piping and paint works 0.6 6.0 - 6.6 Lubricants 0.3 - - 0.3 Subtotal 16.1 25.7 - 41.8 AoC/Norway requirements Finding from GAP analysis - 1.5 - 1.5 Cranes 3.0 0.5 - 3.5 ROPS 3.2 0.5 - 3.7 Drill-floor (pipe & hand-off operations) 0.6 0.3 - 0.8 Subtotal 6.8 2.8 - 9.5 Upgrades BOP 5 cavity 2.0 1.5 - 3.5 8 points mooring system 10.0 10.0 - 20.0 Winterization and HVAC (all units) 11.5 5.0 - 16.5 Ballast water management 1.0 0.5 - 1.5 Subtotal 24.5 17.0 - 41.5 Shipyard costs Fuel consumption - - 1.9 1.9 Shipyard services - - 6.0 6.0 Commissioning, SIT & sea-trial with OEM - - 0.5 0.5 Lightweight or inclining experiment - - 0.3 0.3 Project logistics, insurance, etc. - - 2.0 2.0 Subtotal - - 10.7 10.7 Grand total 47.4 48.5 10.7 106.6

Estimated USD 40m worth of inventories(1) 18 A significant amount of inventories (spares and capital equipment) will be sold along LE/ERLE: ~USD 19mER: ~USD 21m Leiv Eiriksson (USDm) Eirik Raude (USDm) Drilling 7.4 Well control 5.3 Auxiliary systems 3.3 Engines 0.7 Thrusters 0.2 Other 3.7 Total 20.6 Drilling 6.6 Well control 5.6 Auxiliary systems 2.9 Engines 0.8 Thrusters 0.2 Other 3.0 Total 19.1 Rigs will come with 17.5k ft. of total riser between them, on top of significant inventories (1) Based on original cost

Comparison of HE capable rigs 19 Rig LE/ER COSL HE rigs Island Innovator North Sea Rigs Cat-D Midwater NB Mira/Bollsta/Rigel Owner ORIG COSL Island Drilling NODL/Hayfin Design Trosvik Bingo 9000 GM 4000 GM 4000 GM-4D GVA 4000 NCS CS60 ECO MW CS60 E/MK Yard Dalian/Friede Goldman CIMC Raffles COSCO Nantong CIMC Raffles DSME Keppel HHI/Jurong Hull shape Semi Semi Semi Semi Semi Semi Semi Built 2001/2002 2010-2012 2012 2018-2019 2016 2021 2020 Rig water depth (ft) 7,500/10,000 1,640 2,300 1,650 1,640 5,000 10,000 Drilling depth (ft) 30,000 25,000 26,247 26,247 28,000 35,000 40,000 Accommodation 120 120 120 130 130 140 140-150 Survival VDL (mt) 4,847 4,000 4,000 4,000 4,000 5,000 7,100-8,200 Hull Breadth (ft) 279 213 213 242 318 255 255-306 Hull Length (ft) 392 343 343 350 381 389 402 Displacement, operating (mt) 53,400 36,400 38,040 45,700 58,640 60,000 74,000-80,000 DP system DP3 DP3 DP3 DP3 DP3 Moored DP3 Installed power (kW) 45,000 30,660 34,650 33,210 37,800 14,400 38,400-44,000 Air-gap (meters) 13.5 13.5 11.5 n.a 12.6 13 13.5

Table of contents Transaction overviewHigh quality HE fleet and established track recordFocus on shareholder valueStrengthening market fundamentalsSummaryAppendix 20

Corporate governance principles and listing Board of directors to consist of:2x members from ORIG:Anthony KandylidisJohn Simon3x independent members: David FrischkornThor Erling KylstadHalvdan StrandNew shares to be listed on N-OTC (ticker: “VAL”) and Company intends to list on Oslo Stock Exchange in 3Q18No market conflicts and commitment from ORIG on marketing 21

Management team and Board of Directors Pankaj Khanna – Chief Executive OfficerCurrent Position: President and CEO of ORIGPrevious: Founder and CEO of Pioneer Marine Inc., CMO of ORIG, COO of DRYSEducation: Blackpool, Fleetwood Nautical Campus, London Metropolitan University Anthony Kandylidis – ChairmanCurrent Position: Executive Vice Chairman of ORIG, President and CFO of DRYSPrevious: President and CFO of ORIG, founder of OceanFreightEducation: MIT, Brown University John SimonCurrent Position: Director of ORIG, Director and Risk Committee Chairman of Nine Point EnergyPrevious: Over 40 years experience in onshore and offshore E&P, CEO at Bennu Oil & Gas, SVP Global E&P Services at HessEducation: Texas A&M University – Kingsville Thor Erling KylstadCurrent Position: Independent finance/shipping executivePrevious: More than 30 years of experience with Nordea Bank, mainly within ship finance. Various managerial positions in Oslo and international offices in Luxembourg, Singapore and LondonEducation: Universitat Mannheim David FrischkornPrevious: Over 40 years of experience in investment banking for the Energy sector, most recently as Managing Director of Seaport Global, Vice Chairman of Dahlman Rose, Managing Director at JefferiesEducation: Columbia Business School, Tufts University, Karl Eberhart University Management Board of Directors Halvdan StrandPrevious Positions: Over 40 years of experience in the offshore drilling industry. Joined ORIG in 1998 and served in numerous technical and operations positions, until his retirement as Head of Operations in 2016.Previously with Transocean and Golar NOR Offshore 22 David Cusiter – Chief Operations OfficerCurrent Position: COO of ORIGPrevious: Joined ORIG in 1996 as Chief Engineer, having since served as VP New Building & Special Projects, VP Engineering & Projects, VP TechnicalEducation: Glasgow Nautical College Iraklis Sbarounis – Chief Financial OfficerCurrent Position: CFO, Secretary and Director of ORIGPrevious: VP Business Development of ORIG, commercial, investment, and corporate finance positions with shipping and offshore companies, BNP ParibasEducation: LSE, MIT Rune Kvål – Operations & Technical ManagerCurrent Position: Operations and Technical Manager of ORIGPrevious: Operations Manager and Rig Manager for Transocean, various field level positions SchlumbergerEducation: University of Stavanger

Strong free cash flow potential A dayrate of USD 300-350k/day returns EBITDA of USD 90-123m for Valiant OffshoreFree cash flow of USD 81-114m equal to 23-33% of cost Day rate USDk/day 200 250 300 350 400 Opex " 130 130 130 130 130 Utilization % 85% 85% 93% 93% 93% Net revenues (1) USDm 122 152 200 233 266 Opex " (95) (95) (95) (95) (95) G&A (2) " (15) (15) (15) (15) (15) EBITDA " 12 42 90 123 156 SPS " (5) (5) (5) (5) (5) Maintenance " (4) (4) (4) (4) (4) Net cash flow " 3 33 81 114 147 Value " 350 350 350 350 350 EV/EBITDA x 29.9 8.3 3.9 2.8 2.2 Net cash flow / Cost % 1% 9% 23% 33% 42% Pro-forma earnings potential (LE & ER) Net cash flow yield (%) 23 Dayrate (USDk/day) 1) Net revenues include taxes calculated as 1% of revenues and commercial fees of 1% of all monies earned on any new drilling contract entered into after commencement of the contract2) G&A includes management fees of USD 15,500/day/rig Please see the “Management agreement” slide 38 in Appendix for further details

Floater asset values (1) ER/LE avg. implied values prior to acquisition by Dryships(2) Basket of traded US and Norwegian offshore drillers(3) Based on ODL, RIG (only HE 6G) and NODL share prices as of 23 May-18Source: Pareto Securities Equity Research Valiant offshore compared to historical implied and current implied trading levels 24 USDm (1) (2) (3)

Leverage strong HE market for accretive growth Zero debt, lean set-up & improving market provide opportunity for growthGrowth opportunities include:Second hand, newbuild (stranded/resale) or newbuild (new order) HE semi-submersible rigsIn dialogue with yards for attractive newbuild slotsM&A / Consolidation with existing playersCompany open to rolling up acquisitions or being acquired / merged 25

Table of contents Transaction overviewHigh quality HE fleet and established track recordFocus on shareholder valueStrengthening market fundamentalsSummaryAppendix 26

27 Oil price in the right zip code for improved rig demand Europe Brent Spot Price Source: Thomson Reuters USD

Source: Pareto Securities Equity Research, IHS-Petrodata HE dayrates on the rise Recent NCS fixtures with public dayrates Deepsea Nordkapp booked in at ~USD 325k/day and Deepsea Stavanger, Deepsea Atlantic, Transocean Spitsbergen and West Phoenix at dayrates in the high USD 200k/dayContracted utilization is close to 100% for premium assets 28 HE showing clear signs of recovery Date Operator Rig name Manager Start End Day rate Apr-18 Aker BP Deepsea Nordkapp Odfjell Jun-19 Jun-21 325,000 Apr-18 Equinor Deepsea Atlantic Odfjell Mar-19 Aug-20 292,000 Dec-17 Aker BP Deepsea Stavanger Odfjell Apr-19 Apr-20 288,000 Dec-17 Equinor Transocean Spitsb. Transocean Jul-19 Mar-22 289,000 Dec-17 VNG West Phoenix NADL Jan-20 Sep-20 285,000 Nov-17 DEA Transocean Arctic Transocean Jun-19 May-20 200,000 Aug-17 Wintershall West Phoenix NADL Jan-18 Mar-18 180,000 Aug-17 Aker BP Deepsea Stavanger Odfjell Feb-18 Nov-18 250,000 May-17 Equinor Deepsea Bergen Odfjell Apr-18 May-18 130,000 Apr-17 Equinor Bideford Dolphin Dolphin May-17 Aug-17 172,000 Apr-17 Wellesley Deepsea Bergen Odfjell Aug-17 Sep-17 120,000 Mar-17 OMV Deepsea Bergen Odfjell Nov-17 Apr-18 120,000 Jan-17 Equinor Bideford Dolphin Dolphin Feb-17 Mar-17 175,000 Dec-16 Faroe Deepsea Bergen Odfjell May-17 Jul-17 120,000 Feb-16 Lundin Leiv Eiriksson Ocean Rig Jul-16 Mar-17 145,000 Jan-16 ENGIE Transocean Arctic Transocean Jul-16 Sep-16 179,000

Norway a bright spot – Lifting HE semi demand Number of wells sanctioned under PDO by rig type (PDO delivery year) 2009-12 2013-16 2017-18e Source: Pareto Securities Equity Research 29

HE demand to outstrip 6G supply Notes: Incl. UK, Canada and other HE regions Excluding Stena IceMaxSource: Pareto Securities Equity Research NCS capable HE floater supply and demand balance LE/ER 30 5 Stacked scrap candidates

6G HE floater fleet Source: Pareto Securities Equity Research 5G HE floater fleet 2G-4G HE floater fleet RIG COSL ODL SDRL/NADL North Sea Rigs NODL Breakwater/Hayfin Island Innovator Diamond Saipem NCS approved 6G HE floater fleet NCS approved 5G HE floater fleet NCS approved 2G-4G HE floater fleet RIG COSL ODL SDRL/NADL Island Innovator Saipem ORIG NADL ORIG NADL RIG FOE Awilco Stena ODL Borr Saipem NADL Diamond RIG FOE Saipem NADL ODL Stena 31 HE floater market dominated by few players 26 4 27 15 4 12

Contract overview Source: Pareto Securities Equity Research, IHS-Petrodata Overview of HE floaters currently under contract Contract Option Option exc. Yard 32 2018 2019 2020 2021 2022 Rig Manager Built Region Client Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Songa Enabler RIG 2016 NOR Equinor Songa Encourage RIG 2015 NOR Equinor Songa Endurance RIG 2015 NOR Equinor Songa Equinox RIG 2015 NOR Equinor Transocean Spits. RIG 2010 NOR Equinor Deepsea Aberdeen Odfjell 2014 UK BP Deepsea Nordkapp Odfjell 2018 NOR Aker BP West Phoenix NADL 2008 NOR Wintershal/AOC/VNG Deepsea Atlantic Odfjell 2009 NOR Equinor Ocean Patriot Diamond 1983 UK Shell/Apache Transocean Arctic RIG 1986 NOR Aker BP/Well/Faroe/DEA Deepsea Stavanger Odfjell 2010 SA/NOR Wint./Total/Aker BP Ocean Great White Diamond 2016 MYS BP Ocean Valiant Diamond 1988 UK Maersk WilPhoenix Awilco 1982 UK Apache/tba/tba COSLPromoter COSL 2012 NOR Equinor Paragon MSS1 Borr 1979 UK TAQA Scarabeo 8 Saipem 2012 NOR Shell/Total/Aker BP Transocean Leader RIG 1987/1997 UK Enquest/Azinor COSLPioneer COSL 2010 UK Nexen West Hercules Seadrill 2008 UK Siccar Point/Equinor Transocean Barents RIG 2009 CAD Suncor Energy Paul B. Loyd, Jr. RIG 1990 UK BP/Husky/Zennor West Aquarius Seadrill 2009 CAD BP Transocean 712 RIG 1983 UK Fairfield Island Innovator Maracc 2012 NOR Spirit/DEA Deepsea Bergen Odfjell 1983 NOR OMV/Equinor Henry Goodrich RIG 1985/2007 CAD Husky Ocean Guardian Diamond 1985 UK Decipher COSLInnovator COSL 2011 NOR Lundin Stena Spey Stena 1983 UK Repsol/Nexen Leiv Eiriksson Ocean Rig 2002 NOR Lundin Blackford Dolphin FOE 1974 UK BP Stena Don Stena 2001 UK Total

Rig scrapping 33 Source: Pareto Securities Equity Research, IHS-Petrodata 14 HE floaters scrapped since 2014

Table of contents Transaction overviewHigh quality HE fleet and established track recordFocus on shareholder valueStrengthening market fundamentalsSummaryAppendix 34

Summary 35 Strengthening Market Fundamentals High Quality HE Fleet and Established Track Record Pure-Play and Lean Setup Focus on Shareholder Value

Table of contents Transaction overviewHigh quality HE fleet and established track recordFocus on shareholder valueStrengthening market fundamentalsSummaryAppendix 36

Acquisition agreements and closing mechanism ORIG and Valiant Offshore have entered into a Heads of Agreement where Valiant Offshore will acquire a fleet of 2x HE semi-submersible rigs including the existing employment contracts and ORIG’s operational base in NorwayMain terms as follows:Price USD 350m in total payable as follows:USD 25m in shares on closing of the Equity Offering (as security for LE sale)USD 110m in cash on delivery of the LEUSD 215m in shares, as consideration for both LE and ERAll shares issued on completion of the Equity OfferingShares pledged and blocked in favour of Valiant until delivery of the ER following reactivationDelivery:LE within 90 days from closing, in between wells, offshore NorwayER within 12-15 months but not later than 18 months after the closing of the offering, ex-yard, intention Las PalmasCondition:LE: “where is, as is”, in class with no overdue conditions/recommendationsER: As per agreed Scope of Works verified by a 3rd partyRigs sold with everything belonging to them whether aboard, on shore or on orderSale to include novation of the existing contracts with Lundin and ConocoPhillips for the LE (ORIG PCG to be replaced by Valiant PCG)If Lundin’s or ConocoPhillips’ approval is not obtained, sale to be restructured as sale of SPAs with ORIG PCG remaining in place and Valiant issuing a counter-guaranteeSales contracts:For LE/ER: As per NSF 2012 with logical amendmentsFor Norway operational base SPA to acquire the shares of Primelead Ltd. with customary reps and warranties 37

Management agreement 38 Manager: Ocean Rig Management Inc., a subsidiary of ORIGManagement agreement covers all rigs owned by Valiant OffshoreCustomary scope for commercial, technical and administrative services (including executive management) includedManagement fees of USD 15,500/day/rigReduced to USD 12,500/day/rig if Valiant holds six or more rigsMonthly invoicing and paymentsManagement fees are payableFor LE, from completion of the Equity OfferingFor ER, from 6 months prior to delivery to Valiant OffshoreCommercial fees of 1% of all monies earned on any new drilling contract entered into after commencement of the contract12 months' notice period for termination by both parties; or 5 days' notice if terminated with causeGoverned by the laws of England and Wales; disputes to be settled through London Maritime Arbitration Association rules

Corporate chart (pro-forma) 39 Valiant Offshore Inc.(Marshall Islands) Valiant Norway Operations Inc.(Marshall Islands) Valiant Owners Inc.(Marshall Islands) Primelead Limited(Cyprus) Valiant Owners 1 Inc.(Marshall Islands) Valiant Owners 2 Inc.(Marshall Islands) Ocean Rig AS(Norway) Ocean Rig North Sea AS(Norway) Leiv Eiriksson(2001) Eirik Raude(2002) 100% 100% 100% 100% 100%

2018 RUNNING COST FORECAST FY 2018 RUNNING COST FORECAST FY 2018 DAILY RUNNING COST FORECAST LEIV EIRIKSSON (in USD) JUL AUG SEP OCT NOV DEC CREW COST 2,530,943 2,530,943 2,530,943 2,530,943 2,530,943 2,530,943 30,136,249 82,565 CATERING 253,497 253,497 251,739 253,497 251,739 253,497 3,129,140 8,573 TOTAL CATERING 253,497 253,497 251,739 253,497 251,739 253,497 3,129,140 8,573 SERVICE PERSONNEL SERVICE HANDS FOR MAINTENANCE 106,000 105,600 0 0 0 38,200 684,300 1,875 INSPECTIONS 106,920 22,260 7,020 39,520 43,020 22,270 776,630 2,128 TOTAL SERVICE PERSONNEL 212,920 127,860 7,020 39,520 43,020 60,470 1,460,930 4,003 REPAIRS AND MAINTENANCE REPAIRS & MAINTENANCE 477,715 502,031 452,715 501,215 432,715 456,215 6,440,101 17,644 AIR FREIGHT 4,167 4,167 4,167 4,167 4,167 4,167 50,000 137 OTHER FREIGHT 33,750 33,750 33,750 33,750 33,750 33,750 405,000 1,110 CUSTOM DUTIES 0 0 0 0 0 0 0 0 TOTAL REPAIRS AND MAINTENANCE 515,631 539,947 490,631 539,131 470,631 494,131 6,895,101 18,891 INSURANCE HULL & MACHINERY (INCL. H&M, IV, HI, FI, LOH MARINE, LOH WAR) 159,812 159,812 159,812 159,812 159,812 159,812 1,917,747 5,254 WAR RISKS 2,917 2,917 2,917 2,917 2,917 2,917 35,000 96 PROTECTION & INDEMNITY 17,138 17,138 17,138 17,138 17,138 17,138 205,652 563 OTHER INSURANCES 7,021 7,021 7,021 7,021 7,021 7,021 84,250 231 TOTAL INSURANCE 186,887 186,887 186,887 186,887 186,887 186,887 2,242,649 6,144 CREW RESOURCE POOL REGIONAL CREW RESOURCE POOL GLOBAL CREW RESOURCE POOL TOTAL CREW RESOURCE POOL 0 0 0 0 0 0 OTHER RUNNING COST TELECOMMUNICATIONS 115,233 115,233 115,233 115,233 115,233 115,233 1,382,800 3,788 OTHER RUNNING COST 68,889 54,222 60,030 68,733 54,222 60,030 756,069 2,071 TOTAL OTHER RUNNING COST 184,123 169,455 175,263 183,967 169,455 175,263 2,138,869 5,860 WAREHOUSES WAREHOUSE EXPENSES 21,318 21,318 21,318 21,318 21,318 21,318 255,821 701 TOTAL WAREHOUSE 21,318 21,318 21,318 21,318 21,318 21,318 255,821 701 CLIENT SERVICES 0 0 0 0 0 0 0 0 FUEL 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TOTAL RUNNING COST 3,905,319 3,829,908 3,663,802 3,755,263 3,673,994 3,722,510 46,258,760 126,736 Leiv Eiriksson – Running costs (opex) forecast for 2018 40 Opex

2018 NEW RIG SPECIAL ITEMS RIG NAME: Leiv Eiriksson CATEGORY DESCRIPTION PRIORITY COMMENTS / JUSTIFICATION Regulatory/Safety DL Upper Annular 1 CoC refresh prior installation Regulatory/Safety Single "Kill" isolation valve 1 CoC Certification Regulatory/Safety Single "choke" isolation valve 1 CoC Certification Regulatory/Safety Double "Upper Choke" Valve 1 CoC Certification Regulatory/Safety Double "Lower Choke" Valve 1 CoC Certification Regulatory/Safety Rops Terminal Recertification 1 CoC Certification Regulatory/Safety Turbocharger A&B - Diesel Engine D2 1 Maintenance Regulatory/Safety Rops Joint 1 CoC Certification Improvement Tugger Winch 3 Spare eqt f/ Maintenance Improvement 2 x Failsafe Valves 3 Spare eqt as per Procedure Improvement Wellhead Connector 3 Spare eqt as per Procedure Improvement Pipe handling, monkey tail-in 2 Improve efficiency for stabbing Regulatory/Safety TL Bonnets 1 CoC Certification Carry Over MGE D2 Major overhaul 1 Grand Total (in USD) 2,170,790 Leiv Eiriksson – Special items (capex) forecast for 2018 41

2018 G&A FORECAST Norway SVG Office AUG SEP OCT NOV DEC FY 2018 G&A FORECAST FY 2018 DAILY G&A COST FORECAST SALARIES AND EXTRAS 157,264 157,264 153,533 151,153 149,096 174,825 1,724,561 4,725 3RD PARTY SERVICES EXTERNAL MANAGEMENT AND ACCOUNTING 0 0 0 0 0 5,600 5,600 15 LEGAL 0 0 4,235 0 0 4,235 16,940 46 AUDIT 0 0 0 0 0 0 79,128 217 CONSULTING 4,199 4,199 4,804 4,199 4,199 4,804 120,774 331 INSURANCES 248 248 248 248 248 248 2,977 8 OTHER 26,893 8,138 8,138 8,138 8,138 15,399 133,475 366 TOTAL 3RD PARTY SERVICES 31,340 12,585 17,425 12,585 12,585 30,286 358,894 983 OFFICE EXPENSES OFFICE RENT 8,209 8,209 8,209 8,209 8,209 8,209 98,507 270 TELEPHONE, COMMUNICATION, POSTAGE 6,045 6,408 5,440 6,045 6,408 5,440 70,544 193 COMPUTER SERVICES 449 449 449 449 449 449 9,892 27 OFFICE EQUIPMENT 668 668 668 668 668 668 8,010 22 OTHER OFFICE EXPENSES 1,774 1,774 1,774 1,774 1,774 1,774 21,294 58 TOTAL OFFICE EXPENSES 17,145 17,508 16,540 17,145 17,508 16,540 208,247 571 TRAVEL EXPENSES TRAVEL EXPENSES 7,684 7,684 7,684 11,314 7,684 7,684 103,818 284 TOTAL TRAVEL EXPENSES 7,684 7,684 7,684 11,314 7,684 7,684 103,818 284 TOTAL G&A 213,433 195,041 195,182 192,197 186,873 229,335 2,395,520 6,563 Norwegian office – G&A forecast for 2018 42

Both rigs have received the AoC in the past 43 Eirik Raude Leiv Eiriksson