NORSK TILLITSMANN ASA

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1 NORSK TILLITSMANN ASA Denne melding til obligasjonseieme er kun utarbeidet på engelsk. For informasjon vennligst kontakt Norsk Tillitsmann ASA. To the bondholders in: ISIN: NO FRN Ability Drilling ASA Callable Senior Unsecured Bond Issue 2007/2012 Oslo, 1 April 2011 Notice to Bondholders - Preliminary distributions Norsk Tillitsmann ASA ( NTM or the Trustee ) acts as loan trustee for the loan mentioned above (the Loan ) made available under a loan agreement dated 7 February 2007 (the Loan Agreement ) between Ability Drilling ASA (Company No ) as borrower (the Company or the Borrower ) and NTM. The bankruptcy of the Borrower was initiated subsequent to a bankruptcy petition dated 27 May 2009 received by Nordhordland District Court on 27 May Please find appended a letter of 31 March 2011 from the administrator of the bankruptcy estate, in an English and Norwegian version, regarding preliminary distributions. Yours sincerely Norsk Tillitsmann ASA M AILING ADDRESS P.O.BOX I4 7 O VIKA, N -O I l6 OSLO LO CATIO N HAAKON VII GATE I, OSLO, NORWAY one fax org.ni- ii o MVA mail@trustee.no

2 vogtwiig To the creditors of Bergen Oslo Trondheim Singapore Ability Drilling ASA, bankruptcy estate CC: Nordhordland District Court The Estate Auditor Advokatfirmaet Vogt & Wiig AS Bergen Christies gate 3A P.O, Box 1213 Senirum N-5811 Bergen, Norway tel fax Org.nr. NO MVA Swift Code, ndeanokk Client Aoo IBAN: N Office Acc IBAN: NO vogtwlig.no Our ref.: Your ref.: Bergen, 31 March 2011 Resp. partner: Egll Horstad CASE NO KON-NOHO: ABILITY DRILLING ASA, BANKRUPTCY ESTATE - PRELIMINARY DISTRIBUTION The Estate Administrator has, in an application to Nordhordland District Court dated 31 March 2011, requested consent to conduct a preliminary distribution of the above mentioned bankruptcy estate. In our letter to the creditors dated 7 March 2011, it was recommended to cover the class I priority claim with NOK 2,824,218, as well as the provision of NOK 468,043. No objections have been received with regard to the tested claims. There has been one objection from an employee which was left out by a mistake. The amount is however low in this priority class and the estate has counterclaims against this employee. This matter has no effect on the distribution. No objections have been received with regard to the class II priority claim. With regard to unsecured claims, all recommended claims have now been approved pursuant to the Bankruptcy Act 113. A few objections have been received stating the bankruptcy estate has undertaken allocation of the claims as opposed to recommending or rejecting claims. These objections do not affect the basis for making payments to the other claims. The bankruptcy estate will continuously consider the validity of the claims made. The Administrator has safe grounds for completing a preliminary distribution of up to NOK 125,000,000; however, included in this amount wiil be the dividends for the claims which have not yet been recommended. The estate will recommend 100% coverage of claims with priority class I and II and 31% coverage for unsecured claims. An essential condition for making the payments is that the Court accepts the payment pursuant to the Bankruptcy Act V033 - Ability Drilling ASA\19. FordrlngsprøvelseM Kreditorena.eng.docx

3 2 As mentioned, a payment is based on the fact that the estate will shortly receive an additional payment for the sale of the workover rigs which can be used in the recommended distribution. In the unlikely event the estate has not received this amount prior to the preliminary distribution taking place, the coverage for the unsecured claims will be reduced to 26%. In such case, an information letter will be sent accompanying the payment. The table below is based on the assumption of 31% coverage of the unsecured claims. The amount considered to be paid out and set off against the preliminary distribution is NOK 124,187,315. The allocation of the amounts shall be: CLASS I PRIORITY Claim. no. Name Approved For payment (100 %) 22 Arbeids- og velferdsetaten NAV Lønnsgaranti Claim. no. TOTAL Name Deferred processing Reserved (100 %) 93 Per Ivar Foshaug Joy Raj D Souza Mathew Mankuzhiyil Daniel Fino Francis Rajeev Kumar Gopinathan Thundyi! Thommey John Marc Norman Minyard AN Paprouschi Anil Francis D'Souza Muhammed Hussain Al-Riymi TOTAL CLASS II PRIORITY Claim. no. Name Approved For payment (100 %) 78 Kemneren i Fjell TOTAL UNSECURED Claim. no. Name Approved For payment (31 %) 1 Norsk Tillitsmann ASA Brødrene Ulveseth AS Bergen Risk Solutions AS \033 - Ability Drilling ASAV19. FordrlngsprøvelseM Kredltorene.eng.doox

4 3 5 Solar Norge AS Rengjøring og Vedlikehold AS Rengjøring og Vedlikehold AS First Rent a Car AS DnB NOR Finans AS Van Diepen van der Kroef Adv Telecomputing Norway AS First Rent a Car AS Møller Bilfinans AS Leasing Hotel Centraal Harlingen J. Martens AS J. Martens AS J. Martens AS UMOEIKTAS BKK DnB NOR Tess Vest AS Solar Norge AS Norsk Tillitsmann ASA Vital Forsikring ASA Bureau Nygaard & Rullestad AS BKK Operma AS Straume Teknologisenter AS Telenor Mobil AS Odfjell Well Services Ltd Maritime Colours AS Boos Bemanning Siemens Financial Services NUF Arbeidsmiljøsenteret Holmedals Kantineservice AS UpSource Nordic AS Stempelfabrikken SAM AS PriceWaterhouseCoopers Dovre Group AS EMS Konsult AS Autronica Fire and Security AS Hugin Norge AS Budbilexpressen AS Uniteam International AS Beko AS Telenor Bedrift AS Kongshavn Industri AS NG Spar Vest AS AGR Emi Team AS Onsoft Computer Systems AS \033 - Ablllty Drilling ASA\19. FordringsprøvelseM Kredltorene.eng.doex

5 4 58 Harbour Apartments Mester Grønn AS DnB NOR Bank ASA, DnB NOR Kort PriceWaterHouseCoopers Helsetjenester Vest Reisevaksi Mento AS Lyse AS Gjensidige Forsikring BA Alewijnse Sigurd Grøsfjeld Bilutieie AS American Express Company AS ErgoVision AS Norse Solutions AS Ergogroup AS Sentral Administr UMOE IKTAS CityMaid Hjemmeservice AS Wikborg, Rein & Co Kemneren i Fjell UMOE IKTAS Grethe Absalonsen Hans Petter Eikeland Ove Engeseth Ola Hafsås Kenneth Hageland Odd Johan Johansen Atle Toft Kenneth Tunes Ame Johan Tønne Dyre Vaa John Egil Voster Viggo Winje James Wesley Schriver Kjell Arne Mjøs Khaled Khaldi Svanhild Hausberg SEB Enskilda ASA Philipse Techniek Aratron Kurt Wiig AS Canrig Drilling Technology Ltd Eniro Norge AS Mud-Data GmbH Dolly Dimples Bergen Citrix Online TOTAL \033 - Abifity Drllllnø ASAM 9. FordrlngsprøvelseM Kredltorene.eng.docx

6 5 Claim. no. Name Deferred processing Reserved {31 %) 10 PF Consult Straume Teknologisenter AS Vam Drilling France Offshore Consulting AS ABBAS Geir Abotnes Sigrunn Bakke Roy Bardsen Oddmund Dale Jan Kristian Eriksen Torgeir Andreas Eriksen Per Ivar Foshaug Nils Arne Forde Trond Uldal Martin Skaar Otto-lnge Moe Geir Magne Horpestad Joy Raj D'Souza Mathew Mankuzhiyil Daniel Subhi Eid Fino Francis Raieev Kumar Gopinathan Thundyil Thommey John Marc Norman Minyard Ali PaproUschi Lukasz Pieczonka Anil Francis D'Souza Muhammed Hussain Ai-Riymi SUM If you have reason to believe there are legal grounds to appeal this distribution, this must take place within 1 month from the notification of the distribution, cf. Bankruptcy Act 130, i,e. no later than 1 May The Estate reminds creditors of the fact the claims which the Estate Administrator recommended in its letter of 7 March 2011 have now been approved, both the amount and priority. The claims from the creditors yet to be processed have been protected with the retention. Any potential objections shall be sent to Nordhordland District Court with a copy to the undersigned. The objection must be in written form and substantiated \033 - Ability Drilling ASAVI9. FordringsprevelseV Kreditorene.eng.docx

7 6 The dividends will be paid as soon as the objection deadline has expired and the objections are legally binding, cf. Bankruptcy Act 132. In the event the Estate does not receive any more objections and the above conditions have been met, the distribution will take place 2 May With kind regards 51081\033 - Ability Drilling ASAM9. FordringsprevelseV Kredltorene.eng.docx

8 vogtwiig Til kreditorene i Bergen Oslo Trondheim Singapore Ability Drilling ASA, dets konkursbo Advokatfirmaet Vogt & Wllg AS Bergen Christies gate 3A P.O, Box 1213 Sentrum N-5811 Bergen, Norway tel fax, bergen@vogtwiig.no Org.nr. NO MVA Swift Code, ndeanokk Client Aco. 6012, IBAN: N Office Aco IBAN: NO Kopi: Nordhordland tingrett Borevisor vogtwiig.no Vår ref.: Deres ref.: Bergen, 31. mars 2011 Ansv. partner: Egil Horstad SAK NR KON-NOHO: ABILITY DRILLING ASA, DETS KONKURSBO - FORELØPIG UTLODNING Bostyret har i begjæring til Nordhordland tingrett datert anmodet om aksept for å foreta foreløpig utlodning i ovennevnte bo. I vårt brev til kreditorene datert 7. mars 2011 ble det innstilt på dekning av 1. prioritets krav med NOK samt avsetning med NOK Det har ikke innkommet noen innsigelser mot de innstilte kravene. Det har kommet en innsigelse fra en arbeidstaker som ikke fremkom av oversikten. Beløpet er imidlertid lavt i denne prioritetsklassen, og boet har motkrav mot vedkommende arbeidstaker. Forholdet vil således ikke få innvirkning på utlodningen. Det er ikke kommet noen innsigelser mot kravet i prioritet kl. II. For uprioriterte krav er samtlige innstilte krav nå godkjent i medhold av konkursloven 113. Det har kommet noen innsigelser mot at boet har foretatt avsetning i stedet for å innstille eller avvise krav. Innsigelsene påvirker ikke grunnlaget for å foreta utbetaling til de øvrige krav, men boet vil snarest komme tilbake.med ny innstilling for disse aktuelle kravene og tar sikte på en utbetaling til slike krav så snart grunnlaget for disse er avklart. Avklaringen kan måtte skje i flere omganger. Bostyret har funnet grunnlag for å kunne gjennomføre en foreløpig utlodning med inntil NOK , men da slik at det i dette beløpet blir satt av dividende til de kravene som foreløpig ikke er innstilt. For enkelhets skyld vil boet innstille på 100 % dekning av krav med prioritet kl. I og II og 31 % dekning for uprioriterte krav. En helt nødvendig forutsetning for å kunne foreta utbetalingen er at tingretten aksepterer utbetalingen i henhold til konkursloven B1\033 - Ability Drilling ASAM9. FordrlngsprøvelseVl Kredltorene.docx

9 2 vogtwsig" En utbetaling som nevnt er videre basert på at boet om kort tid får en ytterligere innbetaling for salg av vedlikeholdsrigger som kan benyttes ved utlodningen. Dersom boet mot formodning ikke har mottatt dette beløpet før foreløpig utlodning kan skje, vil dekningen måtte reduseres til 26 %. Det vil i så fall bli sendt en orientering om dette i forbindelse med utbetalingen. Nedenstående oppstilling er basert på den forutsetningen at det vil bli dekning av 31 % for de uprioriterte kravene. Beløpet som tenkes utbetalt og avsatt ved den foreløpige utlodningen er NOK Fordelingen av beløpet skjer som følger: PRIORITET KL. I Fordr. nr. Navn Godkjent Til utbetaling (100% ) 22 Arbeids- og velferdsetaten NAV Lønnsgaranti SUM Fordr. nr. Navn Utsatt behandling Avsatt (100 %) 93 Per Ivar Foshaug Joy Raj D'Souza Mathew Mankuzhiyil Daniel Fino Francis Raieev Kumar Gopinathan Thundyil Thommey John Marc Norman Minyard Ali Paprouschi Anil Francis D Souza Muhammed Hussain Al-Riymi SUM PRIORITET KL. II Fordr. nr. Navn Godkjent Til utbetaling (100 %) 78 Kemneren i Fjell SUM UPRIORITERT Fordr. Til utbetaling Navn Godkjent nr. (31% ) 1 Norsk Tillitsmann ASA Brødrene Ulveseth AS \033-Ability Drilling ASAY19. FordringsprøvelseM Kreditorene.docx

10 3 4 Bergen Risk Solutions AS Solar Norge AS Rengjøring og Vedlikehold AS Rengjøring og Vedlikehold AS First Rent a Car AS DnB NOR Finans AS Van Diepen van der Kroet Adv Telecomputing Norway AS First Rent a Car AS Møller Bilfinans AS Leasing Hotel Centraal Harlingen J. Martens AS J. Martens AS J. Martens AS UM OEIKTAS BKK DnB NOR Tess Vest AS Solar Norge AS Norsk Tillitsmann ASA Vital Forsikring ASA Bureau Nygaard & Rullestad AS BKK Operma AS Straume Teknologisenter AS Telenor Mobil AS Odfjell Well Services Ltd Maritime Colours AS Boos Bemanning Siemens Financial Services NUF Arbeidsmiljøsenteret Holmedals Kantineservice AS UpSource Nordic AS Stempelfabrikken SAM AS PriceWaterhouseCoopers Dovre Group AS EMS Konsult AS Autronica Fire and Security AS Hugin Norge AS Budbilexpressen AS Uniteam International AS Beko AS Telenor Bedrift AS Kongshavn Industri AS NG Spar Vest AS AGR Emi Team AS \033 - Ability Drilling ASAM9. FordrmgsprøvelseVl Kredltorene.docx

11 4 vogtwisg' 57 Onsoft Computer Systems AS Harbour Apartments Mester Grønn AS DnB NOR Bank ASA, DnB NOR Kort PriceWaterHouseCoopers Helsetjenester Vest Reisevaksl Mento AS Lyse AS Gjensidige Forsikring BA Alewijnse Sigurd Grøsfjeld Bilutleie AS American Express Company AS ErgoVision AS Norse Solutions AS Ergogroup AS Sentral Administr UM O EIKTAS CityMaid Hjemmeservice AS Wikborg, Rein & Co Kemneren i Fjell UMOEIKTAS Grethe Absalonsen Hans Petter Eikeland Ove Engeseth Ola Hafsås Kenneth Hageland Odd Johan Johansen Atle Toft Kenneth Tunes Arne Johan Tønne Dyre Vaa John Egil Voster Viggo Winje James Wesley Schriver Kjell Arne Mjøs Khaled Khaldi Svanhild Hausberg SEB EnskildaASA Philipse Techniek Aratron Kurt Wiig AS Canrig Drilling Technology Ltd Eniro Norge AS Mud-Data GmbH Dolly Dimples Bergen Citrix Online SUM \033 - Abllity Drllling ASAM 9. FordnngspravelseM Kreditorene.docx

12 5 Fordr. nr. Navn Utsatt behandling Avsatt (31 %) 10 PF Consult Straume Teknologisenter AS Vam Drilling France Offshore Consulting AS ABB AS Geir Abotnes Sigrunn Bakke Roy Bårdsen Oddmund Dale Jan Kristian Eriksen Torgeir Andreas Eriksen Per Ivar Foshaug Nils Arne Førde Trond Uldal Martin Skaar Otto-lnge Moe Geir Magne Horpestad Joy Raj D'Souza Mathew Mankuzhiyil Daniel Subhi Eid Fino Francis Rajeev Kumar Gopinathan Thundyil Thommey John Mare Norman Minyard Ali Paprouschi Lukasz Pieczonka Anil Francis D'Souza Muhammed Hussain Al-Riymi SUM Dersom De mener det er rettslig grunnlag for å påklage utlodningen, må dette skje innen 1 måned fra meddelelsen fra utlodningen, jf. konkursloven 130, det vil si senest innen Boet minner i den forbindelse om at de krav som bostyret innstilte på i sitt brev datert , nå er godkjente, så vel med hensyn til beløp som prioritet. Hensynet til kreditorer der kravene fortsatt er gjenstand for prøving, er ivaretatt ved de foretatte avsetninger. En eventuell klage sendes Nordhordland tingrett med kopi til undertegnede. Klagen må være skriftlig og begrunnet \033 - Ability Drilling ASAVI9. FordringsprøvelseVl Kredltorene.docx

13 6 vogtwisg' Dividende vil bli utbetalt så snart klagefristen er utløpt og eventuelle klager er rettskraftig avgjort, Jf. konkursloven 132. Dersom boet ikke boet mottar noen klager og ovennevnte forutsetninger er innfridd vil utlodning skje \033 - Ablllty Drilling ASA\19. FordrlngsprøvelseVl Kreditorene.docx