1. VALG AV MØTELEDER 1. ELECTION OF A CHAIRMAN OF THE MEETING

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1 INNKALLING TIL ORDINÆR GENERALFORSAMLING I NOTICE OF ANNUAL GENERAL MEETING OF GLOBAL RIG COMPANY AS GLOBAL RIG COMPANY AS Ordinær generalforsamling i holdes hos: The Annual General Meeting of will be held at: Advokatfirmaet Thommessen AS lokaler i Haakon VIIs gate 10 i Oslo 5. juni 2015 kl 10:00 the offices of Advokatfirmaet Thommessen AS in Haakon VIIs Gate 10 in Oslo 5 June 2015 at 10:00 (CET) Det vises til egne møtesedler og fullmaktsskjema som vedlegges. Av praktiske hensyn ber vi om at påmelding sendes innen 2. juni 2015 kl Reference is made to the enclosed attendance and proxy forms. For practical reasons, please complete the relevant form and return it by 2 June 2015 at (CET). Generalforsamlingen vil bli åpnet av styrets leder. The General Meeting will be opened by the Chairman of the Board of Directors. Styret foreslår følgende dagsorden: The Board of Directors proposes the following agenda: 1. VALG AV MØTELEDER 1. ELECTION OF A CHAIRMAN OF THE MEETING 2. GODKJENNELSE AV INNKALLING OG DAGSORDEN 2. APPROVAL OF NOTICE AND AGENDA OF THE GENERAL MEETING 3. VALG AV PERSON TIL Å MEDUNDERTEGNE PROTOKOLLEN 3. ELECTION OF A PERSON TO SIGN THE MINUTES TOGETHER WITH THE CHAIRMAN 4. ORIENTERING OM DRIFTEN I KONSERNET VED STYRETS LEDER 4. STATUS OF ORGANIZATION AND OPERATIONS BY THE CHAIRMAN OF THE BOARD 5. GODKJENNELSE AV ÅRSREGNSKAP OG ÅRSBERETNING Årsregnskapet og årsberetning, samt revisors beretning, for 2014 er tilgjengelig på selskapets hjemmeside: 5. APPROVAL OF ANNUAL ACCOUNTS AND DIRECTORS REPORT The annual accounts and the directors report, together with the auditor s report, for 2014 are available at the company s website: 1 P a g e

2 6. VALG AV STYRE 6. ELECTION OF BOARD MEMBERS Styret består i dag av Henrik Tangen (styreleder), Henrik Krefting, Espen D. Westeren og Synne Syrrist (varamedlem). Styret ble valgt på ekstraordinær generalforsamling i november 2014 og det skal således ikke velges nytt styre ved årets ordinære generalforsamling. The Board of Directors consists of Henrik Tangen (chairman), Henrik Krefting, Espen D. Westeren and Synne Syrrist (deputy board member). The board of directors was elected at an extraordinary general meeting in November Thus, there is no election for a new board of directors at this year s annual general meeting. 7. GODTGJØRELSE TIL STYRETS MEDLEMMER Styret foreslår følgende godtgjørelse til styrets medlemmer for perioden 30. juni juni 2016: 7. REMUNERATION TO THE BOARD MEMBERS The Board proposes the following remuneration to the Board members for the period 30 June June 2016: Henrik Tangen, styreleder: kr Henrik Krefting, styremedlem: kr Espen D. Westeren, styremedlem: kr Synne Syrrist, varamedlem: kr pr møte i Norge, Kr pr møte i USA. Henrik Tangen, chairman: NOK 300,000 Henrik Krefting, board member: NOK 300,000 Espen D. Westeren, board member: NOK 300,000 Synne Syrrist, deputy board member: NOK 10,000 per meeting in Norway, NOK 20,000 per meeting in the US 8. GODKJENNING AV REVISORS HONORAR 8. APPROVAL OF THE AUDITOR S FEE Styret foreslår å godkjenne revisors honorar i henhold til faktura. The Board proposes to approve the auditor s fee according to invoice. 9. FULLMAKT TIL KAPITALFORHØYELSE I FORBINDELSE MED SELSKAPETS INSENTIVORDNINGER 9. AUTHORITY TO INCREASE THE SHARE CAPITAL IN CONNECTION WITH THE COMPANY S INCENTIVE SCHEMES Styret foreslår at generalforsamlingen etablerer et aksjeinsentivprogram ( Aksjeinsentivprogrammet ) for ledende ansatte og konsulenter i selskapet og selskapets datterselskaper ( Konsernet ), som vil komme i tillegg til Konsernets opsjonsprogram. The Board of Directors propose that the general meeting implements a share incentive program (the Share Incentive Program ) for key employees and consultants of the company and the company s subsidiaries (the Group ), that will come in addition to the Group s share option plan. Aksjene som utstedes under Aksjeinsentivprogrammet ( Insentivaksjene ) vil bli utstedt til selskapets administrerende direktør, finansdirektør, operasjonelle direktør og andre ledende ansatte og konsulenter som er sentrale for den langsiktige verdiskapingen i Konsernet ( Kvalifiserte Personer ). The shares issued under the share incentive program (the Incentive Shares ) will be issued to the Company s CEO, CFO, COO and other executive management and consultants that are instrumental to the long term value creation in the Group ( Eligible Persons ). Prisen som skal betales pr Insentivaksje vil bli fastsatt i forbindelse med fastsettelsen av den årlige kontantbonusen for hver Kvalifiserte Person. Prisen skal tilsvare aksjenes markedspris på det aktuelle tidspunkt Determination of the price to be paid for each Incentive Share shall be made in connection with determination of the annual cash bonus for each Eligible Person. The price shall be equal to the market price of the shares as 2 P a g e

3 og skal være underlagt styrets skjønn. of such point in time and shall be at the discretion of the Board of Directors. Styret foreslår på denne bakgrunn at generalforsamlingen fatter følgende vedtak: On this background, the Board of Directors proposes that the general meeting resolves as follows: (i) I forbindelse med (i) videreføringen av opsjonsprogrammet, og for at styret skal kunne oppfylle opsjoner tildelt i opsjonsprogrammet, herunder tidligere tildelte opsjoner, og (ii) utstedelse av aksjer under Aksjeinsentivprogrammet, gis styret fullmakt til å øke aksjekapitalen med inntil kr ved utstedelse av inntil aksjer hver pålydende kr 2, jf aksjeloven Aksjene kan utstedes til ansatte og konsulenter i selskapet og selskapets datterselskaper. (i) In connection with (i) the continuation of the share option program and to allow the Board of Directors to honor any options granted under the program, including options previously awarded, and (ii) issuance of shares under the Share Incentive Program, the Board of Directors is authorized to increase the share capital by up to NOK 6,000,000 through the issue of up to 3,000,000 shares, each with a nominal value of NOK 2, in accordance with the Norwegian Private Limited Companies Act Section The shares may be issued to employees and consultants of the company and its subsidiaries. (ii) Styret kan fravike aksjonærenes fortrinnsretter til å tegne de nye aksjene jf aksjeloven (ii) The Board of Directors may set aside the shareholders preferential rights to subscribe for the new shares pursuant to the Norwegian Private Limited Companies Act Section (iii) Fullmakten omfatter ikke kapitalutvidelse mot innskudd i annet enn penger eller fusjoner jf aksjeloven (iii) The authority does not cover resolutions to increase the share capital for non-cash contribution or mergers in accordance with the Norwegian Private Limited Companies Act Section (iv) Hvis selskapets aksjekapital endres ved aksjesplitt, fondsemisjon eller lignende, justeres fullmakten tilsvarende slik at tegningskursen, totalt antall aksjer, pålydende verdi og totalt beløp aksjekapitalen kan utvides med kan justeres tilsvarende. (iv) If the company s share capital is changed through share splits, bonus issues or similar, the authority shall be amended accordingly so that the subscription price, the total number of shares, the nominal value and the total amount of the share capital increase be adjusted accordingly. (v) Fullmakten erstatter fullmakt til kapitalforhøyelse gitt i ordinær generalforsamling 19. juni Fullmakten gjelder i 2 år fra vedtaksdato. (v) The authority replaces the authority to increase the share capital given in the ordinary general meeting held 19 June The authority is valid for two years from the date of the resolution. 10. RESTRUKTURERING AV GLOBAL RIG- KONSERNET 10. RESTRUCTURING OF THE GLOBAL RIG GROUP Styret i selskapet har igangsatt en prosess hvor det vurderer mulighetene for en potensiell restrukturering av Konsernet, som vil resultere i at samtlige norske The Board of Directors is currently contemplating the possibility of a restructuring of the Group, the result of which will lead to a dissolution of all Norwegian 3 P a g e

4 selskaper i Konsernet oppløses og at alle Konsernets rigger vil bli eiet av et amerikansk datterselskap ( Restruktureringen ). companies in the Group and that all of the Group s rigs will be owned by a US subsidiary (the Restructuring ). Hovedformålet med Restruktureringen er å gi (vi) Konsernet sterkere tilstedeværelse USA, noe som er viktig i det konkurranseutsatte amerikanske markedet Konsernet opererer i. En sterkere tilstedeværelse i USA vil gjøre det lettere for Konsernet å utvikle nye kunderelasjoner og få tilgang til det amerikanske kapitalmarkedet. Restruktureringen vil også redusere Konsernets samlede kostnader. The main driver behind the Restructuring is to give the Group a stronger US presence, which is important in the competitive US market in which the Group operates. A stronger US presence will make it easier for the Group to develop new customer relationships and access to the US capital markets. The Restructuring will also decrease the overall costs for the Group. Styret har utarbeidet en presentasjon som gir en (vii) overordnet beskrivelse av hvordan Restruktureringen foreslås gjennomført ( Presentasjonen ). Presentasjonen er vedlagt innkallingen som Vedlegg 3. The Board of Directors has prepared a high level presentation of how the Restructuring is proposed to be carried out (the Presentation ). The Presentation is attached hereto as Appendix 3. Styret har mottatt indikasjoner fra Selskapets (viii) hovedaksjonærer som til sammen utgjør nær 80 % av aksjene og stemmene i Selskapet på at de ønsker at styret viderefører arbeidet med Restruktureringen slik den er beskrevet i Presentasjonen. Det samme gjelder mer enn 90 % av Selskapets obligasjonseiere. The Board of Directors has received indications from the Company s main shareholders who represent nearly 80% of the shares and votes in the Company that they wish the Board of Directors continues its work with the Restructuring as set out in the Presentation. The same applies to more than 90% of the Company s bondholders. * * * * * * 4 P a g e

5 Aksjeeiere som ønsker å delta i generalforsamlingen (enten selv eller ved fullmektig), må melde fra om dette ved å benytte vedlagte påmeldingsskjema. Shareholders who wish to attend the General Meeting are asked notify the company hereof in advance by using the attached Attendance Form. Aksjeeiere som ikke har anledning til selv å møte, kan møte ved fullmektig. Skjema for tildeling av fullmakt, med nærmere instruksjoner for bruken av fullmaktsskjemaet, er vedlagt. Fullmakt kan om ønskelig gis til styrets leder. Shareholders may be represented by proxy. A proxy form and instructions for the use of such proxy form are enclosed. Proxy may, if desirable, be given to the Chairman of the Board of Directors. er et aksjeselskap underlagt aksjelovens regler. Selskapet har pr dagen for denne innkallingen utstedt aksjer, og hver aksje har én stemme. Aksjene har også for øvrig like rettigheter. is a private limited company subject to the rules of the Norwegian Private Limited Act. As of the date of this notice, the company has issued 103,846,340 shares, each of which represents one vote. The shares have equal rights also in all other respects. Denne innkallingen, øvrige dokumenter som gjelder saker som skal behandles i generalforsamlingen, herunder de dokumenter det er henvist til i denne innkallingen, forslag til beslutninger for saker på den foreslåtte dagsordenen, samt selskapets vedtekter, er tilgjengelige på selskapets hjemmeside: This notice, other documents regarding matters to be discussed in the General Meeting, including the documents to which this notice refers, draft resolutions for items on the proposed agenda, as well as the company s Articles of Association, are available at the company s internet site: Vedlegg: - Påmeldingsskjema - Fullmaktsskjema - Presentasjon i forbindelse med restrukturering - Akseptblankett Enclosures: - Attendance Form - Proxy Form - Presentation in connection with restructuring - Acceptance form Henrik Tangen / sign Styreleder / Chairman of the Board of Directors 5 P a g e

6 Påmelding Generalforsamling 5. juni 2015, kl 10:00 hos Advokatfirmaet Thommessen AS i Haakon VIIs gate 10 i Oslo Varsel om at De vil delta i generalforsamlingen kan gis på denne møteseddel. Dersom De etter påmelding skulle bli forhindret fra å møte, kan skriftlig og datert fullmakt leveres i generalforsamlingen. Undertegnede vil møte i generalforsamlingen i den 5. juni 2015 og (sett kryss): Avgi stemme for mine/våre aksjer Avgi stemme for aksjer i følge vedlagte fullmakt(er) Aksjeeiers navn: Dato Sted aksjeeiers underskrift Vennligst returner påmeldingsskjema enten som post eller e-post slik at det er mottatt av selskapet innen 2. juni 2015, kl til: Bankplassen 1A 0151 Oslo E-post: amesto@globalrig.no Attendance form - General Meeting 5 June 2015 at 10:00 at the offices of Advokatfirmaet Thommessen AS in Haakon VIIs gate 10 in Oslo Notice of attendance in the General Meeting may be given using this form. Should you be prevented from attending after submitting the notice of attendance, a written and dated proxy may be delivered in the General Meeting. The undersigned will attend the General meeting of to be held on 5 June 2015 and (cross): Vote for my/our shares Vote for shares in accordance with the attached proxy(ies) Name of shareholder: Date Place Signature Please return the Attendance Form to the company either by post or to be received by the company no later than 2 June 2015, 16:00 p.m. as follows: Bankplassen 1A 0151 Oslo, Norway amesto@globalrig.no 6 P a g e

7 FULLMAKT GENERALFORSAMLING 5. JUNI 2015 i GLOBAL RIG COMPANY AS Hvis De selv ikke møter i generalforsamlingen, kan De møte ved fullmektig. De kan da benytte dette fullmaktskjema. Undertegnede aksjonær i gir herved (sett kryss): Styrets leder, Henrik Tangen, eller den han bemyndiger Dersom styrets leder ikke skal lede møtet: Den som skal lede generalforsamlingen Navn på fullmektig fullmakt til å møte og avgi stemme for mine/våre aksjer på generalforsamling i : Dersom det er sendt inn fullmakt uten å navngi fullmektigen, anses fullmakten gitt til styrets formann eller den han/hun bemyndiger. Stemmegivningen skal skje i henhold til instruksjonene nedenfor. Merk at dersom det ikke er krysset av i rubrikkene nedenfor, vil dette anses som en instruks om å stemme for forslagene i innkallingen, likevel slik at fullmektigen avgjør stemmegivningen i den grad det blir fremmet forslag i tillegg til eller til erstatning for forslagene i innkallingen. Sak: For Mot Avstår Fullmektigen avgjør 1. Valg av styrets leder til møteleder 2. Godkjennelse av innkalling og dagsorden 5. Godkjennelse av årsregnskap 7. Godtgjørelse til styrets medlemmer 8. Godkjenning av revisors honorar 9. Fullmakt til styret til å utstede aksjer Navn på aksjeeier: Adresse: Antall aksjer: Dato Sted aksjeeiers underskrift Vennligst returner fullmaktsskjema enten som post eller e-post slik at det er mottatt av selskapet innen 2. juni 2015, kl 16:00 til: Bankplassen 1A 0151 Oslo, Norway E-post: amesto@globalrig.no 7 P a g e

8 PROXY FORM - GENERAL MEETING 5 JUNE 2015 OF GLOBAL RIG COMPANY AS If you for some reason are prevented from meeting in the General Meeting of, you may use this proxy. The undersigned shareholder in gives by this (tick the relevant box): The Chairman of the Board, Henrik Tangen, or whoever he may authorize In case the Chairman of the Board is not going to chair the meeting: He or she who is chairing the General Meeting Name of the proxy proxy to attend the General Meeting and to cast a vote for my/our shares at the General Meeting of Global Rig Company AS. In case a proxy is sent without mentioning the proxy s name, the proxy is considered to be granted to the Chairman of the Board or whoever he may authorize. The voting shall be done in accordance with the instructions mentioned below this. In case the box below is not ticked off, this will be considered as an instruction to vote in favour of the motions in the notice, yet the proxy decides upon the voting if there is put forward a motion in addition to or instead of the motions in the notice. Matter In favour Against Desist The proxy decides 1. Election of the Chairman of the Board to chair the General Meeting 2. Approval of the notice and agenda of the General Meeting 5. Approval of annual accounts 7. Remuneration to the Board members 8. Approval of auditor s fee 9. Authorization to the board to issue new shares Name of shareholder: Address: Number of shares: Date Place Signature Please return the Attendance Form to the company either by post or to be received by the company no later than 2 June 2015, 16:00 p.m. as follows: Bankplassen 1A 0151 Oslo, Norway E-post: amesto@globalrig.no 8 P a g e

9 Global rig company as - overview of group restructuring (1/2) Introduction This presentation provides an overview of the main steps of the contemplated restructuring of ( GRIC ) and its subsidiaries (the Group ), the result of which will lead to a dissolution of all Norwegian companies in the Group and that all of the Group s rigs (the Rigs ) will be owned by a US subsidiary (the Restructuring ). Background for the Restructuring The main driver behind the Restructuring is to give the Group a stronger US presence. A strong US presence is important in the competitive US market in which the Group operates, and will make it easier for the Group to develop new customer relationships and access to the US capital markets. The Restructuring will also decrease the overall costs for the Group. Eliminating duplicate administrative efforts in the Oslo corporate office will reduce the combined general and administrative costs and US ownership of the rigs would eliminate over MUSD 2 in state sales tax paid on the rig lease rentals annually and MUSD 0.5 in Oslo administrative costs. The Restructuring will comprise the following main steps: 1. Merger of the Norwegian subsidiaries In order to simplify the Norwegian company structure, all Norwegian subsidiaries will be merged into one company. The merger will not affect any tax positions in the Group. 2. Sale of the Rigs from Norway Subs to a US sub It has been indicated from third party valuators that the market value per rig will be in the range of MUSD If transfer price per rig is set at this value, there will be no capital gain tax payable in connection with a sale of the Rigs to a newly established US subsidiary. 3. Redemption of existing bonds and issue of new US bonds The existing bond loan issued by GRIC will need to be redeemed before the Rigs are sold to the US subsidiary. It is proposed to redeem the existing bonds by way of NorAm Drilling Company ( NorAm ) offering to exchange the outstanding bonds with new bonds issued by NorAm. The exchange price will be at par value of the bonds (1:1). 4. Redemption of shareholders in GRIC The current shareholders of GRIC will be offered to exchange their shares in GRIC with shares in NorAm so that NorAm becomes the new owner of GRIC, while the existing shareholders in GRIC become the new shareholders in NorAm (a reverse take-over). Such offer will have to be accepted by at least 90% of the shareholders in order for NorAm to become sole shareholder of GRIC through a compulsory acquisition (squeeze-out). 9 P a g e

10 Global rig company as - overview of group restructuring (2/2) Shareholders who are squeezed out will be paid in cash for their shares. For shareholders with tax residency in Norway, such reverse takeover will for tax purposes be treated as a realization of shares in GRIC. This entails inter alia tax free treatment for corporate shareholders, while individual shareholders are taxed with 27% on any gain realized on the shares in GRIC (or tax deductible in case of realized loss). The tax basis ( cost price ) on new shares in NorAm will for all shareholders be the fair market value of NorAm-shares at the time of realization of GRIC-shares. Dividends received and gains realized on NorAm-shares in the future will, under current Norwegian tax legislation, be taxable with 27% for both corporate and individual shareholders (loss realized will be tax deductible for both corporate and individual shareholders). Exemption may be applicable for corporate shareholders holding at least 10% of the shares and votes in NorAm for a minimum of two years. Shareholders who are non-norwegian residents should consult their own tax advisors for more information concerning tax consequences of the Restructuring. 5. Timing and process All steps in the Restructuring will be conditional upon each other, and no action will be taken until there is certainty that the Restructuring can be done as contemplated. The key condition for completion of the Restructuring will be to obtain acceptance from 90% or more of the current shareholders in GRIC. Such a Restructuring could begin as early as mid-year and anticipated to be completed in weeks before year-end P a g e

11 GROUP RESTRUCTURING OF GLOBAL RIG COMPANY AS INDICATION OF ACCEPTANCE In connection with a proposed restructuring of (the Company ) and its subsidiaries (the Restructuring ), the board of directors of the Company has prepared a high level presentation (the Presentation ) of how the Restructuring is proposed to be carried out. Prior to continuing any further work on the Restructuring, the board of directors wishes to receive an indication of acceptance from the Company s shareholders. By signing this acceptance form and returning it to the Company to the indicated address, the undersigned accepts that the Company continues the work related to the Restructuring on such basis as set out in the Presentation. Furthermore, the undersigned confirms that, provided the main terms of the Restructuring are as set out in the Presentation, it will, as and when requested from the Company, provide an unconditional acceptance in connection to Restructuring, including but not limited to accepting a share for share offer and to vote in favour of any resolution proposed at a general meeting of the Company. Indication of acceptance must be received by the Company no later than on 24 June Place Date Signature *) Please return the duly signed form to the following address: Bankplassen 1A 0151 Oslo, Norway amesto@globalrig.no 11 P a g e