www.kcadeutag.com

KCA Deutag is a leading international drilling and engineering

company working onshore and offshore with a focus on safety,

quality and operational performance

Third Quarter 2014

Investor Presentation

Disclaimer

1

The distribution of this presentation in certain jurisdictions may be restricted by law. Persons into whose possession this presentation comes are required to inform themselves about and to observe any such restrictions.

This presentation contains forward-looking statements concerning KCA Deutag. These forward-looking statements are based on management’s current expectations, estimates and projections. They are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from any future results and developments expressed or implied by such forward-looking statements. KCA DEUTAG has no obligation to periodically update or release any revisions to the forward-looking statements contained in this presentation to reflect events or circumstances after the date of this presentation.

2

Agenda

1 Key Highlights

2 Commercial Developments

3 Business Overview

4 Group Results

5 Summary

Q3 Key highlights

KCA Deutag is a leading international drilling and engineering company working onshore and offshore with a focus on safety, quality and operational performance

1Group revenue and EBITDA of $520.0m (Q3 2013: $537.7m) and $73.5m (Q3 2013: $73.7m) respectively, driving improved YTD EBITDA of $243.3m (YTD EBITDA Q3 2013: $192.5m)

2 LTM EBITDA of $352m, a 30% year over year improvement

3 Major contract win for our land business

4Contract backlog of $8.8bn (as at 1 October 2014) across a blue chip customer base

5Significant year-on-year reduction in Net debt/LTM EBITDA leverage – from 4.75x at Q3 2013 to 3.6x by Q3 2014

3

Integrated Land Drilling Offshore Drilling Services & Design

$191m LTM EBITDA (54% of total)¹ $159m LTM EBITDA (46% of total)¹

Land Drilling Bentec Platform Services Rig Design Services (RDS)

• Leading international premium drilling rig owner and operator

• Design and manufacture of high-end premium land rigs and components

• Leading global platform service operator outside North America

• Rig design engineering from concept to commission

• Operations: Russia, Africa, Middle East, Europe and SE Asia

• Facilities: Germany, Russia, Oman

• Operations: UK North Sea, Norway, Azerbaijan, Russia, SE Asia and Africa

• Offices: Aberdeen, Baku, Bergen, Houston, London

Market-leading international drilling & engineering company

4

Design &

Engineering

Design &

ManufactureOwn & OperateOwn & Operate ManageManage

• Rigs: High end fleet of 53 drilling rigs, 4 workover rigs

• 94% of new rigs since 2007 have been built by Bentec

• Facilities: Capacity for 12-16 rigs and 50 top drives p.a.

• Staff: c.3,100 managing drilling operations on 40 platforms

• Approx. 60% ofplatforms designed or refurbished by RDS

• Staff: c.780 engineers and support staff

¹ LTM EBITDA pre-exceptional items, excluding MODUs and after reallocation of support costs previously shown as central overheads. EBITDA by segment for 2013 has been re-presented to reallocate support costs which were previously shown as central overheads (such as HR, Supply Chain and IT costs) to the operational business segments. 2014 figures are presented on the same basis.

5

Lukoil T-506: the perfect spud

• Contract awarded for one new build, 320T 1,500HP cluster-slider rig to operate on the Yuzhno-Lyzhskoefield within the Komi Republic of Russia

• This rig was secured on a 3 year USD day rate contract with 2x1 year extensions

• The contract was received at the end of 2013 and the rig was built in Bentec’s Tyumen facility in Russia with some key components provided from Germany

• The build was completed on budget by the end of August and it was mobilised to location during September

• The Land Drilling team successfully spudded the rig on location on 1 October 2014: the first of a 10 day window allowed by our contract

The success of this project demonstrates the excellent integration between the Bentec and Land Drilling

businesses driving successful and timely delivery to our client

Houston

Ben Loyaljack-up rig

Baku

London

Stavanger

Bad Bentheim

Tyumen

Nizwa

Ben Rinnesjack-up rig

St. Johns

Bergen

Dubai

Land Drilling Platform Services RDS offices MODUs BentecRegional offices

Continued strong market position and balanced portfolio of assets across highly attractive international markets

Aberdeen (HQ)

1LTM EBITDA excludes results from the Ben Avon jack-up which was disposed of in March 2013 and is stated before normalisation adjustments and excluding central overheads.Map excludes work over land rigs, defined as being below 900HP.

PRESENCE IN KEY AREAS

North Sea /Norway26 Plat.

Europe & Caspian8 Rigs

Caspian7 Plat.

Russia16 Rigs

Middle East

14 Rigs

Angola3 Plat.

Africa14 Rigs

RussiaSakhalin3 Plat.

Brunei 1 Rig

Myanmar 1 Plat.

126

55 5040

15

0

30

60

90

120

150

Europe NorthAfrica

MiddleEast

North Sea Russia

Ye

ars

LTM Q3 2014 EBITDA split by region

6

Europe24%

Russia21%

Africa18%

Caspian13%

Middle East10%

Far East7%

Other7%

0

1,500

3,000

4,500 3% CAGR 2006-18

$0 $20 $40 $60 $80 $100

Onshore Middle East

Other Conventional Oil¹

Shallow Water¹

Deepwater

EOR

US Shale Gas

Brazil Pre-Salt (Deepwater)

Coal to Liquid

Arctic Oil

US Shale Oil

Canadian Oil Sands

Breakeven Oil Price (US$/bbl)

14%21%

62%

Total WellsDeviated WellsTop Drives

KCADtarget

market

KCAD well positioned to benefit from current sector trends

7

KCAD relevanceThemes

Source: Douglas Westwood, April 2014¹ Majority of conventional and shallow water projects are commercial below $50/bbl.

Focused on

production drilling

with attractive

economics

Strong

international land

drilling environment

Increased drilling

complexity driving

demand and margins

• KCAD operates in drilling environments with low breakeven oil prices

• Operating in regions with oil revenue critical to government budgets

• Operating production platforms where the majority of capex has already been invested (opex focus)

• Rig counts steadily increased over the last 2 years

• No exposure to US market, where rig count levels are much more volatile

• High specification equipment can drill vertical and longer wells, supporting project economics by improving the recovery

• Increased reservoir and drilling complexity is driving the demand for high specification rigs, including top drive equipment

Supporting data

Forecast Growth

2014-2018

KCAD core markets

28% decline 2008-09

International Rig Count (Y-o-Y) North America Rig Count (Y-o-Y)

0

1,500

3,000

4,500

6,000 6% CAGR 2006-18

1% decline 2008-09

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

TR

IR p

er

20

0,0

00

ma

n h

ou

rs

Total recordable incident rate improvement

TRIR (average)

8

Health, safety and environmental performance

KCAD TRIR at end of Q3 2014 was 0.401 injuries per 200,000 man hours worked

IADC industry average 0.812 for 2013

1 Total Recordable Incident Rate per 200,000 man hours. This is a rolling 12 month average.2 KCAD Total Recordable Incident Rate is directly comparable with IADC’s Total Recordables (RCRD) statistic. IADC figures are annual and are not released until after year end, therefore no 2014 information is available.Note: IADC stands for International Association of Drilling Contractors.

• Sustained progress made on improving TRIR performance

• The Group reaches 0.40 TRIR for the first time

9

T-47: 7+ years without Lost Time Incident

• On 15th January 2014, the crews of Rig T-47 in Kazakhstan reached the key milestone of 7 years without a Lost Time Incident. This milestone has continued through the year to this quarter end

• This achievement is all the more impressive when taking into consideration the difficult climatic extremes (-35oC in winter and +45oC in summer).

• Lost Time Incidents can result in penalties and non-payment of day rate which in turn lower our returns on projects

• Low incident rates are a key criteria that we are measured against when tendering for new work, so continued low health and safety scores are vital to the success of our business

Significant New Contracts – RDS, Premier Oil’s Sea Lion development

10

Contract natureContract to carry out front-end engineering design (FEED) contract by AMEC for Premier Oil’s Sea Lion development in the North Falklands Basin.

Contract length & timeframes

The FEED work is part of AMEC’s overall FEED contract for the Sea Lion development and follows a concept study which was executed by an RDS team in Houston. The contract, which is expected to be carried out over the next 12 months, will see RDS deliver the design of drilling rig modules for a Tension Leg Platform (TLP), 200km north of the Falkland Islands.

Customer AMEC, on behalf of Premier Oil

“The Sea Lion field will be the first major development of oil and gas reserves in the Falklands. Due to its remote location, we need to ensure that we deliver a rig that is reliable, efficient and can be easily maintained and supported to deliver safe, effective operations. RDS and KCA Deutag have a lot of experience in designing and operating rigs in remote locations and this is a great opportunity to put that experience to good use in a new region. We look forward to continuing to work closelywith Premier Oil and AMEC as we move the Sea Lion development forward.”

Simon Drew, President of RDS

Significant New Contracts – BP Khazzan

11

Contract nature

Construction and operation of an additional two new build fast moving land rigs in Oman, to supplement the previous three rig award by the same client. The rigs will mainly be manufactured in Germany and assembled in Oman using Bentec’s Nizwa facility. The contract terms will provide equivalent economics to those of the first three rigs.

Contract length 5yrs + 2x1yr options.

Customer BP Khazzan

“KCA Deutag has been operating in Oman since 1964 and has a long track record of successful operations in the Middle East. BP Khazzan is one of our most significant contract wins to date and we are extremely proud to play a very important role in the project.”

Andy Hendry, President of Land Drilling

Disposal of the Barges

12

Nature of divestment

Divestment of the entire issued share capital of KCA Deutag Tender Barges Pte Limited (“Barges Business”) to a single buyer.

The buyer will take ownership of the Barges Business operated from Kuala Lumpur including two KCA Deutag self-erecting tender barges; the Glen Affric and the Glen Tanar, and their associated equipment.

Earlier this year, KCA Deutag sold the Glen Esk on an asset only basis to Energean.

“The sale of the Barges Business is an important step for KCA Deutag as we focus our activities on the core businesses within our portfolio.”

Norrie McKay, Chief Executive Officer of KCA Deutag

13

Healthy backlog providing high level earnings visibility for the future

Total contract backlog as at 1 August 2014

Contract backlog by BU as at 1 August 2014

$1,975m

$269m

$6,250m

$109m

$298m

Land Drilling

Bentec

Platforms

RDS

MODUs

$762 $1,115$2,223

$4,099

$6$120

$4,675

$4,801

0

2,000

4,000

6,000

8,000

10,000

2014 2015 2016 andthereafter

Total backlog$m

Contract Option

$768m $1,235m $6,898m $8,900m

NB: Backlog figures exclude revenue generated in the year to date.

Total contract backlog as at 1 October 2014

Contract backlog by BU as at 1 October 2014

$2,080m

$203m

$6,176m

$104m

$281m

Land Drilling

Bentec

Platforms

RDS

MODUs

$483$1,140

$2,346

$3,969

$4

$121

$4,750

$4,875

0

2,000

4,000

6,000

8,000

10,000

2014 2015 2016 andthereafter

Total backlog$m

Contract Option

$487m $1,261m $7,096m $8,844m

Q3 2014

Q31

2013Variance

2014 YTD

20131

YTDVariance

$m $m $m % $m $m $m %

Revenue 156.1 180.1 (24.0) (13.3)% 513.0 499.0 14.0 2.8%

EBITDA pre support costs allocation1

40.1 44.8 (4.7) (10.5)% 127.0 114.2 12.8 11.2%

Support costs allocation (3.1) (2.9) (0.2) 7.4% (8.7) (7.9) (0.8) 10.1%

EBITDA post support costs allocation1

37.0 41.9 (4.9) (11.7)% 118.3 106.3 12.0 11.3%

Margin % 23.7% 23.3% 23.1% 21.3%

14

• EBITDA growth of 11% YTD compared to the same period last year, however the business unit saw a reduction in activity levels and EBITDA compared to both Q2, 2014 and Q3, 2013. This was mainly driven by performance in Africa which has been negatively impacted by lower levels of utilisation

• Russia have continued to generate good levels of EBITDA with earnings relatively consistent compared with both Q2, 2014 and Q3, 2013 due to continued good utilisation levels

• Pakistan saw a significant improvement in performance, as a rig redeployed from Libya had a full quarter of operations

• Utilisation softened in the quarter to 74% down from 80% in the prior quarter

Financial Performance to 30 September 2014

Land Drilling

1 EBITDA by segment for 2013 has been re-presented to reallocate support costs which were previously shown as central overheads (such as HR, Supply Chain and IT costs) to the operational business segments. 2014 figures are presented on the same basis.

Q3 2014

Q31

2013Variance

2014 YTD

20131

YTDVariance

$m $m $m % $m $m $m %

Revenue 101.3 49.2 52.1 105.9% 191.3 167.9 23.4 13.9%

EBITDA pre support costs allocation1 13.5 4.9 8.6 175.5% 21.2 17.5 3.7 21.1%

Support costs allocation (0.7) (0.8) 0.1 (14.8)% (2.1) (2.2) 0.1 (5.9)%

EBITDA post support costs allocation1 12.8 4.1 8.7 212.2% 19.1 15.3 3.8 25.1%

Margin % 12.7% 8.3% 10.0% 9.1%

Bentec

15

• Bentec delivered significantly stronger results in the third quarter than both Q2, 2014 and Q3, 2013, showing 25% YTD EBITDA growth compared with 2013

• With the construction of a number of new rigs reaching an advanced stage of completion in Q3 we were to recognise significantly more revenue and EBITDA than the prior year

• The rig for the Land Drilling contract with Lukoil was delivered during Q3 and the first deliveries under the seven rig contract for Enafor will start in November

• The third quarter also saw an increased contribution from component sales which largely drove the increase in margins

Financial Performance to 30 September 2014

1 EBITDA by segment for 2013 has been re-presented to reallocate support costs which were previously shown as central overheads (such as HR, Supply Chain and IT costs) to the operational business segments. 2014 figures are presented on the same basis.

Platform Services

16

Financial Performance to 30 September 2014

1 EBITDA by segment for 2013 has been re-presented to reallocate support costs which were previously shown as central overheads (such as HR, Supply Chain and IT costs) to the operational business segments. 2014 figures are presented on the same basis.

Q3 2014

Q31

2013Variance

2014 YTD

20131

YTDVariance

$m $m $m % $m $m $m %

Revenue 200.8 184.1 16.7 9.1% 597.6 539.1 58.5 10.9%

EBITDA pre support costs allocation1

25.7 22.5 3.2 14.2% 76.5 62.1 14.4 23.2%

Support costs allocation (2.2) (2.1) (0.1) 5.0% (6.1) (5.6) (0.5) 9.6%

EBITDA post support costs allocation1

23.5 20.4 3.1 15.2% 70.4 56.5 13.9 24.5%

Margin % 11.7% 11.1% 11.8% 10.5%

• Our Platforms business unit continued to deliver strong earnings in Q3, 2014 with performance largely in line with Q2, 2014 but showing improvement from Q3, 2013

• This year on year improvement reflects the award of previously announced new contracts in Angola, the Far East and Canada as well as good execution of existing contracts and delivery of services to our customers

RDS

17

• []

Financial Performance to 30 September 2014

• Our RDS business unit had lower revenues and EBITDA than both Q2, 2014 and Q3, 2013 largely as a result of lower activity on greenfield projects. YTD EBITDA growth remains positive at 9%

• Compared to Q3, 2013 there has been a significant reduction in activity on the Hebron project in Canada with the detailed design phase now nearing completion.

• Activity is increasing on our new project for Premier Oil’s Sea Lion development in the North Falklands basin with this work expected to be carried out over the next twelve months

1 EBITDA by segment for 2013 has been re-presented to reallocate support costs which were previously shown as central overheads (such as HR, Supply Chain and IT costs) to the operational business segments. 2014 figures are presented on the same basis.

Q3 2014

Q31

2013Variance

2014 YTD

20131

YTDVariance

$m $m $m % $m $m $m %

Revenue 73.1 92.7 (19.6) (21.1)% 251.9 259.1 (7.2) (2.8)%

EBITDA pre support costs allocation1

9.6 13.3 (3.7) (27.8)% 42.3 38.9 3.4 8.7%

Support costs allocation (0.7) (0.8) 0.1 (9.4)% (2.1) (2.0) (0.1) 2.9%

EBITDA post support costs allocation1

8.9 12.5 (3.6) (28.9)% 40.2 36.9 3.3 9.1%

Margin % 12.2% 13.5% 16.0% 14.2%

MODUs

18

• The MODU business unit had a reduction in EBITDA compared with both Q2, 2014 and Q3, 2013

• This was largely due to the performance of the three self-erect tender barges all of which were off contract by the end of Q3, 2014

• During the quarter we were able to complete the sale of the Glen Esk barge, and in October completed the sale of the Glen Tanar and Glen Affric barges

• EBITDA in Q3 for the two jack ups was circa $6m (pre support cost allocation)

Financial Performance to 30 September 2014

1EBITDA by segment for 2013 has been re-presented to reallocate support costs which were previously shown as central overheads (such as HR, Supply Chain and IT costs) to the operational business segments. 2014 figures are presented on the same basis.2Post reallocation of support costs.

Q3 2014

Q31

2013Variance

2014 YTD

2013 YTD

Variance

$m $m $m % $m $m $m %

Revenue 28.6 36.4 (7.8) (21.5)% 104.9 115.2 (10.3) (8.9)%

EBITDA pre support costs allocation1

1.6 3.8 (2.2) (58.0)% 19.6 1.6 18.0 N/M

Support costs allocation (0.6) (0.6) (0.0) 1.0% (1.6) (1.5) (0.1) 8.8%

EBITDApost support costs allocation2

1.0 3.2 (2.2) (68.1)% 18.0 0.1 17.9 N\M

Margin % 3.6% 8.9% 17.2% 0.1%

Group ResultsFinancial Performance to 30 September 2014

19

Revenue and EBITDA ($m) Q3 2014

Q3 2013

2014 YTD

2013YTD

Revenue from business units 560 542 1,659 1,580

Consolidation adjustments (40) (4) (84) (20)

Total revenue 520 538 1,575 1,560

EBITDA from business units 83 82 266 216

Corporate costs/other (9) (8) (23) (23)

Total EBITDA 74 74 243 193

Cash Flow and Working CapitalFinancial Performance to 30 September 2014

20

Working Capital

9

(60)

1Denotes the effect of foreign exchange rate changes on cash and bank overdrafts.*Deltas denote working capital movements from Q2 2014 and Q2 2013 respectively.

Free Cash Flow

9

• Cash flow from operating activities was strengthened due to improvements in working capital partially offset by higher cash taxes

• Capital expenditure was slightly increased on Q2 2014 as the Group continues to invest in the land drilling fleet once secure contracts have been won

• Decrease in working capital in Q3 2014 compared to Q2 2014 due to:

• Reduced inventory and work in progress at Bentec associated with component sales, together with the write down of some inventory in Libya

• Continued focus on collections and impact of activity

• Timing of vendor payments

• Q3 2013 working capital was negatively impacted by certain overdue accounts mostly collected in Q4 2013

Q3 2014

Q3 2013

2014 YTD

2013 YTD

Cash flow from operating activities55.7 1.8 179.5 (10.8)

Capital expenditure(65.8) (28.2) (148.4) (101.1)

Proceeds from sale of Fixed Assets8.8 2.9 12.5 54.1

Net interest(7.1) (5.3) (60.9) (51.6)

Other2.9 (2.2) 1.3 (0.6)

Cash flow from investing activities(61.2) (32.8) (195.5) (99.2)

Equity injection0.0 0.0 0.0 59.0

Foreign exchange1 (8.4) (4.5) (14.3) (2.0)

Net Cash flow before debt drawdown/(repayment)

(13.9) (35.5) (30.3) (53.0)

Drawdown/(repayment) of debt and debt issuance costs

0.7 (11.7) (81.7) 19.1

Net cash flow(13.2) (47.2) (112.0) (33.9)

8

(60)(70)

(60)

(50)

(40)

(30)

(20)

(10)

0

10

20Q3 2014 Delta* Q3 2013 Delta*

Cash im

pact of

Delta

($m

)

21

Disciplined Growth

2014 2015 2016

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Rig 1

Rig 2

Rig 3

Rig 4

Rig 5

Rig 6

Rig 7

Rig 8

Rig Client CountryCost($m)

Contract length

Rig 1 BP Khazzan Oman c.34 5yrs + 2x1yr options

Rig 2 BP Khazzan Oman c.34 5yrs + 2x1yr options

Rig 3 BP Khazzan Oman c.34 5yrs + 2x1yr options

Rig 4 Lukoil Russia c.27 3yrs + 2x1yr options

Rig 5 Shell Brunei Brunei c.35 3yrs + 3x1yr options

Rig 6 Bashneft Russia c.27 3yrs

Rig 7 BP Khazzan Oman c.34 5yrs + 2x1yr options

Rig 8 BP Khazzan Oman c.34 5yrs + 2x1yr options

New build land rigs scheduleNew build contracts

Significant uplift in EBITDA from eight new rig contracts is anticipated

Pre-award Under construction Operational

• Growth capex to target strict return criteria, with robust investment appraisal process implemented

• Active pursuit of long-term contracts with blue chip clients

• Focus on countries with existing operations, allowing the Group to benefit from operational synergies

• Targeting up front contributions from clients in order to optimise cash flow profile of new projects

• EBITDA profile of projects provides excellent scope for further deleveraging

1Excludes profits/losses from the Ben Avon, which was sold.

1

352

c.420

c.65-75

0

50

100

150

200

250

300

350

400

450

Pro forma Q3 LTMEBITDA

EBITDA from new rigs Pro forma with new rigs

EB

ITD

A $

M

1

22

Capital StructureNet leverage as at 30 September 2014

Amount Utilised

Coupon Maturity Facility Rating1

Recovery Rating

Net Leverage2

Revolver ($250m)3 45.7 L+400 May-19 B3/B 3/3 0.13x

Senior Secured Term Loan 374.1 L(100)+525 May-20 B3/B 3/3 1.07x

Total Bank Debt 419.8 1.20x

UK Finance Senior Secured Notes 375.0 7.250% May-21 B3/B 3/3 1.07x

Globe Luxembourg Senior Secured Notes 500.0 9.625% May-18 B3/B 3/3 1.42x

Total Institutional Debt 875.0 2.49x

Finance lease & other debt 19.0 - Aug-18 - - 0.05x

Gross Debt 1,313.8 3.73x

Cash 40.9 0.12x

Net Debt 1,272.9 3.61x

1All facilities have ratings outlooks of positive / stable.2Based on Q3 2014 LTM EBITDA of $352m; all LTM EBITDA figures exclude profits/losses from the Ben Avon, which was sold.3Revolver is split $75/$175m non cash/cash, the amount shown represents the cash element.

1,296 1,230 1,1691,265 1,273

273 304 325 350 352

4.7x

4.0x

3.6x 3.6x 3.6x

0.00x

0.50x

1.00x

1.50x

2.00x

2.50x

3.00x

3.50x

4.00x

4.50x

5.00x

0

200

400

600

800

1,000

1,200

1,400

Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014

Net

Deb

t/L

TM

EB

ITD

A

Net

Deb

t &

LT

M E

BIT

DA

$m

Net Debt/LTM EBITDA evolution

Net Debt LTM EBITDA Net Debt/EBITDA

Closing remarks

23

• Excellent performance in the YTD 2014 provides a robust platform for 2015

• Continued delivery of important contract wins

• Huge backlog of $8.8bn underpins future earnings

• Geopolitical environment has steadied; Kurdistan is operational and Libyan exit is almost complete

• Actions continue to optimise the group portfolio and increase business efficiency

• Growth opportunities are only being pursued where they provide robust capex returns driving increased cash generation based upon long term contracts

• All of this is underpinned by a stable and experienced management team focused on further delivery of results

24

Q & Ainvestor.relations@kcadeutag.com