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Atwood Osprey Construction, Commissioning & Operations John Connor Chevron Sr. D&C Superintendent Gorgon Mark Stewart Operations Manager Atwood Osprey Perth 8 September 2011

F&G Enhanced Pacesetter Water Depth = 6,600 ft Conventional 8,500 ft with presets 12 point NOV Amclyde Mooring System Drilling depth = 32,000 ft VDL - 7,000MT Drilling Systems NOV Active Heave Dwks. Dual NOV Hydrarackers Offline stand building capability (4 to 13 5/8 ) NOV ST-120 Iron Roughnecks (2) 2,200HP LEWCO mud pumps (4) 5,000+ BBL surface pit capacity 7,500 psi HP mud system Atwood Osprey Specifications

Well Control Systems Hydril 5 Ram 15 ksi BOP 2 x 10 ksi Annular Preventers Full MUX controls 6 x N-Line riser Tensioners (3,600,000 lbs capacity) Aker 21 ¼ Clip riser Power System 4 x Caterpillar C-280 Output 4,800 ekw each Quarters 200 Man POB Atwood Osprey Specifications

CVX and Atwood Objectives during construction and commissioning Influence HSE Performance Design focused on Safe Operations Influence day to day construction work practices by engagement and cooperation with builder from the outset of construction Encourage workforce involvement & commitment Collectively develop operational and integrated testing JSA s Improve initial rig performance Review Quality of construction completion Ensure System commissioning 100% complete Implement and execute detailed Builder and Chevron Integrated Acceptance Test plan Implement and complete a very thorough training plan for Atwood personnel both technical and operational Integrate Chevron and Atwood Operations teams on site early during construction and commissioning activities Collectively develop operational and integrated acceptance testing procedures Ensure greater level of Business Partner Preparation Install majority of Chevron business partners equipment in the shipyard and incorporate interface and testing into builders integrated acceptance testing. Fully Commission and perform additional testing of business partner equipment

Combined HSE Results during Construction and Commissioning Construction Safety Performance - Managed by Jurong Shipyard and actively influenced by Chevron and Atwood management 9.8 million man-hours (Jurong Shipyard, Atwood and Chevron) 0.10 TRIR (Total recordable Incident rate ) 3 Days away from work incidents 2 Medical Treatment Incidents 11 First Aid Incidents

Combined Performance Results During Construction and Commissioning Construction Complete construction (100%) with no carryover to operations 80% of Business Partners equipment installed and operational. Commissioning 370 individual systems commissioned. Integration & Acceptance Systems proved operational in shipyard Power generation & distribution Mud System operations Tubular handling systems drill floor and deck BOP & marine systems Mooring and Ballasting (limited)

Atwood Osprey Newbuild - Keys to Success Collective Factory Acceptance Test participation Collective Design review and comment Collective Commissioning Procedure development Collective Integration Acceptance Test development & execution Early Involvement of Atwood Operations and Chevron Site Team Early & Extensive Business Partner involvement Shared Lessons Learned from / to other Chevron rig construction teams Joint Development of Operating procedures Establish Osprey team Vision and First Year Goals Safety, Reliability and Efficiency Sessions with entire Osprey team before commencing operations. Collective initial drilling program reviews (DWOPs) Daily planning communications between Chevron and Atwood

Operational Performance Atwood Osprey conditionally accepted in Singapore: Click 06:00 hrs 28 to April edit 2011 Master title style Atwood Osprey underway to the NW Shelf of Western Australia: 15:30 hrs 29 April 2011 Additional Deep water acceptance testing involving the Mooring, Cementing, BOP and Drilling systems completed simultaneously with Zagreus well operations. Chevron Australia's well Zagreus 1 spud 21:30 hrs 16 May 2011 The Atwood Osprey commenced operations with a clearly defined and Osprey team developed Vision and set of first year goals

Osprey Underway to Zagreus 1 Location

Osprey Vision Atwood Osprey Recognized for Safety, Reliability, Efficiency and Teamwork. Always, exceeding your expectations

Safety: No one gets hurt No harm to the environment No damage to equipment Reliability: 80% Overall productive time per well 95% Rig productive time Efficiency: Establish performance benchmarks and continuously improve Minimize impact of unplanned events

Teamwork: Develop a true team environment by understanding Click yourself and to those edit who work Master with you title style Maintain team stability by having less than 3% of personnel electing not to return All team members on time, ready to work, for a full rotation Expectations: All supervisors and their team members will ensure that there is a clear understanding of each others expectations

Osprey HES Performance Since acceptance by Chevron on 28 April 2011 until 2 September 2011 LTI 0 Restricted Duty 1 (Fractured bone left hand - slip on stairs) Medical Treatment 0 First Aid 4 Spills to Water 0 Spills to Containment 4 Near Misses 8

Atwood Osprey Operational Reliability 3018 Operating Hours since conditional acceptance in Singapore Total surface or subsea equipment related unscheduled event downtime since acceptance: 4.26% Total downtime inclusive of contractually agreed zero rate for equipment verification and testing: 8.47% Preventative Maintenance System successfully implemented and personnel trained in use. Vendor service personnel released after 45-60 day operating period

Operational Reliability Zagreus 1

Operational Reliability Gorgon 3C

Operational Efficiency Successfully moored on 2 Chevron locations (Zagreus and Gorgon M3) with 12 Click point mooring to system. edit The second Master rig move only title incurred style 30 minutes of equipment related non productive time. Successfully moved the Osprey from Zagreus to Gorgon M3 at drilling draft with all tubulars in the Derrick. Successfully made up all drill pipe and majority of BHA components offline reducing the impact to critical path time. Successfully made up 4 casing strings offline and racked and ran them into the well in stands from the Derrick.

Operational Efficiency Successfully deployed and retrieved BOP stack in +/- 4000 water depth at Zagreus. Click Average to riser edit running Master speed of +/- 4.5 joints/hour title over style first two wells (75 ft riser jts) Successfully unloaded, prepared and ran 10 casing strings to date. Developed and continue to improve +/- 280 rig specific operating procedures Maintain 90% compliance with Atwood training matrix 90% compliant and continuing to improve on Crew Familiarization training (Internal Atwood Competency Program)

Thank You