dof asa q2 presentation

Q2 Financial Presentation 2013

DOF ASA

- Q2 Presentation 2013 DOF ASA

Agenda

Highlights

Overview Group

Financials

DOF Subsea update

Outlook

DOF ASA 3 – Q2 Presentation 2013 3

Highlights Q2 2013

The newbuild Skandi Bergen started on its first project (Banff) in June Improved spot market in the North Sea Good utilisation for the subsea project fleet in May & June Low utilisation on the AHTS fleet due to breakdown two vessels, and

transit of two vessels Good utilisation PSV fleet

Operational

Fleet

Delivery of Skandi Bergen in June Ordered 4 x PLSV’s from Vard Norway and Brazil Geobay sold

All time high EBITDA – MNOK 770


Highlights Q2 2013

Several subsea contracts in the Atlantic region, including increased work scope on the Banff project, increasing the utilisation of the vessels Geosund, Geoholm, Skandi Skolten and Skandi Bergen

Several subsea contracts in the Asia Pacific region, increasing the utilisation of the vessels Skandi Singapore, Skandi Hawk and Skandi Hercules

Chevron extended the charter on Skandi Salvador, firm until year end 2014

Petrobras extended the charter for Skandi Vitória with two years, firm until September 2015. The extension was done in line with market terms

Subsea 7 extended the charters on Skandi Neptune and Skandi Seven with one year

Total value of contracts listed is above USD 300 million. Skandi Vitoria and Skandi Salvador extensions give an increased Ebitda contribution of approx. NOK 110 million per year

Petrobras awarded DOF Subsea/Technip JV contract for 4 x PLSVs (see separate slides)

DOF awarded two AHTS contracts for OMV at New Zealand

One newbuild financed

Two vessels refinanced in Brazil

Contract awards

Finance

DOF ASA 5 – Q2 Presentation 2013

State-of-the-art PLSVs

5


PLSV contracts

Frédéric Delormel, Technip’s Executive Vice President and Chief Operating Officer Subsea, added: “This strategic contract reinforces our subsea leadership in Brazil and our long-term relationship with Petrobras. We are confident that these new state-of-the-art PLSVs, including two with the most important flexible pipelay tension capacity in the world - 650 tons - will be key assets for our client to successfully achieve its projects offshore Brazil.”

Roy Reite, VARD’s Chief Executive Officer and Executive Director commented: “I look forward to working with Technip and DOF on these milestone projects. VARD yards both in Europe and Brazil being chosen to build these vessels illustrates the value of having a global presence when working with international clients, and bringing leading edge technology to new markets.”

Mons S. Aase, DOF Subsea’s Chief Executive Officer, declared: “The contracts confirm that our co-operation with Technip on the Skandi Vitória and Skandi Niterói have been successful, and reinforces our position as a leading provider of offshore vessels to the Brazilian O&G industry. It comes as a result of our long-term focus on the Brazilian market and is an acknowledgment of the expertise of our employees.”


PLSV key information

PLSV 1+2 • To be built in Brazil • Delivered Q4 2016 and Q2 2017 • Design 316 • Type Pipe Lay support • LOA 140 m • Breadth 28 m • VLS 340 t • 2 ROVs • DWT 10 800 t

PLSV 3+4 • To be built in Norway, Søviknes • Delivered Q2 2016 and Q4 2016 • Design 305 • Type Pipe Lay support • LOA 150 m • Breadth 30 m • VLS 650 t • 2 ROVs • DWT 13 200 t


PLSV financial information

• DOF Subsea part of CAPEX approx. USD 625 million • Contract 8 + 8 years • Norskan will provide Marine Services • Approx. USD 110 million in annual EBITDA contribution for DOF Subsea when all

vessels are in operations


Overview Group


DOF ASA in brief

Fleet 70 vessels in operation (PSV: 23, AHTS: 17, Subsea: 30) 8 Newbuildings (AHTS: 3 Subsea: 5) Operates 52 ROVs Market value total fleet at NOK 46 bn Average age of 7 years Value adjusted fleet age of 4 years

Back log Total NOK 53 bn

Firm contract : NOK 24.5 bn Options: NOK 28.5 bn

Global organization Head office in Norway Regional offices in Australia, Singapore, UK, Angola, US,

Canada, Angola, Argentina and Brazil

Total of 4,700 employees Subsea employees: 1.640 Marine personnel: 3.060

Share price NOK 24.50 (30.06.2013)

NAV per share NOK 76


Company overview


PSV AHTS Subsea Total fleetNo. of vesselsDOF ASA/DOF REDERI AS 18 3 4 25

NORSKAN OFFSHORE 5 12 2 19

DOF SUBSEA AS 0 0 26 26

DOF INSTALLER ASA 0 0 3 3

AKER DOF DEEPWATER AS 0 5 0 5

Total fleet 23 20 35 78

Contract coverage 2013* 85 % 78 % 94 % 87 %Contract coverage 2014* 68 % 47 % 67 % 62 %

The fleet market segment

*Not including options


Angola

Perth Rio de Janeiro

Buenos Aires

Singapore

Houston St. Johns

Aberdeen

Austevoll

Brunei

Macae

Jakarta

Manila

Moscow Bergen

Focus regions

Melbourne

Darwin

Global player

8

33

25

2

2

DOF Group employees Norway Brazil US/Canada UK Asia Pacific Angola Marine Crew 4 700

DOF Onshore 135 194 - 16 20 - 2,692 3,057

DOF Subsea 365 325 136 468 330 18 1,642


Vessel Yard Delivery Type Contract Financing

Skandi Urca Vard Brazil Q4 2013 AHTS 8 yrs Petrobras Funding secured

Skandi Angra Vard Brazil Q2 2014 AHTS 8 yrs Petrobras Funding secured

Skandi Paraty Vard Brazil Q4 2014 AHTS Uncommitted Funding secured

Skandi TBN 800 Vard Norway Q1 2015 CSV Uncommitted Funding secured

Skandi TBN Vard 823 Vard Norway Q1 2016 PLSV 8 yrs Petrobras

Skandi TBN Vard 824 Vard Norway Q3 2016 PLSV 8 yrs Petrobras

Skandi TBN PLSV1 Vard Brazil Q4 2016 PLSV 8 yrs Petrobras

Skandi TBN PLSV2 Vard Brazil Q2 2017 PLSV 8 yrs Petrobras

Remaining newbuilding program


Financials


All figures in NOK million Q2 2013 Q2 2012 YTD Q2 2013 YTD Q2 2012

Operating income 2 493 2 119 4 487 3 987 Operating expenses -1 728 -1 376 -3 123 -2 637 Net gain on sale of vessel 5 203 5 203

Operating profit before depreciation- EBITDA 770 945 1 370 1 553

Depreciation -303 -261 -605 -508 Write downs - - - - Operating profit- EBIT 466 684 764 1 044

Net profit/loss from associated companies 3 1 9 1 Financial income 14 14 31 34 Financial costs -354 -324 -725 -667 Net realized currency gain/loss 32 -43 38 -22

Net profit/loss before unrealised gain/loss long term debt 162 333 117 391

Net unrealized currency gain/loss -566 -611 -577 -324 Net unrealized gain/loss on market instruments 47 -97 19 -30

Profit/loss before tax -357 -374 -440 37

Tax 90 98 90 37 Net profit/loss -267 -276 -350 74

Profit attributable toNon-controlling interest -9 16 -39 122 Controlling interest -258 -292 -311 -48

ALL FIGURES IN NOK MILLION

Result Q2 2013

Comments All time high revenue ( high project activity) All time high Ebitda (excl gain sale of assets) Supply: • 98% utilisation rate PSV fleet • One PSV in transit in June • 83% utilisation rate AHTS fleet • Off-hire 90 days two AHTS due to

break-downs • Two AHTS in transit in June • Improved spot rates in the North Sea

in May & June Subsea: • 85% utilisation rate project fleet • High activity on subsea projects in

May and June • 95% utilisation rate TC vessels • Two vessels in transit in the period

Finance: • High currency fluctuations USD & BRL


Amounts in NOK millQ2 2013 Q2 2012 Q2 2013 Q2 2012 Q2 2013 Q2 2012 Q2 2013 Q2 2012

Operating income 283 243 338 307 1 872 1 569 2 493 2 119

Operating result befor depreciation (EBITDA) 112 92 142 155 516 698 770 945

Operating result (EBIT) 74 63 85 99 307 522 466 684

EBITDA margin 40 % 38 % 42 % 50 % 28 % 44 % 31 % 45 %

EBIT margin 26 % 26 % 25 % 32 % 16 % 33 % 19 % 32 %

PSV AHTS Subsea TotalALL FIGURES IN NOK MILLION

P&L Q2 2013 Supply and Subsea

•Ebitda and Ebit 2012 include gain from sale of assets MNOK 203

15 %

18 % 67 %

EBITDA Q2 2013

PSV

AHTS

Subsea

10 % 16 %

74 %

EBITDA Q2 2012

PSV

AHTS

CSV


Financial result Q2 2013


• Net realized financial items MNOK 100 lower in Q2 2013 compared to previous year

• High currency fluctuations with a strenghtened USD towards BRL and NOK, reflects market to market on long term debt. No cash impact

• Derivatives represent interest swaps in NOK & USD, 53% of the Group’s long term debt is secured. Long term nibor and libor have increased in Q2

Comments Financial items Q2 2013 Q2 2012 YTD Q2 2013 YTD Q2 2012Share of loss profit from associated 3 1 9 1

Interest reveneue 13 13 28 35

Interest costs -346 -300 -690 -625

Realized currency gain/loss long debt 11 0 10 26

Realized currency gain/loss on derivatives 1 -21 4 -31

Realized operational currency gain/loss (-) 21 -73 24 -68

Other financial expenses -6 -23 -33 -43

Total financial items -304 -402 -647 -705

Unrealized profit/loss on currencies and derivativesUnrealized currency gain/loss -566 -559 -577 -272

Unrealized gain/loss on derivatives 47 -97 19 -30

Total unrealized profit/loss on currencies and derivative -519 -656 -558 -303

Total financial items -824 -1 058 -1 205 -1 008


Historical EBITDA excl asset sales

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

-

500

1 000

1 500

2 000

2 500

3 000

Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013

Operating revenue EBITDA EBITDA margin

MN

OK

Q2 2010 Q2 2011 Q2 2012 Q2 2013Operating revenue 1 506 1 581 2 119 2 493

EBITDA 470 495 742 770

EBITDA margin 31 % 31 % 35 % 31 %

Non-current assets 20 069 23 832 26 942 28 347

Current assets 3 545 3 993 4 394 4 727

Total Assets 23 614 27 825 31 336 33 074

Equity 6 525 6 618 6 490 6 408

Non-current debt 11 539 17 626 20 667 22 228

Current debt 5 550 3 581 4 179 4 438

Total Equity and Debts 23 614 27 825 31 336 33 074


Amounts in NOK mill ion 30.06.2013 30.06.2012 31.12.2012

ASSETSIntangible assets 784 564 704Vessel and other tangible assets 26 839 24 877 26 179Newbuildings 362 1 153 423Financial assets 363 347 387Non-currents assets 28 347 26 942 27 693

Receivables 2 584 2 392 1 915Cash and cash equivalents 2 142 2 002 2 145Current assets 4 727 4 393 4 060

Total assets 33 074 31 336 31 754

EQUITY AND LIABILITIESSubscribted equity 1 452 1 452 1 452Retained equity 2 040 2 299 2 318Non-controll ing equity 2 916 2 703 2 950Equity 6 408 6 454 6 720

Provisions for commitments 511 557 574Other non-current l iabil ities 21 718 20 145 21 027Non-current liabilities 22 228 20 702 21 601

Current part of interest bearing debt 2 705 1 997 2 000Other current l iabil ities 1 732 2 182 1 433Current liabilities 4 438 4 179 3 433

Total equity and liabllities 33 074 31 336 31 754


Balance Q2 2013 Comments

• One vessel delivered in Q2 2013 • Newbuildings represent instalments

paid on 4 vessels under construction for delivery in 2013-2015

• High receivables and current liabilities due to high subsea project activity in Q2

• Long term debt net increase in Q2

includes financing one new-build and refinancing two vessels

• Current portion long term debt represent mainly MNOK 650 in bonds, MNOK 2 055 as balloons and amortization long term debt


Net interest bearing debt

30.06.2013 30.06.2012 31.12.2012Non-current interest bearing liabilitiesBond loan 4 411 3 520 4 164 Debt to credit institutions 17 096 16 379 16 592 Total non-current interest bearing liabilites 21 507 19 899 20 756

Current interest bearing liabilitiesBond loan 650 168 141 Debt to credit institutions 2 031 1 523 1 784 Overdraft facil ities 24 306 75 Total current interest bearing liabilities 2 705 1 997 2 000

Total interest bearing liabilities 24 212 21 896 22 756

Net interest bearing liabilitiesCash and cash equivalents 2 142 2 002 2 145 Net derivatives -403 -243 -365 Non-current receivables 83 - 98 Total net interest bearing liabilities 22 391 20 138 20 878


Key figures Q2 2013

Q2 2013 Q2 2013 YTD Q2 2013 YTD Q2 2012 2012FINANCIAL RESULTEBITDA margin ex net gain on sale of vessel 31 % 35 % 30 % 34 % 34 %EBITDA margin 31 % 45 % 31 % 39 % 37 %EBIT margin 19 % 32 % 17 % 26 % 23 %Cashflow per share 1) 4,19 5,35 6,51 8,09 15,04 Profit per share ex. non-controlling interest 2) -2,32 -2,63 -2,80 -0,43 1,02 Profit per share ex. unrealized loss/gain and taxes 3) 1,46 3,00 1,06 3,52 5,04

BALANCEReturn on net capital -5 % 1 % 5 %Equity ratio 19 % 21 % 21 %Value adjusted equity 37 % 40 % 39 %Value adjusted equity per share 76 79 81 Capex 1 234 1 646 3 047 Net interest bearing debt (MNOK) 22 391 20 138 20 878 Net interest bearing debt ex. unemployed capital (MNOK) 22 029 18 985 20 454

No of shares 111 051 348 111 051 348 111 051 348 111 051 348 111 051 348 Outstanding number of shares 111 051 348 111 051 348 111 051 348 111 051 348 111 051 348 *) Diluted number of share is the same as number of shares

1) Pre-tax result + depreciation and w rite dow ns +/- unrealized gain/loss on currencies +/- net changes in fair value of f inancial instruments/average no of shares.2) Net profit excl. non controlling interest/average no of shares3) Net profit excl.unrealized currency gain/loss on debt and market instruments and taxes/average no of shares


Amounts in NOK million YTD Q2 2013 YTD Q2 2012 2012

Net cash from operating activities 219 761 1 182

Payment received on sale of tangible assets 82 762 819 Purchase of tangible assets -1 234 -1 646 -3 047 Other changes in investing activities 34 -24 -5 Net cash from investing activities -1 118 -908 -2 233

Proceeds from borrowings 2 286 2 349 5 115 Prepayment of borrowings -1 404 -2 228 -3 945 Payment from/to non-controll ing interests -1 - - Net cash from financing activities 882 121 1 170

Net changes in cash and cash equivaltents -17 -25 119

Cash and cash equivalents at the start of the period 2 145 2 040 2 040 Exchange gain/loss on cash and cash equivalents 14 -13 -14 Cash and cash equivalents at the end of the period 2 142 2 002 2 145


Cash flow Q2 2013

Comments

• Cash from operation is effected by increased working capital of MNOK 370 in 1st half year. The increased working capital is due to high project activities in the subsea segment

• Cash used on investments 1st half are deliveries of two vessels, instalments newbuilds and dockings- /conversions

• Proceeds from borrowings 1st half are issue of bond loan MNOK 1 300 and new loan facilities of MNOK 986 reflecting delivery of vessels and refinancing exisiting fleet

• Repayments are repayment on bond loan, amortization and repayment long term debt


DOF Supply

DOF Subsea

DOFSUB 04 - NOK 750 million - Maturity April 2014

- Net NOK 518 million

DOFSUB 05 - NOK 750 million - Maturity April 2016 - Net NOK 668 million

DOFSUB 06 - NOK 700 million - Maturity Oct 2015 - Net NOK 482 million

DOFSUB 07 - NOK 1300 million - Maturity May 2018

DOF 07* - NOK 950 million - Maturity July 2013 - Net NOK 132 million

DOF 08 - NOK 600 million - Maturity Mar 2015

DOF 09 - NOK 700 million - Maturity Feb 2017

DOF 10* - NOK 700 million - Maturity Sep 2019

Debt maturity profile

• The figures reflects amortization and balloon payments on debt drawn as pr 30 June

2013. In addition, bond transactions after balance date are included.

• Debt maturity profile excludes approx NOK 0.6 billion in payments to Eksportfinans

which is serviced by corresponding amount of restricted cash.

132 -

600

-

700 700

350

794 670 483 429

3 538

156 -

1 074 914

515 207

-

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

2013E 2014E 2015E 2016E 2017E After

Bond Loan Bank Debt Balloons

518 482 668

1 300

537

1 073 898

690 661

3 627

308

1 362

1 005

0

500

1000

1500

2000

2500

3000

3500

4000

2013E 2014E 2015E 2016E 2017E After

Bond Loan Bank Debt Balloons


Gearing forecast – summary Total Fleet Market value

Vessels & newbuilds MNOK 39 400

Equipment (subsea) MNOK 1 200

Total Fleet MNOK 40 600

Note: Vessel values as of August 2013

* The figures reflects amortization and balloon payments on secured debt drawn as per 30 Jun 2013 and onwards

Combined market value DOF Group fleet including newbuild is NOK 39.4 bn (total value 100% NOK 46 bn)

New-building program to be completed in 2017 (including 50% in 4 PLSV’s)

Asset-level gearing on the existing fleet is 54%, decreasing to 31% in 2017

Significant gearing reduction forecasted upon completion of the current newbuild program

DOF ASA – Asset coverage

0%

20%

40%

60%

80%

100%

2013 2014 2015 2016 2017

54% 50% 40% 35% 31%

46% 50% 60% 65% 69%

Debt Equity


Contract Coverage


PSV – Contract coverage

FIRM CONTRACTS OPTIONAL PERIOD

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 A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

Skandi Falcon 1 1 1 2 2 2 2 2Skandi Marstein 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Foula 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2

Skandi Rona 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2

Skandi Buchan 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Sotra 1 1 1 1 2 2Skandi Caledonia 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2Skandi Barra 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Texel 1 1 1 2 2 2 2 2 0

Skandi Mongstad 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Flora 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Gamma 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Waveney 1 1 1

Skandi Feistein 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi Kvitsøy 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi Nova 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi Marøy 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi Hugen 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi Captain

Skandi Leblon 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Flamengo 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Yare 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi Stolmen 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

20172014 2015 2016

NSO

SUPP

Y

PSV 2013

SPOT


AHTS – Contract coverage

FIRM CONTRACTS UNDER CONSTRUCTION OPTIONAL PERIOD

SPOT SPOT

SPOT


Skandi Stord

Skandi Admiral 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Vega 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Copacabana 1 1 1 1 1 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0Skandi Botafogo 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2Skandi Rio 1 1 1 2 2 2Skandi Fluminense 1 1 1 1 1 1 2 2 2 2 2 0 0 0 0 0 0

Skandi Giant 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Møgster 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2Skandi Ipanema 0 0 0 0

Skandi Amazonas 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi Iguacu 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi Angra 3 3 3 3 3 3 3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi Urca 3 3 3 3 3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi Paraty 3 3 3 3 3 3 3 3 3 3 3 3 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Skandi Peregrino 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0

Skandi Emerald 1 1 1 1 1 1 1 2 2

Skandi Saigon

Skandi Pacific 1 1 1 1 1 1 1 2 2

Skandi Atlantic 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

2014 2015 2016 2017

AD

D

2013

NSO

Supp

ly

AHTS

SPOT

SPOT

SPOT



CSV – Contract coverage


Skandi Fjord 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Olympia 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Commander 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Chieftain 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Hav 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

2017

Supp

lyN

SO

CSV 20162013 2014 2015



Subsea – Contract coverage


Skandi Acergy 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2Skandi Achiever 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Aker 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Arctic 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2Skandi Carla 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2Skandi Constructor 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Neptune 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Niteroi 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Patagonia 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1Skandi Salvador 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Santos 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Seven 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2Skandi Vitoria 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 0 0

Ocean Protector 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Geosea 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2Skandi Bergen 1 1 1 1 1 1Skandi Hawk 1 1 0 1 1 2 2

Skandi Hercules 1 1 1 1 1 1 0

Skandi Inspector 1 1 1 1 1 1 1 2 2 2 0 0 0 0 0 0 0 0 0 0 0Skandi Singapore 1 1 1 1 1 2 1 1

Skandi Skansen 1 1 1 1 2 1 1 1 2 2 2 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Skolten 1 1 1 1 1 1 1 1 1

1 1 1 1 0 1 1 1 1 2 0 2 2 2 2 2

1 1 1 1 2 2 2 2

Skandi TBN (NB800) 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3

Skandi TBN PLSV 1 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi TBN PLSV 2 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 1 1 1 1 1 1 1

Skandi TBN PLSV 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi TBN PLSV 4 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 1 1 1 1 1 1 1 1 1 1 1 1 1

2017

Geograph

Geosund

Geoholm

CSV 2013 2014 2015 2016

DO

F Su

bsea


DOF Subsea


DOF Subsea Group – In brief

Fleet One of the largest subsea vessel owners in the world

Owns and operates a fleet of 24 vessels, plus 5 newbuilds on order In addition 2 vessels on long-term charter The market value of owned vessels in operation is NOK 17 167 million, with a value adjusted

age of 4.5 years

Operates 52 ROVs

Global organization Head office in Bergen Regional offices in Australia, Singapore, Norway, UK, Angola, US, Canada and Brazil

Total of 2 642 employees Subsea employees: 1 642 Of which offshore engineers and project staff: 1 260 Marine crew: 1 000

Norway Brazil Canada US UK Asia Pacific Angola

365 325 48 88 468 330 18


DOF Subsea Group – In brief

Key figures Back-log incl. options NOK 29 971 million

Market value of fleet NOK 17 167 million

Number of shares 119 733 714

Total Per share

Book equity NOK 4 996 million NOK 41.73

Value adj. equity NOK 8 057 million NOK 67.30

Book equity ratio 25.4 %

Value adj. equity ratio 35.5 %

15.5 % CAGR

21.2 % CAGR

Quarterly figures

0%

5%

10%

15%

20%

25%

30%

35%

40%

-

200

400

600

800

1 000

1 200

1 400

1 600

1 800

Q2 2010 Q2 2011 Q2 2012 Q2 2013

NO

K m

illio

n

Operating revenue EBITDA EBITDA margin


Brazil The Brazilian OSV market is picking up after a slow 2012 with several contract awards. We expect the demand for all types of vessels to increase. North Sea AHTS We expect the spot market the remaining Q3 to be balanced, and more volatile in Q4. Based on expected increased rig activity in the North Sea we expect the demand for large AHTS to increase longer term. PSV We expect the spot market to continue to be stable the next months, with a seasonal weakening towards the end of the year and the term activity to remain strong, but still question the long term market balance due to the large newbuild order book.

Markets


Outlook – Subsea Healthy fundamentals for offshore activity

Supply Increasing number of high-end

newbuilds Limited growth in supply of engineering

capabilities

Mixed market

conditions

Increasing demand

Increasing supply

Demand High oil price Expected 6-8% growth in E&P

spending in 2013 and 2014 Increased deep water spending Increased infrastructure spending High tendering activity Strong growth expected in Brazil,

North Sea, Gulf of Mexico and Asia Pacific

Increased focus on newer, larger and more technologically advanced vessels and engineering capabilities

DOF Subsea owns the world’s most sophisticated fleet and has a global project organization

Qualified personnel will be the bottleneck for supply growth


Ebitda guidance:

Q3: We expect better numbers in Q3 compared to Q2

2013: We repeat the guidance given in February 2013; i.e.

MNOK 3 000 – 3 400 full year Ebitda

Outlook for 2013

Thank you Thank you Thank you Thank you

Presented by Mons Aase - CEO Hilde Drønen - CFO


DISCLAIMER

This presentation by DOF ASA designed to provide a high level overview of aspects of the operations of the DOF ASA Group. The material set out in the presentation is current as at 22 August 2013. This presentation contains forward-looking statements relating to operations of the DOF ASA Group that are based on management’s own current expectations, estimates and projections about matters relevant to DOF ASA‘s future financial performance. Words such as “likely”, “aims”, “looking forward”, “potential”, “anticipates”, “expects”, “predicts”, “plans”, “targets”, “believes” and “estimates” and similar expressions are intended to identify forward-looking statements. References in the presentation to assumptions, estimates and outcomes and forward-looking statements about assumptions, estimates and outcomes, which are based on internal business data and external sources, are uncertain given the nature of the industry, business risks, and other factors. Also, they may be affected by internal and external factors that may have a material effect on future business performance and results. No assurance or guarantee is, or should be taken to be, given in relation to the future business performance or results of the DOF ASA Group or the likelihood that the assumptions, estimates or outcomes will be achieved. While management has taken every effort to ensure the accuracy of the material in the presentation, the presentation is provided for information only. DOF ASA , its officers and management exclude and disclaim any liability in respect of anything done in reliance on the presentation. All forward-looking statements made in this presentation are based on information presently available to management and DOF ASA assumes no obligation to update any forward looking- statements. Nothing in this presentation constitutes investment advice and this presentation shall not constitute an offer to sell or the solicitation of any offer to buy any securities or otherwise engage in any investment activity. You should make your own enquiries and take your own advice (including financial and legal advice) before making an investment in the company's shares or in making a decision to hold or sell your shares.

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