Quarterly Presentation Q1 2017

DOF Subsea Group

DOF Subsea Highlights

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Attractive long-term market fundamentals supporting continued demand for subsea offshore solutions

One of the true global subsea IMR operators with strong project and execution capabilities

Unique strategic position providing expertise and integrated life-of-field subsea services

State-of-the-art subsea vessels combined with the world’s 4th largest ROV fleet and 1,176 subsea employees

Strong order intake through the down cycle securing tangible near-term growth and highly attractive financial profile

Resilient backlog as backbone for stable operating model - PLSV contracts in Brazil cementing strategic position

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DOF Subsea

DOF Subsea Board considering listing of the Company on Oslo Stock Exchange7

DOF Subsea Group at a glance

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2005Established

20 896NOK million

total assets(according to management reporting)

Modernhigh-end fleet

and equipment

21owned subsea

vessels

3vessels

on order

1vessel

on charter

69ROVs,

2 ROVs

on order

First Reserve

Corporation (49%)

1 176employees

DOF Subsea

DOF Subsea Holding(100%)

DOF ASA(51%)

DOF Subsea

337

553 563

8971 014

1 246

1 4921 354

1 6671 858

1 566

1 278

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2019

11 1113

1618

21

24 25 26 27 24

21

25

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2019Owned vessels Chartered vessels

Focus on consolidation and streamlining of

business operations to improve efficiency and

competitiveness in weak market

DOF Subsea established following the

acquisition of Geoconsult. The Company was

listed second half 2005.

First Reserve acquires 49% of DOF Subsea,

which in the following is delisted from the Oslo

Stock Exchange

Expanding organisation on the back of several

large contract awards. Number of employees

and vessels peaking at 1,858 and 27,

respectively

Positioned for profitable growth

DOF Subsea Board considering listing of

the Company on Oslo Stock Exchange

Large and global organisation following multiple

acquisitions from 2005-2010

2010Century SubseaCovus Subsea

CSL

2005

More than a decade of structural growth and consolidation

4

2008

2014

2016

2017

Development in # of Subsea Employees

Development in # of vessels

# of vessels

# of FTEs

SEMAR

Awarded four PLSV long-term contracts in

conjunction with TechnipFMC

2013

SWG Offshore

DOF Subsea

Global footprint

5

ATLANTIC

NORTH AMERICA

BRAZILASIA PACIFIC

Macaé

Rio de Janeiro

Buenos

Aires

Houston

St John’s

Aberdeen

Bergen

Luanda

Singapore

Manila

Melbourne

Jakarta

BruneiKuala Lumpur

Darwin

Perth

3118

4127

1872

2665

DOF Subsea

Several major and attractive contracts to commence in 2017

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ENI Angola

Jan 2017

• IMR contract offshore Angola

• 16 months + 3x4 months

options

• Scope comprising project

management, engineering,

supply of vessels and ROVs

• Long-term charter with Petrobras

• 18 months + 18 months options

• On contract with Petrobras since

2010

• Vessel co-owned on a 50% basis

through joint venture with

TechnipFMC

• First-pipe lay vessel built in Brazil

• Long-term charter with

Petrobras

• 8 years + 8 years options

• Vessel co-owned on a 50%

basis through joint venture

with TechnipFMC

• Built in Norway

• Long-term IMR contract

offshore Eastern Canada

• 10 years + 10 years options

• IMR scope comprising supply

of new well intervention vessel,

two work class ROVs and

personnel

• High strategic importance

through strengthened presence

in the Canadian market

• Long-term FLNG IMR contract

awarded in Australia with

Shell

• 5 years + 4 year option

• Scope comprising underwater

services and Multi-Purpose

Vessel (MSVP) services

spanning project

management, engineering

and supply of vessel and

ROVs

Skandi Vitoria

Jan 2017

Skandi Buzios

Apr 2017Husky Energy

Jul 2017

Prelude FLNG

Oct 2017

DOF Subsea

Two business segments

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DOF Subsea Group

Subsea IMR Projects Long-term Chartering1)

Revenues 2016

NOK 4.4bn

EBITDA2) 2016

NOK 0.9bn

~20% margin

Firm backlog

NOK 4.3bn4)

(NOK 5bn)

Revenues 2016

NOK 1.0bn

EBITDA 2016

NOK 0.8bn

~80% margin

Firm backlog

NOK 14bn4)

(NOK 13bn)

1) Note: Long-term chartering comprises PLSVs, Skandi Acergy and Skandi Patagonia 4) Backlog as at 31 March 2017

2) Note: Excluding gains from sales of assets

3) Note: Skandi Acu delivered August 2016

optionsoptions

1,176

employees

1

newbuild

15

vessels

5.3 vessels

in 20163)

9 vessels

by Q1’19

6 vessels

in Q1’17

DOF Subsea

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Building a leading subsea projects division for over a decade…

Gradual increase in subsea project activity establishing a global footprint in all key offshore regions

− Strong presence in all key regions within Subsea IMR and Mooring operations

Building a high quality asset base leveraging unrivaled operating and vessel competence and experience

− Flexible vessel capacity through combination of owned and chartered-in vessels

…with a clear action plan to pursue further opportunities

• Continue to increase the scope and complexity of operations

− Expand engineering capacity to position for market upcycle

− Further build and strengthen presence in selected geographies

• Strengthen project backlog with core focus on IMR projects

Selected Mooring projects – Last 5 yearsSelected IMR projects – Last 5 years

Goliat Field Support (2016)

Saipem CRX/Nene (2014)

Call-off for Light Construction Services and Seabed Survey

Services for Statoil (2012-15)

Technip Frame agreement (2012-2015)

ConocoPhillips ROV Services (2012 and onwards)

Freeport McMoran IMR support (2013-2016)

Saipem JSM Export Line support (2014-2015)

ROV Support vessel Petrobras (2011 and onwards)

Bongot Mooring Replacement PTTEP (2017)

Raroa Mooring OMW (2016-2017)

Gina Krog TMRS (2016)

Catcher Mooring Installation Project (2016)

Goliat FPSO Marine Installation (2011-2015)

Lam Son Mooring Installation PTSC (2014)

Knarr Mooring Project (2013-2014)

Banff Re-instatement Project (2013-2014)

Developing competence through numerous projects worldwide

Subsea IMR Projects

DOF Subsea

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Location Client Scope Commencement Duration

Angola ENI Angola IMR 2017 18 months + 18 months

Canada Husky Energy IMR 2017 10 years + 10 years

Prelude Shell Australia IMR 2017 5 years + 4 years

Brazil Petrobras Inspection 2016 1 year + 1 year

Gorgon, Janz and Wheatstone Chevron Australia IMR 2015 3 years + 2 years

Malampaya Shell Philippines IMR 2014 7 years + 3 years

Brazil Petrobras IMR 2012 6 years + 4 years

Brazil Petrobras IMR 2011 6.5 years + 4 years

North Sea Conoco PhilipsIMR

2011 8 years + 13 years

North Sea / AtlanticBrazil Asia PacificNorth America

Gradually built up the

region, becoming a top

three supplier of IMR

services in the GoM

Strong position being one

of the major suppliers of

IMR services

Leading supplier of

mooring services in the

North Sea and West

Africa

Leading supplier of IMR

services in the region

Selected contracts and framework agreements

Subsea IMR Projects

DOF Subsea

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Skandi Acergy Skandi Acu Skandi Africa

Skandi Niteroi Skandi Patagonia Skandi Vitoria

Skandi Buzios Skandi Recife Skandi OlindaPredominantly day-rate based as DOF Subsea

mainly provides vessel servicesRemuneration

Strong long-term contract coverage with a typical

duration of more than five years – seven out of

eight available vessels on contract

Contracts

Fleet of high-end and sophisticated vessels

operating advanced subsea projects with

comprehensive work scope for third parties

Operations

Selected clients

Construction

support vessel

Construction & pipe

laying vessel

Construction & pipe

laying vessel

Construction & pipe

laying vessel

Construction & pipe

laying vessel

Construction & pipe

laying vessel

Construction & pipe

laying vessel

Dive support

vessel

Construction & pipe

laying vessel

7

vessels in

operation

2

contracted

newbuilds

NOK 14bn

firm backlog

per Q1’17

DOF Subsea provides state-of-the-art vessels to leading players

Long-term Chartering

DOF Subsea

Vessel Built Client Firm end Option end 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 J F M A M J J A S O N D

Skandi Patagonia 2000 Jun-25

Skandi Acergy 2008 Aug-19

Skandi Niteroi 2010 Feb-17

Skandi Vitoria 2010 Sep-18

Skandi Africa 2015 Aug-20 Aug-25

Skandi Acu Aug-16 Aug-24 Aug-32

Skandi Buzios Apr-17 Apr-25 Jun-33

Skandi Recife Jun-18 Jun-26 Jun-34

Skandi Olinda Feb-19 Jun-27 Mar-35

Contract overview - Long-term Chartering 2017 2018 2019 2020 2021Subsea

vessel

Built

year

Current

client

Firm

end

Option

end

11

~5.5 yearsAverage contract coverage

NOK 0.8 bnEBITDA contribution

in 2016

~5.3Operational vessels

in 20161)

9Vessels in operation

from Q1’19

Approx. NOK 6.1bn2) of the Group’s debt against long-term chartered vessels

Under negotiation

1) Note: Skandi Acu delivered August 2016

2) As of Q1’17

Strong contract coverage provides robust backbone for growth

Long-term Chartering

DOF Subsea

Competitive landscape and positioning

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Positioning DOF Subsea

• Improved competitive position for DOF

Subsea when market normalises

− multiple competitors have scaled down

operations or entered financial distress

• Favourable competitive dynamics in

tendering for mid-sized subsea IMR

projects

− Larger EPCI providers typically invited to

tender, however less capable and willing

to meet specific project requirements

due to relatively small project size

− Vessel suppliers typically not invited to

tenders due to lack of engineering

capabilities

• DOF Subsea reaping benefits from

offering an integrated engineering and

vessel solution

IMR

/ L

igh

t

Co

ns

tru

cti

on

SU

RF

La

rge p

roje

cts

(de

ep

wa

ter)

Dayrate / Support services Small to medium EPCI contracts Larger EPCI contracts

Illustrative

= Chapter 11 / liquidation

Source: ABGSC

DOF Subsea

15,516

17

21,5

18,9

2012 2013 2014 2015 2016

Key financials | DOF Subsea

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Revenue EBITDA1 Backlog (excl. options)

5 249

6 579

7 4227 251

5 426

2012 2013 2014 2015 2016

1 799

1 949

2 0972 041

1 733

2012 2013 2014 2015 2016

NOKm NOKm NOKbn

1) Note: EBITDA excl. profit from sale of non-current assets

DOF Subsea

1st Quarter 2017

Recent Events

• Fleet• In January, the Group took delivery of the second Norwegian-built PSLV Skandi Buzios. The vessel commenced her long-term charter

contract with Petrobras on 13 April 2017

• In April 2017 DOF Subsea AS purchased the remaining shares in Canadian Subsea Shipping Company AS. Before the transaction DOF

Subsea AS owned 45% of the shares in the company. Canadian Subsea Shipping Company AS owns a newbuild vessel, TBN Skandi

Vinland, under construction. The vessel will after delivery be employed under a 12 year bareboat charter contract.

• Contracts• In Asia Pacific, DOF Subsea was awarded a three-year IMR frame agreement with one of the major Oil and Gas Companies in the region. In

addition, a Safety Case has been secured for Geoholm, and the vessel will be available in the Asia Pacific region from the beginning of Q2

2017.

• In February 2017, Geoholm was awarded a contract by Technip Oceania Pty Ltd, part of TechnipFMC in Australia, for the provision of ROV

and light construction support services for the Shell Prelude FLNG project operated by Shell Australia.

• In January the Atlantic region received a Letter of Award (LoA) from and Oil major for a 16-month IMR contract utilising Skandi Seven. The

duration of the contract is over a year, and contract commencement was in Q1 2017.

• In March the Atlantic region was awarded a contract for mooring and installation of an FPSO in the North Sea on the UK Continental Shelf

(UKCS). DOF Subsea will deploy the Skandi Skansen on the project along with several Anchor Handler vessels owned by the DOF Group.

• In January Petrobras awarded the Brazilian-built PLSV Skandi Vitória an 18-month contract. The vessel commenced the contract in January

2017.

• Finance• In March, the Group successfully completed the issuance of a new unsecured bond with a face value of USD 175 million and maturity in

March 2022. In relation to the bond issue, the Group repurchased parts of the existing bond DOFSUB07 with maturity in May 2018

DOF Subsea 15

Condensed Profit & Loss (IFRS 11) Q1 2017

• Operating income was NOK 861 million in Q1 2017, down from NOK 1 343 million in Q1 2016

• EBITDA (excl. profit from sale of non-current assets) was NOK 240 million in Q1 2017, down from NOK 495 million in Q1 2016

• EBIT (excl. profit from sale of non-current assets) was negative with NOK 29 million in Q1 2017, down from NOK 154 million in Q1 2016

DOF Subsea 16

Condensed Balance Sheet (IFRS 11) Q1 2017

• From year-end 2016, non-current assets have decreased to NOK 13 349 million from NOK 14 479 million

• From year-end 2016, total current receivables have decreased to NOK 928 million from NOK from NOK 1 108 million

• From year-end 2016, cash and cash equivalents have increased to NOK 1 599 million from NOK 1 062 million

• Total liabilities as at 31 March 2017 were NOK 10 929 million

• Net interest bearing debt as 31 March 2017 was NOK 8 389 million

• The book equity was NOK 5 948 million, giving a book equity ratio of approximately 35% to total assets as at 31 March 2017

DOF Subsea 17

Quarterly Performance(Excl. profit from sales of non-current assets, and according to management reporting)

DOF Subsea 18

0%

5%

10%

15%

20%

25%

30%

35%

40%

-

500

1 000

1 500

2 000

2 500

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017

EB

ITD

A m

arg

in

NO

K m

illi

on

Operating income EBITDA EBITDA margin

NOK million Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017

Operating income 1 225 1 679 1 804 1 871 1 530 1 963 1 904 2 025 1 656 1 962 1 991 1 642 1 406 1 660 1 232 1 128 982

EBITDA 329 471 595 550 502 543 552 502 458 515 553 516 456 510 447 320 279

EBITDA margin 26,9% 28,1% 33,0% 29,4% 32,8% 27,7% 29,0% 24,8% 27,7% 26,2% 27,8% 31,4% 32,4% 30,7% 36,3% 28,4% 28,4%

Current assets 3 077 3 319 3 119 3 470 3 247 3 252 2 998 4 223 3 414 3 414 3 674 3 752 2 900 3 010 2 742 2 483 2 808

Non-current assets 16 043 16 344 16 330 16 340 16 012 16 151 16 215 15 796 16 726 16 578 16 447 16 818 17 652 18 206 18 514 18 043 18 087

Total assets 19 120 19 663 19 450 19 810 19 258 19 403 19 213 20 019 20 140 19 992 20 121 20 570 20 552 21 216 21 256 20 526 20 896

Current liabilities 2 000 2 805 2 808 3 167 3 470 3 741 3 607 4 505 4 139 4 577 4 492 3 650 2 991 3 022 2 645 2 478 2 444

Non-current liabilities 12 051 11 862 11 474 11 427 10 126 9 701 9 668 9 402 9 924 9 009 9 988 11 228 11 482 11 864 12 174 11 993 12 503

Equity 5 069 4 996 5 167 5 216 5 662 5 962 5 938 6 112 6 077 6 405 5 641 5 692 6 078 6 330 6 437 6 055 5 948

Total equity and liablilites 19 120 19 663 19 449 19 810 19 258 19 404 19 213 20 019 20 140 19 991 20 121 20 570 20 551 21 216 21 256 20 526 20 896

Debt Maturity Profile

DOF Subsea 19

-

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

2017E 2018E 2019E 2020E 2021E Thereafter

Bond Loan Bank Debt Balloons

Debt maturity profile, 2017E – 2021E

• The figures reflect amortisation and balloon payments on outstanding debt

2017 2018 2019 2020 2021 Thereafter

Options 0,4 0,6 0,7 0,5 0,8 15,1

Firm 2,1 2,4 2,6 2,4 2,0 6,7

0,0

5,0

10,0

15,0

20,0

NO

K b

illi

on

Firm Options

Backlog

DOF Subsea 20

• Figures based on remaining backlog as at end of Q1 2017

• As at 31 March 2017, the total backlog including options was NOK 36.2 billion

• Firm contract backlog counts for NOK 18.3 billion

Modern High-end Fleet

• Majority of the fleet delivered from 2007 and onwards

• Modern fleet with a value adjusted average fleet age of 5.9 years

• High-end vessels, capable of a wide scope of worldwide operations

DOF Subsea 21

-

1,0

2,0

3,0

4,0

5,0

6,0

7,0

8,0

9,0

Years

Fleet age

Average fleet age Value adjusted average fleet age

Newbuilds12 %

2007-201563 %

2000-200625 %

Year of delivery DOF Subsea fleet

Skandi Africa, Ship of the Year 2015

Skandi Acu, PLSV built 2016

Skandi Buzios, PLSV built 2017

Thank you!