Mosvold Supply PlcCompany presentation, London, November 7th.2007

Roy Mosvold, Chairman, Magne Kristiansen, John Bernander

2

Content

1) Introduction

2) The assets

3) The market

4) Company set-up

5) Key financials

6) Summary

3

Investment case

Confidential

Mosvold with opportunistic approach to high-end AHTS market Mosvold Supply Plc. (Cyprus) initiated and backed by Mosvold with substantial experience and track

record from offshore drilling, supply and shipping Pure and leveraged play on high-end, large AHTS vessels Mosvold with proven track record on opportunistic approach and shareholder value creation

MOSU with attractive turnkey newbuild contracts and proven Vik Sandvik design 4x AHTS (Vik Sandvik 491 Clean Design) with total USDm 358 all-in delivered price (Oct 09, Jun 10,

Des 10 and Jul 11 delivery) vs approx USDm 440 quotes from western European yards First right of refusal on 2 additional similar vessels

Robust market outlook High-end AHTS order book balanced by strong demand (rig/FPSO/field developments), stricter

safety rules and environmental issues

Attractive payment schedule and contract terms justifying leveraged capital structure Fully funded to 2009, approx 30% of capex program funded post transaction (USDm 52 equity,

USDm 21 convertible, NOKm 185 bonds) New financing in place through fully underwritten equity issue and new convertible loan fully

subscribed by companies controlled by Arne Blystad

Significant value potential (4 vessels) Equity replacement value approx NOK 25 per share based on current newbuild quotes (fully diluted) Asset replacement quotes suggesting >100% equity return 3-yr historical average AHTS day rates yielding P/E 1.3x (fully diluted) and EV/EBITDA 3.7x

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VS 491 CD: high capacity AHTS - State-of-the art workhorses

Main features Design: Vik Sandvik Overall length: 91 m Breadth moulded: 22 m Deadweight (7.9 m draft): 4,000 t Speed at 6.0 m draft: 17 knots Total horsepower: 28,080 Min. bollard pull: 270 t DP class: II Towing/anchor handling winch: 500 t Crane capacity: 2x 6t Fuel consumption: 13.5 t diesel per day Accommodation: 60 persons Prepared for ROV hangar

Well reputed equipment suppliers Diesel engines: MAK Thrusters: Brunvoll Towing winches: Hatlapa DP: Kongsberg

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Mosvold Supply AHTS with high-end specifications

  Mosvold Supply Siem Havila Farstad Olympic

Design VS 491 CD VS 491 CD Havyard 845 UT 731 CD Aker AH05

Loa 91 91 87 87.4 94

Breadth 22 22 22 21 23

BHP (horse power) 28080 28000 23000 25000 26500

Bollard Pull 270 300 250 240 260

Winch 500t 500t 500t 500t 500t

Winch Drum Triple Triple Triple Triple Na

Deck 700 750 675 760 840

Accommodation 60 60 35 40 68

Max Speed 17 18 17 18 17

Economical Speed 13 12 12 13 Na 

DP 2 2 2 2 2

Shark Jaws 2 x 350t 2x350t 2x350t Na Na

Stern Roller SWL 600t SWL 750 SWL 600 Na Na

Stern Roller Dimention ø4m,length 8m ø4m, length 8m. ø4.5m, length 6m Na Na

Towing Pins 4 x 350t 4x350t 2x300 Na Na

Deadweight 4000 4250 4000 3900 4925

Fuel 1550 1450 1550 1100 2800

Fresh Water 1090 1160 500 700 800

Mud 679 670 500 850 660

Dry Bulk 306 300 250 175 180

Rig Chain 670 680 610 670 800

Oilrec 1000 870 1000 1000 Na

FIFI Prep.II II II Na Na

Delivery Oct 09/Jun 10 May.09 May.09 May.09 Apr.09Source: Mosvold and Pareto Securities

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Mosvold Supply to meet future requirements

New requirements focusing on environment, capacity and safety MARPOL Annex 1 Reg. 12a requires double hull protection of fuel tanks

Applicable to all vessels/newbuilding with fuel tanks of total capacity of at least 600 m3 which are ordered after Aug 2007 and delivered from Aug 2010

Oil companies starting to ask for ROV capability during critical anchoring NOX tax: NOK 15 per kilo emission. Norwegian charterers expected to require modern tonnage with

catalyzer, which may reduce emissions with 90-95% Possible requirement for contingency tension testing of anchors up to 300 tons in the North Sea

Mosvold Supply VS 491 CD Double hull construction (DnV Clean Design notation)

Safeguarding the environment from possible leakage Ships prepared for ROV Vessels with great stability and large towing and pulling capacity Vessels with light construction work capabilities Cost efficient fuel economy

Reduces emissions of greenhouse gases Cost effective solution for charterers

HYBRID propulsion system Straight shaft technology when steaming Diesel electric principles when the vessel is holding position

►The industry realized, only to late, that CD and larger vessels would be the consequence of the new requirements

Source: R. S. Platou

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Mosvold Supply Construction program

Favorable payment structure securing commitment from Batamec Shipyard 20% at contract signing 10% at key equipment delivery 70% at final delivery

Turnkey construction contract with parent company Otto Offshore Ltd., Labuan, Malaysia for 2 additional vessels Contract price USDm 167 All-in delivered price USDm 189 (incl. project development, supervision & interest)

Refund guarantee from Bangkok Bank (BBB+)

2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

AHTS TBN 1

AHTS TBN 2

AHTS TBN 3

AHTS TBN 4

70% payment20% payment 10% payment

20% payment 10% payment 70% payment

20% payment 10% payment 70% payment

20% payment 10% payment 70% payment

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Batamec Shipyard with relevant expertise

PT Batamec Shipyard wholly owned subsidiary of Otto Marine Pte Ltd Otto Marine Ptd Ltd started operations in 1979

Principal activities: Shipbuilding Ship repair & conversion Offshore structural engineering

Batamec is strategically located at Batam Island, Indonesia

Management comprises over 45 qualified and experienced engineers, primarily from PPL and Keppel Fels Total workforce: 2,200

Certified to ISO 9001:2000 with Lloyds Register Quality Assurance as at 25 April 2005

6 vessels successfully delivered since embarking on shipbuilding strategy Order book of 30 vessels with deliveries until 2010 Of which 10x 10,000HP AHTS

Major clients: Tidewater ESNAAD Seatrucks PETRA RK Offshore Marine Subsea (Africa Offshore Services)

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Drilling and field development driving AHTS demand- Boost in drilling activity and growing number of FPSO installations going forward- Deepwater field development boosting AHTS vessel usage

0

50

100

150

200

250

2003 2010E

General floater activity FPSO units

0

20

40

60

80

100

120

140

160

180

200

2003 2010E

Source: ODS Petrodata, Infield, Pareto estimates

Annual growth 2000-2005 vs. 2006-2010

# units # units %

+35%

+100%

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Historical number of AHTS per rig

0

0.05

0.1

0.15

0.2

0.25

0.3

0.35

0.4

0.45

0.5

Vessels per rig

Sources: DnB NOR Markets estimates, Clarckson and ODS - Petrodata

• The number of vessels per rig is increasing due to:

• Other demand, for instance FPSO and construction related work

• More activity on deeper water – longer distances to tow the rigs

• High day-rates for rigs: Important that lack of vessels does not slow mob/demob

Need for more vessels per rig

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Large AHTS to be preferred going forward- Meeting new and stricter requirements from clients and authorities

Mosvold Supply VS 491 CD 22 m breadth 500 t

7º tilting

Conventional / older vessel 17 m breadth 400 t

19º tilting

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World AHTS fleet is old (22 years avg age)- New vessels substantially larger and more capable than older vessels

Source: Clarksons / JGO Shipbrokers / Pareto estimates

0

5

10

15

20

25

30

35

40

45

50

AHTS > 10,000 BHP AHTS > 20,000 BHP

Number of newbuilds

13

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

J an Feb Mar Apr Mai J un J ul Aug Sep Oct Nov Dec

GB

P

2000 2001 2002 2003 2004 2005 2006 2007

e

Rates in the AHTS market

18,000+ bhp AHTS spot rates

Sources: DnB NOR Markets estimates, Clarckson and ODS - Petrodata

15,000+ bhp AHTS spot rates

Day-rates are improving after a slow summer season Quoted fixtures this week up to GBP 100,000 Day-rates below are for vessel with average size of approx 16,000 bhp vs Mosvold Supply's 28,000 bhp: Significant premium is fair However, vessels in the spot market has significantly lower utilization, ~65%, than those on term contracts. We expect MOSU to achieve 90% utilization Oil companies have been willing to fix new-build of the MOSU design on term contract @ ~ GBP/day 35,000

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

GB

P

AHTS (+18.000 bhp)

Estimated day-rates for the MOSU fleet: GBP/day 28,000

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Consolidation opportunities ahead- Fragmented market creates room for consolidation- New, large AHTS in favor

Source: Petrodata / Platou / Farstad / Pareto

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Investor friendly and cost-effective company set up

Mosvold Shipping Holding owned by founders, which owns 22.9% of Mosvold Supply No employees in Mosvold Supply Corporate governance in accordance with public company guidelines (incl. 30% mandatory offer threshold

prior to listing) No corporate tax (pay only local tonnage tax)

Management agreement with Mosvold Management (100% owned by Mosvold Shipping Holding ) Fixed price mgmt contract (G&A/accounting/reporting) of USD 42,500 per vessel per month

- 12 months cancellation period Mosvold management responsible for construction and building supervision at estimated cost of USDm 1.2 per vessel

(may be subcontracted to reputable technical manager) Post-delivery commercial vessel fixture commission of 1.25% USDm 2 project development costs first 2 vessels + 1% commission on shipbuilding contracts 1% commission on sale of vessel(s) or change of control in Mosvold Supply (> 30%)

Mosvold Supply Plc Cyprus

Mosvold Supply II Mosvold Supply III

100%100%

Corporate set-up:

22.9%

Mosvold Shipping Holding Limited

Cyprus

Mosvold Supply I Mosvold Supply IV

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Mosvold – an experienced shipping and offshore services group

The Mosvold family has continuously been active in shipping since 1910 .Has owned and operated vessels in many segments (tankers,dry bulk, reefers and passenger ferries. 7 VLCCs contracted late 90 ties were successfully sold to Frontline 2001.

First investment in offshore: Part ownership of semi early 80ies Acquired 3 modern J/Us from Keyes Offshore in 1989 Mosvold Shipping was IPO‘d on the Oslo Stock Exchange in 1990 Acquired 100% of Dual Drilling Co in 1990. Dual was a Dallas based worldwide drilling contractor

owning 3 J/Us and 10 platform rigs Through Dual, acquired further 3 J/Us in 1993 combined with raising new equity and listing of Dual on

NASDAQ (Mosvold Shipping retained 60% of Dual) Dual merged with Ensco in 1996 with payment in shares. All shares distributed to Mosvold

shareholders Mosvold initiated a J/U project 1H 2004 to build 2 J/U (with 4 options) at PPL Shipyard and Keppel

FELS in Singapore. The entire project sold to Awilco in 2004 and is the now the foundation of Awilco Offshore

Mosvold is managing the construction of two semi-submersible baredecks at the Russian yard Sevmash. Baredecks sold to Saipem and Sea Dragon Offshore with forward delivery

Mosvold founded Mosvold Drilling Ltd. in 2005 (2x Ultra Deep Water Drillships on order with Samsung, acquired by Sea Drill)

Mosvold founded Mosvold Jackup Ltd. in 2006 (2x 300 ft Jackups on order at MIS), sold to Sea Wolf Mosvold with innovative approach taking advantage of yard market potential, eg. MIS and Sevmash Mosvold with proven track record demonstrating opportunistic approach and shareholder value

creation

Confidential

17

Mosvold Supply capex and funding)

USDm 358 all-in/ready to operate cost Incl. capitalised interest costs

Total funding requirement of USDm 369 Incl. G&A, fees and financing costs

USDm 52 of paid-in equity USDm 32 from June 2007 USDm 20 Sep 07

USDm 21 convertible bond issue (Sep 07) Fully subscribed by companies controlled by Arne Blystad

NOKm 185 bond issue (June 07) USDm 30 additional bond financing assumed in 2009

USDm 230 of take-out debt assumed upon delivery Take-out representing approx 62% of all-in cost

Source: Mosvold Supply Plc

Total Capex and Funding 2007E 2008E 2009E 2010E 2011E CUM # 1&2 # 3&4 Leverage

Vessel Capex USDm 64 15 62 120 59 321 154 167Optional equipment " - - 1 2 2 4 1 3Project development cost " 2 - - - - 2 2 -Supervision etc " 1 2 3 3 - 9 6 3Capitalised interest cost " 4 5 7 6 1 24 9 15Total Capex " 72 22 73 131 62 360 172 188

Equity " 52 - - - - 52 32 20 14%Convertible " 21 - - - - 21 - 21 6%Bond 1 (Vessel #1 & #2) " 30 - - - (11) 19 19 - 5%Bond 2 (Vessel #3 & #4) " - - 30 - - 30 - 30 8%Take-out " - - 50 130 50 230 112 118 62%Accumulated cashflow pre delivery " (1) (0) 1 11 11 22 17 5 6%Total Funding " 103 (0) 81 141 50 374 180 194 100%Source: Mosvold Supply Ltd

Capex and Funding (4x AHTS)

Yard Turnkey Contract Price 321Supervision/site team/pre-del crew cost 5Optional equipment 4Contingency 4Capitalised interest costs 24All-in ready to operate cost 358Project devevopment cost 2SG&A/mgmt fee/legal fees/equity fee 9Total Financing Requirement 369

FundingEquity 52 Convertible bond 21 2.pr Bonds (net of USD 11m repayment) 49 1.pr Senior debt (unfunded) 230 Cash from operations to delivery of 4th vessel 22 Total Funding 374

Implied cash at delivery 5Net debt at delivery 295

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Pro forma Mosvold Supply key figures (4x AHTS)

EV USDm 350 fully invested 2010E balance sheet

Post-deal market cap USDm 59 Approx 23% Mosvold ownership

P/E 4.3x on current Pareto 2011E estimates for similar vessels NOK 275k/d EV/EBITDA 6.9x

P/E 1.0x on 3-yr AHTS historical average NOK 450k/d EV/EBITDA 3.7x

Confidential

Mosvold Supply Plc earnings scenarios (fully invested) Pareto 11E 3yr Avg Pareto 07EDay Rates NOK/day 275,000 450,000 550,000

USD/day 48,246 78,947 96,491Utilisation 96% 96% 96%Daily opex ($10,000) ($10,000) ($10,000)No of vessels 4.0 4.0 4.0

PROFORMA P&LVessel EBITDA USDm 53 96 121SG&A " (2) (2) (2) EBITDA " 51 94 119Depreciation (25yr) " (14) (14) (14)Operating profit " 37 80 104Net financials fully invested (yr1) " (23) (23) (23)Net Profit (after tax) " 14 57 81

Cash Earnings " 28 71 96Maintenance capex " (2) (2) (2)Free cash flow (pre debt amortisation) " 26 69 94Free cash flow (post debt amortisation) " 6 49 74EPS NOK 3.0 12.2 17.5

Share price NOK 12.75 12.75 12.75No of shares (fully invested) mill 26.5 26.5 26.5Market capitalisation USDm 59 59 59Net debt fully invested " 295 295 295Enterprise Value " 355 355 355EV/EBITDA 6.9 3.8 3.0 P/E 4.3 1.0 0.7 RoE (on mkt cap) 23.1 % 95.7 % 137.2 %FCF yield (post debt amortisation) 9% 23% 32%Net interest bearing debt/EBITDA 5.8x 3.1x 2.5xEBITDA/Net interest 2.2x 4.1x 5.2xSource: Pareto Securities ASA

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Significant equity and convertible return potential

Current asset replacement cost estimated at NOKm 640 per vessel

All-in delivered price based on recent quotes Vs. approx NOKm 525 (avg) MOSU all-in

delivered cost

Mosvold fully diluted equity worth NOK 24/share on asset replacement quotes

~2x current share price

>NOK 40 share price potential based on 3-yr average earnings scenario

EBITDA USDm 94/yr on NOK 450k/d Target EV/EBITDA 5.5x Implying P/E 3.9x on target NOK 40/share

valuation

USDm 21 convertible with approx 21% ownership post conversion

5-yr, 7.0% coupon, 30% conversion premium

Mosvold Supply equity potential (fully diluted)

12.75

24

41

0

5

10

15

20

25

30

35

40

45

Issue price Repl cost 1) Earnings pot 1)

NO

K /

sh

are

Confidential

Source: Pareto Securities ASA

1) Assumption: fully diluted # of shares

20

Mosvold Supply – most leveraged play in town

Leverage (Mkt Cap/EV)

14%

20%

33%35%

39%

0%

10%

20%

30%

40%

MOSU MOSU (incl.Convertible)

REM SIOFF Peer GroupAvg

Mosvold Supply strongly leveraged 14% equity vs. committed capex 20% equity/convertible vs. committed capex 29% of committed capex financed post transaction (equity/convertible/bond)

Capital structure justified based on favourable yard payment terms and Mosvold’s proven access to additional capital MOSU fully financed to 2009 post transactions

Mosvold Supply the only pure play on high-end, large AHTS Newbuild prices still on an upward trend (squeeze on equipment suppliers)

Source: Pareto Securities ASA

Confidential

21

Investment case

Confidential

Mosvold with opportunistic approach to high-end AHTS market Mosvold Supply Plc. (Cyprus) initiated and backed by Mosvold with substantial experience and track

record from offshore drilling, supply and shipping Pure and leveraged play on high-end, large AHTS vessels Mosvold with proven track record on opportunistic approach and shareholder value creation

MOSU with attractive turnkey newbuild contracts and proven Vik Sandvik design 4x AHTS (Vik Sandvik 491 Clean Design) with total USDm 358 all-in delivered price (Oct 09, Jun 10,

Des 10 and Jul 11 delivery) vs approx USDm 440 quotes from western European yards First right of refusal on 2 additional similar vessels

Robust market outlook High-end AHTS order book balanced by strong demand (rig/FPSO/field developments), stricter

safety rules and environmental issues

Attractive payment schedule and contract terms justifying leveraged capital structure Fully funded to 2009, approx 30% of capex program funded post transaction (USDm 52 equity,

USDm 21 convertible, USDm 30 bonds) New financing in place through fully underwritten equity issue and new convertible loan fully

subscribed by companies controlled by Arne Blystad, conversion price 130% of NOK 12,75

Significant value potential (4 vessels) Equity replacement value approx NOK 25 per share based on current newbuild quotes (fully diluted) Asset replacement quotes suggesting >100% equity return 3-yr historical average AHTS day rates yielding P/E 1.3x (fully diluted) and EV/EBITDA 3.7x