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Marine Subsea AS presentation

Pareto Conference, OsloAugust 29-30, 2007

Christian Nygaard, Managing Director

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ContentContentContentContent

• Background

• History

• Vessel Fleet

• Financial Target

• Summary

Confidential

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Our vision is to become a leading provider of oil and gas services in the offshore West African region.

VisionVisionVisionVision

Construction Support Light Well Intervention

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Founders with extensive experience in West AfricaFounders with extensive experience in West AfricaFounders with extensive experience in West AfricaFounders with extensive experience in West Africa

�Experience since early 80’s in West Africa

�Founder of InterOil Africa/Orlean Invest

�Activities in Angola, Nigeria, Gabon and Congo

�Local fabrication yards

�Large offshore base and logistics operations

�Partner with local and international companies

�Investment, management and operation of numerous offshore vessels

Confidential

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HistoryHistoryHistoryHistory

Jan Feb March April May June July Aug

LOI

Award10 year

Contract Sonangol

SX 121

Nov Dec

Africa Offshore Services ASestablished

Award3 yearBarge

Contract$ 58,000/d

Acquisition:Acquisition:

$ 130 mill bond$ 50 mill equity$ 70 mill Glitnir/BNP

$

Award2 yearBarge

Contract$ 48,000/d

Change toMarine Subsea AS

MOU

$ 170 mill bond$

135 mill NOK

USDm 225 USDm 155

LOI

USD 120 mill

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Mårten Rød

(Chairman/Main chairholder)

Broad experience from

several positions in oil and

gas industry in North Sea, the

US and West Africa. Co-

founder and Chairman Interoil

E&P ASA

Gian Angelo Perrucci

(Board member & main

shareholder)

Founder and large shareholder

of Interoil Africa and Orlean

Invest. Co-founder and board

member of Interoil E&P ASA

J Christer Ericsson

(Board member & main

shareholder).

The founder of JCE Group AB and

Consafe Offshore AB. Particular

experience in the offshore

accomodation service sector. Board

member of numerous companies.

Marine Subsea Board Marine Subsea Board Marine Subsea Board Marine Subsea Board

Ownership: 25 % Ownership: 25 % Ownership: 25 %

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BARGESG. Repetto

SUBSEAKnut E. Harto

TOPSIDES/VESSELSPer Kavli

I.R. & BUS DEV.TBN

MANAGING DIRECTORChristian Nygaard

QA / HSETBN

COUNTRY MNGR. ANGOLA, TBN

FINANCEKari Kaugerud

OFFICE ADMIN.Maria Carmona

BOARD

Marine Subsea Management Marine Subsea Management Marine Subsea Management Marine Subsea Management

FINANCIAL ADVISOR Kris Jakobsen

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Fleet Status Fleet Status Fleet Status Fleet Status

”African Caribe”

Deliv, Nov 2007

Yantai, China

”African Fjord”

Deliv, Dec 2007

Batamec, Batam

”African Lifter”

Deliv, Dec 2008

Yantai, China

”African Installer”

Deliv, May 2008

Jaya, Singapore

”African Worker”

Deliv, October 2008

Jaya, Singapore

”Karianne”

Deliv, Oct. 2010

Ulsteinvik

”Sarah”

Deliv, July 2009

Ulsteinvik

All units registered as Single Purpose Companies in Cyprus

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UlsteinUlsteinUlsteinUlstein SX 121 SX 121 SX 121 SX 121 ---- a highly advanced LWI Vessela highly advanced LWI Vessela highly advanced LWI Vessela highly advanced LWI Vessel

�Can operate in North Sea

�Dynamic positioning system (DP3)

�Heave compensated derrick

�Roll reduction systems

�150 tonnes crane

�2,500 meter water depth capability

�Accommodates 90 persons, 40 single & 30 double cabins

�Class + DNV 1A1 E, DYNPOS, AUTRO, CLEAN DESIGN

�Length: 120,2 m

�Width: 25 m

�Draft: 7,5 m

�Deck Area: 1470 m2

�Dieselelectric propusion

�Speed: 14,5 knots

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Well Intervention Well Intervention Well Intervention Well Intervention ---- Strategy and PartnersStrategy and PartnersStrategy and PartnersStrategy and Partners

To ensure quality performance Marine Subsea AS is

cooperating with key contractors such as

Strategy

Marine Subsea AS

shall provide the

vessel and access to

the well via the

lubricator.

Other related well

intervention and IMR

services shall be sub-

contracted or

performed through

partnership

relationships.

Coil Tubing

WirelineLubricator

All services related to coil tubing, wireline, logging etc. + all related pre-engineering activities

All services related to lubricator design, manufactoring and operation

Local partner will have 25% equity of the first vessel.

Light Well Intervention

The acquisition of OTG enables access to extensive operating experience, project & risk management skills

Local partner

1111Source. Douglas-Westwood

Construction Support BargesConstruction Support BargesConstruction Support BargesConstruction Support Barges

Barge Size

�100 m length, 30 m wide

�3-400 men living quarter

�150 – 300 t crane

Barge Application

�Benign water, < 150 m wd

�Support during offshore construction

�Support during IMR services

Market

�1200 fixed facilities scheduled between 2007 – 2010 worldwide

�$ 20-30 billion to be invested in offshore modification market between 2007 – 2010

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Multipurpose Service VesselMultipurpose Service VesselMultipurpose Service VesselMultipurpose Service Vessel

Technical

�2500-300 t crane capacity

�4-500 men living quarter

Commercial

�60% ownership, $ 120 mill

�Consafe MSV AB (Consafe Invest, JCE Group & Yantai Raffles) 40% & contract with Yantai

�Delivery July 2009

�LOI agreed

Application

�Installation/removal work

�Platform modification

�Module lifting & Hook up work

�Sub sea installation

�Decommissioning

�Accommodation support

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Financial TargetFinancial TargetFinancial TargetFinancial Target

Well Intervention Vessel:� Targeting EBITDA of USDm 80 p.a. for two vessels incl. own services.� 10 year contract with Sonangol for first vessel.� Guaranteeing min USDm 26 per year in EBITDA� Adjusted annually by 2% LIBOR

Barges�Targeting EBITDA of min USDm 60 p.a. for 5 barges�Two contracts with Dynamic Industries*:

• Averaging USD 53,000 per day• Totalling EBITDA of USDm 30 p.a

* One contract confirmed with Chevron Angola

SG & A and Gross Interest Cost� USDm 2 p.a*

* Excluding Financing of Multipurpose Vessel

Confidential

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� Main focus is offshore West Africa, but exploring other markets.

� Two well intervention vessels have been ordered, delivery Q3 2009 & Q4 2010

� Five work/accommodation barges have been ordered, delivery from Q3 2007.

� Contract on first LWI vessel & two barges.

� LOI’s with OTG and Consafe MSV. MOU with Schlumberger

� Marine Subsea AS is OTC-listed and is aiming for listing on OSE in 4Q 2007.

Summary Summary Summary Summary