2014 q1 dof_asa_pres

Q1 Financial Presentation 2014

DOF ASA

Highlights

- Q1 Presentation 2014 DOF ASA

Highlights Q1 2014

Lower subsea project activity in 1st quarter compared with previous quarter Weak utilisation on 3 PSVs, 6 AHTS and 3 CSV due to:

Skandi Marstein – upgrade DP2 and mobilization new contract CNR Int. Skandi Flora – class docking and prepare for spot market Skandi Leblon – class docking Skandi Møgster & Skandi Saigon – upgrade and transit Argentina, Total contract Skandi Ipanema – mobilization Petrobras contract incl. Installation ROV Skandi Fluminense – mobilization Petrobras contract Skandi Peregrino – class docking Brazil Skandi Giant- down time due to maintenance issues Geoholm – transit to Brazil, Petrobras contract Skandi Salvador – class docking Skandi Skolten – maintenance issues

Operational

Fleet

Sale of Skandi Bergen in January, gain on sale MNOK 204 DOF Subsea hired external Jones Act-vessels Chloe Candies and

Ross Candies for a period of 1+1 yrs each The newbulding Skandi Urca delivered in April 2014

Total Ebitda MNOK 960 and operational EBITDA MNOK 756 (MNOK 606)


Highlights Q1 2014

Skandi Seven 2 yrs extention with Subsea 7 firm until March 2017

Project contracts Ross Candies and Chloe Candies in Gulf of Mexico

Several subsea contracts in the Asia Pacific and Atlantic region

Skandi Copacabana, 4 yrs with Petrobras from April

Skand Paraty, 4 yrs with Petrobras from delivery in 2015

Geosund, call-off 2014 and 2015 Statoil survey frame agreement

Skandi Waveney, 1+2x1yrs with Peterson den Helder

Skandi Marstein, 9+9 months contract with CNR International

DOF ASA issued a new bond MNOK 700 in January

Repayment of DOFSUB04 in April, with a total net cash effect of MNOK 454

Contract awards

Finance

Overview Group


DOF ASA in brief

Fleet 70 vessels in operation (PSV: 24, AHTS: 18, Subsea: 28) 7 newbuildings (AHTS: 2 Subsea: 5) Operates 58 ROVs Market value total fleet (100% basis) in

operation at NOK 33.5 bn Average age of 8 years Value adjusted fleet age of 5 years

Back log Total NOK 61.18 bn

Firm contract : NOK 28.87 bn Options: NOK 32.30 bn

Global organization Head office in Norway Regional offices in Australia, Singapore, UK, USA, Canada,

Angola, Argentina and Brazil

Total of 4 955 employees Subsea employees: 1 575 Marine personnel: 3 380

Share price NOK 27.20 (31.03.2014)

NAV per share NOK 77


Company overview


PSV AHTS Subsea Total fleetNo. of vesselsDOF ASA/DOF REDERI AS 19 3 3 25

NORSKAN OFFSHORE 5 12 2 19

DOF SUBSEA AS 0 0 25 25

DOF INSTALLER ASA 0 0 3 3

AKER DOF DEEPWATER AS 0 5 0 5

Total fleet 24 20 33 77

Contract coverage 2014* 78 % 93 % 79 % 82 %Contract coverage 2015* 54 % 57 % 47 % 52 %

The fleet market segment

*Not including options


Global player

9

31

28

2

4

Norway Brazil US/Canada UK Asia Pacific Angola Marine Crew Total

DOF employees 469 555 159 352 355 20 3 045 4 955

Focus Region


Vessel Yard Delivery Type Contract Financing

Skandi Angra Vard Brazil Q4 2014 AHTS 8 yrs Petrobras Funding secured

Skandi Paraty Vard Brazil Q2 2015 AHTS 4 yrs Petrobras Funding secured

Skandi TBN 800 Vard Norway Q2 2015 CSV 5 yrs Technip Funding secured

Skandi TBN Vard 823 Vard Norway 2016 PLSV 8 yrs Petrobras

Skandi TBN Vard 824 Vard Norway 2016 PLSV 8 yrs Petrobras

Skandi TBN PLSV1 Vard Brazil 2016 PLSV 8 yrs Petrobras

Skandi TBN PLSV2 Vard Brazil 2017 PLSV 8 yrs Petrobras

Remaining newbuilding program

Financials


All figures in NOK million Q1 2014 Q1 2013 2013

Operating income 2 240 1 994 9 754 Operating expenses -1 486 -1 394 -6 651 Net profit/loss from associates and joint ventures 2 6 1 Net gain on sale of vessel 204 - 8 Operating profit before depreciation- EBITDA 960 606 3 112

Depreciation -232 -302 -1 193 Operating profit- EBIT 728 304 1 919

Financial income 25 17 62 Financial costs -370 -371 -1 434 Net realised currency gain/loss -29 6 39 Net profit/loss before unrealised gain/loss long term debt 353 -45 586

Net unrealised currency gain/loss 60 -11 -606 Net unrealied gain/loss on market instruments 23 -27 -5 Profit/loss before tax 435 -83 -25

Tax -30 - -27 Net profit/loss 405 -83 -52

Profit attributable toNon-controlling interest 205 -30 139 Controlling interest 200 -53 -191

ALL FIGURES IN NOK MILLION

Result Q1 2014

Comments PSV: • 88% utilisation rate PSV fleet • 1 vessel upgraded and mobilized for

new contract • Class docking 3 vessels • 7 vessels fully or partly in the spot

market AHTS: • 77% utilisation rate AHTS fleet • 2 vessels upgraded and in transit new

contracts in Argentina • 2 vessels mobilized for new

contracts in Brazil • Class docking 3 vessels • 1 vessel in the spot market Subsea/CSV: • 92% utilisation TC vessels • 70% utilisation project fleet • 1 vessels in transit new contract • Class docking 3 vessels


Amounts in NOK mill

Q1 2014 Q1 2013 Q1 2014 Q1 2013 Q1 2014 Q1 2013 Q1 2014 Q1 2013

Operating income 296 272 266 335 1 678 1 387 2 240 1 994

Operating result befor depreciation (EBITDA) 105 108 117 164 738 334 960 606

Operating result (EBIT) 69 71 70 109 589 124 728 304

EBITDA margin 35 % 40 % 44 % 49 % 44 % 24 % 43 % 30 %

EBIT margin 23 % 26 % 26 % 33 % 35 % 9 % 33 % 15 %

PSV AHTS Subsea TotalALL FIGURES IN NOK MILLION

P&L Q1 2014 Segments

11 % 12 %

77 %

EBITDA Q1 2014

PSV AHTS Subsea

18 %

27 % 55 %

EBITDA Q1 2013

PSV AHTS Subsea


Historical EBITDA excl asset sales

0%

5%

10%

15%

20%

25%

30%

35%

40%

-

500

1 000

1 500

2 000

2 500

3 000

Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

EBIT

DA

Mar

gin

%

MN

OK

Operating revenue EBITDA

Q1 2011 Q1 2012 Q1 2013 Q1 2014Operating revenue 1 386 1 868 1 994 2 240 EBITDA 375 607 600 756 EBITDA margin 27 % 32 % 30 % 34 %

Non-current assets 23 191 27 418 28 246 27 679 Current assets 4 163 4 203 4 438 4 580 Total Assets 27 354 31 621 32 685 32 258

Equity 6 617 6 906 6 763 6 891 Non-current debt 17 036 20 449 22 315 20 354 Current debt 3 701 4 266 3 608 5 014 Total Equity and Debts 27 354 31 621 32 685 32 258


Amounts in NOK mill ion 31.03.2014 31.03.2013 31.12.2013

ASSETSIntangible assets 758 693 781Vessel and other tangible assets 25 683 26 702 26 244Newbuildings 954 456 646Financial assets 284 395 258Non-current assets 27 679 28 246 27 928

Receivables 2 454 2 152 2 503Cash and cash equivalents 2 126 2 286 2 314Current assets 4 580 4 438 4 817

Total assets 32 258 32 685 32 745

EQUITY AND LIABILITIESSubscribted equity 1 452 1 452 1 452Retained equity 2 250 2 368 1 929Non-controll ing equity 3 190 2 943 2 965Equity 6 891 6 763 6 346

Provisions for commitments 158 184 155Other non-current l iabil ities 20 196 22 130 21 421Non-current liabilities 20 354 22 314 21 576

Current part of interest bearing debt 3 553 2 161 3 012Other current l iabil ities 1 461 1 447 1 810Current liabilities 5 014 3 608 4 822

Total equity and liabilities 32 258 32 685 32 745


Balance Q1 2014 Comments • Newbuildings represent instalments

paid on 8 vessels under construction, incl. 50% share in 4 vessels

• New bond issue DOF ASA and repurchase DOF08

• Short term interest bearing debt

includes DOFSUB08, balloons due in 2015 and normal amortizaion


Proportional consolidation - IFRS 11

RESULT

MNOKProportional

consolidation IFRS 11 impact IFRS 11

Operating income 2 240 -112 2 128 Operating expenses -1 486 31 -1 456 Net profit from associated and joint ventures 2 35 37 Net gain on sale of tangible assets 204 204 Operating profit before depreciation EBITDA 960 -47 913 Depreciation -232 19 -213 Operating profit - EBIT 728 -28 700 Finance income, finance cost and realised gain/loss on currencies -375 19 -356 Net unrealised gain/loss on currencies and net changes of fair value on financial instruments 82 -4 78 Net financial costs -293 14 -278 Profit (loss) before taxes 435 -13 422 Taxes -30 13 -17 Profit (loss) 405 0 405

1 Quarter 2014


Proportional consolidation - IFRS 11

BALANCE

MNOKProportional

consolidation IFRS 11 impact IFRS 11ASSETSIntangible assets 758 -18 740 Tangible assets 26 637 -3 101 23 535 Non-current financial assets 284 1 287 1 571 Total non-current assets 27 679 -1 832 25 847 Receivables 2 454 -57 2 397 Cash and cash equivalents 2 126 -64 2 062 Total current assets 4 580 -121 4 459 Total assets 32 258 -1 953 30 306

EQUITY AND LIABILITIESEquity 6 891 - 6 891 Non-current provisions and commitments 158 -29 129 Non-current l iabil ities 20 196 -1 664 18 532 Current l iabil ities 5 014 -260 4 754 Total liabilities 25 368 -1 953 23 415 Total equity and liabilities 32 258 -1 953 30 306

Balance 31.03.2014


Cash Flow Q1 2014 (IFRS 11)


Net Increased cash from operations MNOK 204

Net change cash from investments MNOK 991

Net change cash from finance activities MNOK - 1475

Q1 2014 Q1 2013 2013

Cash from operating activities 571 380 2 602 Net interest paid -346 -364 -1 288 Taxes paid -8 -3 -29 Net cash from operating activities 217 13 1 285

Payment received on sale of tangible assets 927 - 87 Purchase of tangible assets -538 -643 -1 455 Other changes in investing activities -37 3 7 Net cash from investing activities 352 -639 -1 361

Proceeds from borrowings 835 1 572 3 186 Prepayment of borrowings -1 551 -818 -2 754 Payment from/to non-controll ing interests -3 1 -99 Net cash from financing activities -720 755 333

Net changes in cash and cash equivaletents -151 128 257

Cash and cash equivalents at the start of the period 2 219 1 940 1 940 Exchange gain/loss on cash and cash equivalents -6 -1 22 Cash and cash equivalents at the end of the period 2 062 2 067 2 219

Comments Q1


Key figures & Financial Compliance in Q1 2014

DOF ASA in compliance with financial covenants per March:

Equity ratio = 37% (requirement 30% or 20% if contract coverage >70%

Contract coverage 82% Actual free cash: NOK 1 445 mill (requirement NOK 500 mill)

Q1 2014 Q1 2013 YTD 2013FINANCIAL RESULTEBITDA margin 43 % 29 % 31 %EBITDA margin excl. net gain of assets 33 % 29 % 31 %EBIT margin 33 % 14 % 19 %Cashflow per share 1) 5,02 1,98 14,60 Profit per share ex. non-controll ing interest 2) 1,80 -0,48 -1,72 Profit per share ex. unrealised loss/gain and taxes 3) 3,18 -0,40 5,28

BALANCE 31.03.2014 31.03.2013 31.12.2013ROE 4) 13 % 9 % 9 %ROCE 5) 8 % 6 % 7 %Equity ratio (IFRS 11) 23 % 22 % 21 %Equity ratio (Proportional consolidation) 21 % 21 % 19 %Value adjusted equity 37 % 38 % 36 %Value adjusted equity per share 77 81 77 Net interest bearing debt (IFRS 11) 19 780 20 086 20 410 Net interest bearing debt (proportional consolidation) 21 573 21 684 21 985

No of shares* 111 051 348 111 051 348 111 051 348

*) Diluted number of share is the same as number of shares

1. Pre-tax result excl.depreciations and unrealised gain/loss currencies debt and derivatives/average no of shares2. Net profit excl. non controlling interest/average no of shares3. Net profit excl.unrealised currency gain/loss on debt, derivaties and taxes/average no of shares4. Net profit last 4 quarters (excl unrealised currency gain/loss and derivatives on debt)/equity5. Ebit last 4 quarters/Capital employed


Net interest bearing liabilities 31.03.2014

ALL FIGURES IN NOK MILLION Proportional consolidation IFRS 11

Bond loan 5 157 5 157 Debt to credit institutions 14 634 13 000 Total non-current interest bearing liabilities 19 790 18 157

Bond loan 454 454 Debt to credit institutions 3 002 2 777 Util ized credit facil ities 97 97 Total current interest bearing liabilities 3 553 3 328

Total interest bearing liabilities 23 343 21 486

Cash and cash equivalents 2 126 2 062 Net derivatives -358 -356 Non-current receivables - - Total net interest bearing liabilities 21 575 19 780

Newbuilds 954 641 Net interest bearing liabilities, excluding unemployed capital 20 621 19 138


Debt maturity profile

DO

F D

OF

Sub

sea

-

500

1 000

1 500

2 000

2 500

3 000

3 500

2014 2015 2016 2017 2018 After

Bank Debt Bond Balloons

-

500

1 000

1 500

2 000

2 500

3 000

3 500

2014E 2015E 2016E 2017E 2018E 2019E After

Bank Debt Bond Loan Balloons

* ECA mainly represent long term funding with BNDES and GIEK

DOF GROUP COUNTERPARTY EXPOSURE Q1 2014

26%

36%

38%

Bond

Eca

Bank


Gearing forecast – summary Total Fleet Market value

Vessels & newbuilds MNOK 37 950

Equipment (subsea) MNOK 1 300

Total Fleet MNOK 39 250

Note: Vessel values as of 31 March 2014

* The figures reflects amortization and balloon payments on secured debt drawn as per 31 March 2014 and onwards

Combined market value DOF Group fleet including newbuild is NOK 37.95 bn (total value 100% NOK 45.1 bn)

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

Asset-level gearing on the existing fleet is 51%, decreasing to 29% in 2017

Significant gearing reduction forecasted upon completion of the current newbuild program

DOF ASA – Asset coverage

0 %10 %20 %30 %40 %50 %60 %70 %80 %90 %

100 %

2014 2015 2016 2017 2018

51% 43% 37% 33% 29%

49% 57% 63% 67% 71%

Debt Equity

Contract Coverage


PSV – Contract coverage

FIRM CONTRACTS

UNDER CONSTRUCTION

OPTIONAL PERIOD

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

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

Skandi Sotra

Skandi Caledonia 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

Skandi Texel 1 1

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 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Flora 1 1

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 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 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 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

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

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 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 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 1 1 1

Skandi Captain

Skandi Fjord 1

Skandi Leblon 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 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 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 Yare 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

NSO

SUPP

Y

PSV 2017 20182014 2015 2016


AHTS – Contract coverage

FIRM CONTRACTS

UNDER CONSTRUCTION

OPTIONAL PERIOD


Skandi Stord

Skandi Admiral 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 2 2 2 2 2 2 2 2 2

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

Skandi Botafogo 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 2 2 2 2

Skandi Rio 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 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

Skandi Fluminense 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 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

Skandi Giant 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 2 2 2 2 2 2 2 2 2

Skandi Ipanema 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 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

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 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 1 1 1

Skandi Urca 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 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 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 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 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 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 Peregrino 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 Emerald 1 1 1 1 1 2 2 2 2

Skandi Saigon 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Pacific 1 1 1 1 1 2 2 2 2

Skandi Atlantic 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

20182016 2017

AD

DN

SOSu

pply

AHTS 2015

SPOT


CSV – Contract coverage

FIRM CONTRACTS

UNDER CONSTRUCTION

OPTIONAL PERIOD


Skandi Olympia 1 1 1 1 1 1 1 1 1 1 1 1 1 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 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 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 Chieftain 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Skandi Hav 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 2 2 2 2 2 2 2 2 2 2 2

2018

Supp

lyN

SO

CSV 20162014 2015 2017


FIRM CONTRACTS

UNDER CONSTRUCTION

OPTIONAL PERIOD

Subsea – Contract coverage

* CHARTERED


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 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 2Skandi Achiever 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 2 2 2 2 2

Skandi Aker 1 1 1 1 1 1 1 1 1 1Skandi 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 2 2 2 2 2 2 2 2 2 2 2 2 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 2 2 2 2 2 2 2 2 2 2 2 2 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 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 Neptune 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 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 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 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 1 1 1 1Skandi Salvador 1 1 1 1 1 1 1 1 1Skandi Santos 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 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 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1Skandi Vitoria 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 0

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

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

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 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2Skandi Hawk 1 1 1Skandi Hercules 1 1 1 1

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

Skandi Skansen 1 1 1 1 1 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

Geosund 1 1 1 1 2 2 2 2 1 1 1 1 1 1 1 1 2 2 2 2

Harvey Deep-Sea* 1 1 1 1 1 1 1 1

Chloe Candies* 1 1 1 1 1 0 0

Ross Candies* 1 1

Normand Reach* 3 3 3 1 1 1 1

Skandi TBN (NB800) 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 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi TBN1 (EP-09 300t) 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 1 1 1 1 1

Skandi TBN2 (EP-10 300t) 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 1 1 1 1 1

Skandi TBN3 (Hull 823 650t) 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 1 1 1 1 1 1 1 1 1 1 1

Skandi TBN4 (Hull 824 650t) 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 1 1 1 1 1 1

2018

Geoholm

2017

Geograph

Subsea 2014 2015 2016

DO

F Su

bsea

DOF Subsea


DOF Subsea Group – In brief

29

Key figures Back-log incl. options NOK 33 billion

Market value of fleet NOK 17 billion

Number of shares 119 733 714

Total Per share

Book equity NOK 5.7 billion NOK 47.29

Value adj. equity NOK 8.7 billion NOK 72.61

Book equity ratio 29.4 %

Value adj. equity ratio 39.0 %

27.7 % CAGR

19.4 % 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

Q1 2011 Q1 2012 Q1 2013 Q1 2014

NO

K m

illio

n

Operating revenue EBITDA EBITDA margin

* According to internal Management reporting



Key credit metrics

DOF Subsea 30


-

0,50

1,00

1,50

2,00

2,50

2009 2010 2011 2012 2013 Last 4Qs

Interest Coverage

-

2,00

4,00

6,00

8,00

10,00

12,00

2009 2010 2011 2012 2013 Last 4Qs

NIBD/EBITDA

- 0,10 0,20 0,30 0,40 0,50 0,60 0,70 0,80 0,90 1,00

2009 2010 2011 2012 2013 Last 4Qs

NIBD/Total assets

- 0,10 0,20 0,30 0,40 0,50 0,60 0,70 0,80 0,90 1,00

2009 2010 2011 2012 2013 Last 4Qs

Debt/Total assets


DOF Subsea – Projects

31

PTSC Lamson FPSO Mooring Installation

• Location 120km east of Vung Tau, Offshore Vietnam

• Skandi Hercules, Skandi Singapore, two third party AHTS and a third party Tug & Barge from Q3 2013 to Q2 2014

• Project Management and Engineering: Engineering and detailed design for all Temporary Equipment, Free Issued Equipment and Installation Aids

• Phase 1 - Q3 2013: Installation and pre-tensioning of 9 x 1.83m diameter 30m long Anchor pile c/w 500m-750m of 117m/130mm R3 studless mooring chain (pre-tense load of 150Te)

• Phase 2 - Q2 2014: Tow out and hook up of FPSO PTSC Lamson including installation; Installation of two Mid Water Arches and gravity base, 5 flexible risers, 2 umbilicals and associated saturation diver tie-ins, leak testing and pre-commissioning



OMV Emergency FPSO Mooring System Repair

• Skandi Singapore Q1 ‘12 &’13, Skandi Hercules, Skandi Skansen, Skandi Atlantic, Skandi Emerald Q3 & Q4 ‘13

• Initially routine IRM scope including saturation diving in NZ. Emergency FPSO Mooring System Repair, stabilising vessel, Engineering, Project Management and replacement vessel for Galoc EPIC project.

• Innovation for diverless solution to handle significant loads involved. Developed and built the equipment in time Hercules arrived in New Zealand.



o DOF Subsea has built a global project organisation over the last 9 years

o DOF Subsea has developed the project business gradually

o Increased project activity driving growth

o Project business going forward

• Hire more engineers

• Gradually increase the complexity of work done (Step by Step)

• Build a larger project back-log

• Mix between owned and chartered in vessels

33

2012 2013Subsea projects 3776 4971Chartering of vessels 1472 1609Total 5248 6580

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Operating income by segment

Chartering of vessels Subsea projects Total



Brazil: We expect increased demand for our vessels and services. We expect a substantial increase in day rates compared to old contracts.

North Sea: We expect a volatile AHTS market in 2014. We expect high utilisation and good rates for PSVs during North Sea summer season

DOF Subsea has taken a step-change in customer base and complexity of work done, and we expect a growing market share in this sector going forward.

Asia Pacific: We expect a steady demand for all our vessels and services. DOF Subsea has an excellent position with a new fleet and an established, strong project organization.

We expect operational Ebitda in Q2 to be better than Q1

Outlook

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 15 May 2014. 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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