dof asa q1 2016 presentation

Q1 Financial Presentation 2016

DOF ASA

Highlights

- Q1 Presentation 2016 DOF ASA

Main Highlights

General good operational performance in the period Average utilisation total fleet of 83% Backlog 73% for the remainder of 2016 One vessel sold and delivered to new owners Two newbuilds delivered in April Challenging markets Refinancing process ongoing

3

All numbers based on management reporting

EBITDA Q1 MNOK 803 (incl gain from sale of vessels MNOK 70) EBITDA excl hedge MNOK 871


Operational Highlights

Subsea

• Average utilisation project fleet 79% and TC (time charter) fleet 93%

• 7 vessels docked in the period

• Brazil- variable utilisation and earnings

• Asia Pacific – Good utilisation

• North Sea – Variable utilisation – low season

• US-gulf – Good utilisation

AHTS/PSV

• North Sea & Med – Good utilisation, one vessel partly in lay-up in the Med

• South America – Good utilisation Brazil, variable in Argentina

• Asia Pacific – Low utilisation, three vessels in lay-up, but all mobilized for contracts end of period

Operational

4


Highlights

Contract awards

5

Skandi Emerald and Skandi Giant awarded 120 days + 1 x 5 weeks option each with Schlumberger Asia Services, India

Geograph awarded an 18 months extention with Petrobras

Various subsea project contracts securing back log in Q2

Skandi Vega awarded 1+1 yr with Statoil from mid May 2016

Skandi Marstein awarded an 18 months contract with Nexen Petroleum UK, start up early May

Skandi Gamma awarded 3 months + options with Maersk Oil North Sea UK, from April

Skandi Møgster and Skandi Saigon extended with Total Austral, firm until Mid October 2016


Highlights

Fleet

6

Financing

Skandi Protector sold and delivered to new owner in January

Skandi Acu (PLSV) delivered in April and currently mobilizing on 8 yrs contract with Petrobras

Skandi Paraty (AHTS) delivered in April and on-hire on a 4 yrs contract with Petrobras

DOF Subsea completed refinancing of one fleet loan

DOFSUB05 repaid in April

Two new facilities drawn on delivery of Skandi Acu and Skandi Paraty

Overview Group


DOF ASA in brief

Vessels

Fleet 67 vessels (wholly and partly owned) (19 PSV, 20 AHTS, 28 Subsea)

• 62 owned vessels in operation • 2 owned less than 50% • 3 Subsea newbuilds

2 subsea vessels chartered in from external owners

62 ROVs, 5 ROVs on order

NOK 31.5 billion in fair market value owned vessel in operation* (100% basis)

Average age 9.3 years, value adjusted fleet age of 6.8 years

Back log* Total NOK 63.1 bn

• Firm contracts : NOK 29.8 bn • Options: NOK 33.3 bn

Global organisation Head office in Norway Regional offices in Australia,

Singapore, UK, USA, Canada, Angola, Argentina and Brazil

Total of 4 383 employees* Subsea employees: 1 468 Marine personnel: 2 915

(*As per 31.03.2016)

8

28

20

19

2 Subsea

AHTS

PSV

Chartered SubseaVessels


2001-2006 2009 2010 2011 2012 2013 2016

Establishing a strategic position in Brazil

Skandi Copacabana First Brazilian built AHTS

vessel by DOF

Skandi Vitória and Niterói First Brazilian built PLSVs

Skandi Amazonas and Skandi Iguaçu Biggest AHTS vessels built in Brazil by DOF

4 new PLSV´s 2 built in Brazil

2006: DOF Subsea Brasil

established

Skandi Salvador First Brazilian built CSV

Skandi Santos First CSV installing x-mas tree

2001: First step in Brazil

Strategy: Brazilian flag, local content, local employees New contracts in Q1 2016 confirms the Groups strategy

Skandi Açu mobilizing for 8 yrs contract Skandi Paraty on-hire 4 yrs contract

Geograph Petrobras extended

contract by 18 months


Fleet overview and contract coverage

* Including Newbuilds ** Excl. vessels with minority share

10

No. of vessels

PSV AHTS Subsea Total fleet

DOF ASA/DOF REDERI AS 17 4 2 23

NORSKAN OFFSHORE 1 10 2 13

DOF SUBSEA AS 0 0 22* 22

DOF INSTALLER ASA 0 0 2 2

DOF DEEPWATER AS 0 5 0 5

Total fleet 18 19 28 65**

Contract coverage

Remaining 2016 Firm 82 % 73 % 68 % 73 %

Remaining 2016 Including options 89 % 75 % 79 % 81 %

2017 Firm 49 % 49 % 45 % 47 %

2017 Including options 75 % 58 % 60 % 63 %

Expectations for 2016: • Despite weak market we see

progress in securing short and long term contracts

• Our global footprint, track record and project capacity will be vital to secure utilisation

• High back-log in the PSV segment

but reduced margins on contract renewals


2016 2017 2018 2019 2020 ThereafterOption 530 1 081 1 435 1 745 2 058 26 441Firm 5 083 5 056 4 440 3 883 2 879 8 486

8 486

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

9 000

10 000

NO

K m

illio

n

Contract coverage at 31.03.2016

26 441

DOF backlog overview 2016 -2020+

• Total value backlog from 2020 and onwards is MNOK 34,927

26,813

- Q1 Presentation 2016 DOF ASA 12

Region Perth

Rio de Janeiro

Buenos Aires

Singapore

Houston

St. Johns

Aberdeen

Cairo

Brunei

Macaé

Jakarta

Manila

Luanda

Austevoll

Malaysia

29

4

23

7

3

Melbourne

Darwin

630

501

374

North America

Asia Pacific Brazil

Atlantic

256

Marine Crew: 2 614

Mumbai

A global player


Vessel Yard Delivery Type Contract Financing

Skandi Buzios Vard Norway 2016 PLSV 8 yrs Petrobras

Skandi Recife Vard Brazil 2016 PLSV 8 yrs Petrobras Loan agreement signed with BNDES

Skandi Olinda Vard Brazil 2017 PLSV 8 yrs Petrobras Loan agreement signed with BNDES

Remaining newbuilding program

13

Financials Management Reporting


Result Q1 2016 Comments result Q1 Operational performance: PSV: • 90% utilisation fleet • Generally good performance AHTS: • 82% utilisation fleet • Four vessels partly in lay-up Subsea: • 93% utilisation TC fleet • 79% utilisation project fleet • One vessel sold • Several vessels completed dry-dock

Depreciation and impairment: • Impairment loss mainly due to drop in FMVs • Mainly impairment on subsea assets Finance: • Weaker USD compared to NOK and BRL –

high unrealized gain on currency

15

All figures in NOK million Q1 2016 Q1 2015 2015

Operating income 2 250 2 542 10 991 Operating expenses -1 451 -1 752 -7 439 Net profit/loss from TS and JV 2 -1 -26 Net gain on sale of vessel 70 225 375 EBITDA before hedge 871 1 013 3 901

Hedge operating income -68 -21 -182 Operating profit before depr - EBITDA 803 992 3 719

Depreciation -268 -270 -1 119 Impairment -330 - -531 Operating profit- EBIT 205 723 2 070

Financial income 7 18 88 Financial costs -295 -338 -1 290 Net realised currency gain/loss -136 -103 -386 Net profit/loss before unrealised currency -218 301 481

Net unrealised currency gain/loss 365 -517 -925 Net unrealised gain/loss on market instr. 182 130 109 Profit/loss before tax 329 -86 -335 Tax -61 82 11 Net profit/loss 267 -4 -323 According to management reporting


Segment reporting Q1 2016

13 %

17 %

70 %

EBITDA Q1 2016

PSV

AHTS

Subsea

13 %

17 %

70 %

EBITDA Q1 2015

PSV

AHTS

Subsea

PSV AHTS CSV Total Amounts in NOK mill Q1 2016 Q1 2015 Q1 2016 Q1 2015 Q1 2016 Q1 2015 Q1 2016 Q1 2015

Operating income 262 299 383 389 1 537 1 833 2 182 2 521 Gain on sale of tangible assets - 20 - - 70 205 70 225 Operating result before depreciation and impairment (EBITDA) 101 132 136 172 566 688 803 992 Depreciation 45 -51 59 -54 164 -164 268 -269 Impairment 56 - 73 - 201 - 330 - Operating result (EBIT) 0 81 4 118 201 524 205 723

EBITDA margin 39 % 44 % 36 % 44 % 37 % 38 % 37 % 39 % EBIT margin 0 % 27 % 1 % 30 % 13 % 29 % 9 % 29 % According to management reporting


Historical Performance Group (excl gain from sale of assets)

17

According to management reporting

0%

5%

10%

15%

20%

25%

30%

35%

40%

-

500

1 000

1 500

2 000

2 500

3 000

3 500

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

EBIT

DA

Mar

gin

%

MN

OK

Operating revenue EBITDA EBITDA margin

Q1 2013 Q1 2014 Q1 2015 Q1 2016 Operating revenue 1 994 2 240 2 521 2 182 EBITDA 600 756 767 733 EBITDA margin 30 % 34 % 30 % 34 %

Non-current assets 28 246 27 679 29 230 28 865 Current assets 4 438 4 580 4 715 4 289 Total Assets 32 685 32 258 33 945 33 154

Equity 6 763 6 891 6 239 5 803 Non-current debt 22 315 20 354 19 979 21 838 Current debt 3 608 5 014 7 728 5 514 Total Equity and Debts 32 685 32 258 33 946 33 154


Balance Q1 2016 Comments to balance Assets:

• 11 vessels sold and two vessels delivered last 12 months

• Intangible assets mainly deferred tax MNOK 1 252 and goodwill MNOK 419

Financial assets: • Financial assets include minority share and

long term funding of JVs (ship owning companies)

Equity:

• Still high negative impact from volatility in currency last 12 months

Liabilities: • Secured debt MNOK 21 408 • Unsecured debt MNOK 3 710

Current liabilities:

• Current part interest term debt includes bonds, MNOK 1 060, balloons MNOK 278, and normal amortization + credit facilities

18

Amounts in NOK million 31.03.2016 31.03.2015 31.12.2015

ASSETS Intangible assets 1 671 1 475 1 941 Vessel and other tangible assets 24 702 24 532 24 967 Newbuildings 1 872 2 825 943 Financial assets 620 399 530 Non-current assets 28 865 29 230 28 381

Receivables 2 491 3 193 2 772 Cash and cash equivalents 1 799 1 523 2 220 Asset held for sale 0 0 477 Current assets incl asset held for sale 4 289 4 715 5 469 Total assets 33 154 33 945 33 850

EQUITY AND LIABILITIES Subscribted equity 1 452 1 452 1 452 Retained equity 896 1 345 439 Non-controlling equity 3 455 3 442 3 281 Equity 5 803 6 239 5 172

Provisions for commitments 121 130 121 Other non-current liabilities 21 717 19 849 22 946 Non-current liabilities 21 838 19 979 23 067

Current part of interest bearing debt 3 853 5 912 3 198 Other current liabilities 1 661 1 815 2 152 Liabilities held for sale 0 0 260 Current liabilities 5 514 7 728 5 611 Total equity and liabilities 33 154 33 945 33 850



Key Figures

19

Q1 2016 Q1 2015 2015

FINANCIAL RESULT

EBITDA margin (ex. net gain on sale of vessel and hedge accounting) 1 36 % 31 % 32 % EBIT margin (ex. net gain on sale of vessels and hedge accounting) * 2 9 % 20 % 17 % Profit per share ex. non-controlling interest 2,56 -0,69 0,73

Profit per share ex. unrealized loss/gain and taxes -3,19 1,68 5,00

BALANCE Return on net capital 5 % 0 % -6 % Equity ratio 18 % 18 % 15 % Value adjusted equity 32 % 34 % 33 % Net interest bearing debt 23 319 23 669 23 731 Net interest bearing debt ex. unemployed capital 21 447 20 845 22 788 NIBD/EBITDA 3 6,06 6,22 6,46 NIBD/EBIT 4 13,74 9,46 12,14 1 EBITDA excluded net gain on sale of assets and hedge accounting / Operating Income 2 EBIT excluded net gain on sale of assets and hedge accounting / Operating Income 3 Net interest bearing debt excluded unemployed capital / Rolling EBITDA for 4 last quarters excl. gain on sale of assets & hedge accounting 4 Net interest bearing debt excluded unemployed capital / Rolling EBIT for 4 last quarters excl. gain on sale of assets & hedge accounting * EBIT incl. impairment loss of MNOK 330 in Q1 2016


-

1,00

2,00

3,00

4,00

5,00

6,00

7,00

8,00

9,00

-

5 000

10 000

15 000

20 000

25 000

2011 2012 2013 2014 2015 Q1 2016*

Mill

ion

NO

K

NIBD historical development

Net interest bearing debt ex unemployed capital

EBITDA ex gain on sale of assets and hedge accounting

NIBD/EBITDA

* EBITDA for current quarter plus 3 previous quarters.


Net interest bearing debt 31.03.2016

20

Comments current interest bearing debt: Bonds short term:

• DOFSUB05 MNOK 360 ( paid in April 2016) • DOF09 MNOK 700 (maturity in Feb 2017)

Short term debt to credit institutions:

• Two balloons MNOK 278 • Amortization MNOK 2 217

Cash and derivatives:

• MNOK 453 represent cash deposit

Amounts in NOK million 31.03.2016 31.03.2015 31.12.2015

Bond loan 2 650 4 126 3 347 Debt to credit institutions 18 813 15 342 19 328 Total non-current interest bearing liabilities 21 462 19 468 22 674 Bond loan 1 060 700 1 039 Debt to credit institutions 2 495 4 533 1 522 Utilised credit facilities 100 491 455 Liabilities held for sale - - Total current interest bearing liabilities 3 655 5 724 3 016 Total interest bearing liabilities 25 118 25 192 25 690 Cash and cash equivalents 1 799 1 523 2 220 Total net interest bearing liabilities 23 319 23 669 23 471

Newbuilds 1 872 943 943 Net interest bearing liabilities, excluding unemployed capital 21 447 22 726 22 528



Cash Flow Statement

21

Comments Cash flow Statement Sale of assets:

• Skandi Protector

Purchase of tangible assets: • 1st delivery Skandi Acu

Other investments:

• Long term funding JVs

Proceeds from borrowings:

• 1st draw down Skandi Africa • Refinancing one fleet loan (4 vessels)

Prepayment of borrowings:

• Payment balloons on refinancing • Normal amortization

Amounts in NOK million Q1 2016 Q1 2015 2015

Cash from operating activities 651 561 3 882 Net interest paid -274 -359 -1 271 Taxes paid -25 -91 -252 Net cash from operating activities 352 112 2 359

Sale of tangible assets 548 1 261 2 615 Purchase of tangible assets -1 227 -2 061 -4 231 Sale of shares 3 - - Purchase of shares - - -8 Other changes in investing activities -131 -22 -142 Net cash from investing activities -808 -822 -1 766 Proceeds from borrowings 1 663 1 753 6 807 Prepayment of borrowings -1 593 -2 317 -7 873 Payment from/to non-controlling interests - - -117 Net cash from financing activities 70 -564 -1 183

Net changes in cash and cash equivalents -386 -1 274 -590

Cash and cash equivalents at the start of the period 2 220 2 695 2 695 Exchange gain/loss on cash and cash equivalents -35 101 114 Cash and cash equivalents at the end of the period 1 799 1 523 2 220



Management reporting vs Financial reporting

RESULT Q1 2016 Q1 2015

Amounts in NOK mill

Management reporting

Reconciliation to equity method

Financial reporting



Financial reporting

Operating income 2 182 -107 2 075 2 521 -133 2 388 Operating expenses -1 451 45 -1 406 -1 752 25 -1 728 Net profit from associated and joint ventures 2 -15 -14 -1 -25 -26 Net gain on sale of tangible assets 70 - 70 225 - 225

Operating profit before depreciation EBITDA 803 -77 726 992 -133 859 Depreciation -268 12 -256 -270 22 -247 Impairment -330 50 -280 - - -

Operating profit - EBIT 205 -15 190 723 -111 612

Financial income 7 5 12 18 3 21 Financial costs -295 9 -286 -338 18 -320 Net realized gain/loss on currencies -136 16 -120 -103 3 -100 Net unrealized gain/loss on currencies 365 -28 337 -517 89 -429 Net changes in fair value of financial instruments 182 -0 182 130 1 131

Net financial costs 123 2 125 -809 113 -696 Profit (loss) before taxes 329 -13 315 -86 2 -84 Taxes -61 13 -48 82 -2 80 Profit (loss) 267 0 267 -4 -0 -4


Management reporting vs Financial reporting BALANCE 31.03.2016 31.03.2015

Amounts in NOK mill



Financial reporting



Financial reporting

ASSETS Intangible assets 1 671 -105 1 566 1 475 -116 1 359 Tangible assets 26 574 -3 630 22 943 27 356 -3 308 24 048 Non-current financial assets 620 1 070 1 691 399 1 243 1 642 Total non-current assets 28 865 -2 664 26 201 29 230 -2 181 27 049 Receivables 2 491 -56 2 435 3 193 -75 3 118 Cash and cash equivalents 1 799 -130 1 669 1 523 -63 1 459 Total current assets 4 289 -186 4 103 4 715 -138 4 577

Asset held for sale - - - - - - Total current assets incl. Asset held for sale 4 289 -186 4 103 4 715 -138 4 577 Total assets 33 154 -2 851 30 304 33 945 -2 319 31 626

EQUITY AND LIABILITIES Equity 5 803 - 5 803 6 239 - 6 239 Non-current provisions and commitments 121 -35 87 130 -27 102 Non-current liabilities 21 717 -2 545 19 172 19 849 -2 057 17 791 Current liabilities 5 514 -271 5 242 7 728 -234 7 493

Total liabilities 27 352 -2 851 24 501 27 706 -2 319 25 387 Liabilities held for sale - - - - - - Total liabilities incl. Liabilities held for sale 27 352 -2 851 24 501 27 706 -2 319 25 387 Total equity and liabilities 33 154 -2 851 30 304 33 945 -2 319 31 626

Net interest bearing liabilities 23 319 -2 653 20 666 23 669 -2 199 21 470


DO

F ex

Sub

sea

DO

F Su

bsea

Bonds: • DOFSUB05, MNOK 360 repaid in April 2016 • DOF09, MNOK 700 due in February 2017

Bank Balloons: • Total balloons of MNOK 278 due in Q4 2016

DOF GROUP COUNTERPARTY EXPOSURE Q1 2016

24

ECA mainly represent exposure with Norwegian and Brazilian ECAs

42%

16%

42% ECA

Bonds

Other Banks

Debt maturity profile

-

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

2016E 2017E 2018E 2019E 2020E Thereafter

Bond

Bank Debt

Balloons

-

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

4 500

2016 2017 2018 2019 2020 After

Bond

Bank Debt

Balloons


Adjust the Group’s capacity to the challenging market

Several cost cutting measures have been implemented during the last 12 months

The organisation has been reduced both onshore and offshore with approx.10% of the work force in 2015, and additional reduction in 2016

Vessels have been re-allocated among regions in order to secure utilisation

Chartered-in vessels redelivered

Sale of several vessels

Cost focus going forward Continuously focus on adjusting the Group’s capacity, cost level and risk exposure to the market

going forward

25

DOF Subsea


2005

Established 20 552

NOK million total assets Modern

High-end fleet and equipment

21 Owned subsea vessels

3 Vessels on order

2 Vessels on charter

62 ROVs, 5 ROVs on order

First Reserve Corporation (49%)

1 468 Highly-skilled employees

DOF Subsea Holding (100%)

DOF ASA (51%)

DOF Subsea in brief

DOF Subsea


• Majority of the fleet delivered after 2007

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

• High-end vessels capable of a wide scope of world wide operations

Modern high-end fleet


DOF Subsea quarterly performance (excl. asset sales)

29 * According to internal Management reporting

0%

5%

10%

15%

20%

25%

30%

35%

40%

-

500

1 000

1 500

2 000

2 500

Q1 2012 Q2 2012 Q3 2012 Q4 2012 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

NO

K m

illio

n

Operating income EBITDA EBITDA margin

NOK million Q1 2012 Q2 2012 Q3 2012 Q4 2012 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 2016Operating income 1 223 1 384 1 354 1 288 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 EBITDA 411 470 489 417 329 471 595 550 502 543 552 502 458 515 553 516 456 EBITDA margin 33,6% 34,0% 36,1% 32,4% 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%

Current assets 2 782 2 962 2 704 2 612 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 Non-current assets 16 455 16 230 16 056 16 012 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

Total assets 19 238 19 192 18 760 18 624 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

Current liabilities 2 543 2 495 2 260 1 989 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 Non-current liabilities 11 723 11 735 11 439 11 534 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 Equity 4 970 4 963 5 061 5 102 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


DOF Subsea – Projects

* According to internal Management reporting

30

DOF Subsea has built a global presence over the last 10 years

DOF Subsea has developed the project business gradually

Increased project activity and complexity driving growth

IMR focused operations

Project business going forward

• Gradually increase the complexity of work done

• Build a larger project back-log with focus on IMR

• Mix between owned and chartered in vessels

Operating income by segment

2013 2014 2015Subsea projects 4 971 5 187 4 810Chartering of

vessels 1 609 2 236 2 442

Total 6 580 7 422 7 252

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

Chartering of vessels Subsea projects

Q12014

Q12015

Q12016

Subsea projects 1 035 1 086 904Chartering of vessels 496 570 502Total revenue 1 531 1 656 1 406

0

200

400

600

800

1 000

1 200

1 400

1 600

1 800

Chartering of vessels Subsea projects


In general, weak global markets within supply and subsea, however still differences in regional opportunities Subsea: APAC market

Reduced spending from operators leading to low activity Competition scene changing with the bigger contractors now interested in IMR as

construction work dries up

DOF SUB: Still long and short term opportunities, but downward pressure on rates and slower tender

activities Brazil market We expect a slow market, with few new tenders, strong pressure on rates and “blocking

activity” leading to termination and renegotiation of contracts (DOF is benefiting from blockings).

DOF SUB: Challenging and time-consuming for vessels that are up for renewal Important with Brazilian flag

Market and outlook

31


Market and outlook

32

Subsea: North America market We still see a reasonable level of activities in the IMR and Tie-back, however prices

are lower due to cost saving approach by the Operators Added opportunities following fewer competitors in market Better opportunity in Canada, where local presence is minimum

DOF SUB: Maintaining our position. We expect to see a gradual increase in market share in

the medium term, as target clients provide access to opportunities. Flexible business model with chartered-in vessels.

Atlantic market We expect Norway to be weak in 2016 We expect UK to be weak in 2016

DOF SUB: Normand Reach will be redelivered Q2 2016


Market and outlook

33

Supply: Brazil: Slow market continues, with few new tenders, increased competition and lower rates. Petrobras redelivering vessels in order to reduce current fleet size, but at slower pace. DOF: Few vessels up for renewal. There are some opportunities for Brazilian flagged and

international vessels using “REB flag import capacity”, through blocking. Slow progress on negotiations and risk of idle time.

North Sea: We expect the North Sea market for both AHTS and PSV to be weak. DOF: Low market exposure in Q2, but gradually higher exposure going forward. Asia Pacific: We see low tender activity in the region within supply. Downward pressure on rates and over-supply of tonnage. DOF: 3 vessels in the region, all idle in Q1, all 3 to commence new contracts in Q2.


Operational EBITDA for Q2 2016 in line or slightly weaker compared with Q1 2016

No change in full year guidance

Refinancing plan includes dialogue with the Group’s lenders, bond holders and the largest shareholders to secure a comprehensive solution

Outlook

34

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 13 May 2016. 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.

36

dof asa q1 2016 presentation

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