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DOF ASA Q4 2011

Mons S. Aase CEO

Hilde Drønen CFO

DOF ASA Presentation 2012 - 2

www.dof.no

Agenda

Summary

Recent highlights

Overview Group

Q4 Financials

DOF Subsea update

Outlook

Skandi Skansen


www.dof.no

Summary

Several new contracts in DOF Subsea and in DOF Supply

High exposure to expected strong Subsea market

Expect stronger spot market in 2012 vs 2011, well positioned in the AHTS

segment

New bonds in DOF and DOF Subsea have reduced the liquidity risk in

2012 and 2013

No maturity on any significant bank loans before 2nd half 2013

Minimal risk in funding of remaining newbuilding program

NOK 581 million EBITDA in Q4, included are NOK 8,5 mill one off

restructuring costs in Brazil. Adjusted EBITDA NOK 590 mill

New management team in Brazil

Skandi Skansen


www.dof.no

Recent Highlights

Contracts:

Several contracts for DOF Subsea project fleet securing high utilization in

the North Sea

Several vessels renewed in Brazil at higher rates

Skandi Singapore and Skandi Hercules – secured several contracts in Asia

and Australia

Four year frame agreement with Statoil and Call-Off for light construction

work on the Norwegian Continental Shelf for Geosund

Skandi Skansen – 4 years contract with Subsea 7

Skandi Inspector – one year contract with Integrated Subsea Services Ltd

from April

DOF Subsea Chartering – LOI from a major North Sea operator for one

construction vessel

Skandi Fjord’s contract with Halliburton extended until Oct 14

Skandi Falcon - 490 days in Australia

Skandi Waveney 1 + 2x1 year contract with Peterson in Holland

Skandi Foula and Skandi Rona 5 year contracts with Shell UK


www.dof.no

Recent Highlights

Fleet:

Skandi Singapore delivered in September – earnings from early

November

Skandi Pacific delivered to Aker DOF Deepwater in November – onhire

from mid November

Skandi Niteroi onhire to Petrobras early October

Geosea finished rebuild to RSV in Norway onhire to Petrobras 10th

February

Purchase of building contract for new subsea vessel

Skandi Feistein delivered in November – onhire early December (6 years

to ConocoPhillips)

Skandi Amazonas delivered in December – onhire late December (8 years

to Petrobras)

Skandi Hawk delivered. Start operations as Subsea vessel in Asia Pacific

end March. First contract secured.


www.dof.no

Recent Highlights

Finance:

Supply:

Total new loans of approx. USD 200 mill drawn upon delivery of four vessels in 4th quarter and so far in 1st quarter

New bond of NOK 700 mill (2017) and bought back NOK 520 mill of DOF 07 (2013)

New drawing facility of NOK 200 mill with main bank

Subsea:

New drawing facility of NOK 300 mill with main bank

Sold NOK 200 mill of bonds in DOFSUB 05 (April 2016) and bought back NOK 100 mill in DOFSUB 03

New bond of NOK 700 mill (2015) and bought back NOK 85 mill of DOFSUB 03(2012) and NOK 149 mill of DOFSUB 04


www.dof.no

DOF ASA

Norskan Ltda DOF Subsea Holding Ship owning company

DOF Subsea

DOF Installer

Company overview

Modern fleet & Equipment

22 CSV/ROV vessels

53 ROV’s

Leading Subsea Contractor

3 state of the art installation CSV vessels

Modern fleet

3 AHTS’s

17 PSV’s

3 CSV

Modern fleet

17 AHTS’s

7 PSV’s

2 CSV’s


www.dof.no

The fleet market segments

PSV AHTS ROV/OCSV/DSV/ Total fleet

No. of vessels SEISMIC VESSELS

DOF ASA 17 3 3 23

NORSKAN OFFSHORE 7 12 2 21

DOF SUBSEA AS 0 0 22 22

DOF INSTALLER ASA 0 0 3 3

AKER DOF DEEPWATER AS 0 5 0 5

Total fleet 24 20 30 74

Contract coverage 12* 91 % 77 % 82 % 84 %

Contract coverage 13* 66 % 57 % 59 % 61 %

* no options included


www.dof.no

GEOGRAPHICAL FOCUS AREAS

Perth

Rio de Janeiro

Buenos Aires

Singapore

Houston

St. Johns

Aberdeen

Austevoll

Cairo

Brunei

Macae Jakarta

Manila

Angola

Moscow

Bergen

Global Player

30

2

25 5

2


www.dof.no

-

5 000

10 000

15 000

20 000

25 000

30 000

35 000

40 000

2012 2013 2014 2015 2016 2017 2018 2019

36 745

30 914

26 048

22 080

18 890

16 032 13 564

11 485

Mill

ion

NO

K

Backlog Development DOF Group

DOF group has solid cash flow visibility over the next 3-5 years

By 31 Dec 2011 the total back-log (incl. options) was approx NOK 36,7 bn

Firm contract counts for NOK 18,7 bn

Options count for NOK 18 bn

Note: Includes extension options on long-term contracts.


www.dof.no

Cash positive based on EBTIDA estimates

EBITDA 2012 (Consensus analysts)

MNOK 2 900

Amortization loans

-1 500

Interest (est)

-1 100

Capex new-builds, docking etc

-3 300

Drawdown

3 400

Surplus

400

In addition, DOF plans to refinance some

long term loans on low leveraged vessels in

2012

Note: Table above does not include bond debt maturities


www.dof.no

Update on remaining newbuilding program

Vessel Yard Delivery Type Contract Financing

Skandi Kvitsøy STX Norway Mar 12 PSV, 4 900 dwt 6 yrs ConocoPhillips N Secured from commercial bank GIEK and ND

Skandi Atlantic (ADD)

STX Vietnam Mar 12 AHTS Uncommited Secured from commercial bank / ND and GIEK

Skandi Bergen (DOF Subsea)

STX Norway May 12 CSV Uncommited CIRR secured, in progress of securing financing with various banks

Skandi Iguazu

STX Brazil Jun 12 AHTS, 325 t BP 8 yrs Petrobras Secured from FMM / BNDES (80%)

Skandi Nova STX Norway Sep 12 MRV 05 7 yrs ConocoPhillips N CIRR secured, in progress of securing financing with various banks

Skandi Marøy STX Norway Oct 12 MRV 05 7 yrs ConocoPhillips N CIRR secured, in progress of securing financing with various banks

Skandi Hugen STX Norway Nov 12 MRV 05 ROV 7 yrs ConocoPhillips N CIRR secured, in progress of securing financing with various banks

Skandi Urca STX Brazil Nov 12 AHTS 8 yrs Petrobras Secured from FMM / BNDES (73%), in progress of securing additional funding from various banks

Skandi Angra STX Brazil Jun 13 AHTS 8 yrs Petrobras Secured from FMM / BNDES (73%), in progress of securing additional funding from various banks

Skandi Paraty STX Brazil Dec 13 AHTS Uncommited Secured from FMM / BNDES (73%), in progress of securing additional funding from various banks

DOF ASA Presentation 2012- 13

www.dof.no

All specifications are subject to changes without prior notice. Please contact us for details and verifications.

High end OSCV vessel

ROV UHD62 & ROV HD05, rated for 3000/4000 m

ROV and WORK Moonpool

LOA: 110,9 m

250 t Crane

Suitable for Arctic operations, DNV ICE-1B & DEICE notation

100 men accommodation

1150 m2 deck area

Skandi Bergen – to be delivered in May 2012


www.dof.no

Skandi Hawk – PSV 09 CD GA

More money in Subsea mode than in PSV mode?

64 men accommodation

60 T AHC Crane

2 x WROVs

DP II


www.dof.no

Financials


www.dof.no

Financial/Operational Highlights Q4 2011 Utilization Subsea fleet (87 %)

- One vessel in transit/rebuilt

- Skandi Singpore partly in operation in the quarter

- Good utilization in Brazil

- Good utilization vessels in the Atlantic region

Utilization Supply fleet (91 %)

- Good performance in the North Sea, lower activity in the spot market

- Vessel dockings in Brazil and mobilization for new contracts

- Two more vessels contributed to the operation in 4th quarter

New vessels in 4th quarter

- Skandi Feistein (PSV), Skandi Pacific (AHTS) and Skandi Amazonas

Finance

- Three new loans drawn approx on deliveries of new vessels

- Refinancing two vessels in DOF Subsea

Changes in depreciation estimates


www.dof.no

Q4 2011 Q4 2010 Acc Q4 2011 Acc Q4 2010

Operating income 1 859 1 574 6 536 5 462

Operatin expenses 1 278 1 121 4 488 3 753

Operating profit before depreciation- EBITDA 581 454 2 048 1 709

Depreciation 128 342 899 1 166

Write downs 7

Operating profit- EBIT 453 112 1 141 543

Net profit/loss from associated companies -2 3 -0 -5

Financial income 6 18 69 75

Financial costs -310 -315 -1 189 -952

Net realized currency gain/loss -83 -57 -56 38

Net profit/loss before unrealised gain/loss long term debt 64 -240 -35 -300

Net unrealized currency gain/loss -24 136 -445 97

Net unrealized gain/loss on market instruments -55 -35 -221 3

Profit/loss before tax -15 -139 -701 -200

tax -89 -31 -238 15

Net profit/loss 73 -108 -463 -215

Profit attributable to

Non-controlling interest 17 -22 -139 -75

Controlling interest 57 -86 -324 -140

ALL FIGURES IN NOK MILLION

Result Q4 2011


www.dof.no

Financial results Q4 2011



Financial items Q4 2011 Acc Q4 2011 Q4 2010 Acc Q4 2010

Share of loss profit from associated -2 - 2 -5

Interest reveneue 5 68 18 75

Interest costs -275 -1 078 -218 -772

Realized currency gain/loss long debt -8 -13 23 63

Realized currency gain/loss on forex instruments -7 65 -37 -45

Realized operational currency gain/loss (-) -64 -105 -43 20

Other financial expenses -40 -115 -98 -180

Total financial items -391 -1 178 -353 -844

Unrealized profit/loss on currencies

Unrealized currency gain/loss on long debt -24 -445 136 97

Unrealized currency gain/loss on forex instruments -55 -221 -35 3

Total unrealized profit/loss on currencies -79 -666 101 100

Total financial items -470 -1 844 -252 -744


www.dof.no

P&L Q4 2011 Supply and Subsea


Supply Subsea Group Supply Subsea Group

Q4 2011 Q4 2011 Q4 2011 YTD 2011 YTD 2011 YTD 2011

Operating income 620 1 239 1 859 2 283 4 253 6 536

Total operating income 620 1 239 1 859 2 283 4 253 6 536

Operating expenses 431 847 1 278 1 527 2 961 4 488

Total operating expenses 431 847 1 278 1 527 2 961 4 488

Operating profit before depreciation 189 392 581 756 1 292 2 048

Ebitda margin 30 % 32 % 31 % 33 % 30 % 31 %


www.dof.no

12 %

21 % 67 %

EBITDA Q4 2011

Results - Business Segments


EBITDA (MNOK)

Q4 2011 Q4 2010

PSV 68 70

AHTS 124 90

CSV 389 293

Total 581 453

* Installer vessels included in the CSV segment

15 %

20 % 65 %

EBITDA Q4 2010


www.dof.no

31.12.2011 31.12.2010

ASSETS 507 506

Vessel and other tangible assets 23 766 19 707

Newbuildings 1 910 1 925

Financial assets 343 285

Non-currents assets 26 526 22 423

Receivables 2 232 1 984

Cash and cash equivalents 2 040 2 645

Current assets 4 272 4 629

Total assets 30 798 27 053

EQUITY AND LIABILITIES

Subscribted equity 1 452 860

Retained equity 2 665 3 118

Non-controlling equity 2 595 2 750

Equity 6 712 6 728

Provisions for commitments 454 493

Other non-current l iabilities 19 483 16 438

Non-current liabilities 19 937 16 931

Debt to credit institutions 2 132 1 876

Other current l iabilities 2 017 1 517

Current liabilities 4 149 3 393

Total equity and liabllities 30 798 27 053

Balance Q4 2011



www.dof.no

Key figures Q4 2011

FINANCIAL RESULT Q4 2011 Q4 2010 Acc Q4 2011 Acc Q4 2010

EBITDA margin 31 % 29 % 31 % 31 %

EBIT margin 24 % 7 % 17 % 10 %

Cashflow per share 2,90 1,89 9,91 11,91

Profit per share ex. non-controlling interest 1) 0,51 -0,94 -3,36 -1,53

Profit per share ex. unrealized loss/gain 2) 1,37 -2,30 2,11 -3,46

No of shares 111 045 679 91 037 975 96 464 574 91 037 975

Outstanding number of shares 111 051 348 91 037 975 111 051 348 91 037 975

Face value per share 2 2 2 2

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

BALANCE

Return on net capital 1 % -2 %

Equity ratio 22 % 25 %

Value adjusted equity 40 % 43 %

Net interest bearing debt (MNOK) 19 678 15 469

Net interest bearing debt ex. unemployed capital (MNOK) 17 768 13 544

1) Net profit excl. non controlling interest/average no of shares

2) Net profit excl.unrealized currencyoss on debt and market instruments/average no of shares


www.dof.no

Net interest bearing debt

ALL FIGURES IN NOK MILLION 31.12.2011 31.12.2010

Bond loan 2 804 2 754

- Current part of bond loan 356 647

Debt to credit institutions 16 194 13 085

- Current part of other non-current liabilites 1 776 1 229

Other non-current liabilities 463 268

Other current liabilities 125 131

Totat net interest bearing liabilites 21 718 18 114

Cash cash equivalents 2 040 2 645

Net interest bearing liabilities (NIBD) 19 678 15 469

Uemployed capital 1 910 1 925

NIBD excl uemployed capital 17 768 13 544


www.dof.no

Debt maturity profile

DOF Supply

DOF Subsea

168

601 500 750

969 929 913 718 624

3545

308

1362

925

0

500

1000

1500

2000

2500

3000

3500

4000

2012E 2013E 2014E 2015E 2016E After

Bond Loan Bank debt Ballons

Million NOK

410

600 700

567 613 584 542 348

2 475

254

964

653

-

500

1 000

1 500

2 000

2 500

3 000

2012 2013 2014 2015 2016 After

Million NOK

Bond Loan Bank debt Balloons

DOFSUB03 PRO - NOK 500 million - Maturity July 2012 - Net NOK 168 million

DOFSUB04 - NOK 750 million - Maturity April 2014

- Net NOK 601 million

DOFSUB05 - NOK 750 million - Maturity April 2016

DOF SUB 06 - NOK 700 million - Maturity Oct 2015 - Net NOK 500 million

DOF 07 - NOK 950 million - Maturity July 2013 - Net NOK 410 million

DOF 08 - NOK 600 million - Maturity Dec 2015

DOF 09 - NOK 700 million - Maturity Feb 2017


www.dof.no

Remaining newbuild capex and financing

Note: Capex include project management, spares and mobilization

2) Financing secured FMM/BNDES3) Financing secured via commercial bank and GIEK

4) 80% Financing secured via FMM/BNDES and GIEK, in progress with funding bank og GIEK transaction

5) Financing secured via NHD/GIEK and commercial bank

6) CIRR secured, in progress to secure with commercial banks

New Builds DOF 24.02.2012 NOK 000

Vessel Name owner Delivery

REMAINING

CAPEX FINANCING EQUITY Charter Contracts

Skandi Iguazu BN 27 Dof Naveg 2) June 12 800 000 906 000 -91 000 8 yrs Petrobras

Skandi Atlantic (50%) Aker /DOF 3) March 12 263 000 250 000 13 000 uncomitted

Skandi Urca hull nr 30 Dof Naveg 4) Dec. 12 720 000 648 000 72 000 8 yrs Petrobras

Skandi Angra hull nr 31 Dof Naveg 4) May 13 748 000 648 000 100 000 8 yrs Petrobras

Skandi Paraty hull nr 33 Dof Naveg 4) Dec 13 792 000 648 000 144 000 uncomitted

Skandi Kvitsøy , hull 759 PSV Invest 1 5) mar. 12 293 000 260 000 33 000 6 yrs Conoco

Skandi Nova, hull 778 DOF Rederi 6) sep.12 298 500 250 000 48 500 7 yrs Cococo

Skandi Marøy, hull 779 DOF Rederi 6) okt.12 292 500 250 000 42 500 7 yrs Cococo

Skandi Hugen, hull 780 DOF Rederi 6) nov.12 317 500 250 000 67 500 7 yrs Cococo

Skandi Bergen, hull 771 DOF Subsea 6) May 13 603 300 487 500 115 800 uncomitted

TOTAL NEW-BUILDS GROUP 5 127 800 4 597 500 545 300

DOF RELATIVE SHARE NEW-BUILDS (CONSOLIDATED) 4 996 300 4 472 500 538 800


www.dof.no

Fair market value of the DOF fleet has been stable and slightly increasing since 2007

Total fair market value of fleet (incl. newbuilds): NOK 36,7 bn (on 100 % basis)

‐ PSV: NOK 6 bn

‐ AHTS: NOK 11 bn*

‐ CSV: NOK 19,7 bn

Total fair market value fleet in operation: NOK 30 bn

DOF asset values

* AHTS fleet is partly valued in USD

-

100 000

200 000

300 000

400 000

500 000

600 000

700 000

800 000

Q4 - 2007

Q1 - 2008

Q2 - 2008

Q3 - 2008

Q4 - 2008

Q1 - 2009

Q2 - 2009

Q3 - 2009

Q4 - 2009

Q1 - 2010

Q2 - 2010

Q3 - 2010

Q4 - 2010

Q1 - 2011

Q2 - 2011

Q3 - 2011

Q4 - 2011

T

H

O

U

S

A

N

D

N

O

K

QUARTER

Market value vessel - split on segment Valuations PSV: MT 6000, AHTS: UT 722, CSV: OSV 03

PSV AHTS CSV


www.dof.no

DOF Subsea in brief


www.dof.no

DOF Subsea – company history

Note: On-going time-charter discussions on a number of uncommitted newbuilds

2005 2006 2007

Fleet: 11 vessels May: DOF acquired Geoconsult and established GEO (now DOF Subsea) May: Private placement of shares of NOK 715 mill Nov: Listed on Oslo Stock Exchange Nov: Acquisition of Century Subsea

Fleet: 11 vessels Feb: Acquisition of Covus Corp May: Set up of Geo do Brazil Aug: Established 50/50 JV in Brunei

Fleet: 13 vessels Jan: Acquired 50% of SEMAR Jan: Acquired 100% of DOFCON Mar: Establishment of Aker Oilfield Services Mar: Name change to DOF Subsea Apr: Acquisition of CSL Aug: Merger of Mgmt company with DOF Management AS

2008

Fleet: 16 vessels Feb: Delivery of Geograph Jul: Delivery of Skandi Acergy Nov: Delivery of Skandi Seven and sale of Geofjord Dec: DOF Subsea acquired by DOF ASA and First Reserve JV with Technip

2009 2010

Fleet: 18 vessels Feb: Delivery of Skandi Salvador Mar: Delivery of Skandi Arctic Dec: Delivery of Skandi Santos

Fleet: 21 vessels Jan: Delivery of Skandi Aker Feb: Sale of Geo Challenger Jun: Acquisition of SWG Jul: Delivery of Skandi Vitoria and Skandi Skolten Dec: Delivery of Skandi Hercules

2011

Fleet: 25 vessels Feb: Delivery of Skandi Niteroi May: Sale of Geosounder Jun: Acqusition Skandi Constructor Jul: Delivery of Skandi Skansen Sep: Delivery of Skandi Singapore Dec: Purchase newbuild contract.

• DOF Subsea was incorporated on 24 May 2005 after DOF

ASA acquired GEO Group AS and its subsidiary Geoconsult

AS

• DOF Subsea was established by DOF ASA in order to create a

more effective organization with the aim of establishing a

leading subsea services company

• In connection with the acquisition, DOF ASA transferred

its multipurpose/ROV vessels to DOF Subsea,

constituting four vessels and one newbuild

• DOF Subsea is headquartered in Bergen, Norway

DOF Subsea fleet evolution

-

2

4

6

8

10

12

14

16

18

0

4

8

12

16

20

24

28

2005 2006 2007 2008 2009 2010 2011

MV

fle

et

in B

n N

OK

Nu

mb

er o

f ve

ssel

s

MV of fleet


www.dof.no

DOF Subsea – Brief summary

• No of vessels in operation: 24

• No of newbuilds: 1

• No of ROV’s in operation: 47

• Employees as per January 2012: 1,400

• Marine crew 1,000

• Total 2,400

• Offshore engineers and project staff: 850

• Back-log incl. options: NOK 15.75 billion

• Market value of fleet: NOK 16 billion

• Number of shares: 119,733,714

• Total Per Share

• Book equity: NOK 4.8 billion NOK 39.94

• Value adj. equity: NOK 6.8 billion NOK 56.83


www.dof.no

GEOGRAPHICAL FOCUS AREAS

Rio de Janeiro (286)

Buenos Aires

Singapore (126)

Houston(57)

St. Johns (33)

Aberdeen (345)

Bergen (240)

Cairo

Brunei

Macae Jakarta

Manila

Angola

(7)

St. Petersburg

Perth (194)

Global player – DOF Subsea

DOF Subsea AS Presentation 2012 - 31

www.dofsubsea.com

DOF Subsea Asset and Contract status


www.dof.no

• DOF Subsea’s fleet is far younger and better equipped than the market average

• Average vessel age of 6.8 years

• Value adjusted age of 3.1 years

• New vessels are safer and more comfortable for the crew creating

knowledge consistency

• Segmented by function, DOF Subsea’s fleet is generally in the top

quartile in the relevant metrics of age, crane capacity, vessel

length, deadweight capacity, positioning system, functional

flexibility, etc

• Purposed built vessels in the high end segment

• Diving support

• Well intervention

• Flexible Lay

• Offshore construction

Large, world class subsea vessel fleet

DOF Subsea owns and operates one of the world’s largest and most modern subsea vessel fleets


www.dof.no

Level of industry barriers to entry

DOF Subsea’s main presence is in segments with medium

to high barriers to entry

Leve

l of

bar

rier

s to

en

try

Engi

nee

rin

g re

qu

irem

ent

Complex

subsea

operations

Marine transport/

services

DSV

OSCV

ROV

AHTS

PSV


www.dof.no

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

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

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 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 Seven 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 2 2 2 2 2

Skandi Salvadore 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Vitoria 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 2 2 2 2

Skandi Aker 1 1 1 1 1 1 1 1 1 1 1 1 1 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

Skandi Santos 1 1 1 1 1 1 1 1 1 1 1 1 1 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

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 1 1 1 1

Skandi Carla 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 2 2 2 2

Skandi Neptune 1 1 1 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 Achiever 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 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 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 1 1 1 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

Skandi 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 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 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 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

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 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 Skansen 1 1 1 1 1 1 1 2 2 2 1 1 1 2 2 2 1 1 1 2 2 2 1 1 1 2 2 2 2 2 2 2 2 2

Skandi Inspector 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 Constructor 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

Skandi Singapore 1 1 1 1 1

Skandi Hercules 1 1 1 1 1 1 1 0

Skandi Skolten 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 2 2 2 2 2 2

1 1 0 1 1 1 1 1

Skandi Bergen 3 3 3 3 3

Skandi Hawk 3 3 3 1 1 1

2012 2013 2014 2015 2016

Geograph

Geobay

CSV

Geoholm

Geosea

DOF Subsea

Geosund

FIRM CONTRACTS

UNDER CONSTRUCTION

OPTIONAL PERIOD

DOF Subsea - contract coverage (Vessels)


www.dof.no

DOF Subsea AS – Asset coverage

• Combined market value DOF Subsea’s fleet is NOK 16,1 billion

• Asset-level gearing on the existing fleet is 63%, decreasing to 44% in

2014

Provides a significant equity cushion on top of the existing vessel-level

financing

Significant gearing reduction forecasted upon completion of the current

newbuild program

Gearing forecast – summary Total Fleet Market value

Vessels NOK 16,057

Other Equipment (a) NOK 1,100

Total Fleet NOK 17,157

Note: Vessel values as of 31 December, 2011

(a) Includes ROVs, AUV, diving systems, other equipment

* The figures reflects amortization and balloon payments on debt drawn as pr 31 December 2011

0 %

20 %

40 %

60 %

80 %

100 %

2011 2012E 2013E 2014E 2015E 2016E

63 % 57 % 52 % 44 % 31 % 21 %

37 % 43 % 48 % 56 % 69 % 79 %

Fleet Level Gearing Market Value Cushion


www.dof.no

Substantial subsea growth announced

• Supply side

• Newbuilding program within all subsectors limited

• Old fleet

• Financing constraints

• Demand side

• Surface to subsea activity increasing

• Subsea capex to double by 2014

• Increased tendering for equipment

• Backlog


www.dof.no

OUTLOOK


www.dof.no

Short term AHTS exposure

Expect a strong AHTS market in 2012

Increased spot exposure in North Sea or renewals at increased rates?

Skandi Skansen, signed contract with Subsea 7

Skandi Emerald, left Brazil end January, working in West Africa spot market, planned for

North Sea spot when market picks up

Skandi Møgster, new 2 years contract with OGX

Name BHP BP Uncommitted from

Skandi Skansen 34 776 349 t January 2012

Skandi Skolten 34 776 361 t May 2012

Skandi Saigon 16 300 196 t In spot

Skandi Emerald 16 300 201 t March 2012

Skandi Møgster 16 000 192 t March 2012

Skandi Pacific 16 300 196 t April 2012

Skandi Atlantic 16 300 196 t March 2012


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Short term PSV exposure

Expect a good PSV market in 2012, but worried longer term due to high order book

Skandi Falcon firm long term contract in Australia

Skandi Foula and Skandi Rona new 5 years contracts with Shell UK

Skandi Hawk, will work in the Asia Pacific subsea market

Skandi Waveney, 1 + 2 x 1 year contract in Holland

Name Deck area Uncommitted from

Skandi Sotra 900 m2 In North Sea spot market

Skandi Falcon 850 m2 In North Sea spot market

Skandi Foula 900 m2 April 2012

Skandi Rona 900 m2 April 2012

Skandi Hawk 1 000 m2 February 2012

Skandi Waveney 680 m2 January 2012


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Short term outlook

Supply:

Skandi Feistein delivered and onhire in December

Skandi Pacific onhire in Vietnam in November

Skandi Amazonas onhire in Brazil in December

Skandi Møgster 2 years contract with OGX

New and higher rates for Skandi Leblon, Skandi Botafogo and Skandi

Flamengo in Brazil

Expect strong AHTS market from Q2

Subsea/CSV:

Good utilization and rates for the North Sea project fleet in Q4, and

surprisingly high activity in January 2012

Skandi Singapore started full operations

Geosea onhire to Petrobras mid February

Several new contracts awarded during the last month. Much better

visibility and higher rates than in 2011

”Expect Q1 2012 in line or slightly better than Q4 2011”

Thank you


www.dof.no

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 27 February, 2012.

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.


www.dof.no

Appendix


www.dof.no FIRM CONTRACTS UNDER CONSTRUCTION OPTIONAL PERIOD

DOF – contract coverage


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

Skandi Marstein 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 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 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

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

Skandi Buchan 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 Sotra

Skandi Caledonia 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Barra 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi Texel 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

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 1 1 1 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

Skandi Flora 1 1 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

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 1 1 1 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 Waveney 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 Hawk 3 3 3 1 1 1 1 1 1 1 1 1 1 1 1

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

Skandi Kvitsøy 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 1 1 1 1 1

Skandi Nova 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 1 1 1 1

Skandi Marøy 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 1 1 1

Skandi Hugen 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 1 1 1 1 1

Skandi Stord 1 1 1 1 1 1 1 1 1 1 1 1

Skandi Admiral 1 1 1 1 1 1 1 1 1 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 Vega 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 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 Fjord 1 1 1 1 1 1 1 1 1 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

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

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

20162012 2013 2014 2015PS

VA

HTS

CSV

DOF Supply

SPOT


www.dof.no

FIRM CONTRACTS UNDER CONSTRUCTION OPTIONAL PERIOD

Aker DOF Deepwater – contract coverage


Skandi Peregrino 1 1 1 1 1 1 1 1 1 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

Skandi Emerald 1 0 0 0

Skandi Saigon

Skandi Pacific 1 1 1 1

Skandi Atlantic 3 3 3

Aker DOF Deepwater

AH

TS

2012 2013 2014 2015 2016

SPOT West Afica

SPOT North Sea


www.dof.no

DOF / Norskan /DOF Subsea - contracts in Brazil

FIRM CONTRACTS UNDER CONSTRUCTION OPTIONAL PERIOD * DOF SUPPLY ** DOF SUBSEA


Skandi Leblon 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0

Skandi Flamengo 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 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 Yare 1 1 1 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

Skandi Captain 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 0 0 0 0 0 0 0 0 0 0

Skandi Copacabana 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Skandi Botafogo 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0

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

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 0 0 0 0 0 0 0 0 0 0 0

Skandi Giant 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0

Skandi Møgster 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0

Skandi Admiral 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0

Skandi Ipanema 1 1 1 1 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

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 1 1 1

Skandi Iguacu 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 1 1 1 1 1

Skandi Angra 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 1 1 1 1 1

Skandi Urca 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 1 1 1 1 1 1 1 1 1 1 1

Skandi Paraty 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Skandi Chieftain 1 1 1 1 1 1

Skandi Hav 1 1 1 1 1 1 1 1 1 1 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

Skandi Salvador 1 1 1 1 1 1 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

Skandi Santos 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 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 Vitoria 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 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 1 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 Niterói 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 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 Skolten 1 1 1 1 1 1

0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

2015 20162012 2013 2014

Geograph

Geosea

CSV

PSV

AH

TS

Norskan

mons s. aase - dof groupdof.no/files/pdf/dof asa/ir/archive/2011_q4_dof_asa_pres.pdf · work on the...

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