Q1 Financial Presentation 2017

DOF ASA

2 DOF ASA - Q1 presentation 2017

Highlights Group

DOF ASA - Q1 presentation 2017 3

Average utilisation total fleet 71% in Q1 Low utilisation from subsea project activity, 51% in Q1 Contract awards in Brazil, Argentina and the North Sea Management of three vessels including purchase options Skandi Buzios (4th PLSV) delivered and on-hire 8 yrs contract with Petrobras DOF Subsea completed a new bond issue of USD 175 million DOF Subsea AS reviewing possibilities to apply for a listing on Oslo Stock Exchange

All numbers based on management reporting

Operational EBITDA Q1 MNOK 530 (excl hedge accounting)

Highlights

DOF ASA - Q1 presentation 2017

Total of 3 919 employees • Subsea employees 1 190 • Supply employees 2 729

Positioned globally Head office in Norway Operating from 6 continents 20 offices near key O&G markets 67 vessels globally

Our vessels and subsea equipment Subsea 30 AHTS 20 PSV 17 Total fleet 67

ROV 69 AUV 2

DOF ASA, a global player

26 billion backlog Approx 4 000 employees 67 vessels

4 4

DOF ASA - Q1 presentation 2017

Positioned to deliver Assets • 67 vessels

• Average age approx. 10 years, value adjusted fleet age of 6.8 years

• NOK 31.2 billion in fair market value owned vessels in operation* (100% basis)

• 69 ROVs + 2 ROVs on order • 1 subsea vessel chartered in from

external owner (firm until August 2017)

Backlog • Firm contracts: NOK 26 bn • Options: NOK 33 bn

Total value backlog (firm & options) from 2020 and onwards is MNOK 43,138

30

20

17

1 Subsea

AHTS

PSV

Chartered SubseaVessels

2017 2018 2019 2020 ThereafterOption 429 1 251 1 504 1 824 27 737Firm 4 124 4 354 4 043 3 237 10 337

02 0004 0006 0008 000

10 00012 000

NO

K m

illio

n

Group backlog at 31.03.2017

5 5

Backlog DOF Supply / DOF Subsea at 31.03.2017

(* As per 31.03.2017)

6 DOF ASA - Q1 presentation 2017

Financials Management Reporting

DOF ASA - Q1 presentation 2017 7

• Average utilisation total fleet 71% in Q1 • 81% PSV segment

• 67% AHTS segment

• 68% CSV segment (project fleet 51%)

All numbers based on management reporting

Operational EBITDA Q1 MNOK 530 (excl hedge accounting)

Main Financial Highlights

7%

32%

3%

58%

EBITDA Q1 2017

PSV

AHTS

CSV

DOF Subsea

13%

17%

5% 65%

EBITDA Q1 2016

PSV

AHTS

CSV

DOF Subsea

Comments to highlights

Performance • DOF Subsea EBITDA: MNOK 278

• DOF Supply EBITDA: MNOK 205

Operations • Avg. utilisation of DOF Subsea fleet: 68%

• Avg. utilisation of DOF Supply fleet: 74%

• One vessel sold

• Six vessels in lay-up

• Low utilisation and earnings from project activity

.

DOF ASA - Q1 presentation 2017

Profit & Loss Q1 2017

Comments P&L Q1 Operational performance: PSV: • Decent utilisation but reduced earnings • One vessel sold and one vessel in lay-up AHTS: • Majority of the fleet in Brazil • Two vessels in lay-up • One vessel added to the fleet CSV: • Low utilisation project fleet • One vessel added to the fleet • Three vessels in lay-up

• Impairment: 5% drop in Fair Market Values

during Q1 Finance: • Unrealised gain – strenghten BRL to USD

All figures in NOK million Q1 2017 Q1 2016 2016

Operating income 1 724 2 250 8 776 Operating expenses -1 197 -1 451 -5 745 Net profit/loss from TS and JV 5 2 -10 Net gain on sale of vessel -2 70 171 EBITDA before hedge 530 871 3 193 Hedge operating income -47 -68 -207 Operating profit before depr - EBITDA 483 803 2 986 Depreciation -284 -268 -1 142 Impairment -302 -330 -1 932 Operating profit- EBIT -102 205 -89 Financial income 18 7 1 116 Financial costs -259 -295 -1 190 Net realised currency gain/loss -83 -136 -483 Net profit/loss before unrealised currency -426 -218 -646

Net unrealised currency gain/loss 137 365 800 Net unrealised gain/loss on market instr. 29 182 249 Profit/loss before tax -260 329 403 Tax -43 -61 -202 Net profit/loss -303 267 201 According to management reporting

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DOF ASA - Q1 presentation 2017

Segment reporting Q1 2017 PSV AHTS CSV Total

Amounts in NOK million Q1 2017 Q1 2016 Q1 2017 Q1 2016 Q1 2017 Q1 2016 Q1 2017 Q1 2016

Operating income 181 262 373 383 1 123 1 467 1 677 2 112 Gain on sale of tangible assets -1 - - - -1 70 -2 70 Operating result before depreciation and impairment (EBITDA) 36 101 155 136 291 566 483 803 Depreciation 33 45 76 59 175 164 284 268 Impairment 107 56 54 73 140 201 302 330

Operating result (EBIT) -104 0 25 4 -24 201 -102 205

EBITDA margin 20 % 39 % 42 % 36 % 26 % 39 % 29 % 38 % EBIT margin -57 % 0 % 7 % 1 % -2 % 14 % -6 % 10 %

According to management reporting

8%

32%

60%

EBITDA Q1 2017

PSV AHTS CSV

13% 17%

70%

EBITDA Q1 2016

PSV AHTS CSV

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DOF ASA - Q1 presentation 2017

Balance as of 31.03.2017 Comments to balance Non current assets:

• Skandi Buzios (CSV) delivered in January • Skandi Waveney (PSV) sold in March

Non current assets:

• Improved cash position after issuance new bond

Equity:

• Outstanding convertible bond by year end MNOK 365 after conversion of MNOK 128 from year end

Non current liabilities: • New loan drawn on one newbuild • New bond issue DOF Subsea

Current liabilities:

• Current part interest bearing debt include 12 months amortisation and accrued interests, no balloons until 2019

Amounts in NOK million 31.03.2017 31.03.2016 31.12.2016

ASSETS Tangible assets 27 340 26 574 27 469 Goodwill 334 419 330 Deferred taxes 958 1 252 1 023 Investment in associated and joint ventures 83 103 70 Other non-current receivables 624 517 619 Non-current assets 29 338 28 865 29 511

Receivables 2 035 2 491 2 243 Cash and cash equivalents 2 640 1 799 2 370 Current assets 4 675 4 289 4 614 Total assets 34 013 33 154 34 125

EQUITY AND LIABILITIES Subscripted equity 2 955 1 452 2 675 Retained equity 1 567 896 1 950 Non-controlling equity 3 472 3 455 3 521 Equity 7 994 5 803 8 146

Non-current interest bearing debt 22 219 21 462 21 901 Other non-current liabilities 151 375 222 Non-current liabilities 22 370 21 838 22 123

Current part of interest bearing debt 2 147 3 853 2 081 Other current liabilities 1 503 1 661 1 775 Current liabilities 3 649 5 514 3 856 Total equity and liabilities 34 013 33 154 34 125 According to management reporting

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DOF ASA - Q1 presentation 2017

Historic development DOF Supply – Key Figures

11

Revenue/EBITDA 1

Backlog

NIBD

NIBD/EBITDA 1

MNOK BNOK BNOK

1) EBITDA before hedge accounting and sales gain

12,9 12,5 11,4

8,3

2013 2014 2015 2016

10,7

12,5 12,2

9,5 9

10

8 7

2013 2014 2015 2016

3 359 3 481

3 896

3 512

1 156 1 242 1 485

1 290

2013 2014 2015 2016

DOF ASA - Q1 presentation 2017

Historic development DOF Group – Key Figures

12

Revenue/EBITDA 1

Backlog

NIBD

NIBD/EBITDA 1

MNOK BNOK BNOK

1) EBITDA before hedge accounting and sales gain

9 754 10 698 10 991

8 776

3 105 3 339 3 527 3 021

2013 2014 2015 2016

28,9 29,5

32,9

27,2

2013 2014 2015 2016

21,7 22,3 23,5

21,4

7 7 7 7

2013 2014 2015 2016

13 DOF ASA - Q1 presentation 2017

DOF Subsea

DOF Subsea Highlights

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Attractive long-term market fundamentals supporting continued demand for subsea offshore solutions

One of the true global subsea IMR operators with strong project and execution capabilities

Unique strategic position providing expertise and integrated life-of-field subsea services

State-of-the-art subsea vessels combined with the world’s 4th largest ROV fleet and 1,176 subsea employees

Strong order intake through the down cycle securing tangible near-term growth and highly attractive financial profile

Resilient backlog as backbone for stable operating model - PLSV contracts in Brazil cementing strategic position

1

2

3

4

5

6

DOF Subsea Group at a glance

15

2005 DOF Subsea established

NOK 5.4bn Revenues FY 2016

1,176 1)

Subsea employees worldwide

NOK 18.3bn Firm backlog

Q1’17

25 2)

Subsea vessels

69 ROVs

Modern State-of-the-art

asset base

Integrated Supplier of subsea offshore services

1) Note: Excluding marine crew 2) Note: Includes newbuilds Skandi Vinland, Skandi Olinda and Skandi Recife and Harvey Deep Sea (chartered)

DOF ASA to remain majority shareholder post transaction

337 553 563

897 1 014 1 246

1 492 1 354 1 667 1 858 1 566

1 278

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2019

11 11 13 16 18

21 24 25 26 27 24

21 25

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2019Owned vessels Chartered vessels

Focus on consolidation and streamlining of business operations to improve efficiency and

competitiveness in weak market

DOF Subsea established following the acquisition of Geoconsult. The Company was

listed second half 2005.

First Reserve acquires 49% of DOF Subsea, which in the following is delisted from the Oslo

Stock Exchange

Expanding organisation on the back of several large contract awards. Number of employees

and vessels peaking at 1,858 and 27, respectively

Positioned for profitable growth DOF Subsea Board considering listing of

the Company on Oslo Stock Exchange

Large and global organisation following multiple acquisitions from 2005-2010

2010 Century Subsea Covus Subsea

CSL

2005

More than a decade of structural growth and consolidation

16

2008

2014

2016

2017

Development in # of Subsea Employees

Development in # of vessels # of vessels

# of FTEs

SEMAR

Awarded four PLSV long-term contracts in conjunction with TechnipFMC

2013

SWG Offshore

Several major and attractive contracts to commence in 2017

17

ENI Angola

Jan 2017

• IMR contract offshore Angola

• 16 months + 3x4 months options

• Scope comprising project management, engineering, supply of vessels and ROVs

• Long-term charter with Petrobras • 18 months + 18 months options • On contract with Petrobras since

2010 • Vessel co-owned on a 50% basis

through joint venture with TechnipFMC

• First-pipe lay vessel built in Brazil

• Long-term charter with Petrobras

• 8 years + 8 years options • Vessel co-owned on a 50%

basis through joint venture with TechnipFMC

• Built in Norway

• Long-term IMR contract offshore Eastern Canada

• 10 years + 10 years options • IMR scope comprising supply

of new well intervention vessel, two work class ROVs and personnel

• High strategic importance through strengthened presence in the Canadian market

• Long-term FLNG IMR contract awarded in Australia with Shell

• 5 years + 4 options • Scope comprising

underwater services and Multi-Purpose Vessel (MSVP) services spanning project management, engineering and supply of vessel and ROVs

Skandi Vitoria

Jan 2017

Skandi Buzios

Apr 2017 Husky Energy

Jul 2017

Prelude FLNG

Oct 2017

Two businesses

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DOF Subsea Group

Subsea IMR Projects Long-term Chartering 1)

Revenues 2016

NOK 4.4bn

EBITDA 2) 2016 NOK 0.9bn

~20% margin

Firm backlog NOK 4.3bn (NOK 5bn)

Revenues 2016

NOK 1.0bn

EBITDA 2016 NOK 0.8bn

~80% margin

Firm backlog NOK 14bn

(NOK 13bn)

1) Note: Long-term chartering comprises PLSVs, Skandi Acergy and Skandi Patagonia 2) Note: Excluding gains from sales of assets 3) Note: Skandi Acu delivered August 2016

options options

1,176 employees

1 newbuild

15 vessels

5.3 vessels in 2016 3)

9 vessels by Q1’19

6 vessels in Q1’17

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Developing competence through numerous projects worldwide Building a leading subsea projects division for over a decade… • Gradual increase in subsea project activity establishing a global footprint in all key offshore regions

− Strong presence in all key regions within Subsea IMR and Mooring operations • Building a high quality asset base leveraging unrivaled operating and vessel competence and experience

− Flexible vessel capacity through combination of owned and chartered-in vessels

…with a clear action plan to pursue further opportunities • Continue to increase the scope and complexity of operations

− Expand engineering capacity to position for market upcycle − Further build and strengthen presence in selected geographies

• Strengthen project backlog with core focus on IMR projects

Subsea IMR Projects

Selected Mooring projects – Last 5 years Selected IMR projects – Last 5 years

Goliat Field support (2016) Saipem CRX/Nene (2014) Call-off for Light Construction Services and Seabed Survey

Services for Statoil (2012-15) Technip Frame agreement (2012-2015) ConocoPhillips ROV Services (2012 and onwards) Freeport McMoran IMR support (2013-2016) Saipem JSM Export Line support (2014-2015) ROV Support vessel Petrobras (2011 and onwards)

Bongot Mooring Replacement PTTEP (2017)

Raroa Mooring OMW (2016-2017)

Gina Krog TMRS (2016)

Catcher Mooring Installation Project (2016)

Goliat FPSO Marine Installation (2011-2015)

Lam Son Mooring Installation PTSC (2014)

Knarr Mooring Project (2013-2014)

Banff Re-instatement Project (2013-2014)

Selected contracts and framework agreements

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Location Client Scope Commencement Duration

Angola ENI Angola IMR 2017 18 months + 18 months

Canada Husky Energy IMR 2017 10 years + 10 years

Prelude Shell Australia IMR 2017 5 years + 4 years

Brazil Petrobras Inspection 2016 1 year + 1 year

Gorgon, Janz and Wheatstone Chevron Australia IMR 2015 3 years + 2 years

Malampaya Shell Philippines IMR 2014 7 years + 3 years

Brazil Petrobras IMR 2012 6 years + 4 years

Brazil Petrobras IMR 2011 6.5 years + 4 years

North Sea Conoco Philips IMR 2011 8 years + 13 years

Subsea IMR Projects

North Sea / Atlantic Brazil Asia Pacific North America

Gradually built up the region, becoming a top three supplier of IMR services in the GoM

Strong position being one of the major suppliers of

IMR services

Leading supplier of mooring services in the

North Sea and West Africa

Leading supplier of IMR services in the region

DOF Subsea provides state-of-the-art vessels to leading players

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Long-term Chartering

Skandi Acergy Skandi Acu Skandi Africa

Skandi Niteroi Skandi Patagonia Skandi Vitoria

Skandi Buzios Skandi Recife Skandi Olinda Predominantly day-rate based as DOF Subsea mainly provides vessel services Remuneration

Strong long-term contract coverage with a typical duration of more than five years – seven out of eight available vessels on contract

Contracts

Fleet of high-end and sophisticated vessels operating advanced subsea projects with comprehensive work scope for third parties

Operations

Selected clients

Construction support vessel

Construction & pipe laying vessel

Construction & pipe laying vessel

Construction & pipe laying vessel

Construction & pipe laying vessel

Construction & pipe laying vessel

Construction & pipe laying vessel

Dive support vessel

Construction & pipe laying vessel

7 vessels in operation

2 contracted newbuilds

NOK 14bn firm backlog

per Q1’17

Vessel Built Client Firm end Option end 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

Skandi Patagonia 2000 Jun-25

Skandi Acergy 2008 Aug-19

Skandi Niteroi 2010 Feb-17

Skandi Vitoria 2010 Sep-18

Skandi Africa 2015 Aug-20 Aug-25

Skandi Acu Aug-16 Aug-24 Aug-32

Skandi Buzios Apr-17 Apr-25 Jun-33

Skandi Recife Jun-18 Jun-26 Jun-34

Skandi Olinda Feb-19 Jun-27 Mar-35

Contract overview - Long-term Chartering 2017 2018 2019 2020 2021Subsea vessel

Built year

Current client

Firm end

Option

end

Strong contract coverage provides robust backbone for growth

22

Long-term Chartering

~5.5 years Average contract coverage

(October 2022)

NOK 0.8 bn EBITDA contribution

in 2016

~5.3 Operational vessels

in 20161)

9

Vessels in operation from Q1’19

Approx. NOK 6.1bn2) of the Group’s debt against long-term chartered vessels

Under negotiation

1) Note: Skandi Acu delivered August 2016 2) As of Q1’17

Competitive landscape and positioning

23

Positioning DOF Subsea

• Improved competitive position for DOF Subsea when market normalises − multiple competitors have scaled down

operations or entered financial distress

• Favourable competitive dynamics in tendering for mid-sized subsea IMR projects − Larger EPCI providers typically invited to

tender, however less capable and willing to meet specific project requirements due to relatively small project size

− Vessel suppliers typically not invited to tenders due to lack of engineering capabilities

• DOF Subsea reaping benefits from offering an integrated engineering and vessel solution

IMR

/ Li

ght

Con

stru

ctio

n SU

RF

Larg

e pr

ojec

ts

(dee

pwat

er)

Dayrate / Support services Small to medium EPCI contracts Larger EPCI contracts

Illustrative

= Chapter 11 / liquidation

Source: ABGSC

15,5 16 17

21,5

18,9

2012 2013 2014 2015 2016

Key financials | DOF Subsea

24

Revenue EBITDA1 Backlog (excl. options)

5 249

6 579

7 422 7 251

5 426

2012 2013 2014 2015 2016

1 799 1 949

2 097 2 041

1 733

2012 2013 2014 2015 2016

NOKm NOKm NOKbn

1) Note: EBITDA excl. profit from sale of non-current assets

DOF ASA - Q1 presentation 2017

No change in guidance for 2017 (MNOK 2 400 – MNOK 2 800)

Better EBITDA Q2 compared to Q1

Outlook

25

Thank you Presented by Mons Aase - CEO Hilde Drønen - CFO

DOF ASA - Q1 presentation 2017

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 12 May 2017. 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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