q2 financial presentation 2015 dof asa asa/ir/2015/dof_q2_2015.pdf · comments result q2...

Q2 Financial Presentation 2015

DOF ASA

Highlights

- Q2 Presentation 2015 DOF ASA

Main highlights Q2 2015 EBITDA Q2 MNOK 976

Completed sale of 8 vessels so far in 2015 Good operational EBITDA in Q2 2015 MNOK 838 Good backlog for 2nd half 2015, 84% overall Contracts awarded recently on decent levels Challenging markets

3


Highlights Q2 2015

Subsea

Asia Pacific Variable utilisation in Q2 mainly due to idle time on two vessels between projects

North Sea - Good utilisation

US Gulf Variable utilisation

Brazil Good utilisation

AHTS/PSV

North Sea/ Mediterranean Low utilisation and low earnings from the spot market, but only 3 vessels exposed in the spot market in Q2

Brazil Good utilisation

Asia Pacific Good utilisation apart from one vessel that entered the spot market

Operational

4


Highlights Q2 2015

Contract awards

5

Skandi Pacific awarded 9 months + 3x1 months contract with Total Austral in Argentina

Harvey Deep Sea awarded IMR contract with Freeport McMoran, 6 months firm + 2 x 6 months options

Geoholm RSV contract extended with 18 months until Dec 2016

Skandi Peregrino, awarded a 2 yrs contract + 2x1 yrs options with Statoil firm until Dec 2017

Skandi Acergy, 3 yrs extention with Subsea 7 firm until Aug 2019

Skandi Skansen awarded a new contract with Subsea 7 for the summer 2016

Skandi Achiever extended by 7 months with Technip firm until February 2016


Highlights Q2 2015

Fleet

6

Financing

Five vessels sold:

Three last vessels, Skandi Leblon, Skandi Flamengo and Skandi Copacabana, sold in April as part of the Norskan sale transaction of 5 vessels

Shares in DOFTECH, owner of Skandi Arctic, sold to Technip in June

Skandi Angra delivered from yard and on-hire with Petrobras 18 May on a 8 yrs contract

Skandi Falcon sold and delivered to new owner in April

DOF & Norskan secured refinancing of all balloons in 2015 and 2016

A new loan drawn in Norskan upon delivery of Skandi Angra

A new loan drawn upon delivery of Skandi Hawk from DOF Rederi to DOF Subsea

One fleet loan refinanced in DOF Rederi

DOF Subsea repurchased bonds

Overview Group


DOF ASA in brief

Vessels

Fleet 70 vessels (wholly and partly owned) (20 PSV, 20 AHTS, 30 Subsea)

61 owned vessels in operation (excl. 1 in lay-up) 2 owned less than 50% 6 newbuildings; 1 AHTS, 5 Subsea

5 Subsea vessels chartered in from external owners

58 ROVs, 9 ROVs on order

NOK 31 bn in market value owned vessel in operation* (100% basis)

Average age 8.8 years, value adjusted fleet age of 6.5 years

Back log* Total NOK 64.4 bn

Firm contracts : NOK 30.6 bn Options: NOK 33.8 bn

Global organisation Head office in Norway Regional offices in Australia,

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

Total of 5 167 employees* Subsea employees: 1 758 Marine personnel: 3 409 Share price* NOK 6.00 NAV per share NOK 69

(*As per 30.06.2015)

8

30

20

20

5 Subsea

AHTS

PSV

Chartered SubseaVessels


Fleet overview and contract coverage

*Including chartered vessels and Newbuilds **Ex Skandi Fjord, Skandi Iceman and Skandi Aukra

9

Good coverage in 2015: Minor time charter renewal risk in

2015 Important long term contracts

secured in 2015 Expectations for 2016: Despite highly competitive

markets, we see good progress in securing long-term work

Our global footprint and project capability will be vital for securing utilisation

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 29* 29

DOF INSTALLER ASA 0 0 2 2

DOF DEEPWATER AS 0 5 0 5

Total fleet 18 19 35 72**

2nd half 2015 Firm 92 % 81 % 81 % 84 %

2nd half 2015 Including options 94 % 82 % 85 % 87 %

2016 Firm 63 % 53 % 48 % 54 %

2016 Including options 89 % 62 % 67 % 72 %

Contract coverage

No. of vessels

Sheet1

No. of vessels

PSVAHTSSubseaTotal fleet

DOF ASA/DOF REDERI AS174223

NORSKAN OFFSHORE110213

DOF SUBSEA AS0029*29

DOF INSTALLER ASA0022

DOF DEEPWATER AS0505

Total fleet18193572**

Contract coverage

2nd half 2015 Firm92%81%81%84%

2nd half 2015 Including options94%82%85%87%

2016 Firm63%53%48%54%

2016 Including options89%62%67%72%

* no options included

Sheet2

Sheet3


DOF backlog overview 2015 -2020+

3 717

4 800 4 840 4 206

3 579

263

1 410 1 416 1 805

2 118 9 421

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

10000

-

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

9 000

10 000

2015 2016 2017 2018 2019 From 2020

Annu

al B

ackl

og (M

NO

K)

Annual backlog Annual option

Total value options from 2020 and onwards is MNOK 26,813 from 2020

26,813


A global player

11

FOCUS AREAS

Perth Rio de Janeiro

Buenos Aires

Singapore

Houston

St. Johns

Aberdeen

Cairo

Brunei

Maca Jakarta

Manila

Luanda

Moscow

Austevoll

Malaysia

34

3

23

8 3

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

DOF employees 453 566 275 330 427 16 8 3 092 5 167


Vessel Yard Delivery Type Contract Financing

Skandi Paraty Vard Brazil Q1 2016 AHTS 4 yrs Petrobras Signed loan agreement

Skandi Africa Vard Norway Q1 and Q3 2015 CSV 5 yrs Technip Loan drawn on first delivery in March

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 Loan agreement signed with BNDES

Skandi TBN PLSV2 Vard Brazil 2017 PLSV 8 yrs Petrobras Loan agreement signed with BNDES

Remaining newbuilding program

12


2007 2008 2009 2010 2011 2012 2013 2014 2015

Fleet: 45 vessels Fleet: 56 vessels Fleet: 69 vessels Fleet: 70 vessels Fleet: 63 vessels

DOF Installer founded DOFCON merged with DOF Subsea DOF Deepwater (ex Aker DOF

Deepwater) founded, a JV with Aker Solutions

Partnered with First Reserve to purchase DOF Subsea ASA and the company was taken private

Delivery of 9 new-builds from yard (2 PSVs, 1 AHTS and 6 subsea vessels)

3 vessels sold

Delivery and acquisition of 10 vessels (2 PSV, 2 AHTS and 6 subsea vessels)

DOF Subsea established 2 joint-ventures with Technip in Norway and in Brazil

1 vessel sold Acquired more engineering capacity in

Australia

Delivery of 12 new-builds from yards (4 PSVs, 3 AHTS, and 5 subsea vessels)

Purchased Skandi Constructor (subsea)

1 vessel sold 1 new-build (subsea vessel) sold

Delivery of 2 vessels (PSV and subsea vessel)

DOF Subsea &Technip JV won a USD 1,7 bn contract with Petrobras for 4 PLSVs

Signed newbuild contracts for 4 PLSVs Extensive growth in subsea project

activity Chartered four external subsea vessels

(incl. 3 Jones Act vessels) for the project activity

2 subsea vessels sold Signed new-build contract for one large

subsea construction vessel

Delivery of Skandi Angra (AHTS) 1st. delivery of Skandi Africa (Subsea) 5 vessels sold in Brazil Skandi Aker (subsea) sold Skandi Falcon (PSV) sold Skandi Arctic sold (50% share)

DOF ASA timeline DOF fleet evolution DOF Group employees

13

0

5000

10000

15000

20000

25000

30000

35000

40000

0

10

20

30

40

50

60

70

80

2008 2009 2010 2011 2012 2013 2014 YTD 2015

MN

OK

No.

Of V

esse

ls

No. of operated Vessels MV of Fleet

0

1000

2000

3000

4000

5000

6000

2008 2009 2010 2011 2012 2013 2014 YTD 2015

No. Of employees

Financials- Management Reporting


All figures in NOK million Q2 2015 Q2 2014 2014

Operating income 2 778 2 791 10 681 Operating expenses -1 940 -1 925 -7 350 Net profit/loss from associates and joint ventures 0 -0 -9 Net gain on sale of vessel 138 -0 468 Operating profit before depreciation- EBITDA 976 866 3 790 Depreciation and write down -566 -258 -1 127 Operating profit- EBIT 410 608 2 663 Financial income 19 16 77 Financial costs -306 -344 -1 420 Net realized currency gain/loss -79 -52 -212 Net profit/loss before unrealised gain/loss long term debt 44 227 1 109

Net unrealized currency gain/loss 183 3 -441 Net unrealized gain/loss on market instruments 97 -30 -218 Profit/loss before tax 325 201 450 Tax -105 -13 50 Net profit/loss 219 188 500 Profit attributable to Non-controlling interest 152 96 419

Controlling interest 67 92 81

According to management reporting

Result Q2 2015 Comments result Q2 Operational performance: PSV: 95% utilisation PSV fleet One vessel in the spot market Three vessels sold and one vessel in lay-up AHTS: 87% utilisation AHTS fleet Two vessels in the spot market One vessel sold Subsea: 98% utilisation vessels on term contracts 78% utilisation project fleet Variable utilisation project fleet in APAC and

US-gulf Good utilisation in Atlantic and Brazil One vessel sold

Depreciation and write-down Include impairment loss of NOK 262 million Finance: Realized loss on currency due to repayment

on debt and after sale and refinancing NOK and BRL slightly stronger to USD in Q2 Tax: Represent taxes from various tax regimes

15

- Q2 Presentation 2015 DOF ASA 16

10 %

30 % 60 %

EBITDA Q2 2015

PSV

AHTS

Subsea

14 %

19 %

67 %

EBITDA Q2 2014

PSV

AHTS

Subsea

Segment reporting Q2 2015 PSV AHTS CSV Total

Amounts in NOK mill Q2 2015 Q2 2014 Q2 2015 Q2 2014 Q2 2015 Q2 2014 Q2 2015 Q2 2014

Operating income 301 296 400 393 2 076 2 102 2 778 2 791

Operating result before depreciation and write-down (EBITDA) *) 102 118 288 167 587 581 976 866

Operating result (EBIT) **) 40 47 72 115 297 446 410 608

EBITDA margin 34 % 40 % 72 % 42 % 28 % 28 % 35 % 31 % EBIT margin 13 % 16 % 18 % 29 % 14 % 21 % 15 % 22 % *) Ebitda includes gain on sale of vessels - - 96 - 42 - 138 - **) Ebit includes impairment loss 12 - 140 - 110 - 262 - According to management reporting


Historical Performance Group (excl gain from sale of assets)

17

0%

5%

10%

15%

20%

25%

30%

35%

40%

-

500

1 000

1 500

2 000

2 500

3 000

3 500

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

EBIT

DA

Mar

gin

%

MN

OK

Operating revenue EBITDA EBITDA margin

Q2 2012 Q2 2013 Q2 2014 Q2 2015 Operating revenue 2 119 2 493 2 791 2 778 EBITDA 742 770 866 838 EBITDA margin 35 % 31 % 31 % 30 %

Non-current assets 26 942 28 347 28 757 28 610 Current assets 4 394 4 727 4 861 4 976 Total Assets 31 336 33 074 33 617 33 586

Equity 6 490 6 408 7 365 6 592 Non-current debt 20 667 22 228 19 812 19 491 Current debt 4 179 4 438 6 441 7 503 Total Equity and Debts 31 336 33 074 33 617 33 586 according to management reporting


Balance Q2 2015 Comments balanse YTD June Assets 8 vessels sold YTD. Vessels sold in Q2:

Skandi Leblon, Flamengo, Copacabana sold in April

Skandi Falcon sold in May 50% share in Skandi Arctic sold in May

Skandi Angra delivered in May Newbuildings represent Skandi Africa and

prepayments 5 new-buildings (including 50% in JVs)

Financial assets: Financial assets mainly include minority

share in shipowning companies Receivables: Mainly from project activity (48% of total

revenue in Q4) Equity: Net impact from FX & CTA (MNOK- 478)

Current liabilities Current part long term debt includes bond

(MNOK 1 374), balloons (MNOK 2 282), and normal amortization

18

Amounts in NOK million 30.06.2015 30.06.2014 31.12.2014 ASSETS Intangible assets 1 404 724 1 103 Vessel and other tangible assets 24 006 26 766 26 204 Newbuildings 2 834 974 1 075 Financial assets 366 292 365 Non-current assets 28 610 28 757 28 747 Receivables 3 026 2 892 3 105 Cash and cash equivalents 1 951 1 969 2 696 Current assets 4 976 4 861 5 800 Total assets 33 586 33 617 34 547 EQUITY AND LIABILITIES Subscribted equity 1 452 1 452 1 452 Retained equity 1 543 2 569 1 958 Non-controlling equity 3 597 3 344 3 456 Equity 6 592 7 365 6 866 Provisions for commitments 130 146 133 Other non-current liabilities 19 361 19 665 19 599 Non-current liabilities 19 491 19 812 19 732 Current part of interest bearing debt 5 604 4 704 6 049 Other current liabilities 1 899 1 737 1 900 Current liabilities 7 503 6 441 7 949 Total equity and liabilities 33 586 33 617 34 547



Cash Flow Q2 2015

19

Comments Q2 cash flow Operating activities: Improved cash flow mainly due to completion

several projects Investing activities: Five vessels sold during Q2 Skandi Angra delivered Financing activities Proceeds from borrowings:

a new loan of MUSD 110 drawn on delivery of Skandi Angra

New financing one subsea vessel Refinancing one fleet loan (4 PSVs)

Prepayment from borrowings:

repayment of secured debt after sale and refinancing MNOK 1 375

Amortization MNOK 579

Amounts in NOK million Q2 2015 Q2 2014 2014

Cash from operating activities 1 236 533 2 963 Net interest paid -276 -315 -1 352 Taxes paid -46 -13 -6 Net cash from operating activities 913 205 1 605

Sale of tangible assets 658 7 2 082 Purchase of tangible assets -1 183 -666 -2 345 Sale of shares 417 - - Other changes in investing activities -167 -6 -126 Net cash from investing activities -274 -666 -390 Proceeds from borrowings 1 757 1 616 4 036 Prepayment of borrowings -1 954 -1 312 -4 952 Payment from/to non-controlling interests -18 - -7 Net cash from financing activities -216 304 -923

Net changes in cash and cash equivaltents 423 -157 293

Cash and cash equivalents at the start of the period 1 522 2 126 2 314 Exchange gain/loss on cash and cash equivalents 5 -0 89 Cash and cash equivalents at the end of the period 1 951 1 969 2 696 According to management reporting


Key figures Q2 2015

20

Q2 2015 Q2 2014 2014

FINANCIAL RESULT EBITDA margin ex net gain on sale of vessel 30 % 31 % 31 % EBITDA margin 35 % 31 % 35 % EBIT margin 15 % 22 % 25 % Cashflow per share 1) 3,26 2,90 12,12 Profit per share ex. non-controlling interest 2) 0,60 0,83 0,73 Profit per share ex. unrealized loss/gain and taxes 3) -0,96 1,14 5,00 BALANCE Return on net capital 3 % 8 % 7 % Equity ratio 20 % 22 % 20 % Value adjusted equity 32 % 36 % 34 % Net interest bearing debt 22 843 22 067 22 686 Net interest bearing debt ex. unemployed capital 20 009 21 093 21 611 Capex -1 183 -666 -2 345 No of shares 111 051 348 111 051 348 111 051 348

1) Pre-tax result + depreciation and write downs +/- unrealized gain/loss on currencies +/- net changes in fair value of financial instruments/average no of shares. 2) Net profit excl. non controlling interest/average no of shares 3) Net profit excl.unrealized currency gain/loss on debt and market instruments and taxes/average no of shares



Net interest bearing debt 30.06.2015

21

Comments balanse 30 June 2015: Current interest bearing debt: Bonds DOFSUB06 MNOK DOFSUB 05 MNOK Debt to credit institutions Balloons MNOK 2 880

DOFSUB MNOK 966 DOF MNOK 1 315 Amortization

Cash and derivatives: MNOK 576 represent cash deposit Derivatives represent interest and FX

derivatives

Newbuilds: Skandi Africa classified as newbuild

Amounts in NOK million 30.06.2015 30.06.2014 31.12.2014

Bond loan 3 378 4 820 4 124 Debt to credit institutions 15 725 14 439 15 057 Total non-current interest bearing liabilities 19 102 19 258 19 181 Bond loan 1 374 339 1 039 Debt to credit institutions 3 983 3 686 4 328 Utilized credit facilities 52 453 455 Total current interest bearing liabilities 5 409 4 478 5 822 Total interest bearing liabilities 24 511 23 737 25 003 Cash and cash equivalents 1 951 1 969 2 696 Net derivatives -282 -299 -379 Non-current receivables - - - Total net interest bearing liabilities 22 843 22 067 22 686

Newbuilds 2 834 974 1 075

Net interest bearing liabilities, excluding unemployed capital 20 009 21 093 21 611 According to management reporting


RESULT Q2 2015 Q2 2014

Amounts in NOK mill Management

reporting Variance Financial reporting

Management reporting Variance

Financial reporting

Operating income 2 778 -129 2 648 2 791 -122 2 669 Operating expenses -1 940 20 -1 920 -1 925 26 -1 900 Net profit from associated and joint ventures 0,03 104 104 - 35 35 Net gain on sale of tangible assets 138 -43 95 - - -

Operating profit before depreciation EBITDA 976 -48 928 866 -61 804 Depreciation and impairment -566 23 -543 -258 21 -237 Operating profit - EBIT 410 -25 384 608 -40 568 Financial income 19 4 23 16 3 19 Financial costs -306 13 -293 -344 16 -329 Net realized gain/loss on currencies -79 13 -67 -52 7 -45 Net unrealized gain/loss on currencies 183 -27 156 3 -2 2 Net changes in fair value of financial instruments 97 -2 96 -30 1 -29 Net financial costs -85 0 -85 -407 24 -383 Profit (loss) before taxes 325 -25 300 201 -16 185

Taxes -105 25 -81 -13 17 3

Profit (loss) 219 0 219 188 0.4 188

Management reporting vs Financial reporting


Management reporting vs Financial reporting

BALANCE 30.06.2015 30.06.2014

Amounts in NOK mill Management

reporting Variance Financial reporting

Management reporting Variance

Financial reporting

ASSETS Intangible assets 1 404 -91 1 313 724 -9 715 Tangible assets 26 840 -2 796 24 044 27 740 -3 226 24 515 Non-current financial assets 366 1 011 1 377 292 1 398 1 690 Total non-current assets 28 610 -1 877 26 733 28 757 -1 837 26 920 Receivables 3 026 -73 2 953 2 892 -53 2 838 Cash and cash equivalents 1 951 -76 1 874 1 969 -85 1 884 Total current assets 4 976 -149 4 827 4 861 -138 4 723 Total assets 33 586 -2 026 31 560 33 617 -1 975 31 642 EQUITY AND LIABILITIES Equity 6 592 - 6 592 7 365 - 7 365 Non-current provisions and commitments 130 -30 101 146 -28 118 Non-current liabilities 19 361 -1 767 17 594 19 665 -1 745 17 920 Current liabilities 7 503 -229 7 274 6 441 -202 6 240 Total liabilities 26 994 -2 026 24 968 26 253 -1 975 24 277 Total equity and liabilities 33 586 -2 026 31 560 33 617 -1 975 31 642

Net interest bearing liabilities 22 843 -1 862 20 981 22 067 -1 735 20 332


Debt maturity profile

DO

F ex

Sub

sea

DO

F S

ubse

a

ECA mainly represent long term funding with BNDES and GIEK

Bonds: DOFSUB06 due in Oct 2015, DOFSBUB05 due in April

total MNOK 1 374. Total repurchased MNOK 76

Bank debt: Total balloons of MNOK 2,282:

DOF ASA MNOK 1 315 secured DOFSUB MNOK 966, in process and partly secured

DOF GROUP COUNTERPARTY EXPOSURE Q2 2015

24

36%

21%

43%

ECA

Bonds

Other Banks -

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

4 500

2015 2016 2017 2018 2019 After

Bank Debt

Bond

Balloons

-

500

1 000

1 500

2 000

2 500

3 000

2015E 2016E 2017E 2018E 2019E 2020E After

Bank Debt

Bond

Balloons


Total Fleet Values

Vessels & new-buildings (100% Basis) MNOK 44 616

Equipment (subsea) MNOK 1 550

Total Fleet MNOK 46 166

Note: Vessels based on fair market values as of 30 June 2015

The figures reflects amortization and balloon payments on total debt drawn as per 30 June 2015 and onwards

Combined market value DOF Group fleet including newbuild is NOK 44.6 bn (JV adjusted, total value 100% NOK 36.8 bn) as per 30.06.2015

New-building program to be completed in 2017 (including 50% in 4 PLSVs)

Asset-level gearing on the existing fleet is 68%, decreasing to 36% in 2019

Significant gearing reduction forecasted

DOF ASA Asset coverage

25

Gearing forecast summary

0%

20%

40%

60%

80%

100%

2015E 2016E 2017E 2018E 2019E

68% 59%

51% 45% 36%

32% 41%

49% 55% 64%

Debt Equity


Sale of 9 vessels since November 2014

26

Total net cash proceeds after sales NOK 2.0 bn

Design Built Type Delivery

Skandi Skolten STX AH04 2010 AHTS/Subsea November 2014

Skandi Aker OSCV 06 L 2010 Subsea Q1 2015

Skandi Stolmen UT 755 1997 PSV Q1 2015

Skandi Yare UT 755 2001 PSV Q1 2015

Skandi Leblon UT 755 L 2004 PSV April 2015

Skandi Flamengo UT 755 L 2003 PSV April 2015

Skandi Copacabana UT 722 L 2005 AHTS April 2015

Skandi Falcon UT 705 1990 PSV April 2015

Skandi Arctic OSCV 06 L 2009 DSV June 2015


Continuous cost focus

Adjusting the organization Several improvement projects started in 2013 and 2014

Focus on realizing efficiency gains from improvement projects

Going forward - strong focus on efficiency targets and cost reduction

We have adjusted the capacity in the organisation and will continue this process going forward

Adjusting the fleet Sale of several vessels over past 12 months

Potential to redeliver chartered-in vessels

Flexible business model Will move vessels between subsea project and time charter business in order to secure

utilization

27

DOF Subsea


DOF Subsea Group In brief

29

Norway Brazil Canada US UK Asia Pacific Angola

319 421 49 226 318 409 16

Fleet One of the largest subsea vessel owners in the world

Owns and operates a fleet of 22 vessels, plus 4 newbuilds on order In addition 5 vessels on long-term charter The market value of owned vessels in operation is NOK 16.0 billion, with a value adjusted age of approx. 5.8

years Operates 58 ROVs and 8 ROVs and 1 AUV on order

Global organization Head office in Bergen

Regional offices in Australia, Singapore, Norway, UK, Angola, US, Canada and Brazil

Total of 1 758 employees Subsea employees: 1 758

Of which offshore engineers and project staff: 1 370


DOF Subsea Group In brief

Key figures

Quarterly figures

* According to internal Management reporting

Back-log incl. options NOK 36 billion

Market value of fleet NOK 16 billion

Number of shares 119 733 714

Total Per share

Book equity NOK 6.4 billion NOK 53.49

Value adj. equity NOK 8.4 billion NOK 70.27

Book equity ratio 34.5 %

Value adj. equity ratio 40.9 %

3.1 % CAGR

12.3 % CAGR

0%

5%

10%

15%

20%

25%

30%

35%

40%

-

500

1 000

1 500

2 000

2 500

Q2 2012 Q2 2013 Q2 2014 Q2 2015

NO

K m

illio

n Operating revenue EBITDA EBITDA margin

30


Key credit metrics

-

0,50

1,00

1,50

2,00

2,50

3,00

2009 2010 2011 2012 2013 2014 Last 12months

Interest Coverage (EBIT / Interest cost)

-

2,00

4,00

6,00

8,00

10,00

12,00

2009 2010 2011 2012 2013 2014 Last 12months

NIBD/EBITDA

-

0,20

0,40

0,60

0,80

1,00

2009 2010 2011 2012 2013 2014 Last 12months

NIBD/Total assets

-

0,20

0,40

0,60

0,80

1,00

2009 2010 2011 2012 2013 2014 Last 12months

Debt/Total assets


Q2 2013 Q2 2014 Q2 2015Subsea projects 1 261 1 390 1 327Chartering of vessels 417 574 634Total 1 679 1 963 1 962

1 500

1 550

1 600

1 650

1 700

1 750

1 800

1 850

1 900

1 950

2 000

0

500

1 000

1 500

2 000

2 500

Chartering of vessels Subsea projects

DOF Subsea Projects

DOF Subsea has built a global presence over the last 9 years

DOF Subsea has developed the project business gradually

Increased project activity and complexity driving growth

Project business going forward Gradually increase the

complexity of work done (Step by Step)

Build a larger project back-log Mix between owned and

chartered in vessels

* According to internal Management reporting

2012 2013 2014Subsea projects 3 776 4 971 5 378Chartering of vessels 1 472 1 609 2 044Total 5 248 6 580 7 422

-

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

NO

K m

illio

n

Chartering of vessels Subsea projects

32


Subsea: APAC market Construction in Australia slowing down, but being replaced by IRM Reduced spending from operators Competition scene changing

DOF SUB: Still good long term opportunities

Brazil market We expect a slow 2015, with few new tenders and pressure on rates

DOF SUB: In general good backlog, but challenging for vessels that are up for renewal Important with Brazilian flag

Market and outlook

33


Market and outlook continued

34

Subsea: North America market Increased bidding activities IMR and light construction vessels to support tie-back

and commissioning operation Increased competition in the spot market, looking for utilisation Several major capital projects are in Tendering stage for 2017

DOF SUB: Maintaining our position. We expect gradually increased market share Flexible business model with chartered-in vessels

Atlantic market We expect Norway to be weak in 2015 We expect UK to be weak in 2015 DOF SUB: Only 3 vessels in the North Sea in 2015. Decent backlog in Q3 but Q4 expected to

be challenging



35

Supply: Brazil: We expect a slower 2015, with fewer new tenders, increased competition, pressure

on rates and redelivery of international flagged vessels Expect Petrobras to reduce current fleet size DOF: 1 PSV and 1 AHTS up for renewal late in 2015. Brazilian built and flagged. There are

some opportunities for international vessels using REB flag import capacity

North Sea: We expect the North Sea market for both AHTS and PSV to be weak DOF: Low spot exposure in 2015

Asia Pacific: We see modest tender activity in the region within supply The AHTS/PSV market is holding up, but downward pressure on rates DOF: 3 vessels in the region after Skandi Pacific left for Argentina


Guidance Q3 2015:

Good backlog in Q3 2015

All 8 vessels sold were delivered to new owners in YTD 2015, no contribution from them in Q3

Operational EBITDA guidance Q3 2015 in line or slightly weaker than Q2 2015

No change in guidance for full year 2015


36

Thank you Presented by Mons Aase - CEO Hilde Drnen - 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 Aug 2015. This presentation contains forward-looking statements relating to operations of the DOF ASA Group that are based on managements own current expectations, estimates and projections about matters relevant to DOF ASAs 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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DOF ASAHighlightsMain highlights Q2 2015EBITDA Q2 MNOK 976Highlights Q2 2015Highlights Q2 2015Highlights Q2 2015Overview GroupSlide Number 8Slide Number 9Slide Number 10A global playerSlide Number 12Slide Number 13Financials-Management ReportingSlide Number 15Slide Number 16Slide Number 17Slide Number 18Slide Number 19Slide Number 20Slide Number 21Slide Number 22Slide Number 23Slide Number 24Slide Number 25Slide Number 26Slide Number 27DOF Subsea DOF Subsea Group In briefDOF Subsea Group In briefSlide Number 31DOF Subsea ProjectsSlide Number 33Slide Number 34Slide Number 35Slide Number 36Slide Number 37Slide Number 38

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