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Disclaimer This presentation should be read in conjunction with Vard Holdings Limiteds results for the period ended 30 September 2013 in the SGXNet announcement. Financial figures are presented according to SFRS. This presentation may contain

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This presentation should be read in conjunction with Vard Holdings Limited’s results for the period ended 30 September 2013 in the SGXNet announcement. Financial figures are presented according to SFRS. This presentation may contain forward-looking statements that involve risks and uncertainties. S uch forward-looking statements and financial information involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements,

  • r industry results, to be materially different from any future results, performance or

achievements expressed or implied by such forward-looking statements and financial information. S uch forward-looking statements and financial information are based on numerous assumptions regarding our present and future business strategies and the environment in which we will

  • perate in the future. As these statements and financial information reflect our current views

concerning future events, these statements and financial information necessarily involve risks, uncertainties and assumptions. Actual future performance could differ materially from these forward-looking statements and financial information. Y

  • u are cautioned not to place undue

reliance on these forward looking statements, which are based on the Company’s current view of future events.

Disclaimer

6.11.2013 | Page 2

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European network for Health Technology Assessment | JA2 2012-2015 | www.eunethta.eu

3Q 2013 Results Presentation

Vard Holdings Limited

6 November 2013

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  • Revenue of NOK 2 370 million for 3Q 2013, down from NOK 2 457 million

in 3Q 2012

  • EBITDA of NOK 103 million for 3Q 2013, down from NOK 332 million in

3Q 2012

  • EBITDA margin, representing EBITDA to total operating revenues, of 4.4%

for 3Q 2013, down from 13.5% in 3Q 2012

  • Record order intake of NOK 7 950 million in 3Q 2013. Order intake may

vary significantly on a quarter-by-quarter basis

  • 43 vessels in the order book as at 30 Sept. 2013, of which 26 of own design
  • New shipyard in Brazil, Vard Promar, ramping up production; first blocks

produced

  • Niterói yard in Brazil still a drag on margins
  • Mitigating actions taking longer than expected to show effect
  • Further delays in the remaining order book
  • Notwithstanding a highly competitive market, positive outlook for new
  • rder wins for the remainder of 2013 and going into 2014

Key messages

6.11.2013 | Page 4

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Business update

3Q 2013

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1 PSV

  • Island Duke from Vard Brevik (Norway) to Island

Offshore

1 OSCV

  • Siem Dyna from Vard Brattvaag (Norway) to Siem

Offshore

2 Other

  • Gadus Poseidon (Fishing Vessel) from Vard

Brattvaag (Norway) to Havfisk

  • Hopen (Stern Trawler) from Vard Langsten

(Norway) to Remøy Fiskeriselskap

Six new vessel contracts secured in 3Q 2013

  • 4 OSCVs for DOF Subsea & T

echnip (Doftech)

  • 1 OSCV for Farstad Shipping
  • 1 PSV for Carlotta Offshore

Vessel deliveries New contracts As at 30 September 2013, the Group had 43 vessels in the order book, 26 of which will be of VARD’s own design.

Vessel deliveries and new contracts – 3Q 2013

6.11.2013 | Page 6

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Largest order in the Group’s history secured during 3Q 2013

05.11.2013 | Page 7

  • Aggregate order value approx. USD 1.1 billion (NOK 6.5 billion)
  • Extending the order book to 2016-17 in both Europe and Brazil, and

reversing a long downward order book trend

  • Reinforcing key client relationships with DOF and T

echnip, and securing a leading position in global OSCV market for VARD

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2008 2009 2010 2011 2012 9M 2013 2008 2009 2010 2011 2012 9M 2013

Order book value at the end of the period (NOK million)1) New order intake during the period (NOK million)1)

16 411 17 031 8 Vessels 4 458 27 Vessels 12 555 16 675 28 Vessels 11 117 15 096 16 Vessels 9 501

1) Includes firm orders only. Includes variation orders and trading packages

4 Vessels 5 692 22 389 19 553 12 Vessels 11 941

Order book development

3Q 2013: NOK 7 950 million 1H 2013: NOK 3 991 million

6.11.2013 | Page 8

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Order book status

Order book as of 30 September 2013 (# of vessels)

6 21 9 6 1 22 17

10 20 30 2012 2013 2014 2015 2016 2017

Delivery year

Delivery year Norway / Romania Brazil Vietnam T

  • tal

2017 1 OSCV 1 2016 2 OSCV 1 OSCV 3 Other 6 2015 1 PSV 3 OSCV 1 Other 1 AHTS 3 Other 9 2014 2 AHTS 4 PSV 5 OSCV 3 Other 2 AHTS 1 PSV 2 Other 2 PSV 21 2013 3 AHTS 10 PSV 3 OSCV 4 Other 1 PSV 2 PSV 23 2012 15 PSV 1 OSCV 2 Other 1 AHTS 1 PSV 1 AHTS 1 PSV 22 delivered

6.11.2013 | Page 9

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Order book by region and vessel type

By Region Order book 30 June 2013 Deliveries 3Q 2013 Order intake 3Q 2013 Order book 30 Sep 2013 Norway / Romania 28 4 3 27 Brazil 12

  • 2

14 Vietnam 1

  • 1

2 Total 41 4 6 43 By Vessel Type Order book 30 June 2013 Deliveries 3Q 2013 Order intake 3Q 2013 Order book 30 Sep 2013 AHTS 6

  • 6

PSV 11 1 1 11 OS CV 9 1 5 13 Other 15 2

  • 13

Total 41 4 6 43

6.11.2013 | Page 10

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Operations – Norway, Romania & Vietnam

  • Operations in European shipyards generally stable
  • Gradually reverting to normal load situation in Romania
  • Effective cooperation in the Romania-Norway value chain, utilizing

flexibility in the production system

  • Commissioning of new piping pre-fabrication factory in Tulcea
  • ngoing
  • Comprehensive program initiated to further improve efficiency and

enhance competitiveness in Romania

  • Complementary to recent investments in physical assets
  • Successful delivery of four projects from Norwegian yards
  • Including two complex projects for non-offshore related vessels

(fishing trawlers)

  • Load situation in Vietnam improved as a result of new contract
  • Extension of floating dock in Vietnam about to be completed,
  • Extending launching capacity from 100m to 120m long vessels

6.11.2013 | Page 11

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Operations update – Brazil (Vard Niterói)

  • Vard Niterói still suffering from overload situation; further

delays and cost overruns incurred

  • Mitigating actions in progress, but taking longer time to show

effect

  • Organizational changes introduced
  • Strengthening of project organization and reorganization

in production

  • All time high manning at the yard; approx. 1,250 own

employees and 750 subcontractors

  • But still a shortfall of qualified personnel
  • Project Pro30 (AHTS for DOF) more than 95% complete and

ready for sea trials shortly

6.11.2013 | Page 12

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EP02 (outfitting only) EP01 (outfitting only) Pro33 Pro32 Pro31 Pro30 jun-13 sep-13 dec-13 mar-14 jun-14 sep-14 dec-14 mar-15

4Q 2014 3Q 2013 4Q 2013 2Q 2014 3Q 2014 1Q 2014

Vard Niterói: Revised delivery schedule

6.11.2013 | Page 13

1Q 2015

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Operations update – Brazil (Vard Promar)

  • Key shipyard infrastructure completed within 3Q 2013
  • Shipbuilding works in progress on LPG carrier number 3 for

Transpetro; pending start-up for vessel number 4

  • First blocks produced
  • Productivity in hull production for LPG carriers number 1 and 2 built

at external yard still not satisfactory

  • Rapid ramp-up of capacity to accommodate ambitious order

book

  • T
  • tal number of employees currently around 600
  • Need to recruit, train and integrate approximately 80 new

employees per month

  • All new employees undergoing training and qualification program
  • Foundations in place for sustainable operations and future

growth in Brazil

6.11.2013 | Page 14

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05.11.2013 | Page 15

Floating dock

Vard Promar – Key yard infrastructure completed

Outfitting quay

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Vard Promar - Production at new yard ramping up

6.11.2013 | Page 16

Production halls Production of ring blocks

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Financial highlights

Q3 2013

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Revenues and margins

6 148 5 692 2 457 2 370 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 10 000 9M 2012 9M 2013

8 605 8 062 Revenues (NOK million) EBITDA (NOK million) and EBITDA Margin (%)

854 103 332 425 200 400 600 800 1 000 1 200 1 400 9M 2012 9M 2013 13.8% 6.6% 6.11.2013 | Page 18

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Statement of income – major items

(NOK million) 3Q ended 30 September D( %) 9M ended 30 September D( %) 2013 2012 2013 2012 Revenue 2 370 2 457

  • 3.5%

8 062 8 605

  • 6.3%

Materials, subcontract cost and others (1 627) (1 594)

2.1%

(5 613) (5 696)

  • 1.5%

Salaries and related costs (527) (429)

22.8%

(1 530) (1 386)

10.4%

EBITDA 103 332

  • 69.0%

528 1 186

  • 55.5%

EBITDA % 4.4% 13.5%

NA

6.6% 13.8%

NA

Operating profit 72 301

  • 76.1%

367 1 095

  • 66.5%

Net financial income / (cost) 35 13

169.2%

39 35

11.4%

Profit before tax 111 314

  • 64.6%

410 1 132

  • 63.8%

Profit for the period 58 228

  • 74.6%

194 778

  • 75.1%

6.11.2013 | Page 19

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2 332 2 418 1 747 15 19 56

500 1 000 1 500 2 000 2 500 30 Sept 2012 31 Dec 2012 30 Sept 2013 Restricted Cash Non-restricted Cash

Cash and cash equivalents, and construction loans

(1) Cash and cash equivalentsless sum of short-term and long-term interest bearing liabilities, excluding construction financing

Construction Loans (NOK million)

3 351 4 199 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 31 Dec 2012 30 Sept 2013

Net Cash (NOK million)1

1 858 864 500 1 000 1 500 2 000 31 Dec 2012 30 Sept 2013

Cash and Cash Equivalents (NOK million)

2 437 2 347 1 803 6.11.2013 | Page 20

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Major balance sheet items

(NOK million) As at 30 September 2013 31 December 2012 Non-current assets 3 130 2 410 Current assets 9 884 10 404 Total assets 13 014 12 814 Total equity 3 532 3 227 Loans and borrowings and construction loans 4 483 3 385 Trade and other payables and construction work in progress 2 546 4 319 Other current liabilities 630 1 096 Long-term loans and borrowings 655 545 Other non-current liabilities 210 242 Total liabilities 9 482 9 587 Total equity and liabilities 13 014 12 814

6.11.2013 | Page 21

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Cash flow highlights

(NOK million) 3Q ended 30 September 9M ended 30 September 2013 2012 2013 2012 Cash flows from operating activities (107) (168) (384) 840 Cash flows from investing activities (350) (156) (678) (466) Cash flows from financing activities 208 (637) 372 (1 065) Net change in cash and cash equivalents (249) (961) (690) (691) Cash and cash equivalents excluding restricted cash at the beginning of the financial period 1 986 3 305 2 418 3 035 E ffects of currency translation differences 10 (12) 19 (12) Cash and cash equivalents excluding restricted cash at the end of the financial period 1 747 2 332 1 747 2 332 Restricted cash at the end of financial period 56 15 56 15 Cash and cash equivalents at the end of the financial period 1 803 2 347 1 803 2 347

6.11.2013 | Page 22

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Earnings per share

Note: Earningsper ordinary share for the financial period attributable to equity holders of the parent. SGD amounts are translated from NOK based on the exchange rates prevailing at the reporting dates.

3Q ended 30 September 9M ended 30 September 2013 2012 2013 2012 Earnings for the period (NOK millions) 76 228 244 778 Earnings for the period (SGD millions) 16 49 51 167 Weighted average number of shares (millions) 1 180 1 180 1 180 1 180 Earnings per share (NOK) 0.06 0.19 0.21 0.66 Earnings per share (SGD cents) 1.36 4.16 4.32 14.18

  • Adj. weighted average number of shares (millions)

1 180 1 182 1 180 1 182 Diluted earnings per share (NOK) 0.06 0.19 0.21 0.66 Diluted earnings per share (SGD cents) 1.36 4.16 4.32 14.15 Exchange rates (SGD/ NOK) 4.784 4.650 4.784 4.650

6.11.2013 | Page 23

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Net asset value per share

Note: Net asset value at the end of the financial period, and at the end of the last financial year, attributable to equity holders of the parent. SGD amounts are translated from NOK based on the exchange rates prevailing at the reporting dates.

As at 30 September 2013 31 December 2012 Net asset value at the end of the period (NOK millions) 3 513 3 162 Net asset value at the end of the period (SGD millions) 734 694 Number of shares (millions) 1 180 1 180 Net asset value per ordinary share (NOK) 2.98 2.68 Net asset value per ordinary share (SGD) 0.62 0.59 Exchange rate (SGD/ NOK) 4.784 4.557

6.11.2013 | Page 24

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Outlook

3Q 2013

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Outlook

  • Growth in Exploration & Production (E&P) spending expected to continue in

2014

  • North S

ea the largest offshore market globally, measured by E&P spending

  • High growth in Barents Sea and other challenging environments

drive the need for new technology

  • Positive outlook for new order wins for the remainder of 2013, and going

into 2014

  • Subsea support and construction vessel segment the main driver
  • High tendering activity; project opportunities with existing and new

clients also outside core market and client base

  • VARD well positioned to maintain its leading position in the OSCV

segment in a highly competitive market

  • Brazil continues to be focus area operationally
  • Stabilization of Vard Niterói and delivery of ongoing projects
  • Successfull ramp-up of Vard Promar, and efficiency gains as activity

level increases

6.11.2013 | Page 26

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Q&A

Q&A

3Q 2013