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Disclaimer This presentation should be read in conjunction with Vard Holdings Limiteds results for the period ended 31 March 2013 in the S GXNet announcement. Financial figures are presented according to S FRS . This presentation may

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This presentation should be read in conjunction with Vard Holdings Limited’s results for the period ended 31 March 2013 in the S GXNet announcement. Financial figures are presented according to S FRS . 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

14.05.2013 | Page 2

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

1Q 2013 Results Presentation

Vard Holdings Limited

14 May 2013

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  • Revenue of NOK 2 747 million for 1Q 2013, down 2% from NOK 2 811 million in

1Q 2012

  • EBITDA of NOK 304 million for 1Q 2013, down 23% from NOK 393 million in 1Q 2012
  • EBITDA margin, representing EBITDA to total operating revenues, of 11.1% for

1Q 2013, down from 14.0% in 1Q 2012

  • Order intake of NOK 2 782 million in 1Q 2013. Contracts with key clients for three

large and complex projects secured. Order intake may vary significantly on a quarter- by-quarter basis

  • 46 vessels in the order book as at 31 March 2013, of which 26 of own design
  • M ajor investments in Romania to secure long-term competitiveness in Europe, and

in Vietnam to expand shipyard capabilities

  • Brazil operations expected to stabilize by end 2013, but affecting group performance

until delivery of last vessel in current order book

  • New shipyard in Brazil starting production in end June
  • Optimistic outlook for subsea support and construction vessel market and overall

new order intake

Key messages

14.05.2013 | Page 4

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Business update

1Q 2013

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3 PSV

  • Lundstrom Tide from Vard Søviknes (Norway) to

Tidewater

  • Far Spica from Vard Langsten (Norway) to

Farstad Shipping

  • Far Sitella from Vard Vung T

au (Vietnam) to Farstad Shipping

1 MRV (Multi Role Vessel)

  • Skandi Hugen from Vard Aukra (Norway) to DOF

1 AHTS

  • Far Senator from Vard Langsten (Norway) to

Farstad Shipping

Three new vessel contracts secured in 1Q 2013

  • 1 OSCV for S
  • lstad Offshore
  • 1 OSCV for Farstad Shipping
  • 1 OSCV for DOF Subsea

Three new contracts secured since the end of the quarter

  • 1 PSV for Simon Møkster Rederi
  • 1 Offshore Tug for Buksér og Berging
  • 1 Offshore support vessel for Island Offshore

Vessel deliveries New contracts As of 31 March 2013, the Group had 46 vessels in the order book, 26 of which will be of VARD’s own design.

Vessel deliveries and new contracts – 1Q 2013

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2008 2009 2010 2011 2012 1Q 2013 2008 2009 2010 2011 2012 1Q 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 15 450 3 Vessels 2 782

Order book development

14.05.2013 | Page 7

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Order book status

Order book as of 31 Mar. 2013 (# of vessels)

19 18 6 3 22 5

10 20 30 2012 2013 2014 2015 2016

Delivery year Delivery year Norway / Romania Brazil Vietnam Total 2016 3 Other 3 2015 2 OSCV 4 Other 6 2014 2 AHTS 3 PSV 5 OSCV 3 Other 2 AHTS 1 PSV 1 Other 1 PSV 18 2013 3 AHTS 10 PSV 3 OSCV 4 Other 1 AHTS 1 PSV 2 PSV 24 2012 15 PSV 1 OSCV 2 Other 1 AHTS 1 PSV 1 AHTS 1 PSV 22 delivered 14.05.2013 | Page 8

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Order book by region and vessel type

By Region Order book 31 Dec. 2012 Deliveries 1Q 2013 Order intake 1Q 2013 Order book 31 Mar. 2013 Norway / Romania 32 4 3 31 Brazil 13

  • 13

Vietnam 3 1

  • 2

Total 48 5 3 46 By Vessel Type Order book 31 Dec. 2012 Deliveries 1Q 2013 Order intake 1Q 2013 Order book 31 Mar. 2013 AHTS 8 1

  • 7

PSV (incl. MRV) 18 4

  • 14

OS CV 7

  • 3

10 Other 15

  • 15

Total 48 5 3 46

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Operations update – Norway

  • Four vessels successfully delivered during the quarter
  • Stable operations and good utilization of all yard facilities
  • Completed implementation of common work processes based on

best practices at all yards

  • ISO 9001 certification received as part of ongoing efficiency

improvement program

Vard Brattvaag Vard Søviknes

14.05.2013 | Page 10

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Operations update – Romania

  • Very high workload in steel hull production at Vard Tulcea
  • Investment program being implemented in Tulcea for

continuous improvement of productivity, quality and throughput

  • New blasting and painting facilities
  • Robots in the production line
  • New piping prefabrication facilities including state of the art

bending technology

  • New contract signed for smaller vessel to be fully outfitted

and delivered from Vard Braila

14.05.2013 | Page 11

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Major investments in Romania (Vard Tulcea)

New blasting and painting facilities New piping prefabrication facilities Robots in the production line

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Operations update – Vietnam (Vard Vung Tau)

  • Low utilization of the yard, with only two vessels still in the
  • rder book
  • One of which to be delivered in 2Q 2013
  • Investment program ongoing for the yard to accommodate

larger vessel types

  • Extension of the

floating dock

  • Improved flow of

steel cutting, and logistics for handling

  • f larger units
  • High priority to secure

new orders

14.05.2013 | Page 13

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Operations update – Brazil (Vard Niterói)

  • Challenges
  • High cost level in Brazil in general and especially in Rio/ Niterói area
  • High personnel turnover and very high pressure on qualified resources
  • Productivity – lower than anticipated
  • Very high pressure in the subcontracting market resulting in fewer

alternative subcontractors, higher prices, and delays

  • Delays – knock-on effect and delays on the next deliveries
  • Actions taken
  • New yard manager and increased number of expats
  • Reorganized production; more project oriented organization
  • Focus on responsibility for each person in the organization, and

commitment to improvements

  • Reduced indirect cost in all departments – downsizing, reorganization

and stronger cost focus

  • Reduced number of subcontractors and building up of longer-term

partners going forward

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Operations update – Brazil (Vard Niterói) (cont’d)

  • Outlook

Revised delivery schedule agreed with clients; taking

into account challenging operational environment

Strain on organization will be reduced as improvement

measures take effect, and vessels are being delivered

Operations expected to stabilize by end 2013 But Vard Niterói still affecting group performance until

delivery of last vessel in current order book

14.05.2013 | Page 15

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Vard Niterói: Vessels under construction

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Pro29 Pro30 Pro31 Pro32

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Pro33 Pro32 Pro31 Pro30 Pro29 mar-13 jun-13 sep-13 dec-13 mar-14 jun-14 sep-14

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

Vard Niterói: Revised delivery schedule

Note: Delivery dates rounded to end of quarter

14.05.2013 | Page 17

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Operations update – Brazil (Vard Promar)

  • Overall progress of yard construction is over 85%, and
  • ver 95% in areas vital for commencing operations
  • Dredging completed in April
  • Start of steel cutting/ production planned for end June
  • Preparations for production start ongoing
  • Installation of equipment
  • Detail planning of production, workflow, logistics, etc.
  • Recruitment and training ongoing
  • About 190 people employed; about 60 of these currently

working at Niterói

  • Training program for blue collars started and with good

experience so far

  • Recruitment of key personnel like managers, specialists, etc.

in progress

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Vard Promar: Greenfield development in less than 18 months

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Vard Promar: Construction over 85% complete

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LPG 8 LPG 7 LPG 6 LPG 5 LPG 4 LPG 3 LPG 2 LPG 1 mar-13 jun-13 sep-13 dec-13 mar-14 jun-14 sep-14 dec-14 mar-15 jun-15 sep-15 dec-15 mar-16 jun-16 sep-16 dec-16

Vard Promar: Delivery schedule

(hull under construction at CGU – Rio Nave) (hull under construction at CGU – Rio Nave) 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 1Q 2016 2Q 2016 3Q 2016 4Q 2016

Note: Delivery dates rounded to end of quarter

14.05.2013 | Page 21

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Financial highlights

1Q 2013

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Revenues and margins

500 1 000 1 500 2 000 2 500 3 000 1Q 2012 1Q 2013 2 811 2 747

Revenues (NOK million) EBITDA (NOK million) and EBITDA Margin (%)

100 200 300 400 500 1Q 2012 1Q 2013 393 304 14.0% 11.1% 14.05.2013 | Page 23

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(NOK million) 1Q ended 31 M arch D( %) 2013 2012 Revenue 2 747 2 811

(2%)

Materials, subcontract cost and others (1 823) (1 830)

(0%)

Salaries and related costs (485) (474)

2%

EBITDA 304 393

(23%)

EBITDA % 11.1% 14.0%

n/ m

Operating profit 275 362

(24%)

Net financial income / (cost) (12) 10

n/ m

Profit before tax 264 373

(29%)

Profit for the period 180 270

(33%)

Statement of income – major items

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3 107 2 418 1 969 20 20 27

500 1 000 1 500 2 000 2 500 3 000 3 500 31 Mar 2012 31 Dec 2012 31 Mar 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 3 244 500 1 000 1 500 2 000 2 500 3 000 3 500 31 Dec 2012 31 Mar 2013

Net Cash (NOK million)1

1 858 1 389 500 1 000 1 500 2 000 31 Dec 2012 31 Mar 2013

Cash and Cash Equivalents (NOK million)

2 437 3 127 1 996 14.05.2013 | Page 25

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Major balance sheet items

(NOK million) As at 31 March 2013 31 December 2012 Non-current assets 2 581 2 410 Current assets 10 823 10 404 Total assets 13 404 12 814 Total equity 3 427 3 227 Loans and borrowings and construction loans 3 277 3 385 Trade and other payables and construction work in progress 4 981 4 319 Other current liabilities 919 1 096 Long-term loans and borrowings 574 545 Other non-current liabilities 226 242 Total liabilities 9 977 9 587 Total equity and liabilities 13 404 12 814

14.05.2013 | Page 26

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Cash flow highlights

(NOK million) 1Q ended 31 M arch 2013 2012 Cash flows from operating activities (335) 257 Cash flows from investing activities (152) (115) Cash flows from financing activities 26 (61) Net change in cash and cash equivalents (461) 81 Cash and cash equivalents excluding restricted cash at the beginning of the financial period 2 418 3 035 E ffects of currency translation differences 12 (9) Cash and cash equivalents excluding restricted cash at the end of the financial period 1 969 3 107 Restricted cash at the end of financial period 27 20 Cash and cash equivalents at the end of the financial period 1 996 3 127

14.05.2013 | Page 27

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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.

1Q ended 31 M arch 2013 2012 Earnings for the period (NOK millions) 188 269 Earnings for the period (SGD millions) 40 59 Weighted average number of shares (millions) 1 180 1 180 Earnings per share (NOK) 0.16 0.23 Earnings per share (SGD cents) 3.40 5.03

  • Adj. weighted average number of shares (millions)

1 181 1 197 Diluted earnings per share (NOK) 0.16 0.22 Diluted earnings per share (SGD cents) 3.40 4.96 Exchange rates (SGD/ NOK) 4.685 4.533

14.05.2013 | Page 28

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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 31 March 2013 31 December 2012 Net asset value at the end of the period (NOK millions) 3 370 3 162 Net asset value at the end of the period (SGD millions) 719 694 Number of shares (millions) 1 180 1 180 Net asset value per ordinary share (NOK) 2.86 2.68 Net asset value per ordinary share (SGD) 0.61 0.59 Exchange rate (SGD/ NOK) 4.685 4.557

14.05.2013 | Page 29

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Outlook

1Q 2013

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Outlook

  • Optimistic outlook for subsea support and construction vessels
  • Project inquiries across a broad range of vessel sizes, specifications, and

geographical markets

  • Promising spot rates for AHTS seen recently, but not yet translating into

newbuilding activity

  • PS

V market sluggish, but demand for individual highly specialized vessels with innovative features, e.g. recent order with advanced rescue features

  • Highly competitive market, but leading-edge technology a differentiator

that secures access to new orders

  • Major investment projects in Romania aimed at securing long-term

competitiveness in Europe; investments in Vietnam to take on larger and more complex projects there

  • Brazil operations in Niterói expected to stabilize by year-end, and new

shipyard Vard Promar on track to start operations by end June 2013

14.05.2013 | Page 31

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Q&A

Q&A

1Q 2013