DOF ASA PRESENTATION Q1 2009 CEO – Mons S. Aase CFO – Hilde Drønen DOF ASA Q2 2009 The New Horizon
Agenda Highlights � Overview � Q2 Financial � Outlook � The New Horizon DOF ASA PRESENTATION Q2 2009 - 2
Highlights Q2 Purchase of Hull 082 at Cochin from Aker DOF Deepwater � Skandi Salvador, Skandi Arctic & Skandi Chieftain on contracts � Better utilization DOF Subsea fleet � � Weak North Sea Market � Sales of 21,3% stake in AKOFS Cancellation of three contracts at TEBMA yard � Share issue DOF ASA � Placement of bond in DOF ASA NOK 975 mill, 2 yrs � Placement of bond in DOF Subsea NOK 500 mill, 3 yrs � FRC share issue in Norskan cancelled � The New Horizon DOF ASA PRESENTATION Q2 2009 - 3
Company overview DOF ASA DOF Subsea Ship owning Norskan Holding company 100% 51% 50-100% Modern fleet Modern fleet 8 AHTS’s 9 AHTS’s 19 PSV’s 4 PSV’s 1 CSV DOF Installer DOF Subsea 50.5% 100% Modern fleet & Equipment 4 state of the art installation AHTS 22 CSV/ROV vessels vessels 35 ROV’s + 1 AUV Leading Subsea Contractor The New Horizon DOF ASA PRESENTATION Q2 2009 - 4
The fleet market segments PSV AHTS ROV/OCSV/DSV/ Total fleet No. of vessels SEISMIC VESSELS 19 3 1 23 DOF ASA 4 8 0 12 NORSKAN OFFSHORE DOF SUBSEA AS 0 0 22 22 0 4 0 4 DOF INSTALLER ASA 0 6 0 6 AKER DOF DEEPWATER AS 23 21 23 67 Total fleet Contract coverage 09* 92 % 94 % 77 % 88 % Contract coverage 10* 81 % 79 % 64 % 75 % * no options included The New Horizon DOF ASA PRESENTATION Q2 2009 - 5
GLOBAL PLAYER Bergen Austevoll Aberdeen St. Petersburg St. Johns Cairo Houston Manila Brunei Singapore Jakarta Macae Angola Rio de Janeiro Perth Buenos Aires GEOGRAPHICAL FOCUS AREAS The New Horizon DOF ASA PRESENTATION Q2 2009 - 6
DOF Supply contract coverage 2009 2010 2011 PSV Area of Operation Charterer 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 Skandi Falcon India Reliance 2 Skandi Marstein North Sea Shell UK 3 Skandi Stolmen Norw ay StatoilHydro 4 Skandi Foula North Sea Shell UK 5 Skandi Rona North Sea Shell UK 6 Skandi Waveney North Sea Spot/ StatoilHydro 7 Skandi Buchan North Sea Total 8 Skandi Sotra North Sea StatoilHydro 9 Skandi Caledonia North Sea Total/MOG 10 Skandi Captain North Sea Shell 11 Skandi Barra North Sea Total 12 Skandi Chieftain Brazil Petrobras 13 Skandi Texel North Sea Peterson Sup/link 14 Skandi Commander North Sea Shell 15 Skandi Mongstad North Sea StatoilHydro 16 Skandi Flora (AYP 06CD) North Sea StatoilHydro 17 Skandi TBN (Aker PSV 06 LNG) North Sea StatoilHydro 18 Skandi TBN Cochin Total UK 19 Skandi TBN Cochin Contrage coverage 89 % 69 % FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION Back log: NOK 2,800 million The New Horizon DOF ASA PRESENTATION Q2 2009 - 7
DOF contract coverage 2009 2010 2011 AHTS Area of Operation Period Charterer 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 Møgster Worldw ide Spot/OGX Skandi Stord North Sea StatoilHydro Skandi Admiral North Sea StatoilHydro 86 % 78 % Contract Coverage 2009 2010 2011 CSV Area of Operation Period Charterer 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 Fjord World w ide Halliburton Contract Coverage 100 % 100 % FIRM OPTIONAL UNDER CONSTRUCTION CONTRACTS PERIOD The New Horizon DOF ASA PRESENTATION Q2 2009 - 8
DOF contract coverage, vessels under construction DOF Installer ASA – 50.5% DOF Subsea AS 2009 2010 2011 Vessel Name Type Ow ner Charterer Delivery 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 DOF Installer StatoilHydro Dec 09 1 Skandi Vega (AH04 CD) AHTS 2 Skandi TBN (AH 04 CD) AHTS DOF Installer - 2010 3 Skandi TBN (AH 04 CD) AHTS DOF Installer - 2010 4 Skandi TBN (AH 04 CD) AHTS DOF Installer - 2011 Aker DOF Deepwater AS – 50% DOF Vessel Name Type Ow ner Charterer Delivery 2009 2010 2011 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 Skandi TBN Vietnam AHTS Aker DOF Deepwater 2010 2 Skandi TBN Vietnam AHTS Aker DOF Deepwater StatoilHydro 2010 3 Skandi TBN Vietnam AHTS Aker DOF Deepwater 2011 4 Skandi TBN Vietnam AHTS Aker DOF Deepwater 2011 5 Skandi TBN Vietnam AHTS Aker DOF Deepwater 2012 6 Skandi TBN Vietnam AHTS Aker DOF Deepwater 2012 FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION The New Horizon DOF ASA PRESENTATION Q2 2009 - 9
DOF Subsea contract coverage vessels Q109 Q209 Q309 Q409 Q110 Q210 Q310 Q410 2011 Geobay Geosounder DOF Subsea Operated Geograph Skandi Bergen StatoilHydro Geosund StatoilHydro Geosea Geoholm Technip Skandi Seven Subsea 7 Skandi Salvadore Chevron Skandi Singapore Skandi Vitoria Petrobras Skandi Brasilia Skandi Aker AKOFS Skandi Santos AKOFS Skandi Patagonia Total Geo Challenger CGG TC Contracts Skandi Inspector Fugro Skandi Carla Fugro Skandi Neptune Subsea 7 Skandi Achiever Technip Skandi Acergy Acergy Skandi Arctic Technip Contract coverage 77 % 64 % 56 % Back log: NOK 10,000 million FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION The New Horizon DOF ASA PRESENTATION Q2 2009 - 10
DOF Subsea : ROV - and other major contracts 2009 2010 2011 orskan Norskan Botafogo Petrobras N Skandi Fluminence Petrobras F A O S D A Skandi Chieftain Petrobras Subsea IRM contract Shell Philipines ustralasia Subsea IRM contract Brunei Shell Petroleum Call off diving contract Chevron Australia - A JV Call off services contract Woodside Energy Limited Call off diving contract BHPB Petroleum Australia K ubsea U Global survey support Heerema F S Survey support Allseas O D Survey support BP Angola FS 718 AKOFS O K A 718 AKOFS FIRM CONTRACTS OPTIONAL PERIOD The New Horizon DOF ASA PRESENTATION Q2 2009 - 11
NORSKAN: The fleet PSV Area of Ops. Built Charterer 2009 2010 2011 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 Norskan Flamengo Brazil 2003 Petrobras 2 Norskan Leblon Brazil 2005 Shell 3 Skandi Yare Brazil 2001 Petrobras 4 Skandi Hav Brazil 1983 MOG/Petrobras AHTS 5 Norskan Copacabana Brazil 2005 Petrobras 6 Norskan Botafogo Brazil 2006 Petrobras 7 Skandi Rio Brazil 2007 Petrobras 8 Skandi Fluminence Brazil 2007 Petrobras 9 Skandi Giant Brazil 2003 BG Brazil 10 Skandi Ipanema (AH05) Brazil 2010 OGX 11 Skandi Amazonas (AH12) Brazil 2011 12 Skandi Iginazu (AH12) Brazil 2011 97 % 90 % Contract Coverage FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION Back log: NOK 3,600 million The New Horizon DOF ASA PRESENTATION Q2 2009 - 12
Financial Highlights Q2 2009 � Three vessels started on new contracts � Delivery of vessels, impact on balance � Off-hire due to rebuilding to contracts � Gain from sale of AKOFS shares, NOK 170 mill � Unrealized currency gain on long term debt � Share issue & Bond, impact on balance � High docking costs The New Horizon DOF ASA PRESENTATION Q2 2009 - 13
Result Q2 2009 ALL FIGURES IN NOK MILLION Q 2 2009 Q 2 2008 H1 2009 H1 2008 2008 Operating income 1 083 1 078 2 046 1 992 4 340 Total operating income 1 083 1 078 2 046 1 992 4 340 Operating expenses vessels 750 685 1 483 1 286 2 784 Total operating expenses 750 685 1 483 1 286 2 784 Operating profit before depreciation 333 393 564 705 1 556 Depreciation 188 111 351 222 643 Operating profit 145 281 212 483 912 Net profit from associated companies 169 120 172 137 125 Financial items -106 -13 -246 -183 -505 Unrealized profit/loss on currencies 197 -51 405 36 -655 Net financial costs 259 55 330 -9 -1 036 Pre-tax profit 405 336 543 474 -123 Taxes 143 -6 149 68 -223 Result 261 342 393 406 100 Minority Interest -123 -33 -162 -44 -35 The New Horizon DOF ASA PRESENTATION Q2 2009 - 14
P&L Q2 2009 ALL FIGURES IN NOK MILLION DOF ASA DOF Subsea H. Elim. TOTAL DOF ASA DOF Subsea H. Elim. TOTAL Q2 09 Q2 09 Q2 09 H1 09 H1 09 H1 09 Revenue 356 735 -9 1 083 735 1 328 -17 2 046 Total Revenue 356 735 -9 1 083 735 1 328 -17 2 046 Operational Costs 229 520 750 470 999 14 1 483 - Total Operational Costs 229 520 750 470 999 14 1 483 EBITDA 126 215 -9 333 266 330 -32 564 Depriciations 82 105 188 153 198 351 EBIT 44 110 -9 145 113 131 -32 212 Results from TS -2 171 169 -2 174 172 Net financial income 45 52 97 70 121 3 193 Net financial costs -85 -118 -203 -215 -218 -7 -440 Unrealized P/L from currency 176 20 197 292 113 405 Net financial costs 134 125 259 144 190 -4 330 Profit before taxes 178 235 -9 405 257 321 -36 543 Taxes 138 6 143 135 15 149 Net Profit 40 229 -9 261 122 307 -36 393 The New Horizon DOF ASA PRESENTATION Q2 2009 - 15
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