DOF ASA 4Q and preliminary results 2007 CEO - Mons S. Aase CFO - - PowerPoint PPT Presentation

DOF ASA 4Q and preliminary results 2007 CEO - Mons S. Aase CFO - Hilde Drønen

Agenda • Overview • 4Q Financial • Asia DOF ASA Presentation 2

DOF Overview DOF ASA DOF ASA DOF ASA DOF Supply DOF Subsea ASA DOF Installer DeepOcean DOF Supply DOF Supply DOF Subsea ASA DOF Subsea ASA DOF Installer DOF Installer DeepOcean DeepOcean 100% 100% 54% 54% 45% 45% 39,9% 39,9% 100% 54% 45% 39,9% Modern fleet Modern fleet & Equipment Modern fleet & Equipment 4 state of the art installation AHTS • 15 AHTS’s • 23 CSV/ROV vessels • 13 MPSV vessels vessels • 23 PSV’s • 25 ROV’s + 1 AUV • 15 ROV’s • 2 CSV • Leading Subsea • 2 module handling Contractor system • Order backlog • Order backlog • Leading Subsea NOK 4 bn Contractor NOK 8,5 bn • Order backlog NOK 4 bn DOF ASA Presentation 3

The fleet market segments PSV AHTS ROV/OCSV/DSV Total fleet No. of vessels 20 5 2 27 DOF ASA 2 4 0 6 NORSKAN OFFSHORE DOF SUBSEA ASA 0 0 23 23 0 4 0 4 DOF INSTALLER ASA 1 6 0 7 AKER DOF SUPPLY 23 19 25 67 Total fleet DOF ASA Presentation 4

DOF contract coverage PSV AREA OF OPER. CHARTERER 2008 2009 2010 Skandi Hav North Sea Maersk Oil UK/spot Skandi Falcon North Sea Shell UK/spot spot spot spot Skandi Marstein North Sea Shell UK Skandi Stolmen Norw ay StatoilHydro Skandi Foula North Sea Shell UK Skandi Rona North Sea Shell UK Skandi Waveney North Sea Marathon BB in Skandi Buchan North Sea ASCO/Total Skandi Sotra North Sea StatoilHydro Skandi Caledonia North Sea Total FIRM Skandi Captain North Sea Shell CONTRACTS Skandi Barra North Sea Shell Skandi Chieftain North Sea Shell OPTIONAL Skandi Texel North Sea Peterson Supplylink PERIOD Skandi Commander North Sea Shell Skandi TBN (AYP 06CD) North Sea StatoilHydro Skandi Mongstad (VS 495 DEM-2) North Sea StatoilHydro UNDER CONSTRUCTION DOF ASA Presentation 5

DOF contract coverage AHTS AREA OF OPER. CHARTERER 2008 2009 2010 Skandi Møgster Workd w ide spot spot spot spot Skandi Stord North Sea StatoilHydro Skandi Admiral North Sea StatoilHydro spot spot spot Skandi Giant spot spot spot spot Skandi Hercules spot CSV Skandi Fjord North Sea Halliburton Skandi Navica World Wide SubSea 7 Skandi Hercules Skandi Hercules Sold for USD 100 million Sold for USD 100 million Delivery end Delivery end March March 2008 2008 FIRM CONTRACTS OPTIONAL PERIOD DOF ASA Presentation 6

NORSKAN: The fleet PSV CHARTERER 2008 2009 2010 Norskan Flamengo Petrobras Norskan Leblon Petrobras/Shell Skandi Yare Petrobras AHTS Norskan Copacabana Petrobras Norskan Botafogo Petrobras Skandi Rio Petrobras Skandi Fluminence Petrobras FIRM CONTRACTS DOF ASA Presentation 7

Awards from Petrobras Third consecutive time on the PEOTRAM program, we won the general Safety Award for 2007. DOF ASA Presentation 8

Newbuilding program in Brazil Hull no 23 & 24 Hull no 22 Design: Aker OSCV 06 Design: Aker ROV 06 Length: 140 m Length: 108 m Accommodation: 120 persons Crane: 140 tonnes Crane: 250 tonnes Accommodation: 100 persons ROV: 2 systems ROV: 2 systems DOF ASA Presentation 9

Vessels under construction DOF Supply NAME TYPE CHARTER PERIOD OWNER DELIVERY 2008 2009 2010 SKANDI TBN 1 PSV Statoil 5 years DOF AUG 08 New fixture rate USD 15,000 on B/B SKANDI TBN 2 PSV/ROV DOFSubsea 5 years DOF APR 09 SKANDI TBN 3 PSV/ROV Spot - DOF AUG 09 SKANDI TBN (COCHIN) PSV/RSV Spot - DOF MAY 10 DOF Subsea NAME TYPE CHARTER PERIOD OWNER DELIVERY 2008 2009 2010 SKANDI SALVADORE ROV/SURVEY Chevron Brazil 3 years GEO Brazil OKT 08 SKANDI ACERGY CONST Acergy 8 years DOFCON MAY 08 SKANDI SEVEN CONST Subsea7 5 years DOFCON JUN 08 SKANDI TBN 4 CONST Technip 5 years DOFCON Brazil JUN 09 SKANDI TBN 6 CONST Spot - DOFCON Brazil DES 09 SKANDI TBN 7 CONST Aker Oilfield 5 years DOFCON MAY 09 SKANDI TBN 8 CONST Aker Oilfield 5 years DOFCON MAY 09 SKANDI TBN 5 DSV Technip 8 years DOFCON/TECH DEC 08 SKANDI SINGAPORE DSV Spot - DOF SUBSEA AUG 09 FIRM OPTIONAL UNDER CONSTRUCTION CONTRACTS PERIOD DOF ASA Presentation 10

Tebma 123 & 124, VS 470 MPOV MkIII Upgraded design: New Beam: 19,2m New accomodation: 78 persons Mezzanine deck: 2 ROVs DOF Subsea to install 12 men SAT dive System DOF ASA Presentation 11

Vessels under construction DOF Installer NAME TYPE CHARTER PERIOD OWNER DELIVERY 2008 2009 2010 2011 2012 AHTS DOF Installer 2009 SKANDI TBN AHTS DOF Installer 2010 SKANDI TBN SKANDI TBN AHTS DOF Installer 2010 SKANDI TBN AHTS DOF Installer 2011 Aker DOF Supply NAME TYPE CHARTER PERIOD OWNER DELIVERY 2008 2009 2010 2011 2012 AHTS Aker DOF Supply 2010 SKANDI TBN VIETNAM AHTS 2010 Aker DOF Supply SKANDI TBN VIETNAM AHTS 2011 Aker DOF Supply SKANDI TBN VIETNAM AHTS 2011 Aker DOF Supply SKANDI TBN VIETNAM AHTS 2012 Aker DOF Supply SKANDI TBN VIETNAM AHTS Aker DOF Supply 2012 SKANDI TBN VIETNAM PSV/RSV 2010 Aker DOF Supply SKANDI TBN (COCHIN) OPTIONAL FIRM UNDER CONSTRUCTION CONTRACTS PERIOD DOF ASA Presentation 12

DOF Installer ASA Specifications EPC contract • Yard: Aker Aukra • Type: Aker AH 04 CD Delivery date 1 st vessel: December 2009 • • Overall length / breadth: Approx 108m x 24m Delivery date 2 nd vessel: May 2010 • Deck-area: 1,000 m2 + moonpool + ROV hangar • • Winch: 500 tons (main winch) + 170 tons Delivery date 3 rd vessel: Oct 2010 • • Offshore crane: 250 tons* Delivery date 4 th vessel: May 2011 • • Installed power: 36,000 BHP (hybrid) • Favourable prices compared to market • Bollard pull: >350 tons • Increasing demand • Accommodation: 90 people DOF ASA Presentation 13

4Q Financial Agenda Overview DOF ASA Presentation 14 Asia • • •

Highlights 4Q 2007 • Week utilization subsea vessels • High tax costs due to tonnage tax • Provisions UK-tax lease • Acquisition 50% in DOF BOA • Acquisition 39,9% in Deep Ocean • New-building contracts DOF ASA Presentation 15

Share price last 12 months kr 80 kr 70 kr 60 kr 50 kr 40 kr 30 kr 20 kr 10 kr 0 jan. 07 mar. 07 mai. 07 jul. 07 sep. 07 nov. 07 DOF ASA Presentation 16

Result 4Q 2007 ALL FIGURES IN NOK THOUSANDS Q 4 2007 Q 4 2006 Operating income 953 127 839 821 Total operating income 953 127 839 821 Operating expenses vessels 606 400 456 316 Bare-boat hire vessel 3 575 3 920 Total operating expenses 609 975 460 236 Operating profit before depreciation 343 152 379 585 Depreciation 164 349 118 236 Operating profit 178 803 261 349 Net profit from associated companies 603 -2 806 Financial items -159 241 -58 386 Unrealized profit/loss on currencies 44 655 -10 185 Net financial costs -113 983 -71 377 Pre-tax profit 64 820 189 972 Taxes -369 666 -1 563 Result -304 846 188 409 Minority Interest 86 813 -90 952 DOF ASA Presentation 17

Result 31.12.2007 ALL FIGURES IN NOK THOUSANDS 31.12.2007 31.12.2006 31.12.2005 Operating income 3 454 381 3 010 878 1 583 567 Total operating income 3 454 381 3 010 878 1 583 567 Operating expenses vessels 2 210 190 1 703 832 807 146 Bare-boat hire vessel 14 965 14 915 14 482 Total operating expenses 2 225 155 1 718 747 821 628 Operating profit before depreciation 1 229 226 1 292 131 761 939 Depreciation 529 791 417 010 356 421 Operating profit 699 435 875 121 405 518 Net profit from associated companies 42 681 64 890 2 479 Financial items -394 039 -190 718 -138 655 Unrealized profit/loss on currencies 314 602 -22 860 -11 934 Net financial costs -36 756 -148 688 -148 110 Pre-tax profit 662 679 726 433 257 408 Taxes -440 786 -69 252 -16 530 Result 221 893 657 181 240 878 Minority Interest -47 953 -207 712 -20 935 DOF ASA Presentation 18

Profit share 4Q 2007 ALL FIGURES IN NOK THOUSANDS DOF ASA DOF SUBSEA ASA TOTAL Revenue 438 476 514 651 953 127 Total Revenue 438 476 514 651 953 127 Operational costs 205 830 404 144 609 974 - Total Operational costs 205 830 404 144 609 974 EBITDA 232 646 110 507 343 153 Deprecations 92 335 72 014 164 349 EBIT 140 311 38 493 178 804 Profit from ass. companies 4 842 -4 239 603 Financial income 36 344 50 439 86 783 Financal costs -136 766 -109 258 -246 024 Unrealized gain/loss on currenc 32 544 12 111 44 655 Net financial costs -63 036 -50 947 -113 983 Net profit before taxes 77 275 -12 454 64 821 Taxes -212 600 -157 066 -369 666 Net Profit -135 325 -169 520 -304 845 DOF ASA Presentation 19

Profit share 2007 ALL FIGURES IN NOK THOUSANDS DOF ASA DOF SUBSEA ASA TOTAL Revenue 1 380 776 2 073 605 3 454 381 Total Revenue 1 380 776 2 073 605 3 454 381 Operational costs 742 184 1 482 971 2 225 155 - Total Opertional costs 742 184 1 482 971 2 225 155 EBITDA 638 592 590 634 1 229 226 Deprecations 314 490 215 301 529 791 EBIT 324 102 375 333 699 435 Profit from ass. companies 46 920 -4 239 42 681 Financial income -235 645 -158 394 -394 039 Unrealized gain/loss on currenc 242 615 71 987 314 602 Net financial costs 53 890 -90 646 -36 756 Net profit before taxes 377 992 284 687 662 679 Taxes -243 354 -197 432 -440 786 Net Profit 134 638 87 255 221 893 Minority interest -46 921 -1 031 -47 952 DOF ASA Presentation 20