DOF ASA Q3 2010 CEO Mons S. Aase CFO Hilde Drnen The New Horizon - - PowerPoint PPT Presentation

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DOF ASA Q3 2010 CEO Mons S. Aase CFO Hilde Drnen The New Horizon - - PowerPoint PPT Presentation

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DOF ASA Q3 2010 CEO Mons S. Aase CFO Hilde Drnen The New Horizon DOF ASA PRESENTATION Q4 2009 Agenda Highlights Q3 Overview Group Status DOF Subsea Status Supply Q3 Financials Outlook The New

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SLIDE 1

DOF ASA PRESENTATION Q4 2009

The New Horizon

DOF ASA Q3 2010

CEO – Mons S. Aase CFO – Hilde Drønen

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SLIDE 2

DOF ASA PRESENTATION Q3 2010 - 2

The New Horizon

Agenda

  • Highlights Q3
  • Overview Group
  • Status DOF Subsea
  • Status Supply
  • Q3 Financials
  • Outlook
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SLIDE 3

DOF ASA PRESENTATION Q3 2010 - 3

The New Horizon

Highlights Q3

Contracts:

  • 15 years contract with Total Argentina for Skandi Patagonia
  • 4 AHTS newbuilds, 4 x 8 years with Petrobras
  • 3 x RSV‟s, 3 x 5 years with Petrobras
  • Skandi Admiral onhire to Petrobras end September
  • Several contracts for DOF Subsea resulting in good asset utilisation

in Q4

Fleet:

  • Sale of hull 81 under construction at Cochin yard
  • Norskan ordered 3 AHTS at STX Promar, Brazil
  • Skandi Skolten delivered in July
  • Skandi Vitoria delivered and onhire to Petrobras early October
  • Skandi Peregrino delivered mid November, enroute to Brazil to

commence a long term contract with Statoil

  • Skandi Stord extended 2 more years with Statoil
  • Skandi Aker ”Ship of the Year 2010”
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SLIDE 4

DOF ASA PRESENTATION Q3 2010 - 4

The New Horizon

Highlights Q3

Financial:

  • Refinancing bonds in DOF ASA and DOF Subsea AS
  • Share issue DOF Installer ASA
  • Listing of Norskan postponed
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SLIDE 5

DOF ASA PRESENTATION Q3 2010 - 5

The New Horizon

Modern fleet 3 AHTS’s 13 PSV’s 2 CSV 3 state of the art installation AHTS vessels

Company overview

DOF Installer Modern fleet & Equipment 21 CSV/ROV vessels 40 ROV’s + 1 AUV Leading Subsea Contractor DOF Subsea Modern fleet 17 AHTS’s 7 PSV’s 2 CSV’s

Norskan DOF Subsea Holding Ship owning Company

DOF ASA

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SLIDE 6

DOF ASA PRESENTATION Q3 2010 - 6

The New Horizon

The fleet market segments

PSV AHTS ROV/OCSV/DSV/ Total fleet

  • No. of vessels

SEISMIC VESSELS

DOF ASA

13 3 2 18

NORSKAN OFFSHORE

7 12 2 21

DOF SUBSEA AS

21 21

DOF INSTALLER ASA

3 3

AKER DOF DEEPWATER AS

5 5

Total fleet

20 23 25 68

Contract coverage 11* 68% 74% 66% 68% Contract coverage 12* 35% 58% 51% 49%

* no options included

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SLIDE 7

DOF ASA PRESENTATION Q3 2010 - 7

The New Horizon

GLOBAL PLAYER

GEOGRAPHICAL FOCUS AREAS

Perth Rio de Janeiro Buenos Aires Singapore Houston

  • St. Johns

Aberdeen Austevoll Cairo Brunei Macae Jakarta Manila Angola

  • St. Petersburg

Bergen

23

2

21

4 1 1

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SLIDE 8

DOF ASA PRESENTATION Q3 2010 - 8

The New Horizon

8

Long Term Contracted Cash Flows…

  • DOF group has solid cash flow visibility over the next 3-5 years
  • By Nov 2010 the total back-log (incl. options) was approx NOK 34 bn

 Firm contract counts for NOK 19 bn  Options count for NOK 15 bn

  • The vessel Backlog amount to approximately 4 times the current

yearly revenue

Backlog Development (Year-End)

Note: Includes extension options on long-term contracts.

  • 5

10 15 20 25 30 35 2010 2011 2012 2013 2014 2015 2016 2017

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SLIDE 9

The New Horizon

DOF ASA PRESENTATION Q3 2010 - 9

DOF SUBSEA

Photographer: Harald M. Valderhaug

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SLIDE 10

DOF ASA PRESENTATION Q3 2010 - 10

The New Horizon

DOF Subsea Contract Coverage (Vessels)

FIRM CONTRACTS UNDER CONSTRUCTION OPTIONAL PERIOD

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 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

Geobay Geograph Petrobras - Jun 2016 Ocean Protector (Bergen) Seaforce - Sept 2014 + 2y opt Geosund Geosea Geoholm Skandi Seven Subsea 7 -Mar 2013 +4y opt Skandi Salvadore Chevron -Sept 2011 +2y opt Skandi Singapore (H621) Skandi Vitoria Petrobras - July 2014 + 4y opt Skandi Niteroi (H24) Skandi Skolten Skandi Hercules (H722) Skandi Bergen (H723) Skandi Aker (H705) AKOFS 2 - Jan 2015 + 5y opt Skandi Santos (H716) AKOFS 1 - Jan 2015 + 5y opt Skandi Patagonia Total - Dec 2025 Skandi Inspector Fugro - Q4 2010 Skandi Carla Fugro - July 2012 + 14y opt Skandi Neptune Subsea 7 - Dec 2013 + 3y opt Skandi Achiever Technip - Aug 2015 + 4y opt Skandi Acergy Acergy - Aug 2016 + 6y opt Skandi Arctic Technip - mar 2017 + 8y opt Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2012 2011 2010

2013 2014 2015

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

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SLIDE 11

DOF ASA PRESENTATION Q3 2010 - 11

The New Horizon

FIRM CONTRACTS OPTIONAL PERIOD

DOF Subsea Contract Coverage (ROV & Others)

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Norskan Botafogo Petrobas Skandi Fluminence Petrobras Skandi Chieftain Petrobras

DOF ASA

Skandi Vega Statoil (May) Skandi Seven Subsea 7 Skandi Aker AKOFS (May) Subsea IRM contract Shell Philipines TGT White Rhino TGT VSP Vietnam Devils Creek Development SapuraAcergy Victorian Desalination Plant Thiess Pty Survey and Positioning Heerema Field Development Technip Pazflor SURF Oproject Technip Well positioning BP Angola Survey, FPSO Instal. Ghana Technip

Survey, Seismic Node Inst. Nigeria

Seabird Survey support BP Survey support BP Angola Urugua Saipem Asia Region Atlantic region

DOFCON

Norskan

2010 2011 2012

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SLIDE 12

DOF ASA PRESENTATION Q3 2010 - 12

The New Horizon

Strong Competitive Fleet Positioning

  • DOF Subsea currently has one of the largest subsea vessel fleets in the world

 The large fleet provides us the flexibility to substitute vessels in case of newbuild delivery delays or breakdowns  An established global footprint removes the need for costly trans-region mobilizations

  • DOF Subsea’s fleet is far younger and better equipped than our competitors

 Our average vessel age is currently about 6.2 years. Adjusted for market value the fleet is 2,5 years and will only increase by 0,3 years within the next year  New vessels are safer and more comfortable for the crew, an important competitive distinction for recruiting quality seafarers  Segmented by function, DOF Subsea‟s fleet is generally in the top quartile in the relevant metrics of age, crane capacity, vessel length, deadweight capacity, positioning system, functional flexibility, etc.

  • DOF Subsea’s newbuild program consists of a range of specialized vessel types (LAYSVs, MSVs, DSVs)

enabling the Company to offer a range of services to customers

Top 10 Vessel Owners by Fleet Age Top 10 Subsea Vessel Owners by Fleet Size

33 16 5 12 10 10 7 7 33 19 14 13 12 12 10 10 18 25 27 27 5 10 15 20 25 30 Cal Dive DOF Subsea Global Ind. Saipem Trico Marine Acergy Chet Morrison Subsea 7 BourbonCOOEC Ltd # of Vessels in Fleet

By 2009 By 2012

10 4 15 17 22 24 23 31 32 7 7 8 17 18 19 25 25 33 36 9 5 10 15 20 25 30 35 Trico Marine Bourbon DOF Subsea Chet Morrison Subsea 7 COOEC Ltd Saipem Acergy Global Ind. Cal Dive Average Age of Fleet (years)

By 2009 By 2012

Current Average: 18.8 years 2012 Average: 19.6 years

Note: Includes Geocat, Geochallenger and the DOF Installer vessels.

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SLIDE 13

DOF ASA PRESENTATION Q3 2010 - 13

The New Horizon

Skandi Singapore - DSV

Delivery Q2 2011

  • DP II Dive Support Vessel
  • 2 x Triton XLX W ROV
  • 18 man saturation diving

system

  • 140 t Crane
  • 900 m2 Cargo deck area
  • 100 men accommodation
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SLIDE 14

DOF ASA PRESENTATION Q3 2010 - 14

The New Horizon

Skandi Skolten – The new generation vessels

  • Construction & AHTS

vessel

  • Hybrid propulsion
  • 361 t Bollard Pull
  • 36 000 BHP
  • 250 t Crane
  • 2 x W ROV
  • 1 070 m2 Cargo deck

area

  • 90 men accommodation

Design STX AH-04 | Built: 2010

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SLIDE 15

DOF ASA PRESENTATION Q3 2010 - 15

The New Horizon

Status Supply

Photographer: Harald M. Valderhaug

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SLIDE 16

DOF ASA PRESENTATION Q3 2010 - 16

The New Horizon

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 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

PSV 1 Skandi Falcon

Reliance spot

2 Skandi Marstein

SHELL UK

Opt Nov 2016

3 Skandi Foula

SHELL UK

4 Skandi Rona

SHELL UK

5 Skandi Buchan

TOTAL

6 Skandi Sotra

STATOIL

7 Skandi Caledonia

M OG

8 Skandi Barra

TOTAL

9 Skandi Texel

Peterson Supplylink

Opt Jan 2016

10 Skandi Commander

SHELL

11 Skandi Mongstad

STATOIL

Firm Aug 2016 / Opt Aug 2021

12 Skandi Flora

STATOIL

Opt Feb 2017

13 Skandi Gamma (PSV 06 LNG)

STATOIL

Firm Mar 2016/ Opt Mar 2019

AHTS 14 Skandi Stord

STATOIL

15 Skandi Admiral*

PETROBRAS

16 Skandi Vega

STATOIL

Opt May 2018

*Backlog under Brazil contract overview

CSV 17 Skandi Fjord

Halliburton

Opt Oct 2017

18 Skandi Olympia

FUGRO

2010 2011 2012 2013 2014 2015

DOF Contract Coverage

FIRM CONTRACTS UNDER CONSTRUCTION OPTIONAL PERIOD

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SLIDE 17

DOF ASA PRESENTATION Q3 2010 - 17

The New Horizon

Aker DOF Deepwater AS - 50% DOF

Vessel Name

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 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 Peregrino (VN)

STATOIL

2 Skandi TBN Vietnam 3 Skandi TBN Vietnam 4 Skandi TBN Vietnam 5 Skandi TBN Vietnam 201 5 201 4 201 201 1 201 2 201 3

Aker DOF Deepwater - Contract Coverage

FIRM CONTRACTS UNDER CONSTRUCTION OPTIONAL PERIOD

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SLIDE 18

DOF ASA PRESENTATION Q3 2010 - 18

The New Horizon Brazilian Fleet 9 Brazilian Fleet (Under Construction) 7 International Fleet 10 International Fleet (Under Construction) 10

Norskan‟s Market Position in Brazil

Norskan is well positioned to serve the high-end offshore support vessel market in Brazil

Leading owner of a diversified Brazilian

  • ffshore support vessel fleet

Largest AHTS and CSVs owner in Brazil with a versatile fleet Leading owner of large PSVs and AHTSs in Brazil (including current newbuilds) One of the youngest fleets in the industry Unique, “best-in-class” Brazilian-flagged vessels One of the largest tonnage capacities in the Brazilian offshore industry to benefit from REB regime Capacity to import 6 to 8 additional high-end vessels (through REB)

Chasing the Day Rate Business

Source: ODS Petrodata; includes vessels currently owned in Brazil and announced Brazilian newbuild programs 1 Calculated at IPO

Norskan Vessel Breakdown 1

Companies operating in Brazil owning PSVs ≥ 3,000 dwt, AHTS ≥ 10,000 bhp Companies operating in Brazil owning CSVs

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SLIDE 19

DOF ASA PRESENTATION Q3 2010 - 19

Vessel

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 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 Leblon

SHELL 2

Skandi Flamengo

PETROBRAS 3

Skandi Waveney

STATOIL 4

Skandi Stolmen

PETROBRAS 5

Skandi Captain

PETROBRAS 6

Skandi Yare

PETROBRAS Opt Jan 2016 7

Skandi Hav

PETROBRAS Opt Sep 2019 8

Skandi Copacabana

PETROBRAS 9

Skandi Botafogo

PETROBRAS 10

Skandi Rio

PETROBRAS 11

Skandi Fluminense

PETROBRAS 12

Skandi Giant

PETROBRAS 13

Skandi Admiral

PETROBRAS 14

Skandi Møgster

OGX 15

Sanko Bay

OGX 18 16

Skandi Ipanema

OGX 17

Skandi Peregrino

STATOIL 18

Skandi Amazonas

PETROBRAS 8 yrs f irm cont ract

Fir m Jul 2019 / Opt Jul 2027

19

Skandi Iguaçu

PETROBRAS 8 yrs f irm cont ract

Fir m Dec 2019 / Opt Dec 2027

20

Hull 30 STX AH 1 1

PETROBRAS 8 yrs f irm cont ract

Fir m Nov 2020 / Opt Nov 2028

21

Hull 31 STX AH 1 1

PETROBRAS 8 yrs f irm cont ract

Fir m May 2021 / Opt May 2029

19 22

Hull 33 STX AH 1 1

19 23

Skandi Chieftain

PETROBRAS 24

Skandi Emerald/Odin Viking

OGX 25

Skandi Salvador

CHEVRON # # 26

Skandi Santos

PETROBRAS Opt Nov 2020 # # 27

Skandi Vitória

PETROBRAS Opt Dec 2017 28

Skandi Niterói

29

Geograph

PETROBRAS 5 yrs f rim cont ract 30

Skandi TBN 1

PETROBRAS 5 yrs f rim cont ract 31

Skandi TBN 2

PETROBRAS 5 yrs f rim cont ract

2015

Q1 Q2 Q3 Q4

2014

Q1 Q2 Q3 Q4

2013

Q1 Q2 Q3 Q4

2011

Q1 Q2 Q3 Q4

2012

Q1 Q2 Q3 Q4

2010

Q1 Q2 Q3 Q4

DOF / Norskan /DOF Subsea Contracts in Brazil

FIRM CONTRACTS UNDER CONSTRUCTION OPTIONAL PERIOD

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SLIDE 20

DOF ASA PRESENTATION Q3 2010 - 20

The New Horizon

Norskan continued growth in Brazil

Since 2000, Norskan has assembled a strong portfolio of Brazilian-flagged vessels, allowing for superior crew training and professional development Successful track record during its 10-year history in Brazil In-depth knowledge of the Brazilian market Leading position in OSV markets and strong presence in subsea market and construction support Fleet and crew better suited to the Brazilian

  • ffshore support market relative to competitors

17 Brazilian-flagged vessels that enjoy significant competitive advantages under Brazilian foreign fleet substitution rules Norskan has in 2010 secured 7 long term contracts in Brazil to be started in the period fm 2011-2013 and is uniquely positionned to win more contracts Norskan is expected to have substantial growth in earnings and has therefore postponed a potential IPO to get focus on 2012 estimates

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SLIDE 21

DOF ASA PRESENTATION Q3 2010 - 21

The New Horizon

Financials

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SLIDE 22

DOF ASA PRESENTATION Q3 2010 - 22

The New Horizon

Financial/Operational Highlights Q3 2010

  • Utilization Subsea fleet (85%)

 Good activity in the North Sea and Brazil  Lower activity in Australia

  • Utilization Supply fleet (91%)

 Two vessels in transit to new operational areas  Class docking

  • Two vessels delivered in 3rd quarter

 Skandi Skolten, in operation since July/August  Skandi Vitoria, in operation from October

  • Unrealised currency gain on long term debt
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SLIDE 23

DOF ASA PRESENTATION Q3 2010 - 23

The New Horizon ALL FIGURES IN NOK MILLION

Result Q3 2010

2010 2009 2010 2009 2009 Q3 Q3 YTD YTD Operating income 1 237 1 120 3 888 3 166 4 327 Total operating income 1 237 1 120 3 888 3 166 4 327

  • perating expenses vessels

805 745 2 632 2 228 3 094 Total operating expenses 805 745 2 632 2 228 3 094 Operating profit before depreciation EBITDA 433 375 1 256 939 1 234 Depreciation 301 215 825 566 837 Write-down 179 Operating profit - EBIT 132 160 431 373 218 Net profit from associated companies

  • 9

3

  • 7

176 192

  • ther financial Items
  • 262
  • 40
  • 484
  • 287
  • 163

Unralized profit/ loss on currencies 339 496

  • 1

900 758 Net financial costs 68 459

  • 492

789 787 Pre-tax profit 200 619

  • 61

1 162 1 005 Taxes 26 122 46 272 201 Result 174 497

  • 107

890 803

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SLIDE 24

DOF ASA PRESENTATION Q3 2010 - 24

The New Horizon

P&L Supply and Subsea

ALL FIGURES IN NOK MILLION

DOF ASA DOF SUB. HOLDING Total DOF ASA DOF SUB. HOLDING Total Q3 2010 Q3 2010 Q3 2010 YTD 2010 YTD 2010 YTD 2010 Operating income 408 829 1 237 1 400 2 488 3 888 Other income

  • Total operating income

408 829 1 237 1 400 2 488 3 888 Operating expenses 256 549 805 892 1 740 2 632 Total operating expenses 256 549 805 892 1 740 2 632 Operating profit before depreciation 163 270 433 508 748 1 256 Ebitda margin 40 % 33 % 35 % 36 % 30 % 32 %

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SLIDE 25

DOF ASA PRESENTATION Q3 2010 - 25

The New Horizon

Results - Business Segments

ALL FIGURES IN NOK MILLION

68 86 279

EBITDA Q3 2010

68 83 223

EBITDA Q3 2009

EBITDA Q3 2010 Q3 2009 PSV 68 68 AHTS 86 83 CSV 279 223 Total 433 374

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SLIDE 26

DOF ASA PRESENTATION Q3 2010 - 26

The New Horizon

Results – Geographical Segments

ALL FIGURES IN NOK MILLION

110 6 159 158

EBITDA Q3 2010

185 25 81 83

EBITDA Q3 2009

EBITDA Q3 2010 Q3 2009 Europe/ West Africa 110 185 Australasia 6 25 Brazil 159 81 America/Worldwide 158 83 Total 433 374

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SLIDE 27

DOF ASA PRESENTATION Q3 2010 - 27

The New Horizon

Currency effects on Q3 2010 results

ALL FIGURES IN NOK MILLION

Financial items

Q3 2010 Acc Q3 2010 Q3 2009 Acc Q3 2009

Share of loss profit from associated

  • 8
  • 7

4 176 Interest reveneue 21 57 15 64 Interest costs

  • 232
  • 554
  • 148
  • 474

Realized currency gain/loss long debt

  • 3

40 60 109 Realized currency gain/loss on forex instruments

  • 9
  • 8
  • 113
  • 98

Realized operational currency gain/loss (-) 66 63

  • 27

Other financial expenses

  • 106
  • 83

81 75 Total financial items

  • 271
  • 491
  • 101
  • 175

Unrealized profit/loss on currencies Unrealized currency gain/loss on long debt 223

  • 39

477 788 Unrealized currency gain/loss on forex instruments 116 38 18 112 Unrealized operational currency gain Total unrealized profit/loss on currencies 339

  • 1

495 900 Total financial items 68

  • 492

394 725

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SLIDE 28

DOF ASA PRESENTATION Q3 2010 - 28

The New Horizon

Balance Q3 2010

ALL FIGURES IN NOK MILLION

30-09-10 30-09-09 31-12-09 ASSETS Intangible assets 485 663 476 Fixed assets 20,164 16,354 17,263 Financial assets 255 40 89 Total non current assets 20,904 17,058 17,827 Receivables 2,175 1,649 1,744 Cash and cash equivalents 2,143 2,195 2,214 Total current assets 4,317 3,845 3,957 Total Assets 25,221 20,902 21,785 EQUITY AND LIABILITIES Subscribed equity 860 860 860 Retained earnings 3,048 3,128 3,171 Minority interest 2,736 2,903 2,777 Total Equity 6,645 6,892 6,809 Provisions for commitment 513 477 603 Other long-term liabilities 13,149 11,153 11,371 Total long-term liabilities 13,662 11,630 11,973 Debt to credit institutions 3,366 1,551 2,128 Other short term liabilities 1,549 830 874 Total short term liablilities 4,914 2,381 3,002 Total liability and equity 25,221 20,902 21,785

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SLIDE 29

DOF ASA PRESENTATION Q3 2010 - 29

The New Horizon

Key figures Q3 2010

2010 2009 2010 2009 2009 Q3 Q3 YTD YTD Profit per share ex. minority interest 1.85 6.24

  • 0.08

10.84 9.16 Profit per share ex. unrealized loss/gain

  • 1.81

0.01

  • 1.16
  • 0.12

0.52 Cashflow per share 1.50 2.61 7.90 6.72 12.10 Ebitda margin 35% 34% 32% 30% 29% Ebit margin 11% 14% 11% 12% 5% Return on net capital 3% 7%

  • 2%

13% 12% Equity ratio 26% 33% 26% 33% 31% Net interest bearing debt 14,154 10,379 14,154 10,379 11,073 Net interest bearing debt ex. unemployed capital 10,726 6,091 10,726 6,091 6,478 No of shares 91,037,975 82,767,975 91,037,975 82,767,975 87,730,811 Face value per share 2 2 2 2 2

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SLIDE 30

DOF ASA PRESENTATION Q3 2010 - 30

The New Horizon

  • 100,000

200,000 300,000 400,000 500,000 600,000

Q4 - 2006 Q1 - 2007 Q2 - 2007 Q3 - 2007 Q4 - 2007 Q1 - 2008 Q2 - 2008 Q3 - 2008 Q4 - 2008 Q1 - 2009 Q2 - 2009 Q3 - 2009 Q4 - 2009 Q1 - 2010 Q2 - 2010

Thousand NOK

PSV AHTS CSV

DOF High asset values

  • Fair market values DOF fleet have been stable through 2008 and 2009
  • Fair market values Brazilian built vessels have increased with approx. 25%

since 2006

  • All vessels (built 1983-2010) are valued higher then original capex

Valuation of PSV (UT 755 and MT 6000), AHTS (UT 722L) and Subsea ROV vessel.

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SLIDE 31

DOF ASA PRESENTATION Q3 2010 - 31

The New Horizon

Significant Asset Coverage

The combined market value DOF vessels in operation per September is NOK 20bn

  • Supply FMV NOK 9 bn

NIBD NOK 4,5bn

  • Subsea FMV NOK 11bn

NIBD NOK 6,0 bn Asset-level gearing on the fleet including new-builds is 59%, decreasing to 44% in 2014

  • Provides a significant equity cushion on top of existing vessel-level

financing

  • We forecast significant gearing reduction upon completion of the current

newbuild program

Total Fleet Market value

Vessels (a) 20 000 Other Equipment (b) 1 000

Total Fleet 21 000

Note: Vessel values as of 30 June, 2010. (a) Does not include market value of the remaining vessels to be delivered in 2010- 2013 DOF Subsea are included 100% in the calculation and JV‟s with 50%. (b) Includes ROVs, AUV, diving systems, other equipment.

Gearing forecast summary

0 % 20 % 40 % 60 % 80 % 100 % 120 %

2010E 2011E 2012E 2013E 2014E

59 % 60 % 57 % 52 % 44 % 41 % 40 % 43 % 48 % 56 % debt Equity

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SLIDE 32

DOF ASA PRESENTATION Q3 2010 - 32

The New Horizon

DOF BOND 500 maturity in July 2011 Fleet loan 5 vessels DOF 600 A new facility in progress, planned completion Q4 2010 Fleet loan 4 vessels DOF Subsea 900 A new facility in progress, planned completion Q4 2010

Debt to be refinanced next 12 months

ALL FIGURES IN NOK MILLION

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SLIDE 33

DOF ASA PRESENTATION Q3 2010 - 33

The New Horizon

The DOF Group New Builds

New Builds DOF ASA Group 31.10.2010

NOK 000

Vessel Name PROJECT PRICE PAID IN REMAINING CAPEX FINANCING ** EQUITY LTV Sum New Builds DOF ASA Group 11.135.466 1.955.123 9.180.343 8.352.620 827.723 75 % Relative share New Builds DOF ASA Group 9.988.306 1.755.818 8.232.488 7.537.620 694.868 75 % DOF ASA /DOF Rederi (100%) 553.870 110.000 443.870 415.000 28.870 75 % Norskan (100%) 5.474.275 783.513 4.690.762 4.357.620 333.142 80 % Aker DOF Deepwater (JV 50 %) 866.161 144.805 721.356 590.000 131.356 68 % DOF SUBSEA (100 %) 913.000 350.000 563.000 650.000

  • 87.000

71 % DOF SUBSEA (JV 50%) 281.000 54.500 226.500 225.000 1.500 80 % DOF INSTALLER (78,5%) 1.900.000 313.000 1.587.000 1.300.000 287.000 68 %

**

Total planned financing new-building program: NOK 7,5 bn Secured financing new-building program: NOK 5,7 bn

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SLIDE 34

DOF ASA PRESENTATION Q3 2010 - 34

The New Horizon

Picture of Skandi Mongstad

OUTLOOK

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SLIDE 35

DOF ASA PRESENTATION Q3 2010 - 35

The New Horizon

SHORT TERM OUTLOOK

  • High contract coverage for both supply and subsea in

Q4

  • More vessels contributing compared to previous

quarters

  • Ebitda in Q4 expected to be better than Q2 Ebitda
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SLIDE 36

DOF ASA PRESENTATION Q3 2010 - 36

The New Horizon

Q4 2010 H1 2011 H2 2011 2012 2013

Skandi Urca (8 yrs Petrobras) Skandi Angra Skandi Iquazu (8 yrs Petrobras) Skandi Paraty (8 yrs Petrobras) Skandi Vietnam 5 Skandi Vietnam 6 Skandi Vietnam 4 Skandi Bergen (Project) Skandi Niterói

Skandi Amazonas (8 yrs Petrobras)

Skandi Gamma (6 yrs Statoil) Skandi Emerald Skandi Hawk Skandi Singapore Skandi Hercules (Project) Skandi Vitoria (4 yrs Petrobras) Skandi Ipanema (1.5 yrs OGX) Skandi Peregino (2 yrs Statoil) 50 Vessels 54 Vessels 58 Vessels 62 Vessels 66 Vessels

Long Term Outlook

Ebitda growth new vessels

Brazil DOF Supply DOF Installer DOF Subsea Vessels in Operation

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SLIDE 37

DOF ASA PRESENTATION Q3 2010 - 37

The New Horizon

MARKET SUMMARY DOF FLEET

Supply

  • Weak North Sea spot market expected near term
  • Several long term opportunities for PSV‟s in the North Sea
  • Strong market in Brazil – several new tenders

Subsea

  • Expected lower activities in the North Sea during winter

season

  • Higher activity in Asia in Q4 2010 and Q1 2011 compared

to Q3

  • High activity in Brazil
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SLIDE 38

DOF ASA PRESENTATION Q3 2010 - 38

The New Horizon

Thank you

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SLIDE 39

DOF ASA PRESENTATION Q3 2010 - 39

The New Horizon

DISCLAIMER

This presentation by DOF ASA designed to provide a high level overview of aspects of the

  • perations of the DOF ASA Group.

The material set out in the presentation is current as at 18 November, 2010. This presentation contains forward-looking statements relating to operations of the DOF ASA Group that are based on management‟s own current expectations, estimates and projections about matters relevant to DOF ASA„s 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

  • ther 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

  • r 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

  • therwise 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.