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Q4 2012 Financial Presentation DOF Subsea Group Agenda Highlights Recent events Group overview Projects Contract coverage Financials Outlook Appendix DOF Subsea Group Highlights Fleet One of the largest subsea vessel owners in

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SLIDE 1

Q4 2012 Financial Presentation

DOF Subsea Group

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SLIDE 2

Agenda

Highlights Recent events Group overview Projects Contract coverage Financials Outlook Appendix

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SLIDE 3

DOF Subsea Group – Highlights

Fleet

One of the largest subsea vessel owners in the world

Owns and operates a fleet of 24 vessels, plus 2 newbuilds on order

In addition 2 vessels on long-term charter

The market value of owned vessels in operation is NOK16 625 million, with a value adjusted age of 4.3 years

Operates 52 ROVs

Global organization

 Head office in Bergen  Regional offices in Australia, Singapore, Norway, UK, Angola, US, Canada and

Brazil

Total of 2 354 employees

Subsea employees: 1 354

Of which offshore engineers and project staff: 1 040

Marine crew: 1 000

DOF Subsea

3

Norway Brazil Canada US UK Asia Pacific Angola

242 313 35 73 343 333 15

* As pr 31st December 2012

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SLIDE 4

DOF Subsea Group – Highlights

Strong back-log and rising market values of vessels

DOF Subsea

4

Key Figures

34.7 % CAGR 19.5 % CAGR

* All numbers excluding gain on sale of assets.

Back-log incl. options NOK 15 602 million Market value of fleet NOK 16 625 million Number of shares 119 733 714

Total Per share

Book equity NOK 5 102 million NOK 42.61 Value adj. equity NOK 8 085 million NOK 67.53 Book equity ratio 27.4 % Value adj. equity ratio 37.4 %

0 % 5 % 10 % 15 % 20 % 25 % 30 % 35 % 40 %

  • 200

400 600 800 1 000 1 200 1 400 Q4 2009 Q4 2010 Q4 2011 Q4 2012

NOK million

Operating revenue EBITDA EBITDA margin NOK million

Q4 2009 Q4 2010 Q4 2011 Q4 2012 Operating revenue 754 1 080 1 246 1 288 EBITDA 171 320 406 417 EBITDA margin 22.6% 29.7% 32.6% 32.4% Total assets 13 603 17 545 19 228 18 624 Equity 3 833 5 224 4 832 5 102

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SLIDE 5

Recent events

Contracts

Several subsea contracts in the Far East region

Skandi Hercules, Skandi Hawk and Geobay (Mediterranean)

Skandi Singapore - 4 month New Zealand campaign

Several subsea contracts in the Atlantic region

Geoholm, Geosund and the newbuild Skandi Bergen

Statoil Mooring Installation Services on Skandi Skolten

Several subsea contracts in the Gulf of Mexico

Geoholm, Skandi Constructor

Finance

Completed new unsecured bond issue of NOK 1 300 million, maturity May 2018

After repurchase of outstanding bonds in connection with new bond issue, the company holds the following bonds on own book:

NOK 232.5 million in DOFSUB04, maturing in April 2014

NOK 218 million in DOFSUB06, maturing in October 2015

NOK 82 million in DOFSUB05, maturing in April 2016

DOF Subsea

5

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SLIDE 6

Recent events

Vessels

Chartered the Jones Act compliant CSV, the Harvey Deep-Sea, on a four year time charter agreement. Delivery from yard in June 2013.

Only Jones Act compliant CSV newbuild available in the GOM-market until latter part of 2015.

Ordered Subsea Vessel newbuild with STX OSV.

DOF Subsea

6

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SLIDE 7

STX Newbuild

DOF Subsea

7

All specifications are subject to changes without prior

  • notice. Please contact us for details and verifications.

State-of-the-art construction and pipe laying vessel

OSCV 12 design

2x Heavy duty work ROVs (Perry)

2x Moonpool launched LARS

LOA: 160,9 m

Beam: 32 m

900 t Crane + 150 t SWL crane

3500 t carousel

Main deck area: 2 700m2

150 t - 650 t Vertical Lay System

DP3

Suitable for Arctic operations, DNV ICE- 1B & DEICE notation

Special product tanks for MEG/Methanol

Accommodation: 140 persons

Helideck

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SLIDE 8

Group overview

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SLIDE 9

Ownership structure

DOF Subsea

9

  • Modern high-end fleet and equipment
  • A workforce of 2 354 highly skilled employees
  • 24 owned subsea vessels in operation
  • 2 vessels on order
  • 2 vessels on charter
  • 50 ROVs, 1 ROTV and 1 AUV in operation
  • Leading subsea contractor

51% 49% 100%

DOF ASA FIRST RESERVE CORPORATION DOF SUBSEA HOLDING AS DOF SUBSEA AS

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SLIDE 10

DOF Subsea AS

DOF Subsea Asia Pacific Singapore Australia Indonesia Malaysia Mashhor DOF Subsea (50%) Brunei DOF Subsea Atlantic UK Angola Norway Arctic Russia DOF Subsea North America US Canada DOF Subsea Brazil Survey & Positioning UK US Management Companies DOF Management (34 %) Marin IT (35 %) Engineering Companies CSL Semar (50%) Ship/Asset Owning Companies DOF Subsea Rederi DOF Subsea Rederi II DOF Installer (83.66 %) DOFTECH (50 %) TECHDOF (50 %) DOF Subsea ROV

DOF Subsea Group structure

DOF Subsea

10

  • DOF Subsea divided into regions, engineering

companies and ship-owning companies

  • Regions, engineering companies and ship-
  • wning companies are profit centers
  • Head office in Bergen
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SLIDE 11

GEOGRAPHICAL FOCUS AREAS

Perth Rio de Janeiro Buenos Aires Singapore Houston

  • St. Johns

Aberdeen Cairo Brunei Macaé Jakarta Manila Angola Moscow Bergen (73) (313) (15) (213) (115) (5) (242) (343) (35)

A Global Subsea Player

DOF Subsea

11

Malaysia

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SLIDE 12

DOF Subsea – Company history

2005 2006 2007

Fleet: 11 vessels May: DOF acquired Geoconsult and established GEO (now DOF Subsea) May: Private placement of shares of NOK 715 mill Nov: Listed on Oslo Stock Exchange Nov: Acquisition of Century Subsea Fleet: 11 vessels Feb: Acquisition of Covus Corp May: Set up of Geo do Brazil Aug: Established 50/50 JV in Brunei Fleet: 13 vessels Jan: Acquired 50%

  • f SEMAR

Jan: Acquired 100%

  • f DOFCON

Mar: Establishment

  • f Aker Oilfield

Services Mar: Name change to DOF Subsea Apr: Acquisition of CSL Aug: Merger of Mgmt company with DOF Management AS

2008

Fleet: 16 vessels Feb: Delivery of Geograph Jul: Delivery of Skandi Acergy Nov: Delivery of Skandi Seven and sale of Geofjord Dec: DOF Subsea acquired by DOF ASA and First Reserve JV with Technip

2009 2010

Fleet: 18 vessels Feb: Delivery of Skandi Salvador Mar: Delivery of Skandi Arctic Dec: Delivery of Skandi Santos Fleet: 21 vessels Jan: Delivery of Skandi Aker Feb: Sale of Geo Challenger Jun: Acquisition of SWG Jul: Delivery of Skandi Vitoria and Skandi Skolten Dec: Delivery of Skandi Hercules JV with Technip

2011

Fleet: 24 vessels Feb: Delivery of Skandi Niteroi May: Sale of Geosounder Jun: Acqusition Skandi Constructor Jul: Delivery of Skandi Skansen Sep: Delivery of Skandi Singapore 

Incorporated on 24th of May 2005 after DOF ASA acquired GEO Group AS and its subsidiary Geoconsult AS

DOF Subsea was established by DOF ASA in order to create a more effective organization with the aim of establishing a leading subsea services company

DOF ASA transferred its multipurpose/ROV vessels to DOF Subsea, constituting four vessels and one newbuild

DOF Subsea is headquartered in Bergen, Norway

DOF Subsea fleet evolution

  • 2 000

4 000 6 000 8 000 10 000 12 000 14 000 16 000 18 000 4 8 12 16 20 24 28 2005 2006 2007 2008 2009 2010 2011 2012 2013 MV fleet in NOK million Number of vessels

MV of fleet

2012

Fleet: 25 vessels Mar: Sale of OSCV newbuild. Mar: Signed OSCV newbuild contract DOF Subsea

12

2013

Fleet: 26 vessels Feb: Signed OSCV newbuild contract Feb: Chartered Harvey Deep-Sea

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SLIDE 13

Level of industry barriers to entry

 DOF Subsea’s main presence is in segments with medium to high

barriers to entry and high complexity of operations

 Higher margins and earnings beyond the time charter rates  DOF Subsea is gradually building engineering capabilities

Level of barriers to entry Increased engineering requirement

Complex subsea operations Marine transport/ services

Complexity and size of operations Increased system requirement

DSV OSCV ROV AHTS PSV

13

DOF Subsea

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SLIDE 14

New, high-end fleet

 Majority of the fleet delivered after 2007  Industry leading value adjusted average fleet age of 4.3 years  High-end vessels capable of a wide scope of operation, world wide

14

DOF Subsea

* All numbers are based on broker estimates as per 31st December 2012

  • 1.00

2.00 3.00 4.00 5.00 6.00 7.00 8.00 Average fleet age Value adjusted

Newbuild 8 % 2007 - 2012 61 % 2000 - 2006 23 % Before 2000 8 %

Delivery of vessels

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SLIDE 15

Business management

Global business management system accredited by DNV to:

 Business Management System

ISO 9001: 2008

 Health and Safety System

OHSAS 18001:2007

 Environmental Management System

ISO 14001:2004

2009

DOF Subsea

15

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SLIDE 16

500 1000 1500 2000 2500 Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec

HSEQ

 LTI frequencies for 2011 was 0.9 and for 2012 it has been 0.3

High reporting of safety

  • perations shows

commitment to HSEQ

DOF Subsea

16

Safety Observations 2012

0.00 2.00 4.00 6.00 8.00 10.00 12.00 2005 2006 2007 2008 2009 2010 2011 2012 DOF Subsea - LTI frequency IMCA - LTI frequency DOF Subsea - recordable Incident frequency IMCA - Recordable ferquency

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SLIDE 17

DOF Subsea

Projects

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SLIDE 18

DOF Subsea – Market Base

DOF Subsea

18 Source: Infield Systems Limited

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SLIDE 19

DOF Subsea

19

DOF Subsea – Projects

DOF Subsea has built a global organization over the last 7 years

Presence in all major Oil Hubs

Standardization of routines and systems

Training of personnel

DOF Subsea are growing the project business gradually within

Survey

IRM

SURF

Project Business going forward

Establish MSA with all major players ( Asia, Atlantic and GOM)

Hire more engineers (Asia, Atlantic, GOM and Brazil)

Establish office in Malaysia

Increase the activity within Survey and Positioning (Global player)

Gradually increase the complexity of work done (Step by Step)

Build a Project backlog

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SLIDE 20

Contract status

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SLIDE 21

DOF Subsea

21

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

Geograph

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Ocean Protector

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Seven

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Salvador

1 1 1 1 1 1 1 1 1

Skandi Vitoria

1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Aker

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Santos

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Patagonia

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi Carla

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2

Skandi Neptune

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Achiever

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Acergy

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Arctic

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2

Skandi Niteroi

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Geosea

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2

Skandi Skansen

1 1 1 1 1 1 2 2 2 2 1 1 1 2 2 2 2 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Inspector

1 1 1 1 1 1 1 1 1 1 1 1 2 2 2

Sk Constructor

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Singapore

1 1 1

Skandi Hercules

1 1 1 2 1 1 1 1 1

Skandi Skolten

1 1 1 1 1 1 1 1 1 1 1 1 1

Geobay

1 1 1 2

Geosund

1 1 1 1 1 1 1 1

Geoholm

1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 1 1 2

Skandi Hawk

1 1 1 1 1

Skandi Bergen

3 3 3 3 3 1 1 1 1 1

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

2017 2016 2013 2014 2015

Q1

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SLIDE 22

DOF Subsea group has solid cash flow visibility over the next 3-5 years

By 31st December 2012 the total back-log (incl. options) was approx NOK 15 602 million

Firm contract counts for NOK 7 758 million

Options count for NOK 7 843 million

Note: Includes extension options on long-term contracts.

Backlog development DOF Subsea

DOF Subsea

22 * As per 31st December 2012.

15 602 11 659 9 421 7 506 5 726 4 251 3 053 2 057

  • 2 000

4 000 6 000 8 000 10 000 12 000 14 000 16 000 18 000 2013 2014 2015 2016 2017 2018 2019 2020 NOK million

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SLIDE 23

Financials

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SLIDE 24

DOF Subsea Group – Consolidated profit & loss

Operating revenue increased from NOK 1 245.5 million in Q4 2011 to NOK 1 287.6 million in Q4 2012. Annual operating revenue increased from NOK 4 285.5 million in 2011 to NOK 5 247.6 million in 2012 (increase of 22.5 %)*

EBITDA increased from NOK 405.9 million in Q4 2011 to NOK 417.4 million in Q4 2012. Annual EBITDA increased from NOK 1 341.3 million in 2011 to NOK 1 787.7 million in 2012 (increase of 33.3 %)*

EBIT decreased from NOK 297.0 million in Q4 2011 to NOK 227.3 million in Q4 2012. Annual EBIT increased from NOK 746.6 million in 2011 to NOK 1 118.4 million in 2012 (increase of 49.8 %)*

DOF Subsea

24 * Excluding gain on sale of assets

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SLIDE 25

DOF Subsea Group – Consolidated balance sheet

Year end 2012 total fixed assets has decreased from NOK 16 409 million to NOK 16 012 million.

Year end 2012 cash and cash equivalents has increased from NOK 1 362 million to NOK 1 478 million.

Total liabilities as per 31st of December 2012 of NOK 13 522 million.

Net interest bearing debt of NOK 10 652 million as per 31st December 2012.

Book Equity of NOK 5 102 million giving a ratio of 27.4 % to total assets as per 31st December 2012.

Value Adjusted Equity of NOK 8 085 million giving a ratio of 37.4 % as per 31st December 2012.

DOF Subsea

25

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SLIDE 26

DOF Subsea

26

23.0 % CAGR 41.1 % CAGR

Quarterly Performance (excl. Asset Sales)

NOK million

Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Operating revenue 593 735 743 754 730 944 851 1 080 900 1 028 1 152 1 246 1 223 1 384 1 354 1 288 EBITDA 115 215 234 171 186 306 282 320 241 325 370 406 411 470 489 417 EBITDA margin 19.4% 29.2% 31.4% 22.6% 25.4% 32.4% 33.2% 29.7% 26.8% 31.6% 32.1% 32.6% 33.6% 34.0% 36.1% 32.4% Current assets 2 194 2 492 2 380 2 670 2 467 2 919 3 192 3 366 2 829 3 003 2 938 2 923 2 782 2 962 2 704 2 612 Fixed assets 9 727 10 106 10 149 10 933 11 738 12 499 13 325 14 179 14 520 15 089 16 178 16 305 16 455 16 230 16 056 16 012 Total assets 11 922 12 598 12 530 13 603 14 205 15 418 16 517 17 545 17 349 18 092 19 117 19 228 19 238 19 192 18 760 18 624 Short term liability 2 240 1 618 1 286 1 489 2 035 2 496 2 942 2 167 2 311 2 458 2 640 2 637 2 543 2 495 2 260 1 989 Long term liability 6 236 7 251 7 383 8 279 8 350 8 867 9 109 10 154 9 946 10 542 11 694 11 759 11 723 11 735 11 439 11 160 Equity 3 418 3 728 3 860 3 833 3 819 4 054 4 466 5 224 5 091 5 092 4 782 4 832 4 970 4 963 5 061 5 102

0 % 5 % 10 % 15 % 20 % 25 % 30 % 35 % 40 %

  • 200

400 600 800 1 000 1 200 1 400 1 600

Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012

NOK million Operating revenue EBITDA EBITDA margin

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SLIDE 27
  • 500

1 000 1 500 2 000 2 500 3 000 3 500 2013E 2014E 2015E 2016E 2017E After Bond Loan Bank Debt Balloons

DOF Subsea AS – Debt maturity profile

  • The figures reflects amortization and balloon payments on debt drawn as pr 31st December 2012. In addition, bond transactions after balance date are included.
  • Debt maturity profile excludes approx NOK 0.6 billion in payments to Eksportfinans which is serviced by corresponding amount of restricted cash.

DOFSUB 04 DOFSUB06 DOFSUB05

DOFSUB04

  • NOK 750 million
  • Maturity April 2014
  • Net NOK 517.5 million

DOFSUB05

  • NOK 750 million
  • Maturity April 2016
  • Net NOK 668 million

DOFSUB06

  • NOK 700 million
  • Maturity Oct 2015
  • Net NOK 482 million

DOFSUB07

  • NOK 1 300 million
  • Maturity May 2018

DOF Subsea

Debt maturity profile DOF Subsea AS Level 2013E–2017E (NOK million)*

27

DOFSUB07

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SLIDE 28

Stable asset values over the last year

 Fair market values of DOF Subsea fleet have been stable in 2011 and increased by 3.6 % in

2012

 All vessels are currently valued higher than the original capex

200 300 400 500 600 700 800 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 NOK million Skandi Seven Ocean Protector Geoholm Skandi Patagonia

Market value development

DOF Subsea

28 * As pr 31st December 2012

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SLIDE 29

DOF Subsea Group – Asset coverage

 Combined market value DOF Subsea’s fleet is NOK 16 625 million  Asset-level gearing on the existing fleet is 55%, decreasing to 42%

in 2014

 Provides a significant equity cushion on top of the existing vessel-

level financing

 Significant gearing reduction in the years to come

Gearing forecast – summary

Total fleet (NOK million) Market value

Vessels 16 625 Other Equipment (a) 1 370

Total Fleet 17 996

Note: Vessel values as pr 31st December 2012 (a) Includes ROVs, AUV, diving systems, other equipment * The figure reflects amortization and balloon payments on debt drawn as pr 31st December 2012. Newbuild delivered during 1Q 2015 not included.

DOF Subsea

29

0 % 20 % 40 % 60 % 80 % 100 % 2012 2013E 2014E 2015E 2016E 2017E 55 % 49 % 42 % 30 % 21 % 18 % 45 % 51 % 58 % 70 % 79 % 82 % Loan to value Market Value Cushion

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SLIDE 30

Improved credit metrics going forward

Strong back-log provides stable earnings Diversified blue- chip customers reduce counterparty risk Value added services provide increased earnings potential New, high-end fleet provides safe collateral Strong bank and investor relationships provide access to credit Spare leveraging capacity on existing fleet Liquidity buffer

  • f about

NOK 2 billion

DOF Subsea – Improved credit metrics going forward

DOF Subsea

Subsea market looks favourable

30

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SLIDE 31

Outlook

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SLIDE 32

Outlook

Skandi Skansen

Healthy fundamentals for offshore activity Demand

 High oil price  Increased E&P spending  Increased deep water spending  Increased infrastructure spending  High tendering activity  Strong growth expected in Brazil, North

Sea, Gulf of Mexico and Asia Pacific

 Increased focus on newer, larger and

more technologically advanced vessels

 DOF Subsea owns the world’s most

sophisticated fleet

32

DOF Subsea

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SLIDE 33

Outlook

Skandi Skansen

Healthy fundamentals for offshore activity Supply

 Increasing number of high-end newbuilds

Mixed market conditions

Increasing demand Increasing supply

33

DOF Subsea

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SLIDE 34

Thank you

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SLIDE 35

DOF Subsea

Appendix

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SLIDE 36

NB 776 – to be delivered in May 2013

High end OSCV vessel

ROV UHD62 & ROV HD05, rated for 3000/4000 m

ROV and WORK Moonpool

LOA: 120,8 m

Beam: 22 m

Deck area: 1100 m2

250 t Crane

Suitable for Arctic operations, DNV ICE-1B & DEICE notation

Accommodation: 100 persons

Helideck

DOF Subsea

36

All specifications are subject to changes without prior

  • notice. Please contact us for details and verifications.
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SLIDE 37

DOF Subsea – Projects

DOF Subsea

37

Goliat - Installation of mooring system and hook-up

Production of suction anchors

Installation of suction anchors and bottom chain/fiber

Inshore mooring (Hammerfest) of FPSO

Tow FPSO to field

Hook-up

All engineering related to above work.

Skandi Skolten - Installation vessel

361 Te Bollard pull

250 Te SWL Offshore crane

Installation of suction anchors

Installation of 165mm bottom chain

Installation of 300mm fibre lines with tensioners

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SLIDE 38

DOF Subsea – Projects

DOF Subsea

38

Tordis – Flexible Jumper Replacement

Disconnection, cutting, plugging, and removal of 8 off 5” Flexible Production & Water Injection Jumper Ends

Installation and tie-in of 8 off new 6” Flexible Production and Water Injection Jumpers

Disconnection, cutting, plugging, and removal of 2 off Infield Umbilical Jumper Ends

Installation and tie-in of 2 off new Infield Umbilical Jumpers

RFO activities such as valve operations, leak monitoring, hatch operations, etc.

Transport of Flexible Production & Water Injection Jumpers from Newcastle and Infield Umbilicals from Moss.

All engineering related to above work.

Cross section of Flexible Production & Water Injection Jumper Proposed deck layout for Skandi Skolten

slide-39
SLIDE 39

DOF Subsea – Projects

DOF Subsea

39

Galoc – EPIC SURF Contract

Project Management and Engineering

Design

Procurement

Fabrication of Riser bases, Electro-Hydraulic Umbilical tether clump, 6” and 4” rigid spool jumpers, 6” flexible jumper, 6” flexible riser and flowline, Electro-Hydraulic Umbilical (dynamic and static sections) and all subsea diverless connectors.

Full transportation, installation and commissioning

  • f new subsea infrastructure

Flowline installation, through moonpool Skandi Hercules mobilisation in Singapore Lay Spread – reel drive, reels and flexible product

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SLIDE 40

 Produces maps and reports giving graphic and digital presentations of the seabed  Route surveys – projecting efficient and safe routes for oil/gas pipelines and cables  Examine topography of seafloor to support engineers to identify optimum routes  Hydrographic mapping  Data processing / interpreting  Cable / pipelines route surveys  Precision positioning services  Harbour mapping / land surveying  Tidal and current measurements  Subsea inspections of pipelines, jackets and subsea installations  ROV Operations  Survey Operations  Diving Operations  Inspection Engineering  Inspection of pipelines, well heads and cables  Structure inspection  Valve change-out  Pipeline repair  Wreck- and debris inspection  Pipeline route and site surveys  New developments  Brownfield enhancements  Abandonment  Vessels are equipped with comprehensive systems, incl. Crane, Winch, ROV and Diving Equipment  Pipelay support  Flowline and manifold installation  Subsea tie-in  Touch down monitoring  Umbilical / cable laying and trenching  Subsea commissioning  Subsea excavation / dredging

Construction Survey Inspection Repair and Maintenance

Services overview Typical tasks

A full-scale subsea service provider

40

DOF Subsea

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SLIDE 41

Disclaimer

This presentation by DOF Subsea AS (“DOF Subsea” or the “Company”) is designed to provide a high level overview of aspects

  • f the operations of DOF Subsea and the DOF Subsea group.

The material set out in the presentation is current as at 31st December 2012. This presentation contains forward looking statements relating to operations of DOF Subsea and the DOF Subsea Group that are based on management’s own current expectations, estimates and projections about matters relevant to DOF Subsea‘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 other 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 DOF Subsea or the DOF Subsea Group or the likelihood that the assumptions, estimates or 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 Subsea, 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 Subsea 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 otherwise engage in any investment activity.

DOF Subsea