DOF ASA Q3 2011 CEO - Mons S. Aase CFO - Hilde Drønen - DOF Group

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DOF ASA Q3 2011 CEO - Mons S. Aase CFO - Hilde Drønen - DOF Group
DOF ASA
Q3 2011

CEO – Mons S. Aase
CFO – Hilde Drønen
DOF ASA Q3 2011 CEO - Mons S. Aase CFO - Hilde Drønen - DOF Group
Agenda

   Summary
   Highlights Q3
   Overview Group
   Q3 Financials
   Outlook          Skandi Skansen

                             www.dof.no

                             DOF ASA
                     Presentation 2011 - 2
DOF ASA Q3 2011 CEO - Mons S. Aase CFO - Hilde Drønen - DOF Group
Summary
 Minimal risk in funding of remaining newbuidling program. Only
  for three vessels, all with 7 years charter contracts, a binding
  agreement has yet to be signed.

 No maturity on any significant bank loans before 2nd half 2013.

 Based on own prognoses and consensus estimates we expect to
  go cash positive in 2012 (*after CAPEX, installments etc.).

 Expect stronger market in 2012 vs 2011, especially for AHTS.
  Well positioned for this expected upswing with 7 modern AHTS       Skandi Skansen
  coming off charter within the next 6 months.

 NOK 597 million EBITDA in Q3, including NOK 36,5 mill in profit
  from sale of vessel.

 A pre tax profit before unrealized currency loss and market
  instruments in Q3 of NOK 148 mill                                          www.dof.no

                                                                             DOF ASA
                                                                     Presentation 2011 - 3
DOF ASA Q3 2011 CEO - Mons S. Aase CFO - Hilde Drønen - DOF Group
Highlights Q3

Contracts:
        Several contracts for DOF Subsea project fleet
        6 months extension with OGX for Skandi Møgster
        Skandi Singapore and Skandi Hercules – secured several contracts in
         Asia and Australia
        Skandi Botafogo 2 years firm for Petrobras
        Skandi Yare’s contract with Petrobras extended until November 2012
        Skandi Fjord, extended contract with Halliburton until October 2014
        Skandi Flamengo 4 years firm contract with Petrobras from
         November
        Skandi Constructor secured 3 + 2 months contract with DONG during
         winter season
        Skandi Pacific three months in Vietnam for BP

                                                                                       www.dof.no

                                                                                       DOF ASA
                                                                               Presentation 2011 - 4
DOF ASA Q3 2011 CEO - Mons S. Aase CFO - Hilde Drønen - DOF Group
Highlights Q3

Fleet:
          Skandi Skansen delivered in July
          The newbuilding Cochin 081 delivered and sold in July
          Skandi Saigon delivered in August
          Skandi Leblon onhire on new contract for Petrobras from August
          Skandi Singapore delivered in September
          Skandi Botafogo onhire on new contract for Petrobras from
           September
          Skandi Niteroi onhire to Petrobras early October
          Geosea transferred to Norway for rebuild to RSV
          Skandi Pacific delivered to Aker DOF Deepwater in November

Finance:
          Share issue of NOK 600 mill in DOF ASA in September
                                                                                    www.dof.no

                                                                                    DOF ASA
                                                                            Presentation 2011 - 5
DOF ASA Q3 2011 CEO - Mons S. Aase CFO - Hilde Drønen - DOF Group
Company overview

                   DOF ASA

Norskan Ltda   DOF Subsea Holding              Ship owning company
Modern fleet                                      Modern fleet
17 AHTS’s                                         3 AHTS’s
7 PSV’s            DOF Subsea                     17 PSV’s
2 CSV’s                                           3 CSV
                   Modern fleet & Equipment
                   21 CSV/ROV vessels
                   44 ROV’s + 1 AUV
                   Leading Subsea Contractor

                   DOF Installer
                   3 state of the art
                   installation CSV vessels

                                                                         www.dof.no

                                                                         DOF ASA
                                                                 Presentation 2011 - 6
DOF ASA Q3 2011 CEO - Mons S. Aase CFO - Hilde Drønen - DOF Group
The fleet market segments

                        PSV    AHTS    ROV/OCSV/DSV/    Total fleet
No. of vessels                        SEISMIC VESSELS
DOF ASA                 17      3            3              23

NORSKAN OFFSHORE         7      12          2               21

DOF SUBSEA AS            0      0           21              21

DOF INSTALLER ASA        0      0           3               3

AKER DOF DEEPWATER AS    0      5           0               5

Total fleet             24      20          29              73

Contract coverage 11*   89 %   91 %        94 %           91 %
Contract coverage 12*   70 %   72 %        71 %           71 %

* no options included

                                                                              www.dof.no

                                                                              DOF ASA
                                                                      Presentation 2011 - 7
DOF ASA Q3 2011 CEO - Mons S. Aase CFO - Hilde Drønen - DOF Group
Global Player

                                                        28
                                            Austevoll
                                              Bergen
                                                                Moscow
                                          Aberdeen

                     St. Johns

       Houston                                          Cairo
                 2                                                                  Manila

                                                                     Singapore      Brunei
                                                     Angola               Jakarta
                             Macae
                                                1
                         Rio de Janeiro                                    Perth

                                                                                    5
                           25
                 Buenos Aires

                                                                            GEOGRAPHICAL FOCUS AREAS

                                                                                                     www.dof.no

                                                                                                     DOF ASA
                                                                                             Presentation 2011 - 8
DOF ASA Q3 2011 CEO - Mons S. Aase CFO - Hilde Drønen - DOF Group
Long Term Contracted Cash Flows…

   DOF group has solid cash flow visibility over the next 3-5 years
   By 30 September 2011 the total back-log (incl. options) was approx NOK 36 bn
   Firm contract counts for NOK 19 bn
   Options count for NOK 17 bn

                                           Backlog Development DOF Group
                                                                    Note: Includes extension options on long-term contracts.
                                Backlog development DOF Group
                      40 000   36 281
                                        34 758
                      35 000
                                                 30 001
                      30 000
                                                          25 674
                      25 000                                       21 953
        Million NOK

                                                                             18 867
                      20 000                                                           16 102
                      15 000                                                                     13 713

                      10 000

                       5 000

                           -
                               2011     2012     2013     2014     2015      2016       2017      2018
                                                                                                                                       www.dof.no

                                                                                                                                       DOF ASA
                                                                                                                               Presentation 2011 - 9
DOF ASA Q3 2011 CEO - Mons S. Aase CFO - Hilde Drønen - DOF Group
Cash positive based on Ebitda estimates

                                           MNOK
EBITDA 2012 (Consensus analysts)            2 900

Amortization loans                          -1 500

Interest (est)                              -1 000

Capex new-builds, docking etc               -3 440

Drawdown                                     3 400

Surplus                                       360

In addition the company plans to refinance some long term loans on
low leveraged vessels in 2012

                                                                              www.dof.no

                                                                              DOF ASA
                                                                     Presentation 2011 - 10
Update on remaining newbuilding program
September 2011 and onwards
 Vessel             Yard             Delivery       Type            Contract            Comment
 Skandi Singapore   St Marine        7 Sept 11      DSV             Several projects    Earnings from early Nov
                                                                                        2011
 Skandi Pacific     STX Vietnam      10 Nov 11      AHTS 192 t BP   BP Vietnam 3        Onhire 20 Nov
                                                                    months
 Skandi Feistein    STX Norway       30 Nov 11      PSV 4900 dwt    6 years             Expect onhire early Dec
                                                                    ConocoPhillips      11
                                                                    Norway
 Skandi Amazonas    STX Brazil       Early Dec 11   AHTS 324 t BP   8 years Petrobras   Expect onhire towards
                                                                                        end Dec 11
 Skandi Hawk        Cochin India     Early Feb 12   PSV, 4900 dwt   Uncommited
 Skandi Kvitsøy     STX Norway       March 12       PSV 4900 dwt    6 years             Expect onhire March 12
                                                                    ConocoPhillips
                                                                    Norway
 Skandi Iguacu      STX Brazil       June 12        AHTS 325 t BP   8 years Petrobras

Skandi Pacific              Skandi Feistein                 Skandi Amazonas              Skandi Hawk
                                                                                                             www.dof.no

                                                                                                             DOF ASA
                                                                                                    Presentation 2011 - 11
Update on remaining newbuilding program
September 2011 and onwards
 Vessel                Yard         Delivery     Type                 Contract           Comment
 Skandi Nova           STX Norway   Oct 12       MRV 05               7 years
                                                                      ConocoPhillips N
 Skandi Angra          STX Brazil   Nov 12       AHTS, 23 000 bhp     8 years
                                                                      Petrobras
 Skandi Marøy          STX Norway   Nov 12       MRV 05               7 years
                                                                      ConocoPhillips N
 Skandi Hugen          STX Norway   Dec 12       MRV 05 ROV           7 years
                                                                      ConocoPhillips N
 Skandi Urca           STX Brazil   Jun 13       AHTS                 8 years
                                                                      Petrobras
 Skandi Parati         STX Brazil   Nov 13       AHTS                 Uncommited

Skandi Nova, Marøy and Hugen                 Skandi Angra, Urca and Parati
                                                                                                            www.dof.no

                                                                                                            DOF ASA
                                                                                                   Presentation 2011 - 12
Financials

                     www.dof.no

                      DOF ASA
             Presentation 2011 - 13
Financial/Operational Highlights Q3 2011
 Utilization Subsea fleet (87 %)
       -   One vessel in transit
       -   Two more vessels in operation part of the quarter (Skansen & Constructor)
       -   Good utilization in Brazil and Asia
       -   Low utilization vessels in the North Sea
 Utilization Supply fleet (95 %)
       -   Good performance in the North Sea, good rates spot market
       -   Vessel dockings in Brazil and mobilization for new contracts
 New vessels in 3rd quarter
       -   Skandi Skansen (July), Skandi Saigon (August), Skandi Singapore (September)
       -   Cochin (no 081) sold
 Finance
       -   Share issue of NOK 600 mill
       -   Three new loans drawn on deliveries of newbuilds
       -   BNDES loan drawn on Skandi Niteroi
 Strong USD end September, negative impact on finance costs
                                                                                           www.dof.no

                                                                                           DOF ASA
                                                                                  Presentation 2011 - 14
Result Q3 2011
  ALL FIGURES IN NOK MILLION

                                                        Q3 2011   Q3 2010 Acc Q3 2011 Acc 03 2010     2010

Operating income                                         1 710      1 237      4 677       3 888    5 462
Operatin expenses                                        1 113        805      3 210       2 632    3 753

Operating profit before depreciation- EBITDA               597       433       1 467       1 256    1 709

Depreciation                                               230       301         771         825    1 166
Write downs                                                                        7
Operating profit- EBIT                                     368       132         688         431      543

Net profit from associated companies                         0        -8           2          -7       -5
Financial income                                            26        21          63          57       75
Financial costs                                           -321      -338        -878        -636     -952
Net realized currency loss/gain                             75        55          27          95       38

Net profit before unrealised loss/gain long term debt      148      -139         -99         -60     -300

Net unrealized currency loss/gain                         -613       223        -421         -39        97
Net unrealized loss/gain on market instruments            -131       116        -166          38         3

Profit before tax                                         -596       200        -686         -61     -200

tax                                                       -126        26        -150          46       15
Net profit                                                -470       174        -536        -107     -215

Profit attributable to
Non-controlling interest                                   -99        33        -155         -53      -75
Controlling interest                                      -371       142        -381         -54     -140
                                                                                                             www.dof.no

                                                                                                             DOF ASA
                                                                                                    Presentation 2011 - 15
Financial results Q3 2011
    ALL FIGURES IN NOK MILLION

       ALL FIGURES IN NOK MILLION
Financial items                                      Q3 2011   Acc Q3 2011   Q3 2010   Acc Q3 2010
Share of loss profit from associated                                    2        -8               -7
Interest reveneue                                        26            63        21              57
Interest costs                                         -297          -803      -232           -554
Realized currency gain/loss long debt                     1             -5       -3              40
Realized currency gain/loss on forex instruments         48            72        -9               -8
Realized operational currency gain/loss (-)              25           -41        66              63
Other financial expenses                                -23           -75      -106             -82
Total financial items                                  -220          -787      -271           -491

Unrealized profit/loss on currencies
Unrealized currency gain/loss on long debt             -613          -421       223             -39
Unrealized currency gain/loss on forex instruments     -131          -166       116              38
Total unrealized profit/loss on currencies             -744          -587       339               -1

Total financial items                                  -964         -1 374       68           -492

                                                                                                    www.dof.no

                                                                                                    DOF ASA
                                                                                           Presentation 2011 - 16
P&L Q3 2011 Supply and Subsea

   ALL FIGURES IN NOK MILLION

                                       DOF ASA DOF SUBSEA     Total   DOF ASA DOF SUBSEA            Total
                                       Q3 2011    Q3 2011   Q3 2011 Acc Q3 2011 Acc Q3 2011 Acc Q3 2011

Operating income                          607       1 103    1 710       1 663        3 014         4 677

Total operating income                    607       1 103    1 710       1 663        3 014         4 677

Operating expenses                        371        742     1 113       1 096        2 114         3 210

Total operating expenses                  371        742     1 113       1 096        2 114         3 210

Operating profit before depreciation      236        361       597         567         900          1 467

Ebitda margin                             39 %       33 %     35 %        34 %         30 %          31 %

                                                                                                       www.dof.no

                                                                                                       DOF ASA
                                                                                              Presentation 2011 - 17
Results - Business Segments
             ALL FIGURES IN NOK MILLION

                           EBITDA Q3 2011                               EBITDA (MNOK)

                                                                                 Q3 2011    Q3 2010
                                          12 %                  PSV                  72             68

                                                                AHTS                154             86
                                                  26 %
                       62 %                                     CSV                 371           279
                                                                Total               597           433

                                                            EBITDA Q3 2010

                                                                          16 %

                                                                                     20 %
                                                         64 %
* Installer vessels included in the CSV segment

                                                                                                     www.dof.no

                                                                                                     DOF ASA
                                                                                            Presentation 2011 - 18
Balance Q3 2011
      ALL FIGURES IN NOK MILLION

                                   30.09.2011   30.09.2010   31.12.2010
ASSETS
Intangible assets                        501          457          506
Vessel and other tangible assets      22 269       16 763       19 707
Newbuildings                           1 627        3 428        1 925
Financial assets                         376          255          285
Non-currents assets                   24 772       20 904       22 423

Receivables                             2 021        2 175        1 984
Cash and cash equivalents               2 091        2 143        2 645
Current assets                          4 113        4 317        4 629

Total assets                          28 884       25 221       27 053

EQUITY AND LIABILITIES
Subscribted equity                      1 451          860          860
Retained equity                         2 472        3 048        3 118
Non-controlling equity                  2 516        2 736        2 750
Equity                                  6 439        6 645        6 728
Provisions for commitments               349          513          493
Other non-current liabilities         18 311       13 149       16 438
Non-current liabilities               18 660       13 662       16 931
Debt to credit institutions             1 895        3 366        1 876
Other current liabilities               1 891        1 549        1 517
Current liabilities                     3 785        4 914        3 393

Total equity and liabllities          28 884       25 221       27 053
                                                                                   www.dof.no

                                                                                   DOF ASA
                                                                          Presentation 2011 - 19
Key figures Q3 2011
FINANCIAL RESULT                                                                    Q3 2011           Q3 2010    Acc Q3 2011   Acc Q3 2010          2010

EBITDA margin                                                                           35 %             35 %          31 %          32 %          31 %
EBIT margin                                                                             21 %             11 %          15 %          11 %          10 %
Cashflow per share                                                                      3,48              1,89          7,54          9,02        11,91
Profit per share ex. non-controlling interest 1)                                       -4,00              1,56         -4,16         -0,59         -1,53
Profit per share ex. unrealized loss/gain 2)                                            2,96             -1,81          0,56         -1,16         -3,46
No of shares                                                                    92.559.714          91.037.975    91.550.796    91.037.975   91.037.975
Outstanding number of shares                                                   111.037.975          91.037.975   111.037.975    91.037.975   91.037.975
Face value per share                                                                            2            2             2             2              2

*) Diluted number of share is the same as number of shares

BALANCE
Return on net capital                                                                                                   -7 %           3%           -8 %
Equity ratio                                                                                                           22 %          26 %          25 %
Value adjusted equity                                                                                                  41 %          43 %          44 %
Net interest bearing debt (MNOK)                                                                                     17.999        14.154        15.469
Net interest bearing debt ex. unemployed capital (MNOK)                                                              16.372        10.726        13.544

1) Net profit excl. non controlling interest/average no of shares
2) Net profit excl.unrealized currencyoss on debt and market instruments/average no of shares

                                                                                                                                                       www.dof.no

                                                                                                                                                       DOF ASA
                                                                                                                                              Presentation 2011 - 20
Net interest bearing debt

ALL FIGURES IN NOK MILLION

                                                 30.09.2011   30.09.2010   31.12.2010

Bond loan                                            2.802        1.437         2.754
- Current part of bond loan                            356          999           647
Debt to credit institutions                         15.036       11.143        13.085
- Current part of other non-current liabilites       1.539        2.367         1.229
Other non-current liabilities                          247          260           268
Other current liabilities                              110           91           131
Totat net interest bearing liabilites               20.090       16.297        18.114
Cash cash equivalents                                2.091        2.143         2.645
Net interest bearing liabilities (NIBD)             17.999       14.154        15.469

Uemployed capital                                    1.627        3.428         1.925
NIBD excl uemployed capital                         16.372       10.726        13.544

                                                                                     www.dof.no

                                                                                     DOF ASA
                                                                            Presentation 2011 - 21
Debt maturity profile
                                                                                                      DOF Supply

                                                                                                                                    No balloon payments in 2012
               2 500                                                             2 342

               2 000
                                                                                                                                    Baloon payments MNOK 206 in
                                                                                                     Debt Amortization
 Million NOK

               1 500                                                      1295                                                       2013 are related to low
                                                                                                     Bond
                                          924                                                                                        leveraged vessels all on long
               1 000                                                                                 Balloon payments
                                        535                           600                                                            term charter contracts
                       534                           505
                 500                          242                  166
                             -                              -
                  -
                        2012             2013          2014          2015          After

                                                                                                      DOF Subsea
               4 000                                                                                                  3 502         Bond loan MNOK 355 matures in
                                                                                                                                     July 2012
               3 000

               2 000
                                                                                             1 362
                       922                902                   878 750
               1 000                                                             678                            755
                                                                                                      535 550
                             356                                          368
                                    -               - 110                                -
                  -
                        2012E                 2013E              2014E             2015E               2016E             After

                                 Total debt amortization                   Bond              Balloons Payments
                                                                                                                                                                       www.dof.no

                                                                                                                                                                       DOF ASA
                                                                                                                                                              Presentation 2011 - 22
Remaining newbuild capex and financing
New Builds DOF                        08.11.2011        NOK 000
                                                                       REMAINING
Vessel Name                          owner                  Delivery       CAPEX     FINANCING     EQUITY Charter Contracts
Skandi Hawk*                     Norskan           1)        feb. 12      230.000       224.000       6.000    uncommitted
Skandi Amazonas BN 26 **         Dof Naveg         2)        dec.11       796.000       845.000    -101.000   8 yrs Petrobras
Skandi Iguazu BN 27              Dof Naveg         2)       June 12       800.000       845.000    -100.000   8 yrs Petrobras
Skandi Atlantic (50%)            Aker /DOF         3)       March 12      263.000       250.000      13.000     uncomitted
Skandi Urca hull nr 30           Dof Naveg         4)       nov. 12       708.000       580.800     127.200   8 yrs Petrobras
Skandi Angra hull nr 31          Dof Naveg         4)       May 13        708.000       580.800     127.200   8 yrs Petrobras
Skandi Paraty hull nr 32         Dof Naveg         4)        Dec 13       708.000       580.800     127.200     uncomitted
Skandi Feistein, hull 752        PSV Invest 1      5)       nov. 11       281.000       260.000      21.000    6 yrs Conoco
Skandi Kvitsøy , hull 759        PSV Invest 1      5)       mar. 12       293.000       260.000      33.000    6 yrs Conoco
Skandi Nova, hull 778            DOF Rederi        6)        sep.12       306.000       250.000      56.000     7 yrs Cococo
Skandi Marøy, hull 779           DOF Rederi        6)         okt.12      300.000       250.000      50.000     7 yrs Cococo
Skandi Hugen, hull 780           DOF Rederi        6)        nov.12       325.000       250.000      75.000     7 yrs Cococo

Sum New Builds DOF ASA Group                                            5.611.000     5.176.400    434.600

Relative share New Builds DOF ASA Group                                 5.288.020     4.781.000    400.020

DOF Rederi (100%)                                                          931.000       750.000   181.000
Norskan (100%)                                                           3.950.000     3.656.400   186.600
Aker DOF Deepwater (JV 50 %)                                               131.500       125.000     6.500          Capex include project management,
PSV INVEST AS (48%)                                                        275.520       249.600    25.920          spares and mobilzation

1) Financing secured commercial bank
2) Financing secured BNDES 80%
3) Financing secured via commercial bank and GIEK
4) Financing secured via FMM/BNDES of 60%, work in progress to secure remaining 20%
5) Financing secured via commercial bank/GIEK and EF (CIRR)
6) In progress to secure financing with commercial banks (CIRR secured)
                                                                                                                                                           www.dof.no

                                                                                                                                                           DOF ASA
                                                                                                                                                  Presentation 2011 - 23
DOF asset values
     Fair market value of the DOF fleet has been stable and slightly increasing since 2007
    Total fair market value of fleet (incl. newbuilds): NOK 37 bn (on 100 % basis)
       ‐ PSV: NOK 7 bn
       ‐ AHTS: NOK 11 bn*
       ‐ CSV: NOK 19 bn

    Total fair market value fleet in operation: NOK 26,5 bn
                Market value vessel - split on segment
                          Valuations PSV: MT 6000, AHTS: UT 722, CSV: OSV 03
      800 000
T
      700 000
H
O     600 000
U
S     500 000
                                                                                                          PSV
A
      400 000                                                                                             AHTS
N
                                                                                                          CSV
D     300 000

N 200 000
O 100 000
K
        -
                   Q4 - Q1 - Q2 - Q3 - Q4 - Q1 - Q2 - Q3 - Q4 - Q1 - Q2 - Q3 - Q4 - Q1 - Q2 - Q3 - Q4 -
                   2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011
                                                        QUARTER

                                                                                                                          www.dof.no

    * AHTS fleet is partly valued in USD
                                                                                                                          DOF ASA
                                                                                                                 Presentation 2011 - 24
OUTLOOK

                  www.dof.no

                   DOF ASA
          Presentation 2011 - 25
Short term AHTS exposure

Name                        BHP             BP Uncommitted from

Skandi Skansen            34 776          349 t       January 2012
Skandi Skolten            34 776          361 t          May 2012
Skandi Saigon             16 300          196 t             In spot
Skandi Emerald            16 300          201 t        March 2012
Skandi Møgster            16 000          192 t        March 2012
Skandi Pacific            16 300          196 t      February 2012
Skandi Atlantic           16 300          196 t        March 2012

Expect a strong AHTS market in 2012
Increased spot exposure in North Sea or renewals at increased rates?

                                                                           www.dof.no

                                                                           DOF ASA
                                                                  Presentation 2011 - 26
Short term PSV exposure

Name                   Deck area        Uncommitted from

Skandi Sotra              900 m2   In North Sea spot market
Skandi Falcon             850 m2   In North Sea spot market
Skandi Foula              900 m2                 April 2012
Skandi Rona               900 m2                 April 2012
Skandi Hawk             1 000 m2             February 2012
Skandi Waveney            680 m2              January 2012

Expect a good PSV market in 2012

                                                                       www.dof.no

                                                                       DOF ASA
                                                              Presentation 2011 - 27
DOF Subsea - contract coverage (Vessels)
                               2011                  2012                            2013                            2014                            2015                           2016
                          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

Geograph
Ocean Protector
Skandi Seven
Skandi Salvadore
Skandi Vitoria
Skandi Aker
Skandi Santos

Skandi Patagonia
Skandi Carla
Skandi Neptune
Skandi Achiever
Skandi Acergy

Skandi Arctic
Skandi Niteroi
Geosea

Skandi Skansen (H723)
                                                                                                                                                                     FIRM CONTRACTS
Skandi Singapore (H621)
Skandi Inspector
                                                                                                                                                                     OPTIONAL PERIOD
Skandi Hercules (H722)
Skandi Skolten
                                                                                                                                                                     UNDER CONSTRUCTION
Geobay
Geosund
Geoholm
Skandi Constructor

                                                                                                                                                                                    www.dof.no

                                                                                                                                                                                    DOF ASA
                                                                                                                                                                       Presentation 2011 - 28
Short term outlook (Q4)
Supply:
         Good rates for Skandi Falcon, Skandi Emerald and Skandi Sotra in
          October and first week of November. Expect a soft market in
          December
         Skandi Saigon arrived North Sea spot in October
         Skandi Pacific onhire in Vietnam in November
         New and higher rates for Skandi Leblon, Skandi Botafogo and
          Skandi Flamengo in Brazil

Subsea/CSV:
     Good utilization and rates for the North Sea project fleet in
      October and November
     Skandi Niteroi onhire early October
     Skandi Singapore started full operations first week of November
     Geosea out of operation due to upgrade for RSV contract in Brazil

Expect Q4 to be in line or slightly better than Q3
                                                                                      www.dof.no

                                                                                      DOF ASA
                                                                             Presentation 2011 - 29
Thank you
This presentation and webcast is
available at: www.dof.no
DISCLAIMER

This presentation by DOF ASA designed to provide a high level overview of aspects of the operations of the DOF ASA
Group.
The material set out in the presentation is current as at 17 November, 2011.
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 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 the DOF ASA 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 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 otherwise 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.

                                                                                                                         www.dof.no

                                                                                                                         DOF ASA
                                                                                                                Presentation 2011 - 31
Appendix

                   www.dof.no

                    DOF ASA
           Presentation 2011 - 32
DOF Subsea – contract coverage (ROV & Others)
                                                                       2011                        2012                       2013
                                                                Q3            Q4       Q1     Q2          Q3   Q4   Q1   Q2          Q3   Q4

                    Skandi Botafogo                         P etro bras

Norskan             Skandi Fluminence                       P etro bras

                    Skandi Chieftain                        P etro bras

                    Skandi Aker                             A KOFS
DOFCON
                    Skandi Seven                            Subsea 7

                    Skandi Vega                             Stato il

 DOF                Skandi Hugen                            Co no co P hillips

                    Skandi Commander                        P etro bras

                    Subsea IRM contract                     Shell P hilippines M alampaya
  Region Asia

                    Gorgon Upstream HDD Marine Monitoring   Chevro n A ustralia

                    Darwin operations                       M ultiple

                    Supply of Buckle Initiator              Chevro n A ustralia

                    Smartwire Metrology                     Husky Energy

                    Survey support services                 Encana

                    Ross Survey Support                     Subsea 7 USA

                    Survey support                          EZRA /A M C
  Region Atlantic

                    Survey on 3rd party vsl                 Exxo n

                    AUV                                     B P A merica

                    ROV & Survey support                    B P A merica

                    Survey support                          B P A ngo la

                    Vessel support                          SHL

                    Frame Agreement                         Co no co P hillips

                    Survey support                          HM C
                                                    FIRM CONTRACTS                   OPTIONAL PERIOD

                                                                                                                                                        www.dof.no

                                                                                                                                                        DOF ASA
                                                                                                                                               Presentation 2011 - 33
DOF – contract coverage
                                                2011                                      2012                                      2013                                      2014                                      2015
                                    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                              M OG

 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                         Pet erson Supplylink                                                                                                                                                    Opt Jan 2016

10 Skandi Mongstad                      STATOIL                                                                                                                                                             Fir m Aug 2016 / Opt Aug 2021

11 Skandi Flora                         STATOIL                                                                                                                                                                 Opt Feb 2017

12 Skandi Gamma (LNG)                   STATOIL                                                                                                                                                             Fir m Mar 2016/ Opt Mar 2019

13 Skandi Haw k (PSV09 CD)
14 Skandi Feistein (PSV09 CD)           ConocoPhillips                            Fir m Nov 2017/ Opt Nov 2023

15 Skandi Kvitsøy (PSV09 CD)            ConocoPhillips                                        Fir m Apr 2018/ Opt Nov 2024

16 Skandi Nova (MRV 05)                 ConocoPhillips                                                         Fir m Oct 2019

17 Skandi Marøy (MRV 05)                ConocoPhillips                                                              Fir m Nov 2019

18 Skandi Hugen (MRV 05 ROV)            ConocoPhillips                                                                  Fir m Dec 2019

   AHTS
19 Skandi Stord                         STATOIL

20 Skandi Admiral (Brazil)              PETROBRAS

21 Skandi Vega                          STATOIL                                                                                                                                                                        Opt May 2018

   CSV
22 Skandi Fjord                         Halliburton                                                                                                                                                             Opt Oct 2017

23 Skandi Olympia                       Fugro

                             FIRM CONTRACTS                               OPTIONAL PERIOD                                          UNDER CONSTRUCTION

                                                                                                                                                                                                                                                               www.dof.no

                                                                                                                                                                                                                                                               DOF ASA
                                                                                                                                                                                                                                                      Presentation 2011 - 34
Aker DOF Deepwater – contract coverage
      Aker DOF Deepwater AS - 50% DOF
      Vessel Name                                     2011                2012                2013                 2014                 2015
                                             J FM AM J J A S ON D J FM AM J J A S ON D J FM AM J J A S ON D J FM AM J J A S ON D J FM AM J J A S ON D

    1 Skandi P eregrino (VN)                   STATOIL

    2 Skandi Emerald                                  OGX

    3 Skandi Saigo n                                         SPOT

    4 Skandi P acific                                         BP

    5 Skandi A tlantic Vietnam # 6

                                     FIRM CONTRACTS            OPTIONAL PERIOD             UNDER CONSTRUCTION

   ADD founded in 2007 and ordered 6 AHTS newbuilds at STX Vietnam
   First vessel delivered in 2010 and sold
   Additional four vessels delivered – two vessels operating in Brazil, one in the North Sea and
    one in Vietnam
   50 / 50 owned by Norskan and Aker Solutions
   Market opportunities/strategies:
       ‐ Long term contracts in Brazil
       ‐ Spot- and short term market in the North Sea
       ‐ Short- and long term contracts in Australia / South East Asia
                                                                                                                                                                 www.dof.no

                                                                                                                                                                 DOF ASA
                                                                                                                                                        Presentation 2011 - 35
DOF / Norskan /DOF Subsea - contracts in Brazil
                                                          2 0 11                                              2 0 12                                               2 0 13                                               2 0 14                                                2 0 15
      Vessel                               Q1           Q2            Q3           Q4           Q1           Q2           Q3            Q4           Q1           Q2           Q3           Q4            Q1           Q2            Q3           Q4           Q1           Q2           Q3           Q4
                                       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                         SHE LL            P E T ROB RA S                                                                                                                                                                                                              Opt M ai 2019

 2    Skandi Flamengo                       P E T ROB RA S

 3    Skandi Waveney                        ST A T OI L

 4    Skandi St olmen                       P E T ROB RA S

 5    Skandi Capt ain                       P E T ROB RA S

 6    Skandi Yare                           P E T ROB RA S                                                                                                                                                                                                                   Opt J an 2016

 7    Skandi Hav                            P E T ROB RA S                                                                                                                                                                                                                   Opt Sep 2019

 8    Skandi Copacabana                     P E T ROB RA S

 9    Skandi Bot af ogo                     P E T ROB RA S

10    Skandi Rio                            P E T ROB RA S

11    Skandi Fluminense                     P E T ROB RA S

12    Skandi Giant                          P E T ROB RA S

13    Skandi Admiral *                      P E T ROB RA S

14
18
      Skandi M øgst er                      OGX

15    Skandi Ipanema                        OGX

16    Skandi Peregrino                      ST A T OI L

17    Skandi Amazonas                       P E T ROB RA S 8 y r s f i r m c ont r ac t                                                                                                                                                                         Fi r m J an 2020 / Opt J an 2028

18    Skandi Iguaçu                         P E T ROB RA S 8 y r s f i r m c ont r ac t                                                                                                                                                                         Fi r m J un 2020 / Opt J un 2028

19    Skandi Angra STX AH 11                P E T ROB RA S 8 y r s f i r m c ont r ac t                                                                                                                                                                         Fi r m Nov 2020 / Opt Nov 2028

20
19
      Skandi Urca STX AH 11                 P E T ROB RA S 8 y r s f i r m c ont r ac t                                                                                                                                                                         Fi r m M ay 2021 / Opt M ay 2029

21
19
      Skandi Parat i STX AH 11
22    Skandi Chief t ain                    P E T ROB RA S

23    Skandi Emerald                        OGX

24    Skandi Hawk (PSV 09 CD)
25
###
      Skandi Salvador**                     CHE V RON

26
###
      Skandi Sant os**                      P E T ROB RA S                                                                                                                                                                                                                   Opt Nov 2020

27    Skandi Vit ória**                     P E T ROB RA S                                                                                                                                                                                                                   Opt Dec 2017

28    Skandi Nit erói**                                                    P E T ROB RA S                                                                                                                                                                                        Opt Sep 2019

29    Geograph**                                    P E T ROB RA S 5 y r s f r i m c ont r ac t

30    Skandi Commander*                                                P E T ROB RA S 5 y r s f r i m c ont r ac t

31    Geosea **                                                                             P E T ROB RA S 5 y r s f r i m c ont r ac t

                                                                                                                                                                                                                                                                                              www.dof.no

                            FIRM CONTRACTS                            OPTIONAL PERIOD                                          UNDER CONSTRUCTION                                                * DOF SUPPLY               ** DOF SUBSEA                                                     DOF ASA
                                                                                                                                                                                                                                                                            Presentation 2011 - 36
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