DOF ASA Q3 2011 CEO - Mons S. Aase CFO - Hilde Drønen - DOF Group
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Agenda Summary Highlights Q3 Overview Group Q3 Financials Outlook Skandi Skansen www.dof.no DOF ASA Presentation 2011 - 2
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
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
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
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
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
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
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
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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