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  • 1. Q2 Financial Presentation 2013 DOF ASA
  • 2. Agenda Highlights Overview Group Financials DOF Subsea update Outlook DOF ASA - Q2 Presentation 2013
  • 3. Highlights Q2 2013 All time high EBITDA – MNOK 770   Good utilisation for the subsea project fleet in May & June Low utilisation on the AHTS fleet due to breakdown two vessels, and transit of two vessels Good utilisation PSV fleet  Delivery of Skandi Bergen in June  Ordered 4 x PLSV’s from Vard Norway and Brazil  DOF ASA   Fleet Improved spot market in the North Sea  Operational The newbuild Skandi Bergen started on its first project (Banff) in June Geobay sold – Q2 Presentation 2013 3
  • 4. Highlights Q2 2013    Petrobras extended the charter for Skandi Vitória with two years, firm until September 2015. The extension was done in line with market terms Subsea 7 extended the charters on Skandi Neptune and Skandi Seven with one year  Total value of contracts listed is above USD 300 million. Skandi Vitoria and Skandi Salvador extensions give an increased Ebitda contribution of approx. NOK 110 million per year  Petrobras awarded DOF Subsea/Technip JV contract for 4 x PLSVs (see separate slides)  DOF awarded two AHTS contracts for OMV at New Zealand  One newbuild financed  DOF ASA Chevron extended the charter on Skandi Salvador, firm until year end 2014  Finance Several subsea contracts in the Asia Pacific region, increasing the utilisation of the vessels Skandi Singapore, Skandi Hawk and Skandi Hercules  Contract awards Several subsea contracts in the Atlantic region, including increased work scope on the Banff project, increasing the utilisation of the vessels Geosund, Geoholm, Skandi Skolten and Skandi Bergen Two vessels refinanced in Brazil – Q2 Presentation 2013 4
  • 5. State-of-the-art PLSVs DOF ASA – Q2 Presentation 2013 5 5
  • 6. PLSV contracts Mons S. Aase, DOF Subsea’s Chief Executive Officer, declared: “The contracts confirm that our co-operation with Technip on the Skandi Vitória and Skandi Niterói have been successful, and reinforces our position as a leading provider of offshore vessels to the Brazilian O&G industry. It comes as a result of our long-term focus on the Brazilian market and is an acknowledgment of the expertise of our employees.” Frédéric Delormel, Technip’s Executive Vice President and Chief Operating Officer Subsea, added: “This strategic contract reinforces our subsea leadership in Brazil and our long-term relationship with Petrobras. We are confident that these new state-of-the-art PLSVs, including two with the most important flexible pipelay tension capacity in the world - 650 tons - will be key assets for our client to successfully achieve its projects offshore Brazil.” Roy Reite, VARD’s Chief Executive Officer and Executive Director commented: “I look forward to working with Technip and DOF on these milestone projects. VARD yards both in Europe and Brazil being chosen to build these vessels illustrates the value of having a global presence when working with international clients, and bringing leading edge technology to new markets.” DOF ASA – Q2 Presentation 2013 6 6
  • 7. PLSV key information PLSV 1+2 PLSV 3+4 • • • • • • • • • • • • • • • • • • To be built in Brazil Delivered Q4 2016 and Q2 2017 Design 316 Type Pipe Lay support LOA 140 m Breadth 28 m VLS 340 t 2 ROVs DWT 10 800 t DOF ASA – Q2 Presentation 2013 To be built in Norway, Søviknes Delivered Q2 2016 and Q4 2016 Design 305 Type Pipe Lay support LOA 150 m Breadth 30 m VLS 650 t 2 ROVs DWT 13 200 t 7 7
  • 8. PLSV financial information • • • • DOF Subsea part of CAPEX approx. USD 625 million Contract 8 + 8 years Norskan will provide Marine Services Approx. USD 110 million in annual EBITDA contribution for DOF Subsea when all vessels are in operations DOF ASA – Q2 Presentation 2013 8 8
  • 9. Overview Group DOF ASA - Q2 Presentation 2013
  • 10. DOF ASA in brief Fleet       70 vessels in operation (PSV: 23, AHTS: 17, Subsea: 30) 8 Newbuildings (AHTS: 3 Subsea: 5) Operates 52 ROVs Market value total fleet at NOK 46 bn Average age of 7 years Value adjusted fleet age of 4 years Back log  Total NOK 53 bn   Firm contract : NOK 24.5 bn Options: NOK 28.5 bn Global organization   Head office in Norway Regional offices in Australia, Singapore, UK, Angola, US, Canada, Angola, Argentina and Brazil Total of 4,700 employees   Subsea employees: Marine personnel: 1.640 3.060 Share price   DOF ASA NOK 24.50 (30.06.2013) NAV per share NOK 76 – Q2 Presentation 2013 10
  • 11. Company overview DOF ASA – Q2 Presentation 2013 11
  • 12. The fleet market segment PSV AHTS Subsea Total fleet DOF ASA/DOF REDERI AS 18 3 4 25 NORSKAN OFFSHORE 5 12 2 19 DOF SUBSEA AS 0 0 26 26 DOF INSTALLER ASA 0 0 3 3 AKER DOF DEEPWATER AS 0 5 0 5 Total fleet 23 20 35 78 85 % 68 % 78 % 47 % 94 % 67 % 87 % 62 % No. of vessels Contract coverage 2013* Contract coverage 2014* *Not including options DOF ASA – Q2 Presentation 2013 12
  • 13. Global player Focus regions 33 Austevoll Bergen Aberdeen Moscow St. Johns Houston 2 Manila Singapore 2 Angola 25 Jakarta Macae Brunei 8 Darwin Perth Rio de Janeiro Melbourne Buenos Aires DOF Group employees Norway Brazil US/Canada UK Asia Pacific Angola Marine Crew 4 700 DOF Onshore 135 194 - 16 20 - 2,692 3,057 DOF Subsea 365 325 136 468 330 18 DOF ASA – Q2 Presentation 2013 1,642 13
  • 14. Remaining newbuilding program Vessel Yard Delivery Type Contract Financing Skandi Urca Vard Brazil Q4 2013 AHTS 8 yrs Petrobras Funding secured Skandi Angra Vard Brazil Q2 2014 AHTS 8 yrs Petrobras Funding secured Skandi Paraty Vard Brazil Q4 2014 AHTS Uncommitted Funding secured Skandi TBN 800 Vard Norway Q1 2015 CSV Uncommitted Funding secured Skandi TBN Vard 823 Vard Norway Q1 2016 PLSV 8 yrs Petrobras Skandi TBN Vard 824 Vard Norway Q3 2016 PLSV 8 yrs Petrobras Skandi TBN PLSV1 Vard Brazil Q4 2016 PLSV 8 yrs Petrobras Skandi TBN PLSV2 Vard Brazil Q2 2017 PLSV 8 yrs Petrobras DOF ASA – Q2 Presentation 2013 14
  • 15. Financials DOF ASA - Q2 Presentation 2013
  • 16. Result Q2 2013 All figures in NOK million ALL FIGURES IN NOK MILLION Operating income Q2 2013 Q2 2012 YTD Q2 2013 YTD Q2 2012 2 493 2 119 4 487 3 987 -1 728 -1 376 -3 123 -2 637 5 203 5 945 1 370 1 553 Depreciation -303 -261 -605 -508 Write downs - - - - Operating profit- EBIT 466 684 764 All time high revenue ( high project activity) 203 770 Comments Operating expenses Net gain on sale of vessel Operating profit before depreciation- EBITDA Net profit/loss from associated companies Financial income Financial costs Net realized currency gain/loss Net profit/loss before unrealised gain/loss long term debt Net unrealized currency gain/loss Net unrealized gain/loss on market instruments 1 044 3 1 9 1 14 14 31 34 -354 -324 -725 -667 32 -43 38 -22 162 333 117 391 -566 -611 -577 -324 Tax Net profit/loss 47 -97 19 -30 -357 -374 -440 37 90 Profit/loss before tax 98 90 -276 -350 74 Supply: • 98% utilisation rate PSV fleet • One PSV in transit in June • 83% utilisation rate AHTS fleet • Off-hire 90 days two AHTS due to break-downs • Two AHTS in transit in June • Improved spot rates in the North Sea in May & June Subsea: • 85% utilisation rate project fleet • High activity on subsea projects in May and June • 95% utilisation rate TC vessels • Two vessels in transit in the period 37 -267 All time high Ebitda (excl gain sale of assets) Finance: • High currency fluctuations USD & BRL Profit attributable to Non-controlling interest Controlling interest DOF ASA – Q2 Presentation 2013 -9 16 -39 122 -258 -292 -311 -48 16
  • 17. P&L Q2 2013 Supply and Subsea ALL FIGURES IN NOK Amounts in NOK millMILLION PSV AHTS Subsea Total Q2 2013 Q2 2012 Q2 2013 Q2 2012 Q2 2013 Q2 2012 Q2 2013 Q2 2012 Operating income 283 243 338 307 1 872 1 569 2 493 2 119 Operating result befor depreciation (EBITDA) 112 92 142 155 516 698 770 945 74 63 85 99 307 522 466 684 EBITDA margin 40 % 38 % 42 % 50 % 28 % 44 % 31 % 45 % EBIT margin 26 % 26 % 25 % 32 % 16 % 33 % 19 % 32 % Operating result (EBIT) EBITDA Q2 2012 EBITDA Q2 2013 10 % 15 % 16 % 18 % 67 % PSV PSV AHTS Subsea 74 % AHTS CSV •Ebitda and Ebit 2012 include gain from sale of assets MNOK 203 DOF ASA – Q2 Presentation 2013 17
  • 18. Financial result Q2 2013 ALL FIGURES IN NOK MILLION Financial items Share of loss profit from associated Interest reveneue Interest costs Realized currency gain/loss long debt Q2 2013 Q2 2012 YTD Q2 2013 YTD Q2 2012 3 1 9 1 13 13 28 35 -346 -300 -690 Comments -625 11 0 10 26 Realized currency gain/loss on derivatives 1 -21 4 Realized operational currency gain/loss (-) 21 -73 24 • Net realized financial items MNOK 100 lower in Q2 2013 compared to previous year • High currency fluctuations with a strenghtened USD towards BRL and NOK, reflects market to market on long term debt. No cash impact • Derivatives represent interest swaps in NOK & USD, 53% of the Group’s long term debt is secured. Long term nibor and libor have increased in Q2 -31 -68 Other financial expenses -6 -23 -33 -43 -304 -402 -647 -705 -566 -559 -577 -272 47 -97 19 -30 Total unrealized profit/loss on currencies and derivative -519 -656 -558 -303 Total financial items -824 -1 058 -1 205 -1 008 Total financial items Unrealized profit/loss on currencies and derivatives Unrealized currency gain/loss Unrealized gain/loss on derivatives DOF ASA – Q2 Presentation 2013 18
  • 19. Historical EBITDA excl asset sales 3 000 50% Operating revenue EBITDA EBITDA margin 45% 2 500 40% 35% MNOK 2 000 30% 1 500 25% 20% 1 000 15% 10% 500 5% - 0% Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q2 2010 Operating revenue Q4 2011 Q1 2012 Q2 2011 Q2 2012 Q3 2012 Q4 2012 Q2 2012 Q1 2013 Q2 2013 Q2 2013 1 506 1 581 2 119 EBITDA 470 495 742 770 EBITDA margin 31 % 31 % 35 % 31 % Non-current assets 2 493 20 069 23 832 26 942 28 347 3 545 3 993 4 394 4 727 23 614 27 825 31 336 33 074 Equity 6 525 6 618 6 490 6 408 Non-current debt 11 539 17 626 20 667 22 228 Current debt 5 550 3 581 4 179 4 438 23 614 27 825 31 336 33 074 Current assets Total Assets Total Equity and Debts DOF ASA – Q2 Presentation 2013 19
  • 20. Balance Q2 2013 Amounts in NOK million MILLION ALL FIGURES IN NOK ASSETS Intangible assets Vessel and other tangible assets Newbuildings Financial assets Non-currents assets 30.06.2013 30.06.2012 31.12.2012 784 26 839 362 363 28 347 564 24 877 1 153 347 26 942 704 26 179 423 387 27 693 2 584 2 142 4 727 2 392 2 002 4 393 1 915 2 145 4 060 33 074 31 336 31 754 1 452 2 040 2 916 6 408 1 452 2 299 2 703 6 454 1 452 2 318 2 950 6 720 511 21 718 22 228 557 20 145 20 702 574 21 027 21 601 2 705 1 732 4 438 1 997 2 182 4 179 2 000 1 433 3 433 33 074 31 336 31 754 Comments Total assets EQUITY AND LIABILITIES Subscribted equity Retained equity Non-controlling equity Equity Provisions for commitments Other non-current liabilities Non-current liabilities Current part of interest bearing debt Other current liabilities Current liabilities Total equity and liabllities DOF ASA – Q2 Presentation 2013 One vessel delivered in Q2 2013 Newbuildings represent instalments paid on 4 vessels under construction for delivery in 2013-2015 • High receivables and current liabilities due to high subsea project activity in Q2 • Receivables Cash and cash equivalents Current assets • • Long term debt net increase in Q2 includes financing one new-build and refinancing two vessels • Current portion long term debt represent mainly MNOK 650 in bonds, MNOK 2 055 as balloons and amortization long term debt 20
  • 21. Net interest bearing debt 30.06.2013 Non-current interest bearing liabilities Bond loan Debt to credit institutions Total non-current interest bearing liabilites 30.06.2012 31.12.2012 4 411 17 096 21 507 3 520 16 379 19 899 4 164 16 592 20 756 650 2 031 24 2 705 168 1 523 306 1 997 141 1 784 75 2 000 Total interest bearing liabilities 24 212 21 896 22 756 Net interest bearing liabilities Cash and cash equivalents Net derivatives Non-current receivables Total net interest bearing liabilities 2 142 -403 83 22 391 2 002 -243 20 138 2 145 -365 98 20 878 Current interest bearing liabilities Bond loan Debt to credit institutions Overdraft facilities Total current interest bearing liabilities DOF ASA – Q2 Presentation 2013 21
  • 22. Key figures Q2 2013 Q2 2013 FINANCIAL RESULT EBITDA margin ex net gain on sale of vessel EBITDA margin EBIT margin Cashflow per share 1) Profit per share ex. non-controlling interest 2) Profit per share ex. unrealized loss/gain and taxes 3) Q2 2013 YTD Q2 2013 YTD Q2 2012 2012 31 % 31 % 19 % 4,19 -2,32 1,46 35 % 45 % 32 % 5,35 -2,63 3,00 30 % 31 % 17 % 6,51 -2,80 1,06 34 % 39 % 26 % 8,09 -0,43 3,52 34 % 37 % 23 % 15,04 1,02 5,04 -5 % 19 % 37 % 76 1 234 22 391 22 029 1% 21 % 40 % 79 1 646 20 138 18 985 5% 21 % 39 % 81 3 047 20 878 20 454 111 051 348 111 051 348 111 051 348 111 051 348 111 051 348 111 051 348 BALANCE Return on net capital Equity ratio Value adjusted equity Value adjusted equity per share Capex Net interest bearing debt (MNOK) Net interest bearing debt ex. unemployed capital (MNOK) No of shares Outstanding number of shares *) Diluted number of share is the same as number of shares 111 051 348 111 051 348 111 051 348 111 051 348 1) Pre-tax result + depreciation and w rite dow ns +/- unrealized gain/loss on currencies +/- net changes in fair value of financial instruments/average no of shares. 2) Net profit excl. non controlling interest/average no of shares 3) Net profit excl.unrealized currency gain/loss on debt and market instruments and taxes/average no of shares DOF ASA – Q2 Presentation 2013 22
  • 23. Cash flow Q2 2013 Amounts in NOK million ALL FIGURES IN NOK MILLION Net cash from operating activities YTD Q2 2013 YTD Q2 2012 2012 Comments • Cash from operation is effected by increased working capital of MNOK 370 in 1st half year. The increased working capital is due to high project activities in the subsea segment • Cash used on investments 1st half are deliveries of two vessels, instalments newbuilds and dockings- /conversions • Proceeds from borrowings 1st half are issue of bond loan MNOK 1 300 and new loan facilities of MNOK 986 reflecting delivery of vessels and refinancing exisiting fleet • Repayments are repayment on bond loan, amortization and repayment long term debt 219 761 1 182 Payment received on sale of tangible assets Purchase of tangible assets Other changes in investing activities Net cash from investing activities 82 -1 234 34 -1 118 762 -1 646 -24 -908 819 -3 047 -5 -2 233 Proceeds from borrowings Prepayment of borrowings Payment from/to non-controlling interests Net cash from financing activities 2 286 -1 404 -1 882 2 349 -2 228 121 5 115 -3 945 1 170 -17 -25 119 2 145 14 2 142 2 040 -13 2 002 2 040 -14 2 145 Net changes in cash and cash equivaltents Cash and cash equivalents at the start of the period Exchange gain/loss on cash and cash equivalents Cash and cash equivalents at the end of the period DOF ASA – Q2 Presentation 2013 23
  • 24. Debt maturity profile 4 000 Bond Loan Bank Debt Balloons 3 538 3 500 3 000 DOF 07* - NOK 950 million - Maturity July 2013 - Net NOK 132 million 2 000 1 500 1 074 794 1 000 350 132 156 914 600670 483 700 429515 700 DOF 08 - NOK 600 million - Maturity Mar 2015 DOF 09 - NOK 700 million - Maturity Feb 2017 2 500 500 DOF Supply DOF 10* - NOK 700 million - Maturity Sep 2019 207 - - - 2013E 2014E 2015E 2016E 2017E After 4000 Bond Loan Bank Debt 3 627 Balloons 3500 DOF Subsea DOFSUB 04 - NOK 750 million - Maturity April 2014 - Net NOK 518 million 3000 2500 2000 1 362 1500 1 073 898 1000 537 1 300 1 005 668 690 518 661 DOFSUB 05 - NOK 750 million - Maturity April 2016 - Net NOK 668 million DOFSUB 06 - NOK 700 million - Maturity Oct 2015 - Net NOK 482 million DOFSUB 07 - NOK 1300 million - Maturity May 2018 482 308 500 • The figures reflects amortization and balloon payments on debt drawn as pr 30 June 0 2013E 2014E 2015E 2016E 2017E After 2013. 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. DOF ASA – Q2 Presentation 2013 24
  • 25. DOF ASA – Asset coverage  Combined market value DOF Group fleet including newbuild is NOK 39.4 bn (total value 100% NOK 46 bn)  New-building program to be completed in 2017 (including 50% in 4 PLSV’s)  Asset-level gearing on the existing fleet is 54%, decreasing to 31% in 2017  Significant gearing reduction forecasted upon completion of the current newbuild program Gearing forecast – summary Total Fleet Equity 100% 80% 46% 50% 60% 65% 69% Vessels & newbuilds MNOK 39 400 Equipment (subsea) Debt Market value MNOK 1 200 Total Fleet MNOK 40 600 60% Note: Vessel values as of August 2013 40% 54% 50% 20% 40% 35% 31% 0% 2013 2014 2015 2016 2017 * The figures reflects amortization and balloon payments on secured debt drawn as per 30 Jun 2013 and onwards DOF ASA – Q2 Presentation 2013 25
  • 26. Contract Coverage DOF ASA - Q2 Presentation 2013
  • 27. PSV – Contract coverage PSV 2013 J A S O N 2014 D J F M A M J J 2015 A S O N D J F M A M J J 2016 A S O N D J F M A M J J 2017 A S O N D J F M A M J J A S O N D 1 1 1 2 2 2 2 2 Falcon Skandi M arstein 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 Skandi Foula 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 Skandi Rona 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 Skandi Buchan 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 Skandi Sotra 1 1 1 1 2 2 Skandi Caledonia 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 Skandi SUPPY Skandi Barra 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 Skandi Texel 1 1 1 2 2 2 2 2 Skandi M ongstad 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 0 Skandi Flora 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 Gamma 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 Waveney 1 1 1 Skandi Feistein 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 Kvitsøy 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 Nova 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 M arøy 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 Hugen 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 Captain SPOT Leblon 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 Flamengo 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 Skandi Yare 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Skandi NSO Skandi Skandi Stolmen 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 FIRM CONTRACTS DOF ASA – Q2 Presentation 2013 OPTIONAL PERIOD 27
  • 28. AHTS – Contract coverage AHTS 2013 J A S O N 2014 D J F M A M J J 2015 A S O N D J F M A M J J 2016 A S O N D J F M A M J J 2017 A S O N D J F M A M J J A S O N D Stord Admiral 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 2 2 2 Skandi Vega 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 Skandi Copacabana 1 1 1 1 1 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 Skandi Botafogo 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 SPOT SPOT Skandi Rio 1 1 1 2 2 2 Skandi Supply Skandi Skandi Fluminense 1 1 1 1 1 1 2 2 2 2 2 0 0 0 0 0 0 SPOT Giant 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 2 2 2 M øgster 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 Skandi Ipanema Skandi Amazonas 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 Iguacu 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 Angra 3 3 3 3 3 3 3 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 Urca 3 3 3 3 3 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 NSO Skandi Skandi Paraty 3 3 3 3 3 3 3 3 3 3 3 3 3 SPOT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Peregrino 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 SPOT 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 Emerald 1 1 1 1 1 1 1 2 2 Skandi Saigon Skandi Pacific 1 1 1 1 1 1 1 2 2 Skandi ADD Skandi Skandi Atlantic 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 SPOT FIRM CONTRACTS DOF ASA – Q2 Presentation 2013 OPTIONAL PERIOD UNDER CONSTRUCTION 28
  • 29. CSV – Contract coverage CSV 2013 NSO Supply J A S O N 2014 D J F M A M J J 2015 A S O N D J F M A M J J 2016 A S O N D J F M A M J J 2017 A S O N D J F M A M J J A S O N D Skandi Fjord 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 Olympia 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 Skandi Commander 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 Skandi Chieftain 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 Hav 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 2 2 2 FIRM CONTRACTS DOF ASA – Q2 Presentation 2013 OPTIONAL PERIOD UNDER CONSTRUCTION 29
  • 30. Subsea – Contract coverage CSV 2014 2013 J A S O N FIRM CONTRACTS D J F M A M J J 2016 2015 A S O N D J F M A M J J A S O N D J F M A M J J UNDER CONSTRUCTION OPTIONAL PERIOD 2017 A S O N D J F M A M J J A S O N D 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 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 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 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 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 2 2 2 2 2 2 2 2 2 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 2 2 2 2 2 2 Skandi 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 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Neptune 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 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 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 Skandi Salvador 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 Skandi Santos 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 Skandi Seven 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 Skandi DOF Subsea Skandi Skandi Vitoria 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 0 0 Ocean Protector 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 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 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 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 Geosea Skandi Bergen 1 1 1 1 1 1 Skandi Hawk 1 1 0 1 1 2 Skandi Hercules 1 1 1 1 1 1 0 2 Skandi Inspector 1 1 1 1 1 1 1 2 2 2 0 0 0 0 0 0 0 0 0 0 0 Skandi Singapore 1 1 1 1 1 2 Skandi Skansen 1 1 1 1 2 Skandi Skolten 1 1 1 1 1 1 Geoholm 1 1 1 1 0 Geosund 1 1 1 1 1 2 2 2 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 2 2 2 2 Skandi TBN (NB800) 1 1 1 1 2 0 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 Skandi TBN PLSV 1 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 1 1 1 1 1 1 1 1 1 1 1 1 1 Skandi TBN PLSV 2 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 1 1 1 1 1 1 1 Skandi TBN PLSV 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Skandi TBN PLSV 4 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 1 1 1 1 1 1 1 1 1 1 1 1 1 DOF ASA – Q2 Presentation 2013 30
  • 31. DOF Subsea DOF ASA - Q2 Presentation 2013
  • 32. DOF Subsea Group – In brief Fleet  One of the largest subsea vessel owners in the world   In addition 2 vessels on long-term charter   Owns and operates a fleet of 24 vessels, plus 5 newbuilds on order The market value of owned vessels in operation is NOK 17 167 million, with a value adjusted age of 4.5 years Operates 52 ROVs Global organization   Head office in Bergen Regional offices in Australia, Singapore, Norway, UK, Angola, US, Canada and Brazil Total of 2 642 employees    Subsea employees: Of which offshore engineers and project staff: Marine crew: 1 642 1 260 1 000 Norway Canada US UK Asia Pacific Angola 365 DOF ASA Brazil 325 48 88 468 330 18 – Q2 Presentation 2013 32
  • 33. DOF Subsea Group – In brief Quarterly figures 1 800 40% 1 600 35% 1 400 30% NOK million 1 200 21.2 % CAGR 25% 1 000 20% 800 15% 600 Key figures 10% 400 Back-log incl. options NOK 29 971 million NOK 17 167 million 5% 200 Market value of fleet - 0% Q2 2010 Number of shares 119 733 714 15.5 % CAGR Q2 2011 Operating revenue Total NOK 4 996 million NOK 8 057 million NOK 67.30 Book equity ratio 25.4 % Value adj. equity ratio EBITDA margin NOK 41.73 Value adj. equity EBITDA Q2 2013 Per share Book equity Q2 2012 35.5 % DOF ASA – Q2 Presentation 2013 33
  • 34. Markets Brazil The Brazilian OSV market is picking up after a slow 2012 with several contract awards. We expect the demand for all types of vessels to increase. North Sea AHTS We expect the spot market the remaining Q3 to be balanced, and more volatile in Q4. Based on expected increased rig activity in the North Sea we expect the demand for large AHTS to increase longer term. PSV We expect the spot market to continue to be stable the next months, with a seasonal weakening towards the end of the year and the term activity to remain strong, but still question the long term market balance due to the large newbuild order book. DOF ASA – Q2 Presentation 2013 34
  • 35. Outlook – Subsea Healthy fundamentals for offshore activity Supply Demand  High oil price   Expected 6-8% growth in E&P spending in 2013 and 2014 Increasing number of high-end newbuilds  Limited growth in supply of engineering capabilities  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 and engineering capabilities  Mixed market conditions DOF Subsea owns the world’s most sophisticated fleet and has a global project organization  DOF ASA – Q2 Presentation 2013 Increasing supply Increasing demand Qualified personnel will be the bottleneck for supply growth 35
  • 36. Outlook for 2013 Ebitda guidance: Q3: We expect better numbers in Q3 compared to Q2 2013: We repeat the guidance given in February 2013; i.e. MNOK 3 000 – 3 400 full year Ebitda DOF ASA – Q2 Presentation 2013 36
  • 37. Thank youyou Thank you Thank Thank you Presented by Mons Aase Hilde Drønen - CEO - CFO
  • 38. 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 22 August 2013. 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 forwardlooking 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. DOF ASA – Q2 Presentation 2013 38