Dof Q3 2013 Presentation

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Dof Q3 2013 Presentation

  1. 1. Q3 Financial Presentation 2013 DOF ASA
  2. 2. Agenda Highlights Overview Group Financials DOF Subsea update Outlook DOF ASA - Q3 Presentation 2013
  3. 3. Highlights Q3 2013 All time high EBITDA – MNOK 912   Variable utilization AHTS fleet and stable for the PSV fleet Good utilization for the subsea project fleet in all regions Sale of Skandi Bergen, delivery to new owners in Q1 2014  MPSV Normand Reach chartered from external party, delivery end May 2014  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 July Delivery of the chartered vessel Harvey Deep Sea in September – Q3 Presentation 2013 3
  4. 4. Highlights Q3 2013   Several subsea contracts in the Asia Pacific region  Chevron extended the charter on Skandi Salvador, firm until year end 2014  Petrobras extended the charter for Skandi Vitória with two years, firm until September 2015  Skandi Vitoria and Skandi Salvador extensions give an increased Ebitda contribution of approx. NOK 110 million per year  Subsea 7 extended the charter on Skandi Neptune with one year  Petrobras awarded DOF Subsea/Technip JV contract for 4 x PLSVs (see separate slide)  4 x ROV contract + ROV on Skandi Ipanema  Norskan awarded a 4+4 years contract for Skandi Ipanema with Petrobras  Norskan awarded a 2 years contract for Skandi Botafogo with Petrobras  DOF awarded 100 + 40 days contracts for Skandi Saigon & Skandi Stord with Total Egypt  DOF ASA Several subsea contracts in the Atlantic region  Contract awards Several subsea contracts in US Gulf of Mexico securing good utilization of Harvey Deep Sea until year end DOF Subsea awarded 5 years contract with Technip for Hull No 800 (delivery 2015) – Q3 Presentation 2013 4
  5. 5. Financial information – PLSV contracts with Petrobras • • • • 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 – Q3 Presentation 2013 5 5
  6. 6. Overview Group DOF ASA - Q3 Presentation 2013
  7. 7. 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 in operation at NOK 35 bn Average age of 7 years Value adjusted fleet age of 4 years Back log  Total NOK 57.4 bn   Firm contract : NOK 27.4 bn Options: NOK 30 bn Global organization   Head office in Norway Regional offices in Australia, Singapore, UK, USA, Canada, Angola, Argentina and Brazil Total of 4 680 employees   Subsea employees: Marine personnel: 1 480 3 200 Share price   DOF ASA NOK 28.40 (30.09.2013) NAV per share NOK 75 – Q3 Presentation 2013 7
  8. 8. Company overview DOF ASA – Q3 Presentation 2013 8
  9. 9. 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 86 % 64 % 90 % 56 % 96 % 66 % 91 % 62 % No. of vessels Contract coverage 2013* Contract coverage 2014* *Not including options DOF ASA – Q3 Presentation 2013 9
  10. 10. DOF ASA fleet market segment PSV AHTS Subsea Total fleet No. of vessels* 23 DOF Group Fleet Fair Market value (MNOK) Ebitda Q3 2013 by segment (MNOK) 20 35 78 5 595 133 10 841 147 30 375 632 46 811 912 Share of FMV DOF Fleet EBITDA Q3 2013 15 % 12% 16 % 23% 69 % 65% PSV PSV AHTS AHTS CSV CSV *Incl. newbuild DOF ASA – Q3 Presentation 2013 10
  11. 11. Global player Focus regions 31 Austevoll Bergen Moscow Aberdeen St. Johns Houston 3 Manila 3 24 Singapore Angola Brunei Jakarta Macae 9 Darwin Perth Rio de Janeiro Melbourne Buenos Aires Norway DOF employees DOF ASA – Q3 Presentation 2013 Brazil US/Canada UK Asia Pacific Angola Marine Crews Total 434 506 142 382 344 17 2 855 4 680 11
  12. 12. Remaining newbuilding program Vessel Yard Delivery Type Contract Financing Skandi Urca Vard Brazil Q1 2014 AHTS 8 yrs Petrobras Funding secured Skandi Angra Vard Brazil Q3 2014 AHTS 8 yrs Petrobras Funding secured Skandi Paraty Vard Brazil Q1 2015 AHTS Uncommitted Funding secured Skandi TBN 800 Vard Norway Q2 2015 CSV 5 yrs Technip Funding secured Skandi TBN Vard 823 Vard Norway Q2 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 – Q3 Presentation 2013 12
  13. 13. Financials DOF ASA - Q3 Presentation 2013
  14. 14. Result Q3 2013 ALL FIGURES IN NOK MILLION Comments Q3 2013 Operating income Operating expenses Net gain on sale of vessel Q3 2012 YTD Q3 2013 YTD Q3 2012 2 634 -1 722 -0 2 087 -1 332 0 7 121 -4 845 5 6 074 -3 969 203 912 755 2 281 2 308 Depreciation Write downs Operating profit- EBIT -292 619 -229 526 -898 1 384 -738 1 570 Net profit/loss from associated companies Financial income Financial costs Net realized currency gain/loss -2 14 -348 -16 0 16 -322 -16 7 45 -1 073 22 1 50 -989 -38 Net profit/loss before unrealised gain/loss long term debt 267 204 385 594 Net unrealized currency gain/loss Net unrealized gain/loss on market instruments -18 14 73 -61 -595 33 -251 -91 Profit/loss before tax 263 215 -177 252 Tax Net profit/loss -99 164 -25 190 -9 -186 12 264 81 83 77 113 42 -228 «All time high» Operational Ebitda 199 65 Operating profit before depreciation- EBITDA Profit attributable to Non-controlling interest Controlling interest DOF ASA – Q3 Presentation 2013 Supply: • 94% utilisation rate PSV fleet • One PSV completed a conversion in Sep • 83% utilisation rate AHTS fleet • Two vessels in the spot market in the North Sea • One vessel in the spot market in Brazil Subsea: • 93% utilisation rate project fleet • High project activity in all regions; North Atlantic, Asia Pacific and US Gulf • Several large projects performed during Q3 • 98% utilisation rate TC vessels Finance: • Low currency fluctuations USD & BRL 14
  15. 15. P&L Q3 2013 Supply and Subsea PSV ALL FIGURES IN mill Amounts in NOKNOK MILLION AHTS Subsea Total Q3 2013 Q3 2012 Q3 2013 Q3 2012 Q3 2013 Q3 2012 Q3 2013 Q3 2012 Operating income 288 277 316 323 2 030 1 487 2 634 2 087 Operating result befor depreciation (EBITDA) 133 115 147 151 632 489 912 755 98 82 97 90 424 354 619 526 EBITDA margin 46 % 42 % 47 % 47 % 31 % 33 % 35 % 36 % EBIT margin 34 % 30 % 31 % 28 % 21 % 24 % 24 % 25 % Operating result (EBIT) EBITDA Q3 2013 EBITDA Q3 2012 15 % 15 % 16 % 69 % AHTS CSV DOF ASA – Q3 Presentation 2013 20 % PSV 65 % PSV AHTS CSV 15
  16. 16. 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% Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q3 2010 Operating revenue EBITDA EBITDA margin Non-current assets Current assets Total Assets Equity Non-current debt Current debt Total Equity and Debts DOF ASA – Q3 Presentation 2013 Q3 2011 Q3 2012 Q3 2013 1 237 1 674 2 087 2 634 433 561 755 912 35 % 34 % 36 % 35 % 20 904 24 772 27 338 28 139 4 317 4 113 4 529 4 296 25 221 28 885 31 867 32 435 6 645 6 439 6 759 6 549 13 662 18 660 21 361 21 682 4 914 3 785 3 747 4 204 25 221 28 884 31 867 32 435 16
  17. 17. Balance Q3 2013 Amounts in NOK million MILLION ALL FIGURES IN NOK ASSETS Intangible assets Vessel and other tangible assets Newbuildings Financial assets Non-currents assets 30.09.2012 31.12.2012 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 – Q3 Presentation 2013 757 26 551 534 297 28 139 537 25 985 449 367 27 338 704 26 179 423 387 27 693 2 536 1 759 4 296 2 354 2 174 4 529 1 915 2 145 4 060 32 435 Receivables Cash and cash equivalents Current assets DOF ASA 30.09.2013 31 867 31 754 1 452 2 100 2 997 6 549 1 452 2 353 2 922 6 727 1 452 2 318 2 950 6 720 529 21 153 21 682 589 20 703 21 292 574 21 027 21 601 2 543 1 661 4 204 2 235 1 612 3 847 2 000 1 433 3 433 32 435 31 867 Comments 31 754 • Newbuildings represent instalments paid on 8 vessels under construction for delivery from 2014-2017 (incl. 50% 4 PLSVs) • High receivables due to high subsea project activity in Q3 • No new loans drawn, one loan refinanced in Q3 • Current portion long term debt represent mainly MNOK 518 in bonds, MNOK 1 935 which are one balloon and amortization long term debt 17
  18. 18. Net interest bearing debt ALL FIGURES IN NOK MILLION Non-current interest bearing liabilities Bond loan Debt to credit institutions Total non-current interest bearing liabilites 30.09.2013 30.09.2012 31.12.2012 4 408 16 657 21 065 3 755 16 723 20 477 4 164 16 592 20 756 518 1 935 90 2 543 281 1 655 299 2 235 141 1 784 75 2 000 Total interest bearing liabilities 23 607 22 713 22 756 Net interest bearing liabilities Cash and cash equivalents Net derivatives Non-current receivables Total net interest bearing liabilities 1 759 -324 83 22 090 2 174 -298 20 836 2 145 -365 98 20 878 Newbuilds Net interest bearing liabilities, excluding unemployed capital 534 21 556 449 20 388 423 20 454 Current interest bearing liabilities Bond loan Debt to credit institutions Utilized credit facilities Total current interest bearing liabilities DOF ASA – Q3 Presentation 2013 18
  19. 19. Key figures Q3 2013 Q3 2013 Q3 2012 YTD Q3 2013 YTD Q3 2012 2012 35 % 35 % 24 % 5,04 0,74 2,41 36 % 36 % 25 % 3,90 1,02 1,83 32 % 32 % 19 % 11,55 -2,06 3,46 35 % 38 % 26 % 11,99 0,59 5,35 34 % 37 % 23 % 15,04 1,02 5,04 -3 % 20 % 37 % 75 1 488 4% 21 % 38 % 79 2 360 5% 21 % 39 % 81 3 047 111 051 348 111 051 348 111 051 348 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) BALANCE Return on net capital Book equity ratio Value adjusted equity Value adjusted equity per share Capex No of shares 111 051 348 111 051 348 *) Diluted number of share is the same as number of shares 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 – Q3 Presentation 2013 19
  20. 20. Debt maturity profile 3 500 Bank Debt Bond Balloons 3 000 Counterparty exposure Q3 2013 DOF 2 500 2 000 24% 1 500 Bonds 47% ECA 1 000 29% Bank 500 - 2013 2014 2015 2016 2017 After 3 500 Bank Debt Bond Loan Balloons DOF Subsea 3 000 2 500 2 000 1 500 1 000 500 2013E DOF ASA 2014E – Q3 Presentation 2013 2015E 2016E 2017E After 20
  21. 21. 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 55%, decreasing to 31% in 2017  Significant gearing reduction forecasted upon completion of the current newbuild program Gearing forecast – summary 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 44% 49% 58% 64% Equity 68% Market value Vessels & newbuilds MNOK 39 400 Equipment (subsea) Debt Total Fleet MNOK 1 200 Total Fleet MNOK 40 600 Note: Vessel values as of 30 September 2013 56% 2013 51% 2014 42% 2015 36% 2016 32% 2017 * The figures reflects amortization and balloon payments on secured debt drawn as per 30 September 2013 and onwards DOF ASA – Q3 Presentation 2013 21
  22. 22. Contract Coverage DOF ASA - Q3 Presentation 2013
  23. 23. PSV – Contract coverage PSV 2013 O N D 2014 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 M arstein 1 1 1 1 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 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 2 2 2 2 2 2 2 2 Skandi Buchan 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 Skandi Sotra 1 1 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 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 Barra 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 Skandi Texel 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 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Skandi Flora 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 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Skandi Waveney 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 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 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 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 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 Skandi Captain Skandi Leblon 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 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 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 Skandi NSO Falcon Skandi SUPPY 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 SPOT SPOT SPOT FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION DOF ASA – Q3 Presentation 2013 23
  24. 24. AHTS – Contract coverage AHTS 2013 O N D 2014 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 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 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Copacabana 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 Botafogo 1 1 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 Rio 1 1 1 1 1 Skandi Fluminense 1 1 1 2 2 2 2 2 Skandi Giant 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 Skandi M øgster 1 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 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 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 Skandi Angra 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 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Skandi Paraty 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 Skandi Peregrino 1 1 1 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 Emerald 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 Skandi Saigon 1 1 1 2 Skandi Pacific 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 Skandi Supply 1 1 1 2 Admiral Skandi NSO Stord Skandi Skandi ADD Skandi Atlantic 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 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 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 OPTIONAL PERIOD UNDER CONSTRUCTION DOF ASA – Q3 Presentation 2013 24
  25. 25. CSV – Contract coverage CSV 2013 NSO Supply O N D 2014 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 Skandi Olympia 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 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 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 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 OPTIONAL PERIOD UNDER CONSTRUCTION DOF ASA – Q3 Presentation 2013 25
  26. 26. Subsea – Contract coverage CSV 2013 O N D 2014 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 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 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 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 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 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 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 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Skandi Neptune 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 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 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Skandi Patagonia 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Skandi Salvador 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 Skandi Santos 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 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 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 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Ocean DOF Subsea Skandi Protector 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 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 2 2 2 2 2 2 2 2 2 2 Geosea Skandi Bergen 1 1 1 1 SOLD Skandi Hawk 1 1 1 Skandi Hercules 1 1 1 1 Skandi Inspector 1 1 1 1 1 1 2 Skandi Singapore 1 1 2 Skandi Skansen 1 1 1 Skandi Skolten 1 1 1 1 1 1 1 1 1 1 1 2 2 2 Geoholm 1 1 Geosund 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 0 Harvey Deep-Sea* 1 1 1 2 2 2 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 1 1 FIRM CONTRACTS Charter from May 2014 2 yrs firm + 2 x1 yr option Norman Reach* 3 3 3 3 3 3 3 3 3 Skandi TBN (NB800) 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 1 1 1 1 1 1 1 1 1 1 1 Skandi TBN (NB823 650t) 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 Skandi TBN (NB824 650t) 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 (EP-09-300t) 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 Skandi TBN (EP-10 300t) 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 DOF ASA – Q3 Presentation 2013 1 1 OPTIONAL PERIOD UNDER CONSTRUCTION * CHARTERED 26
  27. 27. DOF Subsea DOF ASA - Q3 Presentation 2013
  28. 28. DOF Subsea Group – In brief Fleet  One of the largest subsea vessel owners in the world     Owns and operates a fleet of 24 vessels, plus 5 newbuilds on order In addition 2 vessels on long-term charter The market value of owned vessels in operation is NOK17 billion, with a value adjusted age of 4.7 years Operates 52 ROVs Global organization  Head office in Bergen  Regional offices in Australia, Singapore, Norway, UK, Angola, US, Canada and Brazil Total of 2 480 employees  Subsea employees:  Of which offshore engineers and project staff:  Marine crew: 1 480 1 160 1 000 Norway Canada US UK Asia Pacific Angola 299 DOF ASA Brazil 332 48 94 366 324 17 – Q3 Presentation 2013 28
  29. 29. DOF Subsea Group – In brief 2 000 Quarterly figures 37% 1 800 36% 1 600 35% NOK million 1 400 1 200 34% 1 000 33% 800 600 Key figures 28.5 % CAGR 32% 28.2 % CAGR 400 31% Back-log incl. options NOK 34 billion 200 Market value of fleet NOK 17 billion - 30% Q3 2010 Number of shares Q3 2011 Q3 2012 Q3 2013 119 733 714 Operating revenue Total NOK 5.1 billion NOK 43.15 Value adj. equity NOK 8.4 billion NOK 70.13 Book equity ratio 26.6 % Value adj. equity ratio EBITDA margin Per share Book equity EBITDA 37.0 % DOF ASA – Q3 Presentation 2013 29
  30. 30. Level of industry barriers to entry OSCV Complex subsea operations ROV Marine transport/ services AHTS PSV  DOF ASA DOF Subsea’s main presence is in segments with medium to high barriers to entry and high complexity of operations  Level of barriers to entry Increased engineering requirement Complexity and size of operations Increased system requirement DSV Higher margins and earnings beyond the time charter rates – Q3 Presentation 2013 30
  31. 31. DOF Subsea - Projects Teekay Banff FPSO re-instatement • Skandi Skolten, Skandi Bergen and several third party vessels in Q2, Q3 & Q4 14. • PM&E, installation of mooring system, SSIVs, riser bases, static umbilical and mattresses. • Tow-out and hook-up. Installation of dynamic risers and tiein. • Diving, trenching, pre-commissioning, metrology and survey Galoc EPIC Phase 2 Development (Philippines) • • – Q3 Presentation 2013 Full EPIC for Phase 2 Developments: PM&E, Design, Procure and Fabricate Riser bases x 2, EHU tether clump, Spool jumpers, Flexible Risers, Flexible Flowline and Umbilical, disconnection of existing Riser, relocate to new riser base location. • DOF ASA Skandi Hercules Q2 ‘13 & Q4 ‘13 Full transportation, installation, commissioning and umbilical testing 3131
  32. 32. Outlook Brazil: OSV market picking up after a slow 2012. We expect increased demand for our vessels and services North Sea: We expect increased demand for large AHTS in medium-term. The long-term market balance for PSVs is uncertain, but we are gradually becoming more optimistic. DOF Subsea has taken a step-change in customer base and complexity of work done, and we expect a growing market share in this sector going forward. Asia Pacific: We expect a steady demand for all our vessels and services. DOF Subsea has an excellent position with a new fleet and an established, strong project organization. Ebitda guidance: Q4: DOF ASA – Q3 Presentation 2013 We expect Q4 to be the second best quarter in 2013 32
  33. 33. Thank you Presented by Mons Aase Hilde Drønen - CEO - CFO
  34. 34. 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 15 November 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 – Q3 Presentation 2013 34

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