Fred.Olsen Production ASA

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Lizbeth Dickerson
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1 Fred.Olsen Production ASA PRESENTATION OF 3rd quarter 2009

2 3Q 2009 in brief Revenues were USD 29.5 million (USD 24.4 million) EBITDA USD 13.2 million (USD 9.6 million) FPSO Knock Allan EBITDA contribution was USD 6.1 million FSO Knock Nevis completed contract Final payment of USD 2 million received from Knock Nevis upgrade project which was completed in % commercial uptime for units in operation

1 million FSO Knock Nevis completed contract Final payment of USD 2 million received

3 Agenda Financial results 3q 2009 Operations and market

4 Income Statement - Key Figures (USD 000) Q Q Variance YTD 2009 YTD 2008 Variance Actual Actual Actual Actual Revenue Operating revenues: Operating expenses: Operating expenses (12 449) (11 299) (1 150) (34 772) (28 823) (5 949) Administrative expenses (4 099) (3 524) (575) (9 253) (9 196) (57) Operating result before depr. (EBITDA) Depreciation (10 382) (2 108) (8 274) (29 434) (10 856) (18 578) Operating result (EBIT) (4 649) (7 567) Net financial items (3 767) (5 742) (5 488) (7 762) Result before tax (966) (2 674) (1 379) (5 293) Tax expense (504) - (504) (935) (513) (422) Net result (1 470) (3 178) (2 314) (5 715)

5 YTD 3Q 2009 vs. YTD 3Q 2008 EBITDA YTD Q vs YTD Q EBITDA (USD 000) YTD Q EBITDA plus: Knock Allan Knock Dee Knock Taggart Knock Adoon Petroleo Nautipa 623 minus: FOP group admin FOP Pte Ltd Knock Nevis -931 Intercompany Elim YTD Q EBITDA

22 532 plus: Knock Allan 9 166 Knock Dee 2 593 Knock Taggart 1 603 Knock Adoon 1

6 2009 quarterly EBITDA (USD 000) Q Q Q Actual Actual Actual Revenue Operating expenses: Direct OPEX (10 811) (13 048) (12 449) Other administrative expenses (2 928) (2 654) (4 099) EBITDA

7 Financial Items - Breakdown (USD 000) YTD 2009 YTD 2008 (9 Months) (9 Months) Interest income (external) Financial income Interest expenses: Unrealized Gain (Loss) Interest Rate Derivatives 276 (735) Interest - Mortgage Loan (4 247) (4 208) Other interest expenses (145) (145) Other financial income (expense): Unrealised Loss on Derivatives - (8 947) Other financial items (1 905) (135) Financial expenses (6 021) (14 170) Net foreign currency gain/(loss) Net financial items (5 489) (7 762)

208) Other interest expenses (145) (145) Other financial income (expense): Unrealised Loss on Derivatives - (8 947) Other

8 Consolidated Balance Sheet (USD 000) Actual Actual Assets Cash and cash equivalents Other current assets Total current assets Fixed assets Other non-current assets Total assets Liabilities Interest bearing loans (current portion) Other current liabilities Total current liabilities Interest bearing loans (LT portion) Other long-term liabilities Total long-term liabilities Equity Total liabilities and equity

394 532 Other non-current assets 10 464 8 514 Total assets 539 973 523 535 Liabilities Interest bearing loans (current portion) 2 145 1 976 Other current

9 Cash flow statement YTD 30 September 2009 Operating Activities: YTD Actual Net Income before tax (1 379) Taxes Paid (935) Gain on sale of property, plant and equipment (1 300) Depreciation Expense Changes in Balance Sheet Items (7 950) Investing Activities: Upgrade and Conversion Costs - Allan (61 339) Upgrade and Conversion Costs - Other Vessels (99) Disposals (55 556) Financing Activities: Financing Net change in cash (27 276) Cash beginning period Translation differences 846 Cash ending period

Upgrade and Conversion Costs - Allan (61 339) Upgrade and Conversion Costs - Other Vessels (99) Disposals 5 882 (55 556) Financing

10 Agenda Financial results 3q 2009 Operations and market

11 Contract status Knock Dee Provisional contract El Paso Brazil 10 yrs (5y option) Petroléo Nautipa Vaalco - Gabon 2y option Knock Nevis Maersk - Qatar Knock Adoon Addax Petroleum - Nigeria 8y option Knock Allan Canadian Natural Resources Gabon 10 yrs (10y option) Marc Lorenceau Addax (operations) Uppgrade / Conversion Option Call-off option

Knock Nevis Maersk - Qatar Knock Adoon Addax Petroleum - Nigeria 8y option Knock Allan Canadian

12 Knock Allan - update Oil production and contract hire commencement 1. May Project capex adjusted by USD 8 mill in carry over work for 2009 to USD 276 mill net of financials items and variation orders Olowi Field development not yet fully operative at design capacity, additional work to tie in three more Well Head Platforms to continue in 4Q 09 and 2010 Oil- and gas commissioning completed in Q3 100% commercial up-time achieved Boilers adjustments and repairs has caused diesel consumption of for approx. USD 0.9 mill. Client partly dispute start date of KAL operations and some variation orders

development not yet fully operative at design capacity, additional work to tie in three more Well Head Platforms to continue in 4Q 09 and 2010 Oil-

13 Existing vessels status Knock Dee Under option to El Paso until end Dec 2009 Option premium cover lay-up cost 2009 Knock Nevis Contract with Mærsk Qatar completed 12 August Dispute regarding redelivery clauses in the contract Pursuing leads in Brazil and India Scrapping is a base case scenario Marc Lorenceau Service contract out for renewal commercial bid delivered in May expect outcome end 2009 Continue contract on 30 days termination notice

contract Pursuing leads in Brazil and India Scrapping is a base case scenario Marc Lorenceau Service contract

14 Terang Sirasun Batur ( TSB ) Indoneasia Client KEI: 50% by local company EMP 25% Mitsubishi Corp / 25% Japex Aframax gas FPSO Spread moored Technical bid submitted Clarifications ongoing Three tenders expected Commercial bid: Pending announcement of commercial ITB Delays due to Contract T&C s Clarification on contract ongoing, Invitation November? Partnership with Marubeni JAVA

Three tenders expected Commercial bid: Pending announcement of commercial ITB Delays due to

15 Market outlook Market remains slow, but with clear conditions of pick-up: three contract awards announced end Q3 early Q4 formal tender inquiry numbers are up, particularly in Asia early stage inquiries also indicate an improving prospect flow for 2010 Africa remains slower to recover, one leased FPSO awarded in Equatorial Guinea. Longer lasting effects of the financial crisis remain: tight financing conditions and increased risk aversion healthy clean up in the sector consolidation around the most solid contractors and improved risk management. It remains to be seen if the risk aversion tendency transforms into a permanent shift in balance affecting the lease contracting market. An increasing pool of idle FPSO's may create some supply side pressure on margins again, balanced to some extent by the reduced number of credible contractors. Globally we see another further 1-2 contract awards in the fourth quarter is expected to be better than 2009, but with only a moderate level of contracts awarded.

Longer lasting effects of the financial crisis remain: tight financing conditions and increased risk aversion healthy clean up in the sector consolidation around the most solid contractors and

Third quarter results 2012

Q3 Third quarter results 2012 Fornebu, Øyvind Eriksen and Leif Borge 2012 Aker Solutions Slide 1 Agenda Q3 2012 Introduction Øyvind Eriksen Executive chairman Financials Leif Borge President & CFO Q&A