Quarterly presentation Q DOF Subsea Group

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1 Quarterly presentation Q DOF Subsea Group

2 DOF Subsea Group

3 DOF Subsea Group in brief Fleet One of the largest subsea vessel owners in the world Owns and operates a fleet of 21 vessels, plus 4 newbuilds on order In addition, 2 chartered-in vessels as of 30 th June 2016 Normand Reach redelivered in July 2016 The market value of owned vessels in operation is about NOK 16 billion, with a value adjusted age of approx. 6.0 years Operates 63 ROVs and 4 ROVs on order Global organization Head office in Bergen Regional offices in Australia, Singapore, Norway, UK, Angola, US, Canada and Brazil Total of employees Subsea employees: Of which engineers and subsea project staff: 940 Asia Pacific Atlantic Brazil North America

4 NOK million EBITDA margin DOF Subsea Group in brief Condensed figures 5 last quarters Q2 last four years 35% % 25% % % 10% 500 5% Key figures Back-log firm Back-log incl. options Market value of fleet NOK 21 billion NOK 39 billion NOK 16 billion - 0% Q Q Q Q Operating revenue EBITDA EBITDA margin * According to internal Management reporting 4

5 Recent events Fleet First of 4 PLSVs, Skandi Açu, on-hire with Petrobras from 13 th of August Redelivered Normand Reach Contracts Shell Australia awarded DOF Subsea an IMR contract in Asia Pacific for 5 years firm plus 2 x 2 years options Several ROV and diving contracts awarded Skandi Achiever in the North Sea and North America region, securing utilization until end of October 2016 Several contracts awarded in Asia Pacific, securing utilization of Skandi Hercules and Skandi Singapore Petrobras has extended the RSV contract for Geograph for 18 months Petrobras awarded Skandi Vitoria a contract, securing utilization of the vessel until end of 2016 Petrobras awarded Skandi Niteroi a contract for 8 months firm plus 8 months option Finance Repaid outstanding amount of DOFSUB05 at maturity in April Refinancing of Skandi Hercules Drawdown of 2 nd tranche on Skandi Acu at final delivery in April

6 Skandi Açu First of 4 PLSVs in joint venture with Technip on-hire with Petrobras from 13 th of August Skandi Açu Build 2016 Design VARD 3 05 Type Subsea / PLSV LOA m Breadth 30.0 m Draught 8.5 m DWT t Accommodation 120 persons TLS tower 650t 6

7 Shell Prelude 5-year IMR contract Shell Australia awarded DOF Subsea a 5 year + 2 x 2 year options for fulltime Underwater Services and Multi-Purpose Supply Vessel (MPSV) Services to the Prelude FLNG facility, offshore Australia. Combination of vessel expertise, subsea operations track-record and shared safety, environmental and local-content objectives made DOF Subsea competitive. Established local presence and organizational expertise - combination of Australian and Norwegian teams Client opted for an integrated solution with one supplier Differentiated offering from DOF resulted in contract award Client and location: Shell Australia is part of The Shell Group, a global group of energy and petrochemical companies. Shell s world-leading FLNG technology is to be deployed at the Prelude FLNG facility it is the largest floating facility ever built, it will produce, liquefy, store and transfer LNG at sea. The facility will be located 475 kilometres north-north east of Broome, in Western Australia. Integrated work scope: Vessel charter Project Management and Engineering IMR program services Subsea inspection/intervention services Survey Services Data Management / Reporting services ROV and tooling services Asset management Platform Supply services Non-planned maintenance Emergency response 7

8 DOF Subsea Group overview DOF ASA (51%) First Reserve Corporation (49%) DOF Subsea Holding (100%) DOF Subsea 2005 Established NOK million total assets Modern high-end fleet and equipment highly-skilled employees 21 owned subsea vessels 4 vessels on order 1 vessels on charter 63 ROVs, 4 ROVs on order 8

9 Our global footprint Bergen Aberdeen St John s NORTH AMERICA Houston ATLANTIC Kuala Lumpur Singapore Manila Brunei Macaé Rio de Janeiro Luanda Jakarta Darwin Buenos Aires BRAZIL ASIA PACIFIC Perth Melbourne

10 Number of operated vessels NOK million Number of employees DOF Subsea timeline DOF Subsea fleet evolution DOF Subsea employees MV of fleet Owned vessels Chartered vessels MV of owned fleet (r.a.) * As per 31 st March 2016 Employees Fleet: From 11 to 21 vessels Fleet: 24 vessels Fleet: 25 vessels Fleet: 26 vessels Fleet: 28 vessels Fleet: 24 vessels Fleet: 22 vessels DOF Subsea was established in 2005 DOF Subsea was listed on the Oslo Stock Exchange in 2005, and taken private by DOF and FRC in 2008 Established a global footprint, present in all major offshore oil & gas regions Built a global organization through organic growth and acquisitions Developed global Business Management System, and achieved global ISO certification JV with Technip Expanded the fleet by taking delivery of 10 newbuilds Feb: Delivery of Skandi Niteroi May: Sale of Geosounder Jun: Acquisition Skandi Constructor Jul: Delivery of Skandi Skansen Sep: Delivery of Skandi Singapore Mar: Sale of OSCV newbuild Mar: Signed OSCV newbuild contract Mar: Chartered Skandi Hawk Feb: Signed OSCV newbuild contract Feb: Chartered Harvey Deep-Sea Mar: Sale of Geobay Jun: Delivery of Skandi Bergen Aug: Signed newbuild contracts for 4 x PLSVs Nov: Chartered Normand Reach Global ISO recertification Jan: Delivered Skandi Bergen to new owners Mar: Chartered Ross Candies Mar: Chartered Chloe Candies Nov: Delivered Skandi Skolten to new owners Feb: Delivered Skandi Aker to new owners Mar: Delivery of Skandi Africa May: Acquired Skandi Hawk June: Sale of Skandi Arctic Nov: Sale of Skandi Inspector Jan: Delivered Skandi Protector to new owners Apr: Delivery of Skandi Açu July: Third party vessel Normand Reach redelivered 10

11 Modern high-end fleet Skandi Africa, Ship of the Year 2015 Skandi Acu, PLSV built 2016 Majority of the fleet delivered from 2007 and onwards Modern fleet with a value adjusted average fleet age of approx. 6.0 years High-end vessels, capable of a wide scope of worldwide operations 11

12 Business management Global business management system accredited by DNV to: Business Management System ISO 9001:2015 Health and Safety System OHSAS 18001:2007 Environmental Management System ISO 14001:2015 Sustainability reporting according to Global Reporting Initiative G4 implemented Achieved Carbon Disclosure Project reporting result of 99B (report for 2014) IMCA International Contractor membership ISO recertification by DNV GL achieved during Q

13 Frequence: Incident / man-hour Man-hours HSEQ key statistics Substantial HSE-improvement since 2005 Substantial increase in activity level measured by total man-hours DOF Subsea HSEQ-statistics 12, , , , , , LTI TR Man-hours 0 13

14 NOK million NOK million DOF Subsea Projects DOF Subsea has built a global presence over the last 10 years Operating income by segment DOF Subsea has developed the project/imr business gradually Increased project activity and complexity driving growth IMR focused operations Project business going forward Gradually increase the complexity of work done Build a larger project back-log with focus on IMR Mix between owned and chartered-in vessels Subsea projects Chartering of vessels Total Q Q Q Subsea projects Chartering of vessels Total Chartering of vessels Subsea projects * According to internal Management reporting Chartering of vessels Subsea projects 14

15 NOK billion Contract coverage Firm Option * Figures based on remaining back-log from beginning of July 2016 By end of June 2016, the total back-log (incl. options) was approx. NOK 39 billion Firm contracts count for approx. NOK 21 billion Options count for approx. NOK 18 billion 15

16 Financials

17 Condensed profit & loss (IFRS 11) Operating income was NOK million in Q2 2016, down from NOK million in Q EBITDA (excl. gain on sale of assets) was NOK 485 million in Q2 2016, down from NOK 514 million in Q EBIT (excl. gain on sale of assets) was NOK 216 million in Q2 2016, down from NOK 325 million in Q

18 Condensed balance sheet (IFRS 11) From year-end 2015, non-current assets have increased to NOK million from NOK million From year-end 2015, total receivables have increased to NOK million from NOK million From year-end 2015, cash and cash equivalents have decreased to NOK million from NOK million Total liabilities as per 30 th June 2016 were NOK million The net interest bearing debt as per 30 th June 2016 was NOK million The book equity was NOK million, giving a book equity ratio of 34.6 % to total assets as per 30 th June

19 NOK million EBITDA margin Quarterly performance (excl. asset sales) Operating income EBITDA EBITDA margin 40% 35% 30% % 20% 15% % 5% - Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q % NOK million Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Operating income EBITDA EBITDA margin 34,0% 36,1% 32,4% 26,9% 28,1% 33,0% 29,4% 32,8% 27,7% 29,0% 24,8% 27,7% 26,2% 27,8% 31,4% 32,4% 30,7% Current assets Non-current assets Total assets Current liabilities Non-current liabilities Equity Total equity and liablilites * According to internal Management reporting 19

20 NOK million Debt maturity profile Debt maturity profile, 2016E 2021E Bond Loan - DOFSUB07 - NOK million - Maturity May E 2017E 2018E 2019E 2020E 2021E Thereafter Bond Loan Bank Debt Balloons The figures reflect amortization and balloon payments on outstanding debt 20

21 Risk mitigating factors Diversified bluechip customers reduce counterpart risk Value added services provide increased earnings potential Modern, highend fleet provides safe collateral Sale of vessels confirms values High back-log provides stable earnings Spare leveraging capacity on existing fleet Global presence provide access to more market opportunities Risk mitigating factors Strong bank and investor relationships provide access to credit Weaker subsea market 21

22 Outlook

23 Challenging fundamentals for subsea activity Demand Volatile oil price Continued cost focus by oil companies Reduced offshore E&P spending Uncertain project timing Counterpart risk Increased focus on price, technologically advanced and flexible vessels and engineering capabilities DOF Subsea owns the world s most sophisticated fleet and has a global organization 23

24 Challenging fundamentals for subsea activity Supply Over-supply of vessels Several vessels in lay-up Number of subsea contractors to be reduced Reduced demand Over- supply Weaker market conditions 24

25 Challenging fundamentals for subsea activity Reduced E&P spending Volatile oil price Over-supply of subsea vessels Lower rig activity and delayed field development Improved access to qualified personnel Lower IMR activity globally Weak subsea market and pressure on margins Number of niche subsea players DOF Subsea has mitigated the weaker fundamentals through a global footprint, a diversified portfolio of clients, strengthened balance sheet and a back-log of NOK 39 billion 25

26 Thank you!

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