4Q 11. Deep Sea Supply Plc Presentation 29 Feb 2012

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1 4Q 11 Deep Sea Supply Plc Presentation 29 Feb 2012

2 HIGHLIGHTS 4Q 11 Improved financials Reduced cost due to inhouse technical & crew management 7 new long term charter contracts and more to come Growth in Brazil 3

3 7 LONG TERM CHARTER CONTRACTS AWARDED 4Q 11 New contracts Vessels Charterer Term Commencement Sea Cheetah 4Y + 4Y option 29th Feb 2012 Sea Jaguar 4Y + 4Y option 1st Mar 2012 Sea Brasil BP 3Y Y July 2012 Sea Fox 4Y + 4Y option June 2012 Sea Jackal 4Y + 4Y option June 2012 Sea Vixen 4Y + 4Y option June 2012 Sea Stoat 4Y + 4Y option June 2012 Contract backlog Deep Sea Supply fleet Vessel type Vessels on long term contracts Value AHTS 7 of 14 vessels USD 237 M PSV 7 of 9 vessels USD 154 M Total 14 of 23 vessels USD 391 M 4

4 GROWTH IN BRAZIL 4Q 11 Recent contract awards for 7 vessels with and BP By end of 2Q 2012, the company will have 15 vessels operating in Brazil, at least 12 on long term contracts Increased and stable revenues for Deep Sea Supply Continued good cost control gives foundation for healthy return Strategic moves to further strenghten the company s position being explored 5

5 FLEET LIST & CHARTER STATUS AS PER FEBRUARY 2011 Vessel Type Bhp/Dwt Year Built Trading Area AHTS Vessels Q1 Q2 Q3 Q4 Sea Lynx KMAR BHP 1999 North Sea Sea Bear KMAR BHP 1999 North Sea (Mob) Sea Tiger KMAR BHP 1999 W. Africa Sea Panther KMAR BHP 1999 Brazil Sea Leopard KMAR BHP 1998 Brazil Sea Cheetah Khiam Chuan BHP 2007 Brazil Sea Jaguar Khiam Chuan BHP 2007 Brazil Sea Ocelot Khiam Chuan BHP 2007 Asia Sea Eagle I Khiam Chuan BHP 2009 Asia Sea Weasel Seatech P BHP 2009 Malaysia Sea Fox Seatech P BHP 2011 Brazil (Mob) Sea Jackal Seatech P BHP 2011 Brazil (Mob) Sea Badger Seatech P BHP 2011 Asia Sea Vixen Seatech P BHP 2011 Brazil (Mob) Sea Stoat Seatech P BHP 2011 Brazil (Mob) PSV s Sea Trout VS 470MK II 3300 DWT 2007 North Sea Sea Angler PSV UT 755 L 3250 DWT 2007 W.Africa Sea Halibut PSV UT 755 L 3250 DWT 2007 Brazil Sea Pike PSV UT 755 L 3250 DWT 2007 Brazil Sea Bass PSV UT 755 L 3250 DWT 2008 Brazil Sea Pollock PSV UT 755 L 3250 DWT 2008 Brazil Sea Turbot PSV UT 755 L 3250 DWT 2008 Brazil Sea Witch PSV UT 755 L 3250 DWT 2008 Asia Sea Brasil STX 09CD 3250 DWT 2012 Brazil North Sea Spot North Sea Spot Statoil Brazil BP Murphy Oil Petronas Malaysia Bluewater EnQuest ENI Congo BP 6 Firm Option Spot

6 SHARE PRICE DEVELOPMENT AND SHARE TURNOVER Share price and total return since listing 2011 average monthly volume and turnover velocity Close Price Total Return 40 4,5% ,0% 70 NOK per share Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 Traded shares per month / Average shares outstanding 3,5% 3,0% 2,5% 2,0% 1,5% 1,0% 0,5% 0,0% Deep Sea Supply PLC DOF ASA Havila Siem Offshore Solstad Shipping ASA Inc. Offshore ASA Farstad Eidesvik REM Offshore Shipping ASA Offshore ASA ASA Average monthly volume in NOK million (red line) 7

7 INCOME STATEMENT 4Q Q 11 (Unaudited figures in USD 1,000) 4Q 11 4Q 10 3Q 11 Operating revenue Vessel operating expenses (16 123) (18 807) (16 739) Operating lease 0 (1 104) 0 Other gains Gain on sale Other operating expenses (3 147) (2 881) (2 493) Total operating costs (18 022) (11 352) (18 113) EBITDA Depreciation (8 260) (9 447) (7 049) EBIT Financial income Financial expenses (6 182) (7 693) (6 436) Net currency items 255 (960) (364) Change in value of financial derivatives Net financial items (5 691) (7 863) (6 715) Pre-tax result (358) Taxes (12) (2 475) (3) Total comprehensive income (371) Average number of shares Earnings per share (0,00) 0,05 0,01 Earnings per share diluted (0,00) 0,05 0,01 Cash flow per share 1) 0,06 0,15 0,07 1) Profit before taxes+depreciation-unrealized gain on currencies 8

8 INCOME STATEMENT FY Q 11 (Unaudited figures in USD 1,000) Operating revenue Vessel operating expenses (72 124) (73 681) Operating lease (1 684) (2 925) Other gains Gain on sale Other operating expenses (10 785) (8 710) Total operating costs (55 206) (69 497) EBITDA Depreciation (28 826) (36 447) EBIT Financial income Financial expenses (25 838) (29 065) Net currency items (4 299) Change in value of financial derivatives Net financial items (29 617) (26 323) Pre-tax result Taxes (21) (2 617) Total comprehensive income (2 538) Average number of shares Earnings per share 0,01 (0,02) Earnings per share diluted 0,01 (0,02) Cash flow per share 1) 0,27 0,27 1) Profit before taxes+depreciation-unrealized gain on currencies 9

9 AREA OF CURRENT OPERATION Office PSV AHTS 10

10 CASH FLOW STATEMENT 4Q 11 (Unaudited figures in USD 1,000) 31 Dec Dec 2010 Cash flows from operating activities Cash generated from operations Net cash generated from operating activities Cash flows from investing activities Acquisitions of vessels and construction contracts (74 410) (20 915) Disposals of vessels and construction contracts Net cash used in investing activities Cash flows from financing activities Interest paid (26 559) (27 138) Proceeds from borrowings Repayments of borrowings ( ) (58 491) Net cash used in financing activities (80 788) (46 147) Total changes in liquidity in the period/year (1 613) Cash and cash equivalents at beginning of period/year Cash and cash equivalents at end of the period/year

11 BALANCE SHEET 2Q 11 (Unaudited figures in USD 1,000) Non-current assets Vessels cost Construction contract Equipment Total property, plant and equipment Deferred income tax Other long term receivables Investment in associates CIRR deposit Total non-current assets Current assets Inventories Other short term receivables CIRR deposit Freight income not received Cash and cash equivalents Total current assets (Unaudited figures in USD 1,000) Liabilities Borrowings CIRR loan Deferred gain Long term tax liabilities Other long term liabilities Total long term liabilities Borrowings CIRR loan Trade payables Deferred gain Tax payable Other short term liabilities Total short term liabilities Total liabilities Shareholders equity Share capital, share premium and treasury shares Retained earnings and currency translation Total shareholders equity Total assets Total equity and liabilities

12 SHAREHOLDERS 4Q 11 The largest shareholders as per 20th Feb 2012 registered in VPS Citizen No. of shares: % HEMEN HOLDING LIMITED CYP ,11% SKAGEN KON-TIKI NOR ,63% PERESTROIKA AS NOR ,00% DNB NOR MARKETS NOR ,98% ORKLA ASA NOR ,42% SVENSKA HANDELSBANKEN SWE ,69% UBS AG GBR ,28% DNB NOR SMB NOR ,22% UTHALDEN A/S NOR ,18% PACTUM AS NOR ,04% CENTRA INVEST AS NOR ,95% KLAVENESS SHIP INVESTMENTS AS NOR ,94% VERDIPAPIRFONDET HANDELSBANKEN NOR ,83% NORDEA BANK NORGE ASA NOR ,65% JPMORGAN CHASE BANK DEU ,59% MP PENSJON PK NOR ,52% TD AMERITRADE CLEARING INC USA ,47% CITIBANK N.A. USA ,43% VPF NORDEA SMB NOR ,42% DANSKE INVEST NORGE VEKST NOR ,39% Total 20 largest shareholders: ,73% Total other shareholders: ,27% Total number of shares: ,00% 13

13 AGE DISTRIBUTION CURRENT FLEET AND ORDER BOOK AHTS Vessel > 20 years: 29% of total fleet Vessel > 30 years: 11% of total fleet PSV Vessel > 20 years: 20% of total fleet Vessel > 30 years: 8,8% of total fleet No of units Source: ODS Petrodata

14 THE RIG AND SUPPLY MARKET 4Q 11 Supply vessels Total fleet AHTS PSV Existing fleet Orderbook % % % Average age 12,3 12,8 11,7 Rig market Total fleet Semis/drillships Jackups Existing fleet Orderbook % 89 31% 79 16% Source: ODS Petrodata Some observations; Fewer deliveries of newbuilding than expected; In February 2011, expected OSV deliveries in 2011 were 270 vessels Actual deliveries were 185 vessels The largest orderbooks in the OSV and Rig segments are linked to ultra deep water activities; Semis / drillships (31%) and PSVs (26%) The number of OSVs per Rig is currently 3,24. If we include current orderbooks, the number is reduced to 3,11. 15

15 presis 360 COMPANY ADDRESSES Cyprus Deep Sea Supply Plc John Kennedy Ave., Iris House, 7th Floor, Office no.740b Limassol 3100 Cyprus Deep Sea Supply Management (Cyprus) Ltd P.O.Box CY-3302 Limassol Cyprus Norway Deep Sea Supply Management AS Tromøyveien 22 N-4841 Arendal Norway Singapore Deep Sea Supply Management (Singapore) Pte.Ltd. 10 Hoe Chiang Rd #19-03/04/05 Keppel Tower Singapore Brazil Deep Sea Supply Servicos Maritimos LTDA Avenida Presidente Wilson 231, sala Cep: Rio de Janeiro RJ Brazil