Offshore Supply Weekly

Offshore Supply Weekly 03.11.2014-07.11.2014 (week 45) Kjetil Haukås, +47 24 14 74 95 kjetil.haukas@sb1markets.no

Newsflow DESSC fleet status report for October 2014 slightly negative in our view» DESSC reported average AHTS rates at USD 18,600 per day, down from USD 21,400 in Q3/14. The number was likely impacted negatively by the AHTS Sea Lynx (~15,000 bhp) mobilizing from the North Sea spot market to the South Stream project in the Black Sea working for SPM. DESSC has negotiated a frame agreement for the vessels for 2014 and 2015. As a consequence Sea Lynx did not take part in the very strong North Sea spot market in October.» Average PSV dayrates came in at USD 19,200 per day, flat from September, and 4% below the average rate in Q3/14. Improved contract coverage for DESSC as the company secures BB charters for Sea Swift and Sea Spear» DESSC announced new BB contracts for Sea Swift and Sea Spear (4,700 dwt/2014 built). Client is undisclosed. BB rate of USD 20,00 is clearly positive. Rate and client is the same as for Sea Swan and Sea Surfer that was fixed in September, however end-client differs with Sea Swift and Sea Spear working for Saipem offshore Australia.» Firm contract coverage improves from 45% in 2015 to 47% on our estimates. Including options, contract coverage rises from 61% to 64% in 2015E.» DESSC has so far not succeeded in securing a term charter for the India built Sea Triumph. The vessels is currently heading for the North Sea to take part in the spot market which is entering low season. Spot utilization for PSVs currently stands at just above 80%. Average effective PSV spot rates (after adjusting for utilization) stands at NOK 104,000 for 2014. Implied purchase price for Sea Triumph was ~USD 31m (avg. purchase price for all 10 PSVs USD 36.6m). We estimate EV/EBITDA of just above 10x based on average spot rates. In comparison, we believe current avg. TC rates for such a vessel to be around USD 22,500 (~NOK 170,000) for 1-2 year contracts. Bourbon Q3 revenues up by 5.7% y-o-y to EUR 495m» 3rd quarter revenues increased by 5.7% to EUR 495m, up from EUR 472m in Q3/13, as fleet growth and higher avg. dayrates were partially offset by lower utilization. Bourbon is the world s largest OSV company as measured by the number of vessels under management (including all vessel classes, not only AHTS and PSVs). The total number of vessels operated by Bourbon was 501 in Q3/14 (includes BB charters) up by 22 a year ago implying ~4% fleet growth.» Avg. dayrates increased in most segments and regions, largely caused by an increase in the fleet to newer, larger vessels but also improved rates on some contract renewals. Utilization development was mixed across regions, with Asia and West Africa being adversely affected by increased supply of vessels and reduced activity, respectively. Cost reduction programs by E&Ps had a negative impact on all segments according to the company. Tidewater fiscal Q2/15 numbers roughly in line with consensus» Tidewater reported fiscal Q2/15 sales of USD 398m and EBITDA of 125m marginally above consensus at USD 396m and 123m respectively. Adjusted net income was USD 61m 13% above consensus at USD 54m. Overall a neutral report. The share has been trading fairly flat this week.» Nothing interesting mentioned in the call. The company highlighted that only around 60% of its revenue is related to rig support activity while remaining 40% is related to production, construction etc., i.e. the TDW share should thus not be treated as a pure derivative of drilling according to management. Solid Q3 report from Oceanteam Shipping (OTS)» OTS reported 3Q14 revenues of USD 15.4m (up from USD 14.5m in 2Q14) and EBITDA (incl. net income JVs) of USD 8.1m (up from USD 7.0m in 2Q14). Net profit came in at USD 1.8m (up from USD 0.4m in 2Q14). The EBITDA margin increased to 44% from 39% Q/Q. EBITDA came in 17% above our USD 6.9m estimate. The revenues were split 50/50 between the Shipping segment and the Solutions segment (small increase Q/Q in both). Backlog in the Shipping segment increased to USD 231m from USD 224m Q/Q (Oceaneering exercised both 1yr options on 101 during the quarter), while backlog in the Solutions segment increased to USD 37m from USD 35m Q/Q. The company maintains its USD ~30m FY14 EBITDA guidance implies 4Q14 EBITDA roughly on par with a strong 3Q14.» SB1 credit research analysis: Quarter-end, NIBD stood at USD 141m (down from USD 148m Q/Q) 3Q14 annualized net leverage at 4.4x, down from 5.3x as of 2Q14. The 3Q14 EBITDA interest coverage came in at 2.1x, up from 1.8x as of 2Q14. The book equity ratio increased to 49% from 44% Q/Q due to positive vessel revaluation effects (contract extension and supportive market transactions). Positively, the cash position increased to USD 15.3m from USD 9.9m driven by improved operating performance, the selling of certain equipment and positive working capital changes. 2 Source: Sparebank 1 Markets, Companies, Press,++

USD USD USD USD Weekly spot market development Strong AHTS market during Q3 will result in strong earnings reports PSV seasonal spot rates AHTS seasonal spot rates 60000 2011 2012 2013 2014 300000 2011 2012 2013 2014 50000 250000 40000 200000 30000 150000 20000 100000 10000 50000 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 Week number 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 Week number PSV spot rates and utilization since jan 2013 AHTS spot rates and utilization since jan 2013 60000 PSV rate PSV utl 100 % 300000 AHTS rate AHTS utl 100 % 50000 40000 90 % 80 % 70 % 250000 200000 90 % 80 % 70 % 30000 60 % 150000 60 % 20000 10000 50 % 40 % 30 % 100000 50000 50 % 40 % 30 % 0 1 6 11 16 21 26 31 36 41 46 51 5 10 15 20 25 30 35 40 45 Week number, since 2013 20 % 0 1 6 11 16 21 26 31 36 41 46 51 5 10 15 20 25 30 35 40 45 Week number 20 % 3 Source: SB1 Markets, IHS Petrodata, Hagland Offshore

Recent spot fixtures Vessel Name Vessel Type BHP DWT (ton) Manager Contract typeactivity Country Client Fixture Date Start Date End Date w/o Options Rate USD Rate Far Scorpion AHTS 20 400 3934 Farstad Spot Rig Move Norway Statoil 06.11.2014 07.11.2014 14.11.2014 NOK 310,000 49 476 Island Valiant AHTS 18 000 4200 Island OffshoreSpot Rig Move Norway Statoil 06.11.2014 07.11.2014 14.11.2014 Normand Prosper AHTS 32 183 4724 Solstad Shipping Spot Anchor Assist - ChainNorway ConocoPhillips 06.11.2014 07.11.2014 14.11.2014 NOK 300,000 47 880 Balder Viking AHTS 18 300 2528 Viking Supply Spot Ships Rig Move United Kingdom Talisman 06.11.2014 08.11.2014 12.11.2014 GBP 35,000 58 741 Loke Viking AHTS 19 040 4500 Viking Supply Spot Ships Rig Move United Kingdom Talisman 06.11.2014 08.11.2014 12.11.2014 GBP 35,000 58 741 Odin viking AHTS 15 664 3000 Viking Supply Spot Ships Rig Move United Kingdom Talisman 06.11.2014 08.11.2014 12.11.2014 GBP 25,000 41 958 UP Jasper PSV 8 000 4900 Ultrapetrol Spot Cargo Run United Kingdom Premier 06.11.2014 09.11.2014 11.11.2014 GBP 8,850 14 853 KL Brofjord PSV 11 956 5100 K Line OffshoreSpot Supply Norway Statoil 05.11.2014 05.11.2014 12.11.2014 NOK 125,000 19 950 Northern Commander AHTS 14 200 2690 Trico Marine Services Spot Standby Norway Statoil 05.11.2014 05.11.2014 12.11.2014 NOK 75,000 11 970 Blue Thunder PSV 9 092 4200 Atlantic Offshore Spot Supply Norway Statoil 05.11.2014 06.11.2014 12.11.2014 NOK 100,000 15 960 Maersk Assister AHTS 23 480 5010 Maersk Supply Spot Service Heading Control United Kingdom Team 04.11.2014 05.11.2014 19.11.2014 GBP 25,000 41 958 North Cruys PSV 11 465 5000 Gulf OffshoreSpot Supply Norway BP 04.11.2014 05.11.2014 19.11.2014 NOK 140,000 22 344 Freyja Viking PSV 5 444 3800 Viking Supply Spot Ships Supply United Kingdom Apache 03.11.2014 03.11.2014 17.11.2014 GBP 8,000 13 426 Rem Provider PSV 5 444 3326 Rem MaritimeSpot Supply United Kingdom Peterson 03.11.2014 03.11.2014 08.11.2014 GBP 11,500 19 300 Rem Stadt PSV 8 800 5370 Remoy Shipping Spot Supply Norway Statoil 03.11.2014 03.11.2014 24.11.2014 NOK 120,000 19 152 4 Source: SB1 Markets, IHS Petrodata

OSV peer group Sparebank 1 Markets - Offshore Supply peer group SB1M Market cap. Px TP Potential Share price performance EV/EBITDA consensus P/B P/NAV Company Ticker Rating [USDm] [Local] [Local] upside 3m 6m 12m 2014E 2015E 2016E 5Y avg. current SB1 est. Deep Sea Supply DESSC NO Buy 293 7,7 12,0 56 % -17 % -16 % -36 % 5,2x 3,9x 4,1x 4,9x 0,6x 0,6x Siem Offshore SIOFF NO Neutral 284 5,0 5,5 10 % -36 % -43 % -49 % 7,8x 6,2x 5,7x 6,6x 0,4x 0,3x Farstad Shipping FAR NO Neutral 416 73,0 80,0 10 % -37 % -38 % -48 % 7,2x 6,4x 6,2x 6,7x 0,4x 0,3x DOF DOF NO Neutral 310 19,1 25,0 31 % -29 % -30 % -33 % 7,4x 7,5x 7,2x 7,2x 0,4x 0,5x Solstad Offshore SOFF NO Neutral 463 82,0 85,0 4 % -19 % -25 % -32 % 7,3x 6,9x 6,4x 7,1x 0,6x 0,4x Havila Shipping HAVI NO Sell 101 23,0 22,0-4 % -27 % -33 % -34 % 7,4x 7,8x 7,7x 8,0x 0,3x 0,3x Nordic American Offshore NAO US Sell 356 15,2 15,0-1 % -17 % -18 % -20 % 11,2x 8,1x 7,2x #N/A N/A #N/A N/A 1,0x Eidesvik Offshore EIOF NO 119 27,1-17 % -18 % -20 % 7,3x 5,4x 5,7x #N/A N/A 0,4x N/A Tidewater TDW US 1 870 37,6-22 % -24 % -37 % 7,5x 6,9x 6,3x 7,0x 0,7x N/A Gulfmark GLF US 792 30,1-21 % -31 % -37 % 7,5x 7,3x 7,4x 6,5x 0,7x N/A Avgerage all -24 % -28 % -35 % 7,6x 6,7x 6,4x 6,8x 0,5x 0,5x Source: Sparebank 1 Markets; Bloomberg *Change of analyst. Recommendation and target under review. Sparebank 1 Markets - Offshore Supply peer group EV/EBITDA SB1M TEV/EBITDA* SB1M Dividend yield ROE NIBD/Capital Company 2014E 2015E 2016E 2014E 2015E 2016E 2014E 2015E 2016E 2014E 2015E 2016E 5Y avg. YE 2014 YE 2015 Deep Sea Supply 9,0x 6,1x 6,2x 6,2x 5,7x 5,7x 3 % 12 % 16 % 6 % 12 % 10 % 19 % 48 % 43 % Siem Offshore 8,1x 7,2x 7,9x 7,9x 7,1x 7,0x 2 % 4 % 6 % 8 % 9 % 1 % 2 % 53 % 44 % Farstad Shipping 6,8x 6,3x 6,0x 6,7x 6,1x 6,0x 4 % 4 % 4 % 6 % 6 % 6 % 14 % 48 % 48 % DOF 6,1x 6,5x 6,1x 5,7x 5,8x 5,7x 0 % 0 % 0 % 14 % 10 % 10 % 1 % 61 % 60 % Solstad Offshore 6,8x 5,8x 6,4x 6,6x 6,1x 6,1x 6 % 5 % 5 % 15 % 13 % 11 % 5 % 54 % 49 % Havila Shipping 7,1x 7,7x 7,3x 7,1x 7,7x 7,3x 0 % 2 % 2 % 8 % 5 % 5 % 5 % 65 % 63 % Nordic American Offshore 11,4x 14,3x 12,2x 17,2x 14,3x 12,2x 10 % 12 % 12 % 4 % 5 % 6 % N/A -16 % 25 % Average 7,9x 7,7x 7,5x 8,2x 7,5x 7,1x 4 % 6 % 6 % 9 % 9 % 7 % 8 % 45 % 48 % Source: Sparebank 1 Markets * Assumes all newbuilds operational with EV adj. for remaining capex Sparebank 1 Markets - Offshore Supply peer group Sales (local) vs. consensus (%) EBITDA (local) vs. consensus (%) Adj. EBITDA margin Company 2014E 2015E 2016E 2014E 2015E 2016E 2014E 2015E 2016E 2014E 2015E 2016E 2013 2014E 2015E Deep Sea Supply 169 210 208-3 % -4 % -5 % 90 125 116-3 % 2 % 0 % 45 % 52 % 58 % Siem Offshore 493 522 570-5 % -9 % -6 % 184 178 190-4 % -26 % -27 % 34 % 37 % 34 % Farstad Shipping 4458 4812 4853 0 % 2 % 0 % 1 758 1 950 1 888 6 % 6 % -2 % 38 % 39 % 41 % DOF 10758 10310 10350 6 % 3 % -2 % 3 688 3 454 3 665 4 % -1 % 0 % 32 % 31 % 34 % Solstad Offshore 3826 3790 3826 6 % 1 % -2 % 1 776 1 826 1 796 13 % 9 % 0 % 43 % 47 % 51 % Havila Shipping 1716 1594 1590 6 % 0 % -2 % 898 777 771 6 % -4 % -6 % 47 % 51 % 49 % Nordic American Offshore 55 70 81-4 % -14 % -11 % 27 33 40-12 % -21 % -16 % N/A 48 % 47 % Average 1 % -3 % -4 % 1 % -5 % -8 % 40 % 44 % 45 % Source: Sparebank 1 Markets; Bloomberg 5 Source: Sparebank 1 Markets

EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA Consensus EBITDA estimates Consensus EBITDA est. down for 15-16E. Slightly up for 14E for SOFF, FAR and HAVI which have the highest exposure to the AHTS spot 2 700,00 FAR 2 100,00 SOFF 2 500,00 2 000,00 2 300,00 1 900,00 2 100,00 1 800,00 1 900,00 1 700,00 1 500,00 1 300,00 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 2014 2015 2016 DOF 4 100,00 4 000,00 3 900,00 3 800,00 3 700,00 3 600,00 3 500,00 3 400,00 3 300,00 3 200,00 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 2014 2015 2016 1 700,00 1 600,00 1 500,00 1 400,00 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 2014 2015 2016 SIOFF 350,00 330,00 310,00 290,00 270,00 250,00 230,00 210,00 190,00 170,00 150,00 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 2014 2015 2016 DESSC 140,00 130,00 120,00 110,00 100,00 90,00 80,00 70,00 60,00 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 2014 2015 2016 HAVI 950,00 900,00 850,00 800,00 750,00 700,00 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 2014 2015 2016 6 Source: SB1 Markets, Bloomberg

Consensus EBITDA estimates OSV and drilling OSV consensus EBITDA revisions OSV and Drilling. 15E/16E. 102 100 98 96 94 92 90 01.01.2014 01.03.2014 01.05.2014 01.07.2014 01.09.2014 01.11.2014 2015 2014 2016 100 95 90 85 80 75 70 65 01.01.2014 01.03.2014 01.05.2014 01.07.2014 01.09.2014 01.11.2014 OSV 2015 OSV 2016 Drilling 2016 Drilling 2015 7 Source: Sparebank 1 Markets; Bloomberg

Short interest OSV and drilling (US companies only) 350 Short positions (absolute) base year 2010 - OSV and rig 16% Short positions % of free float. - OSV and rig 300 14% 250 200 150 100 12% 10% 8% 6% 4% 50 2% 0 des. 10 mar. 11 jun. 11 sep. 11 des. 11 mar. 12 jun. 12 sep. 12 des. 12 mar. 13 jun. 13 sep. 13 des. 13 mar. 14 jun. 14 sep. 14 0% des. 10 mar. 11 jun. 11 sep. 11 des. 11 mar. 12 jun. 12 sep. 12 des. 12 mar. 13 jun. 13 sep. 13 des. 13 mar. 14 jun. 14 sep. 14 Rig index Source: Bloomberg; Sparebank 1 Markets OSV index Rig Source: Bloomberg; Sparebank 1 Markets OSV 8 Source: Sparebank 1 Markets, Bloomberg

Oil service sector performance Oil Service Sector Performance since Jan. 2014 Oil Service Sector Performance since Jan. 2013 110 150 100 130 90 110 80 90 70 60 70 50 02.01.2 014 02.02.2 014 02.03.2 014 02.04.2 014 02.05.2 014 02.06.2 014 02.07.2 014 02.08.2 014 02.09.2 014 02.10.2 014 02.11.2 014 50 02.01.2 013 02.03.2 013 02.05.2 013 02.07.2 013 02.09.2 013 02.11.2 013 02.01.2 014 02.03.2 014 02.05.2 014 02.07.2 014 02.09.2 014 02.11.2 014.SUPPLY Index.USSUPPLY Index.SUBSEA Index.SEISMIC Index.DRILLING Index OSEBX Index.SUPPLY Index.USSUPPLY Index.SUBSEA Index.SEISMIC Index.DRILLING Index OSEBX Index 9 Source: SB1 Markets, Bloomberg

Share price performance Norwegian OSVs Share price performance since jan 2014 - Norwegian peers Share price performance since jan 2013 - Norwegian peers 120 110 150 100 130 90 110 80 90 70 60 70 50 02.01.2 014 02.02.2 014 02.03.2 014 02.04.2 014 02.05.2 014 02.06.2 014 02.07.2 014 02.08.2 014 02.09.2 014 02.10.2 014 02.11.2 014 50 02.01.2 013 02.03.2 013 02.05.2 013 02.07.2 013 02.09.2 013 02.11.2 013 02.01.2 014 02.03.2 014 02.05.2 014 02.07.2 014 02.09.2 014 02.11.2 014 OSEBX Index SOFF FAR DOF DESSC SIOFF HAVI EIOF OSEBX Index SOFF FAR DOF DESSC SIOFF HAVI EIOF 10 Source: SB1 Markets, Bloomberg

Historic pricing of Norwegian OSV peers 11,5x EV/EBITDA (12m forward) 2,0x Price Boook 10,5x 1,8x 9,5x 8,5x 1,6x 1,4x 1,2x 7,5x 1,0x 6,5x 0,8x 5,5x 4,5x 0,6x 0,4x 0,2x 3,5x 31.12.2 008 31.12.2 009 31.12.2 010 31.12.2 011 31.12.2 012 31.12.2 013-31.12.2 008 31.12.2 009 31.12.2 010 31.12.2 011 31.12.2 012 31.12.2 013 DESSC SIOFF FAR DOF SOFF HAVI EIOF DESSC SIOFF FAR DOF SOFF HAVI EIOF Industry avg. EV/EBITDA 1Y forward Industry avg. Price Book 9,5x 9,0x 8,5x 8,0x 7,5x 7,0x 6,5x 6,0x 5,5x 5,0x 4,5x 31.12.2 008 31.12.2 009 31.12.2 010 31.12.2 011 31.12.2 012 31.12.2 013 1,2x 1,1x 1,0x 0,9x 0,8x 0,7x 0,6x 0,5x 0,4x 31.12.2 008 31.12.2 009 31.12.2 010 31.12.2 011 31.12.2 012 31.12.2 013 11 Source: SB1 Markets, Bloomberg

Discount to NAV Discount to NAV Discount to NAV Discount to NAV Discounts to reported NAVs 80% 70% SOFF - Discount to last reported NAV 80% 70% HAVI - Discount to last reported NAV 60% 60% 50% 50% 40% 40% 30% 30% 20% 20% 10% 10% 0% 0% 80% 70% DOF - Discount to last reported NAV 80% 70% FAR - Discount to last reported NAV 60% 60% 50% 50% 40% 30% 20% 10% 0% 40% 30% 20% 10% 0% 12 Source: SB1 Markets, Company reports, Bloomberg

Liquidity Norwegian OSVs # of shares traded per day/# of outstanding shares DESSC SOFF FAR 1,00% 1,00% 1,00% 0,80% 0,80% 0,80% 0,60% 0,60% 0,60% 0,40% 0,40% 0,40% 0,20% 0,20% 0,20% 0,00% 1.1.14 1.2.14 1.3.14 1.4.14 1.5.14 1.6.14 1.7.14 1.8.14 1.9.14 1.10.14 1.11.14 0,00% 1.1.14 1.2.14 1.3.14 1.4.14 1.5.14 1.6.14 1.7.14 1.8.14 1.9.14 1.10.14 1.11.14 0,00% 1.1.14 1.2.14 1.3.14 1.4.14 1.5.14 1.6.14 1.7.14 1.8.14 1.9.14 1.10.14 1.11.14 1,00% DOF 1,00% HAVI 1,00% SIOFF 0,80% 0,80% 0,80% 0,60% 0,60% 0,60% 0,40% 0,40% 0,40% 0,20% 0,20% 0,20% 0,00% 1.1.14 1.3.14 1.5.14 1.7.14 1.9.14 1.11.14 0,00% 1.1.14 1.3.14 1.5.14 1.7.14 1.9.14 1.11.14 0,00% 1.1.14 1.2.14 1.3.14 1.4.14 1.5.14 1.6.14 1.7.14 1.8.14 1.9.14 1.10.14 1.11.14 13 Source: Sparebank 1 Markets; Bloomberg

Liquidity US OSVs # of shares traded per day/# of outstanding shares TDW GLF 5,00% 5,00% 4,00% 4,00% 3,00% 3,00% 2,00% 2,00% 1,00% 1,00% 0,00% 1.1.14 1.2.14 1.3.14 1.4.14 1.5.14 1.6.14 1.7.14 1.8.14 1.9.14 1.10.14 1.11.14 0,00% 1.1.14 1.2.14 1.3.14 1.4.14 1.5.14 1.6.14 1.7.14 1.8.14 1.9.14 1.10.14 1.11.14 5,00% HOS 5,00% NAO 4,00% 4,00% 3,00% 3,00% 2,00% 2,00% 1,00% 1,00% 0,00% 1.1.14 1.2.14 1.3.14 1.4.14 1.5.14 1.6.14 1.7.14 1.8.14 1.9.14 1.10.14 1.11.14 0,00% 15.6.14 6.7.14 27.7.14 17.8.14 7.9.14 28.9.14 19.10.14 14 Source: Sparebank 1 Markets; Bloomberg

Bond Indications Supply & Subsea Services Issuer ISIN Ticker Size Crncy Priority Security Maturity TTM Coupon Bid Px Bid YTW Bid Z/DM Ask Px Ask YTW Ask Z/DM Mid Z/DM Atlantic Offshore AS NO0010667835 ATOFF02 150 NOK Senior unsecured 31.03.2015 0.40 3m N +975 103.25 3.15 % 151 103.75 1.92 % 28 89 Atlantic Offshore AS NO0010650112 ATOFF01 200 NOK Share pledge Vessel owning comp's 27.06.2015 0.64 3m N +1000 105.00 3.71 % 207 106.00 2.19 % 55 131 Atlantic Offshore AS NO0010697956 ATOFF03 400 NOK Senior unsecured 16.05.2018 3.53 3m N +750 98.00 9.81 % 817 100.00 9.14 % 750 783 Boa OCV AS NO0010720790 0 1 168 NOK 1st lien 2x OCV 07.10.2019 4.92 3m N +475 99.50 6.87 % 523 100.50 6.63 % 499 511 Boa Offshore AS NO0010664899 BOAO01 200 NOK Senior unsecured 31.03.2015 0.40 3m N +675 102.00 3.25 % 161 102.50 1.99 % 35 98 Boa Offshore AS NO0010699077 BOAO02 500 NOK Senior unsecured 18.12.2018 4.11 3m N +675 98.50 8.82 % 718 100.00 8.39 % 675 697 Boa SBL AS NO0010675051 BOAS01 370 NOK 1st lien 2x EM vessels 19.04.2018 3.45 3m N +550 99.00 7.47 % 583 100.00 7.14 % 550 566 DOF ASA NO0010592785 DOF08 600 NOK Senior unsecured 09.03.2015 0.34 3m N +610 100.80 5.30 % 366 101.40 3.49 % 185 275 DOF ASA NO0010635865 DOF09 700 NOK Senior unsecured 07.02.2017 2.25 3m N +725 103.00 7.44 % 580 104.00 6.97 % 533 557 DOF ASA NO0010703192 DOF11 700 NOK Senior unsecured 07.02.2018 3.25 3m N +475 96.50 7.60 % 596 98.00 7.07 % 543 569 DOF ASA NO0010657802 DOF10 700 NOK Senior unsecured 12.09.2019 4.85 3m N +700 103.00 7.90 % 626 104.50 7.53 % 589 607 DOF Subsea ASA NO0010636301 DOFSUB06 700 NOK Senior unsecured 15.10.2015 0.94 3m N +625 102.50 5.15 % 351 103.30 4.30 % 266 308 DOF Subsea ASA NO0010607377 DOFSUB05 750 NOK Senior unsecured 29.04.2016 1.48 3m N +550 102.50 5.38 % 374 103.50 4.69 % 305 339 DOF Subsea ASA NO0010670144 DOFSUB07 1 300 NOK Senior unsecured 22.05.2018 3.54 3m N +500 100.25 6.56 % 492 101.25 6.24 % 460 476 E Forland AS NO0010686561 EFOR01 446 NOK 1st lien 1x Subsea 04.09.2018 3.83 3m N +675 100.00 8.39 % 675 101.50 7.94 % 630 652 Eidesvik Offshore ASA NO0010679475 EIOF01 300 NOK Senior unsecured 22.05.2018 3.54 3m N +450 98.75 6.54 % 490 99.75 6.22 % 458 474 Farstad Shipping AS NO0010635964 FAR03 400 NOK Senior unsecured 15.02.2017 2.27 3m N +420 100.50 5.61 % 397 101.50 5.15 % 351 374 Farstad Shipping AS NO0010679871 FAR04 1 000 NOK Senior unsecured 29.05.2018 3.56 3m N +340 97.00 5.97 % 433 98.25 5.58 % 394 414 Golden Energy Offshore Services AS NO0010711732 0 370 NOK 1st lien 2x PSV 28.05.2017 2.56 3m N +725 98.25 9.66 % 802 99.25 9.22 % 758 780 Havila Holding AS NO0010714009 0 410 NOK Share pledge Various shares 26.09.2017 2.89 99.50 8.45 % 680 100.50 8.05 % 640 660 Havila Shipping ASA NO0010657174 HAVI08 500 NOK Senior unsecured 30.08.2016 1.81 3m N +850 105.00 7.19 % 555 106.00 6.62 % 498 526 Havila Shipping ASA NO0010590441 HAVI04 183 NOK 1st lien PSV Clipper 08.11.2016 2.00 6m N +375 99.00 5.93 % 428 100.50 5.13 % 348 388 Havila Shipping ASA NO0010605025 HAVI06 255 NOK 1st lien OCV Subsea 30.03.2017 2.40 8.60 % 102.00 7.90 % 602 102.75 6.64 % 478 540 Havila Shipping ASA NO0010605033 HAVI07 255 NOK 1st lien OCV Subsea 30.03.2017 2.40 3m N +450 97.50 7.28 % 564 100.50 5.92 % 428 496 Island Offshore Shipholding L.P. NO0010673866 IOSH01 700 NOK Senior unsecured 05.04.2016 1.41 3m N +525 99.50 7.26 % 562 100.50 6.52 % 488 525 Oceanteam Shipping ASA NO0010662018 OTS02 93 USD Senior unsecured 24.10.2017 2.96 3m L +1125 105.50 9.35 % 912 107.00 8.80 % 857 884 Olympic Ship AS NO0010598907 OLSH01 350 NOK Senior unsecured 09.02.2015 0.26 6m N +525 100.40 5.28 % 364 101.10 2.53 % 89 227 Olympic Ship AS NO0010659931 OLSH02 300 NOK Senior unsecured 21.09.2017 2.87 6m N +600 102.50 6.70 % 505 104.00 6.13 % 448 477 Olympic Ship AS NO0010712839 0 500 NOK Senior unsecured 18.06.2019 4.61 3m N +500 98.75 6.96 % 532 100.00 6.64 % 500 516 Rem Offshore ASA NO0010563489 REM02 400 NOK Senior unsecured 27.01.2015 0.22 3m N +500 100.50 4.28 % 265 101.00 1.95 % 32 148 Rem Offshore ASA NO0010672835 REM04 350 NOK Senior unsecured 14.03.2018 3.35 3m N +575 99.00 7.73 % 609 101.00 7.06 % 542 575 Rem Offshore ASA NO0010720238 0 500 NOK Senior unsecured 25.09.2019 4.88 3m N +525 96.00 7.87 % 623 99.00 7.13 % 549 586 Sea Trucks Group Ltd NO0010673734 0 575 USD 1st lien Various vessels 26.03.2018 3.39 9.00 % 85.00 14.99 % 1407 89.00 13.30 % 1 228 1 318 Siem Offshore Inc NO0010670441 SIOFF01 600 NOK Senior unsecured 30.01.2018 3.23 3m N +475 97.50 7.25 % 561 99.00 6.73 % 509 535 Siem Offshore Inc NO0010708670 SIOFF02 700 NOK Senior unsecured 28.03.2019 4.39 3m N +440 95.00 7.37 % 573 97.50 6.69 % 505 539 Solstad Offshore ASA NO0010600364 SOFF03 700 NOK Senior unsecured 25.02.2016 1.30 3m N +440 100.50 5.64 % 400 101.25 5.05 % 341 371 Viking Supply Ships AS NO0010638158 VSS01 385 NOK Senior unsecured 21.03.2017 2.37 3m N +825 102.50 8.72 % 708 104.00 8.04 % 640 674 Volstad Maritime AS NO0010684574 VOSUB01 630 NOK 1st lien 1x DSV & 2x Seismic 05.07.2016 1.66 3m N +650 100.50 7.81 % 617 102.50 6.55 % 491 554 Volstad Shipping AS NO0010680069 VOLS01 275 NOK 2nd lien 2x PSV & 1x Subsea 30.05.2018 3.56 3m N +600 100.00 7.64 % 600 101.50 7.16 % 552 576 15

Spread (bps) Spread/Maturity Supply & Subsea Services 1 000 Supply & Subsea Services Spread/Maturity Diagram 900 800 700 600 500 400 300 Oceanteam +1125 Atlantic +750 Golden Energy +725 (2x PSV) Viking +825 Boa Offshore +675 Havila Holding +660 (various E Forland +675 (Fugro Saltire) shares) VOLSHI +600 (2x PSV & 1x VOLMAR +650 (1x DSV, 2x DOF +700 DOF +725 REM +575 Subsea) Seismic) DOF +475 REM +525 Boa SBL +550 (2x EM vessels) Island Offshore +525 SIOFF +475 Havila 8.6% (OCV Subsea) SIOFF +440 Havila +850 (2016) Boa OCV +475 (2x OCV) Havila +450 (OCV Subsea) Olympic +600 DOFSUB +500 Olympic +500 Eidesvik +450 SOFF +440 Havila +375 (PSV Clipper) Farstad +340 Farstad +420 DOFSUB + 625 DOFSUB +550 DOF +610 200 Olympic +525 Atlantic +1000 (vessel owning REM +500 100 comp's) Boa Offshore +675 Atlantic +975 0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 Time to Maturity Unsecured 1 st lien 2 nd lien/share pledge Source: SpareBank 1 Markets Price Indications 16

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