34
Q3 Financial Presentation 2013 DOF ASA

Dof Q3 2013 Presentation

Embed Size (px)

DESCRIPTION

 

Citation preview

Page 1: Dof Q3 2013 Presentation

Q3 Financial Presentation 2013

DOF ASA

Page 2: Dof Q3 2013 Presentation

- Q3 Presentation 2013 DOF ASA

Agenda

Highlights

Overview Group

Financials

DOF Subsea update

Outlook

Page 3: Dof Q3 2013 Presentation

DOF ASA 3 – Q3 Presentation 2013 3

Highlights Q3 2013

The newbuild Skandi Bergen started on its first project (Banff) in July

Improved spot market in the North Sea

Variable utilization AHTS fleet and stable for the PSV fleet

Good utilization for the subsea project fleet in all regions

Operational

Fleet

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

Delivery of the chartered vessel Harvey Deep Sea in September

All time high EBITDA – MNOK 912

Page 4: Dof Q3 2013 Presentation

DOF ASA 4 – Q3 Presentation 2013 4

Highlights Q3 2013

Several subsea contracts in US Gulf of Mexico securing good utilization of Harvey Deep

Sea until year end

Several subsea contracts in the Atlantic region

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 Subsea awarded 5 years contract with Technip for Hull No 800 (delivery 2015)

Contract

awards

Page 5: Dof Q3 2013 Presentation

DOF ASA 5 – Q3 Presentation 2013 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

Page 6: Dof Q3 2013 Presentation

- Q3 Presentation 2013 DOF ASA

Overview Group

Page 7: Dof Q3 2013 Presentation

DOF ASA 7 – Q3 Presentation 2013 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: 1 480

Marine personnel: 3 200

Share price

NOK 28.40 (30.09.2013)

NAV per share NOK 75

Page 8: Dof Q3 2013 Presentation

DOF ASA 8 – Q3 Presentation 2013 8

Company overview

Page 9: Dof Q3 2013 Presentation

DOF ASA 9 – Q3 Presentation 2013 9

PSV AHTS Subsea Total fleet

No. of vessels

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

Contract coverage 2013* 86 % 90 % 96 % 91 %

Contract coverage 2014* 64 % 56 % 66 % 62 %

The fleet market segment

*Not including options

Page 10: Dof Q3 2013 Presentation

DOF ASA 10 – Q3 Presentation 2013 10

PSV AHTS Subsea Total fleet

No. of vessels*

DOF Group Fleet 23 20 35 78

Fair Market value (MNOK) 5 595 10 841 30 375 46 811

Ebitda Q3 2013 by segment (MNOK) 133 147 632 912

DOF ASA fleet market segment

12%

23%

65%

PSV

AHTS

CSV

Share of FMV DOF Fleet

15 %

16 %

69 %

EBITDA Q3 2013

PSV

AHTS

CSV

*Incl. newbuild

Page 11: Dof Q3 2013 Presentation

DOF ASA 11 – Q3 Presentation 2013

Angola

Perth Rio de Janeiro

Buenos Aires

Singapore

Houston St. Johns

Aberdeen

Austevoll

Brunei

Macae

Jakarta

Manila

Moscow Bergen

Focus regions

Melbourne

Darwin

Global player

9

31

24

3

3

Norway Brazil US/Canada

UK Asia

Pacific

Angola Marine

Crews

Total

DOF employees 434 506 142 382 344 17 2 855 4 680

Page 12: Dof Q3 2013 Presentation

DOF ASA 12 – Q3 Presentation 2013 12

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

Remaining newbuilding program

Page 13: Dof Q3 2013 Presentation

- Q3 Presentation 2013 DOF ASA

Financials

Page 14: Dof Q3 2013 Presentation

DOF ASA 14 – Q3 Presentation 2013 14

Q3 2013 Q3 2012 YTD Q3 2013 YTD Q3 2012

Operating income 2 634 2 087 7 121 6 074

Operating expenses -1 722 -1 332 -4 845 -3 969

Net gain on sale of vessel -0 0 5 203

Operating profit before depreciation- EBITDA 912 755 2 281 2 308

Depreciation -292 -229 -898 -738

Write downs - - - -

Operating profit- EBIT 619 526 1 384 1 570

Net profit/loss from associated companies -2 0 7 1

Financial income 14 16 45 50

Financial costs -348 -322 -1 073 -989

Net realized currency gain/loss -16 -16 22 -38

Net profit/loss before unrealised gain/loss long term debt 267 204 385 594

Net unrealized currency gain/loss -18 73 -595 -251

Net unrealized gain/loss on market instruments 14 -61 33 -91

Profit/loss before tax 263 215 -177 252

Tax -99 -25 -9 12

Net profit/loss 164 190 -186 264

Profit attributable to

Non-controlling interest 81 77 42 199

Controlling interest 83 113 -228 65

ALL FIGURES IN NOK MILLION

Result Q3 2013

Comments «All time high» Operational Ebitda 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

Page 15: Dof Q3 2013 Presentation

DOF ASA 15 – Q3 Presentation 2013 15

Amounts in NOK mill

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

Operating result (EBIT) 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 %

PSV AHTS Subsea TotalALL FIGURES IN NOK MILLION

P&L Q3 2013 Supply and Subsea

15 %

16 %

69 %

EBITDA Q3 2013

PSV

AHTS

CSV

15 %

20 %

65 %

EBITDA Q3 2012

PSV

AHTS

CSV

Page 16: Dof Q3 2013 Presentation

DOF ASA 16 – Q3 Presentation 2013 16

Historical EBITDA excl asset sales

Q3 2010 Q3 2011 Q3 2012 Q3 2013

Operating revenue 1 237 1 674 2 087 2 634

EBITDA 433 561 755 912

EBITDA margin 35 % 34 % 36 % 35 %

Non-current assets 20 904 24 772 27 338 28 139

Current assets 4 317 4 113 4 529 4 296

Total Assets 25 221 28 885 31 867 32 435

Equity 6 645 6 439 6 759 6 549

Non-current debt 13 662 18 660 21 361 21 682

Current debt 4 914 3 785 3 747 4 204

Total Equity and Debts 25 221 28 884 31 867 32 435

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

-

500

1 000

1 500

2 000

2 500

3 000

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

Operating revenue EBITDA EBITDA margin

MN

OK

Page 17: Dof Q3 2013 Presentation

DOF ASA 17 – Q3 Presentation 2013 17

Amounts in NOK mill ion 30.09.2013 30.09.2012 31.12.2012

ASSETS

Intangible assets 757 537 704

Vessel and other tangible assets 26 551 25 985 26 179

Newbuildings 534 449 423

Financial assets 297 367 387

Non-currents assets 28 139 27 338 27 693

Receivables 2 536 2 354 1 915

Cash and cash equivalents 1 759 2 174 2 145

Current assets 4 296 4 529 4 060

Total assets 32 435 31 867 31 754

EQUITY AND LIABILITIES

Subscribted equity 1 452 1 452 1 452

Retained equity 2 100 2 353 2 318

Non-controlling equity 2 997 2 922 2 950

Equity 6 549 6 727 6 720

Provisions for commitments 529 589 574

Other non-current l iabilities 21 153 20 703 21 027

Non-current liabilities 21 682 21 292 21 601

Current part of interest bearing debt 2 543 2 235 2 000

Other current l iabilities 1 661 1 612 1 433

Current liabilities 4 204 3 847 3 433

Total equity and liabllities 32 435 31 867 31 754

ALL FIGURES IN NOK MILLION

Balance Q3 2013 Comments

• 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

Page 18: Dof Q3 2013 Presentation

DOF ASA 18 – Q3 Presentation 2013 18

30.09.2013 30.09.2012 31.12.2012

Non-current interest bearing liabilities

Bond loan 4 408 3 755 4 164

Debt to credit institutions 16 657 16 723 16 592

Total non-current interest bearing liabilites 21 065 20 477 20 756

Current interest bearing liabilities

Bond loan 518 281 141

Debt to credit institutions 1 935 1 655 1 784

Util ized credit facil ities 90 299 75

Total current interest bearing liabilities 2 543 2 235 2 000

Total interest bearing liabilities 23 607 22 713 22 756

Net interest bearing liabilities

Cash and cash equivalents 1 759 2 174 2 145

Net derivatives -324 -298 -365

Non-current receivables 83 - 98

Total net interest bearing liabilities 22 090 20 836 20 878

Newbuilds 534 449 423

Net interest bearing liabilities, excluding unemployed capital 21 556 20 388 20 454

Net interest bearing debt

ALL FIGURES IN NOK MILLION

Page 19: Dof Q3 2013 Presentation

DOF ASA 19 – Q3 Presentation 2013 19

Key figures Q3 2013

Q3 2013 Q3 2012 YTD Q3 2013 YTD Q3 2012 2012

FINANCIAL RESULT

EBITDA margin ex net gain on sale of vessel 35 % 36 % 32 % 35 % 34 %

EBITDA margin 35 % 36 % 32 % 38 % 37 %

EBIT margin 24 % 25 % 19 % 26 % 23 %

Cashflow per share 1) 5,04 3,90 11,55 11,99 15,04

Profit per share ex. non-controlling interest 2) 0,74 1,02 -2,06 0,59 1,02

Profit per share ex. unrealized loss/gain and taxes 3) 2,41 1,83 3,46 5,35 5,04

BALANCE

Return on net capital -3 % 4 % 5 %

Book equity ratio 20 % 21 % 21 %

Value adjusted equity 37 % 38 % 39 %

Value adjusted equity per share 75 79 81

Capex 1 488 2 360 3 047

No of shares 111 051 348 111 051 348 111 051 348 111 051 348 111 051 348

*) 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 f inancial 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

Page 20: Dof Q3 2013 Presentation

DOF ASA 20 – Q3 Presentation 2013 20

Debt maturity profile

DO

F

DO

F S

ub

se

a

24%

29%

47%

Counterparty exposure Q3 2013

Bonds

ECA

Bank

-

500

1 000

1 500

2 000

2 500

3 000

3 500

2013 2014 2015 2016 2017 After

Bank Debt Bond Balloons

-

500

1 000

1 500

2 000

2 500

3 000

3 500

2013E 2014E 2015E 2016E 2017E After

Bank Debt Bond Loan Balloons

Page 21: Dof Q3 2013 Presentation

DOF ASA 21 – Q3 Presentation 2013 21

Gearing forecast – summary Total Fleet Market value

Vessels & newbuilds MNOK 39 400

Equipment (subsea) MNOK 1 200

Total Fleet MNOK 40 600

Note: Vessel values as of 30 September 2013

* The figures reflects amortization and balloon payments on secured

debt drawn as per 30 September 2013 and onwards

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

DOF ASA – Asset coverage

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2013 2014 2015 2016 2017

56% 51% 42% 36% 32%

44% 49% 58% 64% 68%

Debt Equity

Page 22: Dof Q3 2013 Presentation

- Q3 Presentation 2013 DOF ASA

Contract Coverage

Page 23: Dof Q3 2013 Presentation

DOF ASA 23 – Q3 Presentation 2013 23

PSV – Contract coverage

O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

Skandi Falcon 1 1 1 2 2 2 2

Skandi Marstein 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 Mongstad 1 1 1 1 1 1 1 1 1 1 1 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 Marøy 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 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 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

NS

OS

UP

PY

PSV 2013

SPOT

20172014 2015 2016

SPOT

SPOT

FIRM CONTRACTS

UNDER CONSTRUCTION

OPTIONAL PERIOD

Page 24: Dof Q3 2013 Presentation

DOF ASA 24 – Q3 Presentation 2013 24

AHTS – Contract coverage

FIRM CONTRACTS

UNDER CONSTRUCTION

OPTIONAL PERIOD

O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

Skandi Stord 1 1 1 2

Skandi Admiral 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

Skandi Copacabana 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2

Skandi 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 Møgster 1

Skandi Ipanema 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 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 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 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

AD

D

2013

NS

OS

up

ply

AHTS 2014 2015 20172016

Page 25: Dof Q3 2013 Presentation

DOF ASA 25 – Q3 Presentation 2013 25

CSV – Contract coverage

O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J 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

2017

Su

pp

lyN

SO

CSV 20162013 2014 2015

FIRM CONTRACTS

UNDER CONSTRUCTION

OPTIONAL PERIOD

Page 26: Dof Q3 2013 Presentation

DOF ASA 26 – Q3 Presentation 2013 26

FIRM CONTRACTS

UNDER CONSTRUCTION

OPTIONAL PERIOD

Subsea – Contract coverage

* CHARTERED

O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

Skandi 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 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

Geosea 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 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

Skandi Bergen 1 1 1 1

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 1 1

Skandi Skansen 1 1 1 1 1 1 2 2 2 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Skolten 1 1 1 1 1 1 1 1

1 1 1 1 1 1 2 2 2 2 2 2 2

1 1 1 0

1 1 1 1 1 1 1

3 3 3 3 3 3 3 3 3 1 1

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

2017

Geograph

Geosund

Geoholm

CSV 2013 2014 2015 2016

DO

F S

ub

se

a

Harvey Deep-Sea*

Norman Reach*

SOLD

Charter from May 2014 2 yrs firm + 2 x1 yr option

Page 27: Dof Q3 2013 Presentation

- Q3 Presentation 2013 DOF ASA

DOF Subsea

Page 28: Dof Q3 2013 Presentation

DOF ASA 28 – Q3 Presentation 2013

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: 1 480

Of which offshore engineers and project staff: 1 160

Marine crew: 1 000

Norway Brazil Canada US UK Asia Pacific Angola

299 332 48 94 366 324 17

Page 29: Dof Q3 2013 Presentation

DOF ASA 29 – Q3 Presentation 2013

DOF Subsea Group – In brief

Key figures

Back-log incl. options NOK 34 billion

Market value of fleet NOK 17 billion

Number of shares 119 733 714

Total Per share

Book equity 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 37.0 %

28.2 %

CAGR

28.5 %

CAGR

Quarterly figures

30%

31%

32%

33%

34%

35%

36%

37%

-

200

400

600

800

1 000

1 200

1 400

1 600

1 800

2 000

Q3 2010 Q3 2011 Q3 2012 Q3 2013

NO

K m

illio

n

Operating revenue EBITDA EBITDA margin

Page 30: Dof Q3 2013 Presentation

DOF ASA 30 – Q3 Presentation 2013

Level of industry barriers to entry

DOF Subsea’s main presence is in segments with medium to high

barriers to entry and high complexity of operations

Higher margins and earnings beyond the time charter rates

Level of barr

iers

to e

ntr

y

Incre

ase

d e

ng

ine

ering

re

qu

ire

me

nt

Complex

subsea operations

Marine transport/

services

Com

ple

xity a

nd s

ize o

f opera

tions

Incre

ase

d s

yste

m r

eq

uire

me

nt

DSV

OSCV

ROV

AHTS

PSV

Page 31: Dof Q3 2013 Presentation

DOF ASA 31 – Q3 Presentation 2013 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 tie-

in.

• Diving, trenching, pre-commissioning, metrology and survey

Galoc EPIC Phase 2 Development (Philippines)

• Skandi Hercules Q2 ‘13 & Q4 ‘13

• 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.

• Full transportation, installation, commissioning and umbilical

testing

Page 32: Dof Q3 2013 Presentation

DOF ASA 32 – Q3 Presentation 2013

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: We expect Q4 to be the second best quarter in 2013

Outlook

Page 33: Dof Q3 2013 Presentation

Thank you

Presented by

Mons Aase - CEO Hilde Drønen - CFO

Page 34: Dof Q3 2013 Presentation

DOF ASA 34 – Q3 Presentation 2013 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 forward-looking 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.