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This presentation should be read in conjunction with STX OSV Holdings Limiteds results for the

period ended 31 March 2012 in the SGXNet announcement. Financial figures are presented

according to SFRS.

This presentation may contain forward-looking statements that involve risks and uncertainties. Such

forward-looking statements and financial information involve known and unknown risks,

uncertainties and other factors that may cause our actual results, performance or achievements, or

industry results, to be materially different from any future results, performance or achievements

expressed or implied by such forward-looking statements and financial information. Such forward-

looking statements and financial information are based on numerous assumptions regarding our

present and future business strategies and the environment in which we will operate in the future.

As these statements and financial information reflect our current views concerning future events,

these statements and financial information necessarily involve risks, uncertainties and assumptions.

Actual future performance could differ materially from these forward-looking statements and

financial information. You are cautioned not to place undue reliance on these forward looking

statements, which are based on the Companys current view of future events.

Disclaimer

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1Q 2012 Results Presentation

STX OSV Holdings Limited14 May 2012

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Revenue of NOK 2 811 million for 1Q 2012, down 12% from NOK 3 192 million in1Q 2011

EBITDA of NOK 393 million for 1Q 2012, down 10% from NOK 439 million in1Q 2011

EBITDA margin, representing EBITDA to total operating revenues, of 14.0% for1Q 2012, up from 13.8% in 1Q 2011

Order intake of NOK 2 342 million in 1Q 2012. Order intake may vary significantlyon a quarter-by-quarter basis

53 vessels in the order book as at 31 March 2012, of which 29 of own design

Overall stable operations; workload increasing rapidly in Romania and continuingat very high load in Brazil

Brazil new yard project progressing

Recent order wins point towards possible rebound in order activity butsustained higher level of new order intake yet to be demonstrated

Key messages

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Business update

1Q 2012

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1 AHTS

Skandi Atlantic from Vung Tau (Vietnam) to

Aker DOF Deepwater

4 PSVs

Normand Arctic from Langsten (Norway) to

Solstad Offshore

Rem Supporter from Langsten (Norway) to

Rem Offshore

Stril Polar from Sviknes (Norway) to Simon

Mkster Shipping

Island Captain from Brevik (Norway) to

Island Offshore

Four new vessel contracts secured in1Q 2012 1 OSCV for Island Offshore

1 OSCV for DOF

2 AHTS for Farstad Shipping

Three additional contracts secured sincethe end of the quarter 1 AHTS for Iceman 2 OSCVs for Siem Offshore

Vessel deliveries and new contracts in 1Q 2012

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Vessel deliveries New contracts

As of 31 March 2012, the Group had 53 vessels in the order book,29 of which will be of STX OSVs own design.

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Order book development

2007 2008 2009 2010 2011 1Q 2012

2007 2008 2009 2010 2011 1Q 2012

Order book at the end of the period (NOK million)1)

New order intake during the period (NOK million)1)

22 389

16 411

4 Vessels5 692 8 Vessels

4 458

17 031

27 Vessels12 555

16 675

28 Vessels11 117

1) Includes firm orders only. Includesvariation orders and trading packages

28 Vessels15 461

27 363

16 036

4 Vessels2 342

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Order book status

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Order book as of 31 Mar. 2012 (# of vessels)

21

5 21

18

6

8

0 10 20 30

2011

2012

2013

2014

2014-16

8 LPG carriers to beconstructed at

new yard in Brazil

Deliveryyear

Deliveryyear

Norway /Romania

Brazil Vietnam Total

2014-16

8 Other

8

2014

2 AHTS1 OSCV

2 Other

1 AHTS

6

2013

2 AHTS7 PSV1 OSCV4 Other

1 ATHS1 PSV 2 PSV

18

201217 PSV1 OSCV2 Other

2 AHTS2 PSV

1 AHTS1 PSV

26

delivered

5 delivered21 remaining

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Order book by region and vessel type 1Q 2012

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By Region

Order book

31 Dec. 2011

Deliveries

1Q 2012

Order intake

1Q 2012

Order book

31 Mar. 2012

Norway / Romania 35 4 4 35

Brazil 15 - - 15

Vietnam 4 1 - 3

Total 54 5 4 53

By Vessel TypeOrder book

31 Dec. 2011

Deliveries

1Q 2012

Order intake

1Q 2012

Order book

31 Mar. 2012

AHTS 7 1 2 8

PSV (incl. MRV) 30 4 - 26

OSCV 1 - 2 3

Other 16 - - 16

Total 54 5 4 53

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Norway and Romania

Successful delivery of four vessels during 1Q 2012

New orders alleviate concerns of possible lower utlization at some yards

Rapid increase in workload especially in Romania, due to short delivery times forseveral of the new projects

Brazil

Operating at very high load to ensure successful execution of projects in theexisting orderbook

Vietnam

Stable operations

On-time delivery of the final vessel in the initial series of six

Stable operations and increasing workload

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Financial highlights

1Q 2012

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Revenues and margins

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EBITDA (NOK million) and EBITDA Margin (%)

0

500

1 000

1 500

2 000

2 500

3 000

3 500

1Q 2011 1Q 2012

3 192

2 811

Revenues (NOK million)

0

100

200

300

400

500

600

1Q 2011 1Q 2012

439393

13.8% 14.0%

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(NOK million)

1Q ended 31 MarchD(%)

2012 2011

Revenue 2 811 3 192 -12%

Materials, subcontract cost and others (1 830) (2 201) -17%

Salaries and related costs (474) (441) 7%

EBITDA 393 439 -10%

EBITDA % 14.0% 13.8% n/m

Operating profit 362 409 -12%

Net financial income / (cost) 10 14 -29%

Profit before tax 373 425 -12%

Profit for the period 270 312 -13%

Statement of income major items

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Cash and cash equivalents, and construction loans

(1) Cash and cash equivalents lesssum of short-term and long-terminterest bearing liabilities,excluding construction financing

Construction Loans (NOK million)

2 379 2 463

0

500

1 000

1 500

2 000

2 500

3 000

31 Dec 2011 31 Mar 2012

Net Cash (NOK million)1

2 805 2 875

0

500

1 000

1 500

2 000

2 500

3 000

3 500

31 Dec 2011 31 Mar 2012

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Cash and Cash Equivalents (NOK million)

1 532

2 163

3 141 3 127

2 881 3 035 3 107

260 29 20

0

500

1 000

1 500

2 000

2 500

3 000

3 500

31 Mar 2011 31 Dec 2011 31 Mar 2012

Restricted Cash Non-restricted Cash

3 064

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Major balance sheet items

(NOK million)

As at

31 March 2012 31 December 2011

Non-current assets 1 872 1 788

Current assets 11 130 11 019

Total assets 13 002 12 807

Total equity 3 880 3 553

Loans and borrowings and construction loans 2 500 2 407

Trade and other payables and construction work in progress 4 845 4 871

Other current liabilities 1 351 1 536

Long-term loans and borrowings 215 231

Other non-current liabilities 211 209

Total liabilities 9 122 9 254

Total equity and liabilities 13 002 12 807

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Cash flow highlights

(NOK million)

1Q ended 31 March

2012 2011

Cash flows from operating activities 257 398

Cash flows from investing activities (115) (62)

Cash flows from financing activities (61) 11

Net change in cash and cash equivalents 81 348

Cash and cash equivalents excluding restricted cash at thebeginning of the financial period

3 035 2 551

Effects of currency translation differences (9) (17)

Cash and cash equivalents excluding restricted cash at the endof the financial period

3 107 2 881

Restricted cash at the end of financial period 20 260

Cash and cash equivalents at the end of the financial period 3 127 3 141

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Earnings per share

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Note: Earnings per ordinary share for the financial period attributable to equity holders of the parent.SGD amounts are translated from NOK based on the exchange rates prevailing at the reporting dates.

1Q ended 31 March

2012 2011

Earnings for the period (NOK millions) 269 310

Earnings for the period (SGD millions) 59 71

Weighted average number of shares (millions) 1 180 1 180

Earnings per share (NOK) 0.23 0.26

Earnings per share (SGD cents) 5.03 5.99

Adj. weighted average number of shares (millions) 1 197 1 180

Diluted earnings per share (NOK) 0.22 0.26

Diluted earnings per share (SGD cents) 4.96 5.99

Exchange rates (SGD/NOK) 4.533 4.376

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Outlook

1Q 2012

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Outlook

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Recent order wins point towards a possible rebound in order activity for high-endoffshore support vessels

But sustained higher level of new order intake yet to be demonstrated

Market fundamentals in place

Strong demand for new tonnage in the subsea support and construction segment driven by increasedoffshore installation activity and growing backlog for subsea contractors

Charter rates for large anchor handlers have continued to rise, underpinning demand in this segment

Financing climate somewhat improved

Financing is available for the strongest customers and the best projects

But macroeconomic uncertainties persist; jittery financial markets and tight credit still weigh down on new

order conversion

STX OSV fundamentally well-positioned to seize opportunities in a market upturn Renewed demand for larger, more complex and customized projects caters well to STX OSVs capabilities

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