Earnings Presentation Fourth Quarter 2014

Earnings Presentation

Fourth Quarter 2014 CEO – Terje Sorensen

2 March 2015

Disclaimer

This presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and

uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current

expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries

that are major markets for Siem Offshore (“SIOFF”) and its subsidiaries. These expectations, estimates and projections are

generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important

factors that could cause actual results to differ materially from those expectations include, among others, economic and market

conditions in the geographic areas and industries that are or will be major markets for the Siem Offshore businesses, oil prices,

market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency

exchange rates and such other factors as may be discussed from time to time. Although Siem Offshore believes that its

expectations and the information in this Presentation were based upon reasonable assumptions at the time when they were

made, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this

Presentation. Siem Offshore nor any other company within the group is making any representation or warranty, expressed or

implied, as to the accuracy, reliability or completeness of the information in the Presentation, and neither Siem Offshore , any

other company within the group nor any of their directors, officers or employees will have any liability to you or any other persons

resulting from your use of the information in the Presentation. Siem Offshore undertakes no obligation to publicly update or revise

any forward-looking information or statements in the Presentation.

There may have been changes in matters which affect Siem Offshore subsequent to the date of this presentation. Neither the

issue nor delivery of this presentation shall under any circumstance create any implication that the information contained herein is

correct as of any time subsequent to the date hereof or that the affairs of Siem Offshore has not since changed, and Siem

Offshore does not intend, and does not assume any obligation, to update or correct any information included in this presentation.

The contents of this presentation are not to be construed as legal, business, investment or tax advice. Each recipient should

consult with its own legal, business, investment and tax adviser as to legal, business, investment and tax advice. This

presentation is subject to Norwegian law, and any dispute arising in respect of this presentation is subject to the exclusive

jurisdiction of the Norwegian courts.

2

• Fourth quarter 2014 operating revenue of USD 137.7 million and operating margin of USD

59.7 million (43%), an increase from USD 95.0 million and USD 27.2 million (29%) in fourth

quarter 2013.

• The fleet in operation at the end of the fourth quarter totalled 46 vessels, including partly

owned vessels and two vessels operated on behalf of a pool member. The comparable

number at the end of fourth quarter 2013 was 42 vessels.

• The fourth quarter included an early termination fee of USD 9.0 million following the

cancellation of seasonal work for three vessels in the Kara Sea.

• The Company has conducted a review of vessel valuations and elected to record total costs

of USD 33 million related to certain Brazilian-built vessels, of which USD 29 million is

recorded as an impairment of vessel values and USD 4 million is recorded as a provision in

relation to future operations.

• The subsidiary Siem Offshore Contractors continued the installation of submarine power

cables for two of its projects. Siem Offshore Contractors recorded USD 12.7 million as project

margin on two of its projects.

• Obtained USD 60 million in a Revolving Credit Facility provided by Siem Industries

Inc. 3

Highlights Fourth Quarter 2014

Result and Finance

• The PSV “Siem Symphony” was delivered from a Norwegian yard in November and

commenced a four year contract with Total E&P Norge AS.

• The OSRV “Siem Maragogi” was delivered from a Brazilian yard in December and

commenced an eight-year contract with Petrobras.

• Agreed a three-year contract for the OSCV “Siem N-Sea” (ex. “Siem Stork”) with

commencement 1 January 2015.

• The charterer declared three month extension until 9 June 2015 for the PSVs “Siem Hanne”

and “Sophie Siem”.

4

Highlights Fourth Quarter 2014

Vessel deliveries and contracts

• Petrobras informed in January that the current contracts for four AHTS vessels employed in

Brazil will not be extended following contract expiry during February 2015. Petrobras took

similar actions against all owners whose vessel contracts were expiring. Alternative

employment shall be pursued globally for these four vessels.

• A USD 350 million loan and guarantee facility has been signed for two new well-intervention

vessels (“WIVs”) under construction in Germany. The WIVs are scheduled for delivery during

first half of 2016, and both WIVs shall commence 7-year charters upon delivery from the

yard.

• Agreed a one year contract with Petrobras for the PSV “Siem Giant” with commencement

latest September 2015.

• Daya Materials Bhd. (“Daya”) has been given until mid-April to arrange for financing and to

pay the full 10% deposit on the two 2013-built OSCVs “Siem Daya 1” and “Siem Daya 2”,

which are negotiated to be sold to Daya. The subsequent delivery of the vessels shall

thereafter take place latest by mid July. The recent volatility in the market for offshore vessels

has increased the uncertainty of this transaction to be concluded. Both vessels are on long-

term charters to Daya.

• Debt financing obtained for the three dual-fuelled PSVs under construction in Poland.

5

Subsequent Events

Comments to Fourth Quarter Income Statement

• 100% utilisation of the OSCV fleet.

• 6 vessels in operation at the end of the quarter.

• All vessels on long-term charters.

• 94% utilisation of the PSV fleet.

• 11 of the vessels on medium to long-term charters.

• Three PSVs are employed offshore West Africa, four offshore Brazil, three in the North Sea region

and one PSV is on a bareboat charter.

• One vessel came off a firm contract during the quarter.

• One vessel was delivered from yard during the quarter and commenced on a firm contract.

• 74% utilisation of the AHTS fleet.

• 5 vessels operated on term contracts offshore Brazil during the quarter, of which four received

notice that the firm contract would not be extended following expiry in February 2015.

• Two vessels were employed in the Arctic during first part of the quarter before entering the North

Sea spot market.

• One vessel operated on a medium-term contract offshore Morocco during the quarter, before

entering the North Sea spot market.

• One vessel for support for Siem Offshore Contractors.

• One vessel operated in the North Sea spot market during the quarter.

• 92% utilisation for the fleet of smaller Brazilian flagged vessels.

• All 9 vessels operated on term contracts in Brazil during the quarter.

• One vessel was delivered from yard during the quarter and commenced on a firm contract.

6

Operating Margin Fourth Quarter

4Q 2014 4Q 2013

Amounts in

USD million Operating

revenue

Operating

expenses

Operating

margin

Operating

margin %

Operating

revenue

Operating

expenses

Operating

margin

Operating

margin %

PSVs [2] 30.5 ( 12.3) 18.2 60 % 24.0 ( 11.3) 12.7 53 %

OSCVs 31.9 ( 10.9) 21.0 66 % 16.3 ( 5.5) 10.8 66 %

AHTS vessels[2] 34.7 ( 16.3) 18.5 53 % 32.5 ( 15.0) 17.5 54 %

Smaller Brazilian flagged vessels[1] 5.2 ( 9.1) ( 3.9) 5.4 ( 5.8) ( 0.3)

Scientific core drilling 6.5 ( 4.2) 2.3 36 % 6.4 ( 2.9) 3.5 54 %

Cable installation [2] 30.5 ( 17.8) 12.7 42 % 8.1 ( 6.7) 1.4 17 %

CMS 1.3 ( 1.2) 0.1 9 % 1.3 ( 1.1) 0.2 12 %

Siem WIS 1.8 (0.1) 1.7 0.6 ( 0.3) 0.3

Other 3.8 ( 3.9) (0.1) 0.4 0.0 0.4

G&A 0.0 ( 10.9) ( 10.9) 0.0 ( 19.3) ( 19.3)

Intercompany eliminations [2] ( 8.6) 8.6 0.0 0.0 0.0 0.0

Total 137.7 ( 78.0) 59.7 43 % 95.0 ( 67.8) 27.2 29 %

7

[1] Smaller Brazilian flagged vessels include Oil Spill Recovery Vessels and Fast Supply and Crew Boats

[2] The PSV and the AHTS segment includes I/C revenue from contracting work for the 100% owned subsidiary “Siem Offshore Contractors” . The

offsetting IC opex is included under the Cable Installation segment.

Operating Margin Twelve Months

Twelve Months ended 2014 Twelve Months ended 2013

Amounts in

USD million Operating

revenue

Operating

expenses

Operating

margin

Operating

margin %

Operating

revenue

Operating

expenses

Operating

margin

Operating

margin %

PSVs [2] 104.4 ( 45.6) 58.9 56 % 94.6 ( 51.7) 42.9 45 %

OSCVs 104.8 ( 33.6) 71.2 68 % 41.4 ( 14.6) 26.9 65 %

AHTS vessels[2] 142.5 ( 65.0) 77.5 54 % 131.9 ( 64.0) 67.9 51 %

Smaller Brazilian flagged vessels[1] 19.4 ( 22.8) ( 3.5) 24.1 ( 17.4) 6.7 28 %

Scientific core drilling 25.9 ( 13.0) 12.9 50 % 36.9 ( 16.5) 20.4 55 %

Cable installation [2] 101.5 ( 84.4) 17.1 17 % 23.2 ( 19.3) 3.9 17 %

CMS 6.1 ( 6.1) ( 0.0) 0 % 8.0 ( 6.6) 1.4 17 %

Siem WIS 2.6 ( 0.6) 2.0 1.6 ( 0.6) 1.0

Other 12.2 ( 7.1) 5.1 2.3 0.0 2.3

G&A 0.0 ( 47.0) ( 47.0) 0.0 ( 50.7) ( 50.7)

Intercompany eliminations [2] ( 28.1) 28.1 ( 0.0) 0.0 0.0 0.0

Total 491.3 ( 297.2) 194.1 40 % 364.0 ( 241.3) 122.6 34 %

8

[1] Smaller Brazilian flagged vessels include Oil Spill Recovery Vessels and Fast Supply and Crew Boats

[2] The PSV and the AHTS segment includes I/C revenue from contracting work for the 100% owned subsidiary “Siem Offshore Contractors” . The

offsetting IC opex is included under the Cable Installation segment.

Income Statement Fourth Quarter

Fourth Quarter Twelve Months Ended

Amounts in USD million

2014

Unaudited

2013

Unaudited

2014

Unaudited

2013

Audited

Operating revenue 137.7 95.0 491.3 364.0

Operating expenses ( 67.1) ( 48.5) ( 250.2) ( 190.6)

Administration expenses ( 10.9) ( 19.3) ( 47.0) ( 50.7)

Operating margin [1] 59.7 27.2 194.1 122.7

Operating margin % 43 % 29 % 40 % 34 %

Depreciation and amortisation ( 56.5) ( 20.1) ( 125.9) ( 75.8)

Gain/(Loss) on sale of fixed assets 0.2 1.4 18.7 29.8

Gain of sale of interest rate derivatives (CIRR) 0.1 0.1 0.4 0.4

Gain/(Loss) FX contracts [2] ( 6.6) ( 2.5) ( 3.0) ( 7.8)

Net financial items [3] 19.2 ( 15.2) ( 10.9) ( 51.3)

Profit before tax 16.0 ( 9.1) 73.4 18.0

Income tax provision ( 0.5) 5.4 ( 2.7) 3.6

Net Profit (loss) 15.5 ( 3.7) 70.7 21.5

Net profit attributable to non-controlling interest 2.6 0.1 12.6 ( 0.5)

Net profit attributable to shareholders 13.0 ( 3.8) 58.1 22.0

Earnings per share [4] 0.03 ( 0.01) 0.15 0.06

Average number of shares outstanding [5] 387 591 387 591 387 591 389 078

[1] Operating revenue less operating expenses

[2] Revaluation of off-balance sheet currency contracts entered into in order to hedge both operating expenditures and future yard instalments in

foreign currencies.

[3] Including revaluation of non-USD currency balance sheet items and mark-to-market effects on interest rate derivatives

[4] Net profit / Average number of shares outstanding (diluted)

[5] Weighted average number of shares outstanding (diluted) ('000) 9

Adjusted Net Profit

Fourth Quarter Twelve Months Ended


2014

Unaudited

2013

Unaudited

2014

Unaudited

2013

Audited

Net Profit (loss) 15.5 (3.7) 70.7 21.5

Unrealized (profit) loss on currency derivatives 5.4 (0.8) 5.6 12.2

Unrealized (profit) loss on interest rate derivatives 0.4 (1.6) 0.4 (8.4)

Other unrealized (profit) loss on currency positions (22.9) 2.4 (30.6) 17.2

Adjusted Net Profit (loss) (1.5) (3.6) 46.2 42.6

• Unrealised profit and loss from currency derivatives relates to financial instruments entered into in

order to hedge operational cash flows and future yard instalments in foreign currencies.

• Unrealised profit and loss from interest rate derivatives relates to mark-to-market valuations of

financial instruments entered into in order to manage interest rate risk.

• Other currency positions includes unrealized profit and loss from balance sheet items

denominated in foreign currencies in subsidiaries.

10

Financial Position and Cash Flow

Statement of Financial Position

31.12.2014

Unaudited

31.12.2013

Audited

Intangible assets 25.9 29.7

Vessels under construction 130.5 127.7

Vessels, equipment and capitalized project costs 1 754.7 1 451.4

CIRR loan deposits 28.5 41.7

Investment in associates and other long-term receivables 43.7 27.6

Debtors, prepayments and other current assets 159.7 123.4

Cash and cash equivalents 117.6 101.2

Total Assets 2 260.6 1 902.7

Total Equity 823.6 793.9

Borrowings falling due after 1 year 1 087.8 863.1

CIRR loan 28.5 41.7

Other non-current liabilities 38.5 30.4

Borrowings falling due within 1 year 126.6 98.4

Trade creditors and other current liabilities 155.6 75.2

Total Liabilities 1 436.9 1 108.8

Total Equity and Liabilities 2 260.6 1 902.7


• Current cost of debt approximately 4.5% p.a., including the effect of interest rate derivatives.

• Net interest bearing debt of USD 1,097 million.

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Consolidated Statements of Cash Flows

Cash flow from operations

01.01.2014 -

31.12.2014

Unaudited

01.01.2013 -

31.12.2013

Audited

Profit before taxes, excluding interest 117.7 49.2

Interest paid (46.4) (32.3)

Depreciation and amortization 125.9 75.8

Effect of unreal. currency exchange forward contracts 5.6 12.2

Change in short-term receivable and payables 19.9 (17.5)

Taxes paid in the period (9.0) (9.8)

Loss (gain) on sale of fixed assets (18.7) (29.8)

Other changes (10.7) 11.2

Net cash flow from operations 184.3 59.0

Cash flow from investing activities

Investments in fixed assets (525.7) (329.4)

Proceeds from sale of fixed assets 76.3 86.0

Investment in associated companies (11.1) (14.4)

Other investment activities 3.4 5.4

Cash flow from investing activities (457.1) (252.4)

Cash flow from financing activities

Buy back of own shares 0.0 (8.7)

Dividend payment (6.5) 0.0

Proceeds from bank overdraft 5.6 1.0

Contribution from non-controlling interests of consolidated subsidiaries 1.3 0.7

Proceeds from raising of new long-term borrowing 447.7 320.3

Repayment of long-term borrowing (131.9) (128.8)

Cash flow from financing activities 316.2 184.4

Effect of exchange rate differences (27.0) 3.2

Net change in cash 16.4 (5.9)

Cash at bank start of period 101.2 107.1

Cash at bank end of period 117.6 101.2

13

Scheduled Debt Maturity Profile 2015 - 2019

14

Comments:

1. The graph reflects committed and assumed mortgage debt for all 8 vessels(1) under construction per end of 4Q 14.

2. Gross debt expected to peak in 2016 based on existing financing and estimated financing for vessels under

construction. Not included any debt repayment in 2015 from potential sale of Siem Daya 1 and Siem Daya 2.

3. Loan to value at low ratios for balloon instalments of mortgage debt (2015 and 2017), i.e. low refinancing risk.

4. Balloon instalment in 2015 of mortgage debt (6 AHTS vessels) can be postponed to 2018 subject to long-term vessel

employment.

5. NOK 600 million (USD 80.7 million) of unsecured bonds with maturity in 2018.

6. NOK 700 million (USD 94.2 million) of unsecured bonds with maturity in 2019.

[1] Only including wholly-owned vessels under construction.

Future Yard Instalments per end 4Q 2014

• The Company has secured mortgage debt

financing for all of its eight wholly-owned

vessels currently under construction.

• The AHTS vessel under construction by

Secunda is not included in the table.

15


Future Yard Instalments 2015 2016 Total

OSRVs 10.3 0.0 10.3

PSVs 100.3 77.2 177.5

CLV 62.3 0.0 62.3

WIV 69.1 231.2 300.3

Total 242.0 308.4 550.5

Debt facilities 2015 2016 Total

OSRVs 4.9 0.0 4.9

PSVs (1) 87.3 77.8 165.1

CLV 58.5 0.0 58.5

WIV 34.6 221.3 255.8

Total 185.3 299.1 484.4

[1] Including mortgage debt for 3 x PSVs as a subsequent event.

Comments:

1. The graph reflects; i) future yard instalments for the 8 wholly-owned vessels under construction per end of fourth

quarter 2014, ii) committed mortgage debt (red) and iii) financing gap to be funded by cash from operations/or

issue of bonds.

2. Yard instalments for shipbuilding contracts are normally paid with 20% during construction and 80% at delivery,

alternatively 10% during construction and 90% at delivery.

16

Total financing gap for the years 2015 and 2016

of approx. USD 65 million

Future Yard Instalments and Debt Financing - For 2015 and 2016

17

Amrumbank West OWF Baltic 2 OWF Nordsee One Nordsee One OWF

Project

Project phase

Vessel

utilisation

Profit

recognition

Awarded

Installation of 86

submarine cables

providing the inner-array

grid connecting

Commenced on 2nd

installation campaign in

4Q 2014.

PSV “Siddis Mariner”

ISV “Siem Moxie”

AHTS “Siem Garnet”

3rd Party Vessel

Recorded profit on

Humber Gateway project

in 4Q 2014. Envisages

project completion

during 2Q 2015.

Mar, 2012

Consortium EPIC

contract for the 155kV

export cable system

Nordsee One

Planning, preparation and

engineering. Installation

expected in 2Q 2016.

Utilising the resources

within the Siem Offshore

Group

At minimum 25%

completion, no margin

will be recorded prior to

installation activities,

envisages the project

completion during 2016.

Dec, 2012

Installation of 86

submarine cables

providing the inner-array

grid connecting

Installation progressed

well during 4Q 2014.

PSV “Siddis Mariner”

ISV “Siem Moxie”

AHTS “Siem Garnet”

3rd Party Vessel

Based on the project

progress, margin

recorded in 4Q 2014.

Envisages project

completion by 4Q 2015.

Feb, 2013

Turnkey EPIC package

of the inner array grid

cable system for 54 wind

turbine generators

Planning, preparation

and engineering

expected complete in 1Q

2015

Utilising the resources

within the Siem Offshore

Group

At minimum 25%

completion1), no margin

will be recorded prior to

installation activities in

2016. Project assumed

completed by 1Q 2017

Apr, 2014

Siem Offshore Contractors - Submarine power cable activities by main projects

[1] The project is currently still subject to financial close, whereby Canada-based Northland Power Inc. has acquired a 85% share

of the project company Nordsee One GmbH from the project developer RWE Innogy GmbH in September 2014.

Siem WIS

• The managed pressure drilling (“MPD”) operation onboard Mærsk Gallant commenced late

October 2014 and was completed mid-January 2015. The pressure control device (“PCD”)

is demobilised due to rig move and will be mobilised again for the Julius project to

commence in second quarter 2015.

• The awarded Gudrun project is currently estimated to commence in second quarter 2015

and Siem WIS is preparing for two offshore operations during second quarter 2015.

• The Valemon project is estimated to commence in third quarter 2015.

18

Vessels in Operation and Shipbuilding Contracts

Employment and Deliveries

Fleet in Operation - Currently 46 Vessels in Operation

20

OSCV AHTS Vessels

Scientific Core Drilling Vessel

# 1

Other

vessels

#10

# 101)

Vessels in operation

Canadian

fleet

# 64)

1) Incl. two vessels owned by a partner

2) Incl. two 51% owned vessels

3) Delivered from yard in November 2014.

4) 50% owned.

# 6

Average age of 4 years


Other vessels # 18


PSV (3,600 – 5,100 dwt) # 122)

Installation

support vessel

# 1

5)

3)

Employment – Vessels in operation

21

2015 2016 2017 2018

Vessel Type Ownership 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

Siem Sasha PSV 100 %

Siem Sophie PSV 100 %

Siem Louisa PSV 100 %

Siem Hanne PSV 100 %

Siem Carrier PSV 100 %

Siem Supplier PSV 100 %

Hugin Explorer PSV 100 %

Siem Atlas PSV 100%

Siem Giant PSV 100%

Siem Symphony PSV 100%

Siem Pilot PSV 51%

Siddis Mariner 1) PSV 51%

Siem Marlin OSCV 100%

Siem N-Sea OSCV 100%

Siem Daya 1 OSCV 100%

Siem Daya 2 OSCV 100%

Siem Spearfish OSCV 100%

Siem Stingray OSCV 100%

Siem Pearl AHTS 100%

Siem Emerald AHTS 100%

Siem Sapphire AHTS 100%

Siem Aquamarine AHTS 100%

Siem Ruby AHTS 100%

Siem Topaz AHTS 100%

Siem Diamond AHTS 100%

Siem Amethyst AHTS 100%

Siem Garnet 2) AHTS 0%

Siem Opal AHTS 0%

Siem Moxie 3) ISV 100%

Total order backlog in % and USD mill. 52% 205 39% 161 28% 125 14% 72

1) Employment for Siddis

Mariner includes firm time

charter for Siem Offshore

Contractors.

2) Employment for Siem

Garnet includes firm time

charter for Siem Offshore

Contractors

3) The ISV Siem Moxie was

delivered April 2014 and

shall primarily be utilized by

the subsidiary Siem

Offshore Contractors for

cable installation projects

within the offshore wind-

farm segment.

Contract Contract option Spot work Contract with subsidiary

Employment – Vessels in operation (cont.)

2015 2016 2017 2018


Big Orange XVIII WSV 41 %

Joides Resolution SPV 100 %

Burin Sea AHTS 50%

Panuke Sea PSV 50%

Ryan Leet MPSV 50%

Trinity Sea AHTS 50%

Venture Sea AHTS 50%

Scotian Sea MPSV 50%


Marati OSRV 100 %

Siem Maragogi OSRV 100%

Parnaiba FSV 100 %

Propriá FSV 100 %

Capela FSV 100 %

Siem Piatã FCV 100 %

Siem Pendotiba FCV 100%

Siem Caetes FSP 100%

Siem Carajas FSP 100%


Contract Contract option Spot work

22

2015

1Q 2Q 3Q 4Q

2016

1Q 2Q 3Q 4Q

2017

1Q 2Q 3Q 4Q

Vessels under Construction - 9 Vessels to be Delivered Next 2 Years, including one vessel in Secunda

23

OSRV, Siem Marataizes

CLV, Siem Aimery

PSV DF, Siem Pride

PSV DF, ”TBN 1”

PSV DF, ”TBN 2”

PSV DF, ”TBN 3”

WIV, Siem Helix 1

WIV, Siem Helix 2

AHTS vessel, ”TBN” (Note 1)

Note 1) Vessel under construction in the 50% owned entity Secunda.

Employment - Vessels under construction

24

2015 2016 2017 2018


Brazil, Siem Marataizes OSRV 100%

Poland, Siem Aimery CLV 100%

Poland, Siem Pride PSV 100%

Poland, ”TBN 1” PSV 100%



Germany, Siem Helix 1 WIV 100%

Germany, Siem Helix 2 WIV 100%

Poland, ”TBN ” (Note 1) AHTS 50%

Under Construction Contract Contract option

24

Comments:

• The CLV shall primarily be utilized by the subsidiary Siem Offshore Contractors for cable installation projects within the offshore

wind-farm segment.

• Total firm backlog for vessels under construction at approximately USD 795 million as of end of fourth quarter 2014.

Contract with subsidiary

Note 1) Vessel under construction in the 50% owned entity Secunda.

Market Outlook

Market Outlook Summary

• The fourth quarter started with high activity in the North Sea for the AHTS vessels.

During November, the activity level for AHTS vessels in the North Sea was reduced

and it was further reduced during December leaving an oversupplied market both on

the UK and Norwegian side of the North Sea.

• The PSV market started with high activity in October, but rates slowly dropped in

November and December.

• The significant decline in the oil price represents a new market environment for the

whole offshore oil and gas industry, including the oil companies and the total oil

service industry.

• The order-book for additional OSVs in general represents an additional threat to the

already unfavourable market balance for vessel owners.

• The market is expected to be very challenging for a number of years.

26

Documents

Earnings Presentation Fourth Quarter 2014