dof asa 1q presentationdof asa 1 q presentation - 17 balance 1q 2008 all figures in nok thousands...

DOF ASA 1Q PresentationCEO – Mons Aase CFO – Hilde Drønen

DOF ASA 1 Q Presentation - 2

Agenda

• Highlights

• Overview

• 1Q Financial


Highlights 1Q

• Skandi Mongstad and Geograph delivered from yard

• Long term contracts with Skandi Hav in Brazil

• Skandi Hercules sold for USD 100 million

• Newbuilding Aker PSV 06 LNG 5 years firm contract with StatoilHydro

• Skandi Admiral 18 months for StatoilHydro

• DOF Installer, 5 years firm contract for

StatoilHydro

• Several interesting contracts in DOF

Subsea


Modern fleet • 14 AHTS’s• 24 PSV’s• 2 CSV• Order backlog

NOK 4,7 bn

4 state of the art installation AHTS vessels

DOF Overview

DOF Supply100%

DOF SupplyDOF Supply100%100%

Modern fleet & Equipment• 23 CSV/ROV vessels• 25 ROV’s + 1 AUV• Leading Subsea Contractor• Order backlog

NOK 8,5 bn

DeepOcean39,9%

DeepOceanDeepOcean39,9%39,9%

Modern fleet & Equipment• 13 MPSV vessels• 15 ROV’s• 2 module handling system• Leading Subsea Contractor• Order backlog NOK 4 bn

DOF ASADOF ASADOF ASA

DOF Subsea ASA 54%

DOF Subsea ASA DOF Subsea ASA 54%54%

DOF Installer45%

DOF InstallerDOF Installer45%45%


PSV AHTS ROV/OCSV/DSV Total fleetNo. of vesselsDOF ASA 21 4 2 27

NORSKAN OFFSHORE 2 4 0 6

DOF SUBSEA ASA 0 0 23 23

DOF INSTALLER ASA 0 4 0 4

AKER DOF SUPPLY 1 6 0 7

Total fleet 24 18 25 67

The fleet market segments


PSV AREA OF OPER. CHARTERER 2008 2009 2010

Skandi Hav North Sea Maersk UK/Petrobras

Skandi Falcon North Sea Petrobras spot spot spot

Skandi Marstein North Sea Shell UK

Skandi Stolmen Norw ay StatoilHydro

Skandi Foula North Sea Shell UK

Skandi Rona North Sea Shell UK

Skandi Waveney North Sea Marathon BB in

Skandi Buchan North Sea ASCO/Total

Skandi Sotra North Sea StatoilHydro

Skandi Caledonia North Sea Total

Skandi Captain North Sea Shell

Skandi Barra North Sea Shell

Skandi Chieftain North Sea Shell

Skandi Texel North Sea Peterson Supplylink

Skandi Commander North Sea Shell

Skandi TBN (AYP 06CD) North Sea StatoilHydro

Skandi Mongstad North Sea StatoilHydro

Skandi TBN (Aker PSV 06 LNG) North Sea StatoilHydro

DOF contract coverage

FIRM CONTRACTS

UNDER CONSTRUCTION

OPTIONAL PERIOD


AHTS AREA OF OPER. CHARTERER 2008 2009 2010

Skandi Møgster Workd w ide spot spot spot spot

Skandi Stord North Sea StatoilHydro

Skandi Admiral North Sea StatoilHydro

Skandi Giant spot spot spot spot

CSV

Skandi Fjord North Sea Halliburton

Skandi Navica World Wide SubSea 7

DOF contract coverage

FIRM CONTRACTS OPTIONAL PERIOD


PSV CHARTERER 2008 2009 2010

Norskan Flamengo Petrobras

Norskan Leblon Petrobras/Shell

Skandi Yare Petrobras

AHTS

Norskan Copacabana Petrobras

Norskan Botafogo Petrobras

Skandi Rio Petrobras

Skandi Fluminence Petrobras

NORSKAN: The fleet

FIRM CONTRACTS


Awards from Petrobras

Third consecutive time on the PEOTRAM program, we won the general Safety Award for 2007.


NAME TYPE CHARTER PERIOD OWNER DELIVERY 2008 2009 2010

SKANDI TBN 1 PSV Statoil 5 years DOF AUG 08

SKANDI TBN 2 PSV/ROV DOFSubsea 5 years DOF APR 09

SKANDI TBN 3 PSV/ROV Spot - DOF AUG 09

SKANDI TBN (COCHIN) PSV/RSV Total UK 5 years DOF MAY 10

NAME TYPE CHARTER PERIOD OWNER DELIVERY 2008 2009 2010

SKANDI SALVADOR ROV/SURVEY Chevron Brazil 3 years GEO Brazil NOV 08

SKANDI ACERGY CONST Acergy 8 years DOFCON JUL 08

SKANDI SEVEN CONST Subsea7 5 years DOFCON AUG 08

SKANDI TBN 4 CONST Technip 5 years DOFCON Brazil JUN 09

SKANDI TBN 6 CONST Spot - DOFCON Brazil JAN 10

SKANDI TBN 7 CONST Aker Oilfield 5 years DOFCON AUG 09

SKANDI TBN 8 CONST Aker Oilfield 5 years DOFCON MAY 09

SKANDI TBN 5 DSV Technip 8 years DOFCON/TECH JUL 09

SKANDI SINGAPORE DSV Spot - DOF SUBSEA JAN 10

Vessels under construction

DOF Subsea

DOF Supply

FIRM CONTRACTS UNDER CONSTRUCTIONOPTIONAL PERIOD

New fixture rate USD 15,000 on B/B


Vessels under construction

NAME TYPE CHARTER PERIOD OWNER DELIVERY 2008 2009 2010 2011 2012

SKANDI TBN VIETNAM AHTS Aker DOF Supply 2010






SKANDI TBN (COCHIN) PSV/RSV Aker DOF Supply 2010

Aker DOF Supply

NAME TYPE CHARTER PERIOD OWNER DELIVERY 2008 2009 2010 2011 2012

SKANDI TBN AHTS StatoilHydro DOF Installer DEC 2009

SKANDI TBN AHTS DOF Installer 2010



DOF Installer

FIRM CONTRACTS UNDER CONSTRUCTIONOPTIONAL PERIOD


Aker PSV 06 LNG

• Type: Aker PSV 06 LNG• Length: 94,90 m• Beam: 20,00 m• Deadweight: 5000 t• Main engine: 3 X 2500 kW• Speed: 16 knot• Accommodation: 25 persons

Specifications

5 years CP for StatoilHydro


• Type: Aker AH 04 CD• Overall length / breadth: Approx 108m x 24m• Deck-area: 1,000 m2 + moonpool + ROV hangar• Winch: 500 tons (main winch) + 170 tons• Offshore crane: 250 tons*• Installed power: 36,000 BHP (hybrid)• Bollard pull: >350 tons• Accommodation: 90 people

• Yard: Aker Aukra

• Delivery date 1st vessel: December 2009

• Delivery date 2nd vessel: May 2010

• Delivery date 3rd vessel: Oct 2010

• Delivery date 4th vessel: May 2011

• Favourable prices compared to market

• Increasing demand

EPC contractSpecifications

DOF Installer ASAVessel no 1: 5 + 3 years contract with StatoilHydro from delivery Dec 2009


Financial Highlights 1Q 2008

• Gain from Sale of Assets

• Currency effects Ebit & Financial

• Changes in Depreciations

• Variable revenue from spot-Market

• Variable utilization vessels

• Deliveries of new vessels from yard

• One vessel sold


Q 1 2008 Q 1 2007

Operating income 913 592 675 310

Total operating income 913 592 675 310

Operating expenses vessels 597 561 463 307 Bare-boat hire vessel 3 333 3 791 Total operating expenses 600 894 467 098

Operating profit before depreciation 312 698 208 212 Depreciation 110 964 113 555 Operating profit 201 734 94 657

Net profit from associated companies 17 854 41 256 Financial items -169 516 -42 428 Unrealized profit/loss on currencies 87 487 31 564 Net financial costs -64 175 30 392

Pre-tax profit 137 559 125 049 Taxes -73 865 -3 470 Result 63 693 121 579 Minority Interest -11 596 -13 166

Result 1Q 2008

ALL FIGURES IN NOK THOUSANDS


Profit share 1Q 2008ALL FIGURES IN NOK THOUSANDS DOF ASA DOF SUBSEA ASA TOTAL

Revenues 406 754 506 838 913 592

Total revenues 406 754 506 838 913 592

Operational costs 199 471 401 423 600 894 -

Total Operational costs 199 471 401 423 600 894

EBITDA 207 283 105 415 312 698 Depreciations 56 621 54 343 110 964 EBIT 150 662 51 072 201 734

Profit from ass. Companies 7 637 10 217 17 854 Financial income 62 357 21 314 83 671 Financial costs -146 877 -106 310 -253 187 Unrealized gain/lost on currency 53 816 33 671 87 487 Net Financial costs -23 067 -41 108 -64 175

Profit before taxes 127 595 9 964 137 559 Taxes -88 167 14 302 -73 865 Net Profit 39 428 24 266 63 694 Minority interest -11 070 -526 -11 596


Balance 1Q 2008

ALL FIGURES IN NOK THOUSANDS 31.03.2008 31.03.2007 31.12.2007

Intangible assets 526 393 380 804 538 305Fixed assets 11 472 549 9 312 645 11 880 609Financial assets 1 437 455 206 244 1 410 298Receivables 1 105 402 814 799 1 052 546Vessel held for sale 173 000 181 432 0Bank balance 2 092 883 1 856 764 1 859 974Total assets 16 807 682 12 752 687 16 741 731

Subscribed equity 619 989 619 989 619 989Retained earnings 2 403 669 2 371 657 2 448 410Minority Interest 1 497 983 1 464 413 1 486 387Provisions for commitment 687 320 467 181 635 838Other long-term liabilities 9 963 236 6 531 032 9 927 458Current liabilities 1 635 484 1 298 414 1 623 650Total liabilities and equity 16 807 682 12 752 687 16 741 731


Balance March 2008

’000 mil NOK

43%

27%

0

5 000

10 000

15 000

20 000

25 000

30 000

35 000

40 000

45 000

Book value Fair market value

Assets Equity Debt


Key figures 1Q 2008

Q1 2008 Q1 2007Profit per share 0,77 1,47Profit per share ex. minority interest 0,63 1,31Cash flow per share 1,95 2,50

Ebitda margin 34 % 31 %Ebit margin 22 % 14 %Return on net capital 1 % 3 %Equity ratio 27 % 35 %

Booked value per share 55 54NAV value per share 82 82

Net interest-bearing debt 8 378 559 5 434 056Net debt (ex capital unemployed) 6 291 319 3 394 325


Concluding remarks

• Aggressive global growth• DOF Subsea just started

dof asa 1q presentationdof asa 1 q presentation - 17 balance 1q 2008 all figures in nok thousands...

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