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The New Horizon DOF ASA PRESENTATION
Preliminary Result 2010 - 1
DOF ASAPreliminary Result 2010
CEO – Mons S. Aase CFO – Hilde Drønen
DOF ASA PRESENTATION
Preliminary Result 2010 - 2
The New Horizon
Agenda
Highlights Q4
Overview Group
Status DOF Subsea
Status Supply
Q4 Financials
Outlook
DOF ASA PRESENTATION
Preliminary Result 2010 - 3
The New Horizon
Highlights Q4
Contracts:
2 x 6 years contracts with ConocoPhillips Norway (January)
3 x 5 years contract with Petrobras for RSV vessels
2 years extension of Skandi Stord with Statoil until December
2012
New building order for large AHTS in Brazil
Fleet:
Skandi Peregrino delivered and onhire to Statoil in December
Skandi Ipanema delivered an onhire to OGX in December
Skandi Hercules delivered in November
Skandi Vitória onhire to Petrobras early October
Skandi Gamma delivered and onhire to Statoil in February
DOF ASA PRESENTATION
Preliminary Result 2010 - 4
The New Horizon
Highlights Q4
Financing:
DOF Subsea bond issue; 3,5 yrs MNOK 750 in October
DOF ASA bond issue; 4,5 yrs MNOK 600 mill in November
New loan facilities; MNOK 1 050 and MUSD 230 regarding new
vessel deliveries
Refinancing existing debt MNOK 2 255
DOF ASA PRESENTATION
Preliminary Result 2010 - 5
The New Horizon
Modern fleet
3 AHTS’s
15 PSV’s
2 CSV
3 state of the art
installation AHTS
vessels
Company overview
DOF Installer
Modern fleet & Equipment
21 CSV/ROV vessels
44 ROV’s + 1 AUV
Leading Subsea Contractor
DOF Subsea
Modern fleet
17 AHTS’s
7 PSV’s
2 CSV’s
NorskanDOF Subsea
Holding
Ship owning
Company
DOF ASA
DOF ASA PRESENTATION
Preliminary Result 2010 - 6
The New Horizon
The fleet market segments
PSV AHTS ROV/OCSV/DSV/ Total fleet
No. of vessels SEISMIC VESSELS
DOF ASA 15 3 2 20
NORSKAN OFFSHORE 7 12 2 21
DOF SUBSEA AS 0 0 21 21
DOF INSTALLER ASA 0 3 0 3
AKER DOF DEEPWATER AS 0 5 0 5
Total fleet 22 23 25 70
Contract coverage 11* 76 % 84 % 71 % 75 %
Contract coverage 12* 46 % 65 % 63 % 57 %
* no options included
DOF ASA PRESENTATION
Preliminary Result 2010 - 7
The New Horizon
GLOBAL PLAYER
GEOGRAPHICAL FOCUS AREAS
PerthRio de Janeiro
Buenos Aires
Singapore
Houston
St. Johns
Aberdeen
Austevoll
Cairo
Brunei
Macae
Jakarta
Manila
Angola
Moscow
Bergen
21
2
25
4
2
1
DOF ASA PRESENTATION
Preliminary Result 2010 - 8
The New Horizon
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
2011 2012 2013 2014 2015 2016 2017 2018
35,426
31,017
26,743
22,678
19,298
16,54913,963
11,762Mill
ion
NO
K
8
Long Term Contracted Cash Flows…
DOF group has solid cash flow visibility over the next 3-5 years
By Nov 2010 the total back-log (incl. options) was approx NOK 35 bn
Firm contract counts for NOK 20 bn
Options count for NOK 15 bn
The vessel Backlog amount to approximately 4 times the current
yearly revenue
Backlog Development DOF Group (Year-End)
Note: Includes extension options on long-term contracts.
The New Horizon DOF ASA PRESENTATION
Preliminary Result 2010 - 9
DOF SUBSEA
Photographer: Harald M. Valderhaug
DOF ASA PRESENTATION
Preliminary Result 2010 - 10
The New Horizon
DOF Subsea Contract Coverage (Vessels)
FIRM CONTRACTS UNDER CONSTRUCTIONOPTIONAL PERIOD
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 J F M A M J J A S O N D J F M A M J J A S O N D
Geobay
Geograph Petrobras - Dec 2015
Ocean Protector (Bergen) Seaforce - Sept 2014 + 2y opt
Geosund
Geosea
Geoholm
Skandi Seven Subsea 7 -Mar 2013 +4y opt
Skandi Salvador Chevron -Sept 2011 +2y opt
Skandi Singapore (H621)
Skandi Vitoria Petrobras - July 2014 + 4y opt
Skandi Niteroi (H24)
Skandi Skolten
Skandi Hercules (H722)
Skandi Skansen (H723)
Skandi Aker (H705) AKOFS 2 - Jan 2015 + 5y opt
Skandi Santos (H716) AKOFS 1 - Feb 2015 + 5y opt
Skandi Patagonia Total - Dec 2025
Skandi Inspector Fugro - Q4 2010
Skandi Carla Fugro - July 2012 + 4y opt
Skandi Neptune Subsea 7 - Sep 2014 + 2y opt
Skandi Achiever Technip - Aug 2015 + 4y opt
Skandi Acergy Acergy - Aug 2016 + 6y opt
Skandi Arctic Technip - mar 2017 + 8y opt
Skandi Olympia Petrobras - Apr 2017 +5y opt
Skandi Commander Petrobras - Apr 2016 + 5y opt
2015
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
201220112010 2013 2014
Q4Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
DOF ASA PRESENTATION
Preliminary Result 2010 - 11
The New Horizon
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Norskan Botafogo Petrobras
Skandi Fluminence Petrobras
Skandi Chieftain Petrobras
Skandi Aker AKOFS
Skandi Seven Subsea 7
DOF Skandi Vega Statoil
Subsea IRM contract Shell Philippines Malampaya
Domgas Env. Baseline survey Chevron Australia
Victorian Desalination Plant
Smartwire Metrology Husky Energy
Constructor & WS Technip Canada
Ross Survey Support Subsea 7 USA
Block 31 FPSO EZRA/AMC
S7000 Support Saipem America
Atlantis rework BP America
Rosebank Seabird Exploration
INS Metrology Shell
Onshore DC Zupt
Block 31 Angola Technip SA
Survey support BP Angola
Rig remove Eni Angola
Survey support HMC
AUV IGI Eqpt mob and demob Fugro
Field development Technip SA-Aseng
2013
Reg
ion
Atl
an
tic
2011 2012
Norskan
DOFCON
Reg
ion
Asia
FIRM CONTRACTS OPTIONAL PERIOD
DOF Subsea Contract Coverage (ROV & Others)
DOF ASA PRESENTATION
Preliminary Result 2010 - 12
The New Horizon
Newbuilds delivered in 2010
Newbuilds planned to deliver in 2011
Skandi Aker
Skandi Vitoria
Skandi Skolten
Skandi Hercules
Skandi Santos
Skandi Singapore
Skandi Skansen
Skandi Niteroi
DOF ASA PRESENTATION
Preliminary Result 2010 - 13
The New Horizon
Newbuilds delivered in 2010
Skandi Aker
• Construction vessel (OSCV 06L)
• LOA: 156.9 m
• Breadth: 27.0m
• Contract: 5 years + options
• Crane: 400 t
• Accommodation: 140 men
Skandi Vitoria
• Construction vessel (OSCV 06)
• LOA: 141.3 m
• Breadth: 27.0m
• Contract: 4 years + options
• Crane: 250 t
• Accommodation: 120 men
DOF ASA PRESENTATION
Preliminary Result 2010 - 14
The New Horizon
Newbuilds delivered in 2010
Skandi Skolten
• DOFSUB Atlantic project
vessel
• Construction & AHTS vessel
• Hybrid propulsion
• 361 t Bollard Pull
• 36 000 BHP
• 250 t Crane, 2 x WROV
• 1 070 m2 Cargo deck area
• 90 men accommodation
Skandi Hercules
• DOFSUB Asia project vessel
• Construction & AHTS vessel
• Hybrid propulsion
• 350 t Bollard Pull
• 35 000 BHP
• 140 t Crane
• 1 070 m2 Cargo deck area
• 90 men accommodation
DOF ASA PRESENTATION
Preliminary Result 2010 - 15
The New Horizon
Newbuilds delivered in 2010
Skandi Santos
• Construction vessel (OSCV 03)
• LOA: 120.7 m
• Breadth: 23.0m
• ROV: 2 x Side Launch
• Crane: 250 t
• Accommodation: 120 men
• Contract. 5 years + options
DOF ASA PRESENTATION
Preliminary Result 2010 - 16
The New Horizon
Newbuilds planned to deliver in 2011
Skandi Singapore
• DOFSUB Asia project vessel
• DP II Dive Support Vessel
• 2 x Triton XLX W ROV
• 18 man saturation diving system
• 140 t Crane
• 900 m2 Cargo deck area
• 100 men accommodation
Skandi Niteroi
• Construction vessel (OSCV 06)
• LOA: 141.3 m
• Breadth: 27.0m
• PLSV in JV with Technip
• Crane: 250 t
• Work moonpool 7.2m x 7,2 m
• Accommodation: 120 men
DOF ASA PRESENTATION
Preliminary Result 2010 - 17
The New Horizon
Newbuilds planned to deliver in 2011
Skandi Skansen
• Construction & AHTS vessel
• Hybrid propulsion
• 361 t Bollard Pull
• 36 000 BHP
• 250 t Crane
• 2 x WROV
• 1 070 m2 Cargo deck area
• 90 men accommodation
• The Skandi Skansen also features
STX's new bow design, optimised for
Eco-drive in all weather conditions
DOF ASA PRESENTATION
Preliminary Result 2010 - 18
The New Horizon
Status Supply
Photographer: Harald M. Valderhaug
DOF ASA PRESENTATION
Preliminary Result 2010 - 19
The New Horizon
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 J F M A M J J A S O N D J F M A M J J A S O N D
PSV
1 Skandi Falcon Reliance spot
2 Skandi Marstein SHELL UK Opt Nov 2016
3 Skandi Foula SHELL UK
4 Skandi Rona SHELL UK
5 Skandi Buchan TOTAL
6 Skandi Sotra STATOIL
7 Skandi Caledonia M OG
8 Skandi Barra TOTAL
9 Skandi Texel Peterson Supplylink Opt Jan 2016
10 Skandi Commander SHELL Petrobras
11 Skandi Mongstad STATOIL Firm Aug 2016 / Opt Aug 2021
12 Skandi Flora STATOIL Opt Feb 2017
13 Skandi Gamma (LNG) STATOIL Firm Mar 2016/ Opt Mar 2019
14 Skandi Feistein (PSV09 CD) ConocoPhillips Firm Nov 2017/ Opt Nov 2023
15 Skandi Kvitsøy (PSV09 CD) ConocoPhillips Firm Apr 2018/ Opt Nov 2024
AHTS
16 Skandi Stord STATOIL
17 Skandi Admiral (Brazil) Petrobras
18 Skandi Vega STATOIL Opt May 2018
CSV
19 Skandi Fjord Halliburton Opt Oct 2017
20 Skandi Olympia FUGRO Petrobras Firm 31.03.2017
2010 2011 2012 2013 2014 2015
DOF Contract Coverage
FIRM CONTRACTS UNDER CONSTRUCTIONOPTIONAL PERIOD
DOF ASA PRESENTATION
Preliminary Result 2010 - 20
The New Horizon
Aker DOF Deepwater AS - 50% DOF
Vessel Name
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 J F M A M J J A S O N D J F M A M J J A S O N D
1 Skandi Peregrino (VN) STATOIL
2 Skandi Emerald OGX
3 Skandi Saigon
4 Skandi TBN Vietnam #5
5 Skandi TBN Vietnam #6
201520142010 2011 2012 2013
Aker DOF Deepwater - Contract Coverage
FIRM CONTRACTS UNDER CONSTRUCTIONOPTIONAL PERIOD
DOF ASA PRESENTATION
Preliminary Result 2010 - 21
DOF / Norskan /DOF Subsea Contracts in Brazil
FIRM CONTRACTS UNDER CONSTRUCTIONOPTIONAL PERIOD
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 J F M A M J J A S O N D J F M A M J J A S O N D
1 Skandi Leblon SHELL
2 Skandi Flamengo PET ROBRAS
3 Skandi Waveney ST AT OIL
4 Skandi Stolmen PET ROBRAS
5 Skandi Captain PET ROBRAS
6 Skandi Yare PET ROBRAS Opt Jan 2016
7 Skandi Hav PET ROBRAS Opt Sep 2019
8 Skandi Copacabana PET ROBRAS
9 Skandi Botafogo PET ROBRAS
10 Skandi Rio PET ROBRAS
11 Skandi Fluminense PET ROBRAS
12 Skandi Giant PET ROBRAS
13 Skandi Admiral PET ROBRAS
14 Skandi M øgster OGX
15 Sanko Bay OGX18
16 Skandi Ipanema OGX
17 Skandi Peregrino ST AT OIL
18 Skandi Amazonas PET ROBRAS 8 yr s f i r m cont r act Fi r m Jul 2019 / Opt Jul 2027
19 Skandi Iguaçu PET ROBRAS 8 yr s f i r m cont r act Fi r m Dec 2019 / Opt Dec 2027
20 Skandi Angra STX AH 11 PET ROBRAS 8 yr s f i r m cont r act Fi r m Nov 2020 / Opt Nov 2028
21 Skandi Urca STX AH 11 PET ROBRAS 8 yr s f i r m cont r act Fi r m M ay 2021 / Opt M ay 202919
22 Skandi Parat i STX AH 1119
23 Skandi Chieftain PET ROBRAS
24 Skandi Emerald/Odin Viking OGX
25 Skandi Hawk (PSV 09 CD)
26 Skandi Salvador CHEVRON###
27 Skandi Santos PET ROBRAS Opt Nov 2020###
28 Skandi Vitória PET ROBRAS Opt Dec 2017
29 Skandi Niterói
30 Geograph PET ROBRAS 5 yr s f r i m cont r act
31 Skandi Commander PET ROBRAS 5 yr s f r i m cont r act
32 Skandi Olympia PET ROBRAS 5 yr s f r i m cont r act
2 0 10
Q 1 Q 2 Q 3 Q 4
2 0 12
Q 1 Q 2 Q 3 Q 4
2 0 11
Q 1 Q 2 Q 3 Q 4Vessel2 0 15
Q 1 Q 2 Q 3 Q 4
2 0 14
Q 1 Q 2 Q 3 Q 4
2 0 13
Q 1 Q 2 Q 3 Q 4
DOF SUPPLY DOF SUBSEA
DOF ASA PRESENTATION
Preliminary Result 2010 - 22
The New Horizon
Newbuilds Supply in 2010 Newbuilds Supply 2011
3 x AH08Skandi Vega
Skandi Ipanema
Skandi Peregrino
Skandi Amazonas
Skandi Gamma
Skandi Hawk
Skandi Feistein
DOF ASA PRESENTATION
Preliminary Result 2010 - 23
The New Horizon
Financials
DOF ASA PRESENTATION
Preliminary Result 2010 - 24
The New Horizon
Financial/Operational Highlights Q4 2010
• Utilization Subsea fleet (89%)
Good activity in the North Sea and Brazil
Variable activity in Australia
• Utilization Supply fleet (91%)
Good operation in the North Sea
Lower utilization in Brazil, high costs
• Four vessels delivered in 4th quarter
Skandi Vitoria, in operation from October
Skandi Peregrino, in operation from December
Skandi Hercules, in operation from December
Skandi Ipanema, in operation from December
• Reclassification – impact on financial costs
DOF ASA PRESENTATION
Preliminary Result 2010 - 25
The New Horizon
ALL FIGURES IN NOK MILLION
Result Q4 2010
Q4 2010 Q4 2009 2010 2009
Operating income 1 574 1 161 5 462 4 327
operating expenses vessels 1 121 866 3 753 3 094
Operating profit before depreciation EBITDA 454 295 1 709 1 234
Depreciation 342 271 1 166 837
Write-down - 179 - 179
Operating profit - EBIT 112 -155 543 218
Net profit from associated companies 3 24 -5 192
other financial Items -355 117 -839 -163
Unrealized profit/ loss on currencies 101 -143 100 758
Net financial costs -251 -2 -743 787
Pre-tax profit -139 -157 -200 1 005
Taxes 56 -176 102 201
Result -195 19 -302 803
DOF ASA PRESENTATION
Preliminary Result 2010 - 26
The New Horizon
P&L Supply and Subsea
ALL FIGURES IN NOK MILLION DOF ASA DOF SUBSEA Total DOF ASA DOF SUBSEA Total
Q4 2010 Q4 2010 Q4 2010 YTD 2010 YTD 2010 YTD 2010
Operating income 490 1 084 1 574 1 890 3 572 5 462
- -
Total operating income 490 1 084 1 574 1 890 3 572 5 462
Operating expenses 333 788 1 121 1 225 2 528 3 753
Total operating expenses 333 788 1 121 1 225 2 528 3 753
Operating profit before depreciation 158 296 454 665 1 044 1 709
Ebitda margin 32 % 27 % 29 % 35 % 29 % 31 %
DOF ASA PRESENTATION
Preliminary Result 2010 - 27
The New Horizon
Results - Business SegmentsALL FIGURES IN NOK MILLION
EBITDA
Q4 2010 Q4 2009
PSV 70 32
AHTS 90 45
CSV 293 199
Total 453 276
15%
20%
65%
EBITDA Q4 2010
12%
16%
72%
EBITDA Q4 2009
DOF ASA PRESENTATION
Preliminary Result 2010 - 28
The New Horizon
Results – Geographical SegmentsALL FIGURES IN NOK MILLION
EBITDA
Q4 2010 Q4 2009
Europe/ West Africa 133 113
Australasia 15 13
Brazil 138 73
America/Worldwide 167 77
Total 453 276
29%
3%
31%
37%
EBITDA Q4 2010
41%
5%26%
28%
EBITDA Q4 2009
DOF ASA PRESENTATION
Preliminary Result 2010 - 29
The New Horizon
Currency effects on Q4 2010 results
ALL FIGURES IN NOK MILLION
Financial items Q4 2010 Acc Q4 2010 Q4 2009 Acc Q4 2009
Share of loss profit from associated 3 -5 22 197
Interest reveneue 18 75 57 121
Interest costs -218 -772 -100 -574
Realized currency gain/loss long debt 23 63 186 295
Realized currency gain/loss on forex instruments -37 -45 278 180
Realized operational currency gain/loss (-) -44 20 -102 -129
Other financial expenses -97 -179 -130 -55
Total financial items -352 -843 210 35
Unrealized profit/loss on currencies
Unrealized currency gain/loss on long debt 136 97 -110 678
Unrealized currency gain/loss on forex instruments -35 3 -39 73
Total unrealized profit/loss on currencies 101 100 -149 751
Total financial items -251 -743 61 786
DOF ASA PRESENTATION
Preliminary Result 2010 - 30
The New Horizon
31.12.2010 31.12.2009
ASSETS
Intangible assets 493 476
Fixed assets 21 541 17 263
Financia l assets 289 89
Total non current assets 22 323 17 827
Receivables 2 008 1 744
Cash and cash equiva lents 2 645 2 214
Total current assets 4 653 3 957
Total Assets 26 976 21 785
EQUITY AND LIABILITIES
Subscribed equity 860 860
Retained earnings 3 050 3 171
Minori ty interest 2 729 2 777
Total Equity 6 639 6 809
Provis ions for commitment 512 603
Other long-term l iabi l i ties 16 427 11 371
Total long-term liabilities 16 939 11 973
Debt to credit insti tutions 1 888 2 128
Other short term l iabi l i ties 1 510 874
Total short term liablilities 3 397 3 002
Total liability and equity 26 976 21 785
Balance Q4 2010
ALL FIGURES IN NOK MILLION
DOF ASA PRESENTATION
Preliminary Result 2010 - 31
The New Horizon
Key figures Q4 2010
Q4 2010 Q4 2009 2010 2009
EBITDA margin 29 % 25 % 31 % 29 %
EBIT margin 7 % -13 % 10 % 5 %
Cashflow per share 0,50 6,97 8,40 12,10
Profit per share ex. minority interest -1,30 0,94 -1,88 6,87
Profit per share ex. unrealized loss/gain -3,26 1,84 -4,41 0,52
Return on net capital -3 % 0 % -5 % 12 %
Equity ratio 25 % 31 % 25 % 31 %
Net interest bearing debt 15 407 11 073 15 407 11 073
Net interest bearing debt ex. unemployed capital 13 475 6 478 13 475 6 478
No of shares 91 037 975 87 730 811 91 037 975 87 730 811
Face value per share 2 2 2 2
DOF ASA PRESENTATION
Preliminary Result 2010 - 32
The New Horizon
DOF High asset values Fair market values DOF fleet have been stable and slightly increased since
2007
Fair market values Brazilian built vessels have increased with approx. 25%
since 2007
Valuation of PSV (UT 755 and MT 6000), AHTS (UT 722L) and Subsea ROV vessel.
-
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
14,000,000
16,000,000
18,000,000
Q4 -2007
Q1 -2008
Q2 -2008
Q3 -2008
Q4 -2008
Q1 -2009
Q2 -2009
Q3 -2009
Q4 -2009
Q1 -2010
Q2 -2010
Q3 -2010
Q4 -2010
T
H
O
U
S
A
N
D
N
O
K
Market value vessel - split on segment
PSV fleet
AHTS fleet
CSV fleet
DOF ASA PRESENTATION
Preliminary Result 2010 - 33
The New Horizon
Significant Asset Coverage
The combined market value DOF vessels in operation per December is NOK 22 bn
Supply FMV NOK 9,6 bn NIBD NOK 5,3 bn
Subsea FMV NOK 12,7bn NIBD NOK 8,1 bn
Asset-level gearing on the fleet including new-builds is 60%, decreasing to 48% in 2014
Provides a significant equity cushion on top of existing vessel-level
financing
We forecast significant gearing reduction upon completion of the current
newbuild program
Total Fleet Market value
Vessels (a) 22 285
Other Equipment (b) 1 000
Total Fleet 23 285
Note: Vessel values as of 30 June, 2010.(a) Does not include market value of the remaining vessels to be delivered in 2010-
2013DOF Subsea are included 100% in the calculation and JV‟s with 50%.
(b) Includes ROVs, AUV, diving systems, other equipment.
Gearing forecast summary
0 %
20 %
40 %
60 %
80 %
100 %
120 %
2010E 2011E 2012E 2013E 2014E
60% 59% 57 % 52 % 48%
40% 41% 43 % 48 % 52%
debt Equity
DOF ASA PRESENTATION
Preliminary Result 2010 - 34
The New Horizon
The DOF Group New Builds
New Builds DOF ASA Group 31.12.2010 NOK 000
Vessel Name
PROJECT
PRICE PAID IN
REMAINING
CAPEX FINANCING 1) EQUITY
Sum New Builds DOF ASA Group 10 943 500 2 099 500 8 844 000 7 932 042 911 958
Relative share New Builds DOF ASA Group 9 308 740 1 763 400 7 545 340 6 797 892 747 448
DOF ASA /DOF Rederi (100%) 560 000 119 000 441 000 399 000 42 000
Norskan (100%) 5 185 000 799 500 4 385 500 3 975 542 409 958
Aker DOF Deepwater (JV 50 %) 664 000 180 500 483 500 457 500 26 000
DOF SUBSEA (100 %) 960 000 350 000 610 000 660 000 -50 000
DOF SUBSEA (JV 50%) 632 500 140 000 492 500 406 250 86 250
DOF INSTALLER (78,5%) 995 000 160 000 835 000 650 000 185 000
PSV INVEST AS 312 240 14 400 297 840 249 600 48 240
1) SECURED FINANCING MNOK 5 300
DOF ASA PRESENTATION
Preliminary Result 2010 - 35
The New Horizon Picture of Skandi Mongstad
OUTLOOK
DOF ASA PRESENTATION
Preliminary Result 2010 - 36
The New Horizon
SHORT TERM OUTLOOK
Q 1 2011:
Repositioning of vessels:
• Geograph transit to Brazil, importation and onhire testing. Expected onhire
to Petrobras next week
• Geobay, transit to Australia, onhire mid February
Spot exposed vessels:
• Skandi Skolten, commited to GOM projects from early March
• Skandi Hercules, crane installation completed in February, transit to Asia
thereafter
• Skandi Falcon: North Sea spot market
Upgrades:
• Skandi Commander, at yard/transit from early February. Expected onhire
to Petrobras on 5 years RSV contract end April
• Skandi Neptune, drydocking and installation of new crane. Offhire from
early January to end February.
* Good coverage from March onwards, expect stronger 2nd quarter
* New vessels will contribute
* Expect better 2011 versus 2010
DOF ASA PRESENTATION
Preliminary Result 2010 - 37
The New Horizon
H1 2011 H2 2011 2012 2013
Skandi Urca (8 yrs Petrobras)
Skandi Iguacu (8 yrs Petrobras) Skandi Angra
Skandi Paraty (8 yrs Petrobras)
Skandi Kvitsøy (6 yrs CPh)
Skandi Vietnam 5
Skandi Feistein (6 yrs CPh) Skandi Vietnam 6
Skandi Saigon
Skandi Skansen (Project)
Skandi Niterói
Skandi Amazonas (8 yrs Petrobras)
Skandi Gamma (6 yrs Statoil)
Skandi Emerald (OGX)
Skandi Hawk
Skandi Singapore (Project)
54 Vessels
58 Vessels
63 Vessels
68 Vessels
Long Term OutlookEbitda growth new vessels
Brazil DOF Supply
DOF Installer DOF Subsea
Vessels in Operation
DOF ASA PRESENTATION
Preliminary Result 2010 - 38
The New Horizon
Thank you
DOF ASA PRESENTATION
Preliminary Result 2010 - 39
The New Horizon
DISCLAIMER
This presentation by DOF ASA designed to provide a high level overview of aspects of theoperations of the DOF ASA Group.
The material set out in the presentation is current as at 24 February, 2011.
This presentation contains forward-looking statements relating to operations of the DOF ASAGroup that are based on management‟s own current expectations, estimates and projectionsabout 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-lookingstatements.
References in the presentation to assumptions, estimates and outcomes and forward-lookingstatements about assumptions, estimates and outcomes, which are based on internal businessdata and external sources, are uncertain given the nature of the industry, business risks, andother factors. Also, they may be affected by internal and external factors that may have amaterial effect on future business performance and results.
No assurance or guarantee is, or should be taken to be, given in relation to the future businessperformance or results of the DOF ASA Group or the likelihood that the assumptions, estimatesor outcomes will be achieved.
While management has taken every effort to ensure the accuracy of the material in thepresentation, the presentation is provided for information only. DOF ASA , its officers andmanagement exclude and disclaim any liability in respect of anything done in reliance on thepresentation.
All forward-looking statements made in this presentation are based on information presentlyavailable to management and DOF ASA assumes no obligation to update any forward looking-statements. Nothing in this presentation constitutes investment advice and this presentationshall not constitute an offer to sell or the solicitation of any offer to buy any securities orotherwise engage in any investment activity.
You should make your own enquiries and take your own advice (including financial and legaladvice) before making an investment in the company's shares or in making a decision to hold orsell your shares.