Capital Markets Day 31st of May

DOF Group Brazil

Index

DOF ASA 2

III. Challenges in Brazil

IV. Present/Future outlook

II. Brazilian Offshore Market

I. DOF in Brazil

DOF Group Brazil

DOF ASA

Group structure in Brazil...

DOF ASA 4

Skandi Leblon

Skandi Salvador

SK Niteóri/SK Vittória

Skandi Rio

5 PSVs

10 AHTSs

7 CSVs/RSVs

2 PLSV

High end offshore solutions

DOF Brazil

DOF Subsea Brasil 290 employees

99,3% local labour

Norskan 922 employees

98% local labour

4 NEWBUILDS (AHTSs)

Skandi Iguaçu

Strategically located to support BR offshore market ...

DOF ASA 5

Macae base

Rio de Janeiro office

DOF ASA 6

Experienced and qualified management

team and employees

Experienced and committed

founding shareholders

Long-term relationship

with shipyards and suppliers

Access to attractive long-term financing

Long-term contract

coverage with first class

clients

Strong Brazilian local presence

Large and diversified state of the art fleet

Leading position in Offshore

Subsea and Support Vessels

Skandi Rio Skandi Salvador ROV launching

Providing support, construction vessels, offshore and subsea support services to the Brazilian offshore oil and gas industry

A leading operator in the region...

With a state-of-art fleet...

SKANDI IGUAÇU/AMAZONAS Largest AHTS ordered

in Brazil. Customized to meet

the extreme requirements

demanded by Pre-Salt Environmentally

friendly

SKANDI NITERÓI/VITÓRIA

The first 2 PLSV´s built

in Brazil. JV with Technip

Both in a long-term contract with Petrobras

SKANDI SALVADOR

The first CSV built in Brazil.

Support Chevron to develop Frade field

Main task: x-mas tree installation

SKANDI SANTOS

In long-term contract with Petrobras

Scope of work x-tree installation

Petrobras ranks SK Santos as the best

vessel in their subsea fleet

DOF ASA 7

Unique solutions for offshore subsea market…

DOF ASA 8

•Capacity to delivery full package solutions for subsea operations. • Provides specialized survey, subsea construction and inspection repair and maintenance (“IRM”) •Flexible fleet of modern subsea construction and survey vessels.

• Vessel Fleet equipped with high technology equipment (AHC Cranes, AHC winchs, high end ROV fleet and Survey equipment) to meet increasing deepwater challenges in Brazilian market.

•Strong expertise on delivering ROV and survey services during anchor-handling operations.

•12 Work Class ROV’s (4 to come), 4 Observation ROV’s, full spread of survey equipment, 7 vessels from DOF Subsea fleet currently operating in Brazil.

Skandi Salvador: Chevron Brasil

Vessel Spread support all offshore Installation and IMR activities to expand and maintain the subsea field

Project : FRADE

Water depth: 1,300m

Contract Term: 3+1+1 year

Survey

Tree Installation and Intervention

Jumper & FLs Installation

Routine Inspection and Maintenance

DOF ASA 9

Contract coverage

FIRM CONTRACTS UNDER CONSTRUCTION OPTIONAL PERIOD DOF SUPPLY DOF SUBSEA NORSKAN

Focus on long-term relationship with clients and suppliers...

DOF ASA 10

Key E&P Clients

Key Subsea Engineering Clients

Key Suppliers

Brazilian offshore market

DOF ASA

Brazil is a booming upstream market...

DOF ASA 12

•Growth particularly in deep-and ultra-deepwater

•Target of 6.000 bpd by 2020 vs. 2.200 bpd today

•OSV demand is expected undertake an expressive growth until 2020. The current fleet in Brazil of 433 vessels (176 Brazilian flagged and 257 foreign flagged).

•Petrobras has announced the construction of146 new vessels (Prorefam/PB OSV Renovation fleet program 2008-2014).

•Demand excludes pre-salt needs. Other estimates say there will be a 200-vessel demand within the next 10 years

•Strong strategic commitment by Brazilian government and Petrobras to ensure high Brazilian content. (priority to BR flagged vessels)

•OSV demand shifting towards larger and more sophisticated vessels

DOF ASA 13

Pre-salt depths demand more sophisticated OSV´s...

Pre-salt oil reservoirs are located in water depths as deep as 7,000 meters

2.629m 1977

1.825m 1983

3.318m 1988

2.930m 1992 3.230m

1994 3.167m

1997 3.759m 1999

4.343m 2003

7.000m 2007

Santos Basin (Tupi)

1.000m

2.000m

3.000m

4.000m

5.000m

6.000m

7.000m

709m

Enchova Marimbá Marlim Marlim Sul

Marlim Sul

Roncador Roncador Tupi Technological challenges

• Distance: approximately 300km from the coast. Pre-salt reservoir measures 800km in length and 200km in width

• Depth: long path to cover to reach the oil. It is necessary to go through 2 km of water and to drill through 1 km of pre-salt layer rocks

• Thickness: it is also necessary to drill through 2 km of salt

High impact on specification of vessels (type, size, speed) as well as shift to floating production system

Harsh conditions demand a greater number of technologically-advanced and larger offshore support vessels

DOF ASA 14

Petrobras E&P Investments in bi US$

(2011-2015)

Pre-salt Post-salt

Petrobras is the top investment source...

3 main offshore basins in Brazil: Santos, Campos and Espirito Santo

São Paulo Rio de

Janeiro

Espirito Santo

64,3 bi USD

53,4 bi USD

Source: Petrobras Business plan 2011-2015

DOF ASA 15

76; 90 %

8; 10 %

Production phase

30; 81 %

7; 19 %

Development phase

121; 67 %

59; 33 %

Exploration phase

IOC´s are increasing their roles in E&P activities...

IOC´s Petrobras

TOP 8 non-Petrobras operators Source: ANP statistic review/end of 2010

IOC´s own 8 blocks in

production phase

IOC´s own 7 blocks in

development phase

IOC´s own 59 blocks in

exploration phase

Overview of the Brazilian fleet

59 %

41 %

BRA OSV fleet

Foreign flag (257) BRA flag (176)

44%

25%

13%

6%

5%

3%

2%

1%

1%

PSV

AHTS

LH/SV

DSV/RSV

CREW/FSV

PLSV

ORSV

WSV

MPSV

0% 10% 20% 30% 40% 50%

BRA OSV fleet sorted by vessel type

DOF ASA 16

Source: ABEAM 2012

DOF ASA 17

0 10 20 30 40 50 60

EDISON CHOUEST/BRAM

ASTROMARÍTIMA

BRAZBUNKER/S MIGUEL

NORSKAN / DOF

MAERSK

MARÉ ALTA

BOURBON

CBO

SEACOR

W.SONS

FARSTAD

BRA FLAG FOREIGN FLAG

Top 4 in the brazilian market

Source: ABEAM 2012

Challenges

DOF ASA

Regulation reinforces protectionist rules...

DOF ASA 19

25%

42%

28% 39%

79% 86%

74% 69%

79%

27%

48% 40%

54%

86% 89% 81%

77% 84%

1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th

Exploration Phase Development Phase

ANP (National Agency for Oil and Biofuels) bidding rounds

Source: ANP Note: 8th ANP bidding round auction is still under discussion

Special Brazilian Regime (REB) Local Content Requirement “Circularization” (Res. 192/04)

● “Circularization” gives priority to Brazilian-flagged vessels over foreign vessels

●Foreign vessels operating in Brazil need to undergo “circularization” each year, where contracts will be taken over by Brazilian-flagged vessels if available

● For each vessel ton built in Brazil by a Brazilian shipping company, 0.5x additional tons are allowed to be imported, with the privilege of a Brazilian flag (ex. Skandi YARE)

● For each vessel ton under construction, twice the vessel tonnage of the same type is temporarily allowed to be imported with the privilege of a Brazilian flag

Fleet in Operation

The Brazilian government is committed to developing Brazil through local content and instituting favorable policies for those who commit to the country’s growth

Obs. ANP has been very strict to ensure high levels of local content with alloperators

DOF ASA 20

Industry framework... • Cost in Brazil (hot market) • Lack of personnel • Lack of reliable

suppliers/spare parts/quality

• Shipyards for repair/docking

Contract structure... • Long term contracts

(typical 5 + 5 year) • Risk of penalties

Others • Cultural differences • Complex tax regime • Bureuacracy • Incipient spot market

Challenging environment...

Present/Future outlook

DOF ASA

DOF ASA 22

We are positioned to capitalize BR opportunities...

High Growth Brazilian Oil & Gas Market

Offshore Supply Vessel Shortage

Need for a High Tech Fleet

Key Regulation in the Brazilian Sector

Leading position in offshore subsea and support vessels

Long-term relationship with shipyards and suppliers

Large and Diversified State-of-the-art Fleet

Strong Brazilian local presence

With competitive advantages…

DOF ASA 23

One of the youngest fleets in the industry

Unique “best-in-class” Brazilian-flagged vessels

One of the largest tonnage capacities in the Brazilian offshore industry to benefit from REB regime

Capacity to import 6 to 8 additional high-end vessels (through REB)

Providing services to a large number of highly-active clients

Strong Brazilian local presence

Working on 7 focus points...

Safety • Improve safety awareness

Company culture

• Ensure key elements of company culture in order to promote loyalty and ensure low turnover

Leader

• Ensure right quality of leaders in all positions offshore and onshore

Project oriented

• Implement a project oriented structure to ensure control of contractual deliveries

Synergy

• Take advantage of all possible synergies between the two companies

Group align

• Align operation and procedures to rest of group to ensure DOF group standardization

Result orient

• Find smarter ways to work and ensure high focus on maximizing earnings and keeping cost within budget

DOF ASA 24

Safety Culture

Company culture

Leadership

Project oriented

Max synergies

Group alignment

Result oriented

DOF Brazil key targets....

Strong focus on International Oil Companies

Develop subsea engineering capabilities

Increase presence in survey services

Consolidate position in anchor-handling (vessel+ROV+Survey) services in order to meet Pre-sal requiments

DOF ASA 25

DOF ASA 26

• Pre-salt will have high impact on specification of vessels (type, size and speed) driving up the demand for OSV. Deepwater subsea projects will bring significant technological and logistic challenges.

• 11th ANP round is expected to bid 174 new O&G blocks from which 87 are located offshore.

• The main player in the “Non-Petrobras” market is OGX which had in 2011 6 drilling rigs and 11 OSV under term charter. Other main players are Shell, BP and Statoil. Sonangol and Repsol are expected to undertake a major growth in the next years.

• Several tenders out from Petrobras, OGX and other IOCs.

Opportunities

Thank you