market report july 2011

ContentsPrologue.............................................................1

Still.plenty.of.challenges.facing.the..

turbulent.financial.shipping.market.................. 5

The.shipping.environment................................ 7

The.offshore.support.vessel.market................ 11

Projects.per.year..............................................14

Existing.projects.per.segment..........................16

Projects.sold.....................................................17

Projects.estimated.returns................................18

Agder.Ocean.Reefer.KS....................................19

Agder.Ocean.Reefer.II.AS................................ 20

Agder.Ocean.Reefer.III.AS................................21

Asian.Bulkers.DIS............................................ 22

Atlantic.Guardian.DIS...................................... 23

Bergshav.Chemical.KS./..

Fordimar.-.Transportes.Maritimos.LDA............ 24

Bovey.Offshore.Ltd.......................................... 25

Bukit.Timah.Offshore.DIS............................... 26

Cement.Ship.II.DIS.......................................... 27

Dongguan.Chemical.Tankers.DIS.................... 28

Edda.Accommodation.DIS................................ 29

European.Venture.DIS...................................... 30

European.Venture.II.DIS...................................31

European.Venture.III.DIS................................. 32

Global.Cable.II.DIS.......................................... 33

Golden.Kamsar.DIS......................................... 34

Jimbaran.DIS.................................................... 35

JBuS.Offshore.DIS........................................... 36

Marineline.Chemical.DIS................................. 37

Med.Ethylene.DIS............................................ 38

Mountbatten.Offshore.DIS.............................. 39

Mount.Faber.KS............................................... 40

Multipurpose.Bulkers.DIS................................41

NFC.AHTS.limited............................................. 42

Norwegian.Offshore.DIS.................................. 43

Norwegian.Offshore.II.DIS.............................. 44

Norwegian.Product.DIS................................... 45

Norwegian.Shipping.DIS................................. 46

Norwegian.Shipping.II.DIS.............................. 47

Oceanlink.Offshore.III.DIS............................... 48

Oceanlink.Reefer.III.DIS.................................. 49

Octavian.Bulker.DIS........................................ 50

Orchard.Offshore.DIS.......................................51

Panda.Chemical.Oil.DIS................................... 52

Raffles.Offshore.DIS........................................ 53

Ross.Chemical.II.DIS....................................... 54

RTS.Panamax.DIS............................................ 55

Saragol.Tankers.1.DIS..................................... 56

Saragol.Tankers.2.DIS..................................... 57

SBS.Tempest.KS.............................................. 58

SBS.Torrent.KS................................................ 59

SBS.Typhoon.KS............................................. 60

Seminyak.DIS...................................................61

Sentosa.Offshore.DIS...................................... 62

Shanghai.Bulker.DIS....................................... 63

Short.Sea.Bulkers.DIS..................................... 64

Singapore.Offshore.DIS................................... 65

Southern.Chemical.DIS.................................... 66

Tioman.Offshore.DIS....................................... 67

ullswater.Subsea.DIS...................................... 68

Volstad.Supply.I.KS........................................ 69

Volstad.Supply.II.KS....................................... 70

Western.Chemical.KS.......................................71

Platou.Shipinvest.I.DIS................................... 72

Real.Estate.2011.............................................. 74

Prologue.......................................................... 76

Projects.per.year............................................. 77

The.Scandinavian.real.estate.market.............. 80

Stavanger.Eiendom.Holding.AS....................... 84

St..Olavsgate.26.AS......................................... 85

Tønsberg.Kontor.KS........................................ 86

Kristiansand.Teknologipark.AS........................ 87

Borgenhaugen.Invest.AS................................. 87

Østre.Aker.vei.90.AS....................................... 88

Haslevangen.Holding.AS................................. 88

Colosseum.Bolig.portfolio............................... 89

Braathen.Bolig.AS........................................... 89

Head.office....................................................... 90

Contacts............................................................91

PROLOGuE

PrologueDear Investors and Business Associates,

The summer is here and maybe a good time to have a long waited holiday from a still challenging ship finance market. Although the world economy appears to be

moving in the right direction, there are many obstacles that need to be overcome before the project market returns to normal activity.

New ship finance projects reported in the Norwegian market in 2010 were still only about 15% of the activity level reported in 2007 and there are several reasons for this reduction;

Prior to the financial crises in 2008, the world shipping banks were fighting to secure new business in all shipping segments. RS Platou Finans was in dialogue with more than 15 banks that were keen to participate in project financing. The lending terms were extremely competitive with margins below 1% for 80% senior loans and in some cases up to 20 year profiles.

The type and age of vessels were not considered a problem. Up to 20-25 year old ships in specialized shipping segments were positively considered if satisfactory employment was secured.

Competitive bank financing combined with plenty of will-ing investors provided ship owners with interesting financing alternatives in a shipping market that generated positive cash flows.

In 2010 and first half 2011, both the dry bulk and tanker markets have experienced reduced rates and a mismatch between values and potential earnings. On top of this, banks require higher margins and reduced gearing levels. Structuring competitive financial packages remains therefore one of our key challenges at the moment.

Additionally, vessels built before year 2000 or operating in segments with few players and few 2nd hand transactions are no longer of interest to the banks.

A few new projects have been reported in the Norwegian market in 2011. The majority of these projects are “asset play” offshore newbuildings without post delivery bank financing. The high oil price and a long list of new rigs entering the market during the next two years are expected to create a higher demand for offshore supply vessels.

RS Platou Finans’ existing business has performed quite well during the last 12 months. About 50% of the project portfolio is

offshore related. Although the spot market for offshore vessels is highly volatile, the underlying trend is positive and all our bare-boat contracts are performing well. Only small variations in the valuation of the assets are keeping the banks happy, allowing for regular dividend payments.

The drop in ship values experienced in the dry bulk and chemi-cal tanker market have created some challenges. Most of these projects are generating a good cashflow, but low values are forcing the owning companies to hold back dividends (and in some cases, banks have forced call in capital to reduce debt/equity ratios to acceptable levels).

Projects with vessels that have been redelivered from long term charters are facing poor market with few options other than waiting for the demand to pick up.

On the positive side, the present poor market in some ship-ping segments is creating opportunities for new investments. During the period 2002-2007, the asset values were improving and therefore creating even better returns that estimated due to higher residual values. In both the dry bulk and the tanker mar-ket, ship values are back to historical averages and this in turn is creating new investment opportunities; a number of which we are currently investigating.

Our main priority is of course to keep full focus on our existing portfolio in order to maximize our investors returns.

In parallel with this fundamentally important activity we are looking forward to the prospect presenting new and exciting investment opportunities as and when the shipping and offshore markets recover.

Yours sincerelyRS Platou Finans

Axel.M.Aas..Senior Partner

Christian.W..Svensson..Senior Partner

Øystein.L.Nilsen.Managing Partner

1...

2. RS.PLATOu.FINANS

RS.PLATOu.FINANS.ASRS Platou Finans has since it was established in 2004 become one of the major finance companies in the world that specialize on shipping and offshore related financial schemes in the interest of both ship owners and financial investors.

The main objective is to identify attractive investment oppor-tunities involving the purchase of vessels or offshore equipment attached with secure employment, alternatively present asset play cases where the timing is proven to be optimal.

The strength of RS Platou Finans lies not only with the highly qualified staff, but also with the vast shipping related resources available within the RS Platou Group.

RS Platou Finans is an independent company within the Platou Group utilising the full potential of having close contact with shipbrokers, ship-owners, ship managers, bankers, lawyers and consultants worldwide.

Core Activities:• Identifyinterestingfinancialshippingopportunities.• Executeandsyndicateshippingprojects.• Placementofdebt.• CorporateManagement.• Establishanactivesecondhandmarketonlimitedshares.

RS Platou Finans also has a strong focus on Corporate Manage-ment. In addition to managing projects developed by RS Platou Finans, we have also has been elected corporate manager for projects established by others. With specialized shipping know-ledge we handle all kind of project types from asset play, time charter to bareboat deals. We provide services for the entire life cycle of a project from establishment to liquidation. This in-cludes, among others, to follow up the day to day running of the company, to produce all financial statements and tax statements and secretary services for the board of directors. Our highly quali-fied team seek to provide the best service possible, optimizing information and cash flow to the investors. RS.PLATOu.FINANS.SINGAPORE.PTE.LTDRS Platou Finans Singapore was established in early 2007 to capture the growing demand for new financial instruments in the Asian shipping and offshore markets. The limited partnerships structures has increased in popularity all over the world and in or-der to be closer to the customers, the RS Platou Finans Singapore office was opened with a view for further expansion.

We believe that being present in Asia and having the ability to meet clients within short notice gives us a great advantage in concluding more transactions in structured finance. With the booming Asian markets and clients demand for expansion, the limited partnerships has created an additional source for Asian based shipping and offshore clients to use both the regional and global equity markets to expand their operations.

Being a hub for shipping, offshore and maritime activities, the importance of an Asian presence for us has become apparent over thelastfewyears.MoreEuropeanbanksarealsoincreasingtheiractivities through having fully licensed offices in Singapore.

We are pleased to be part of the RS Platou Group. The unparal-leled strength of the RS Platou Group in Singapore provides great synergies in both sourcing and servicing clients in Asia.

RS.PLATOu.ASSET.MANAGEMENT.ASRS Platou Asset Management AS (“RSPAM”) was established in 2007 and by the end of 2008 its first shipping fund had invested about $50 million in 35 different “KS” projects, including 76 vessels. The fund is diversified into both the offshore and the traditional shipping markets, with main emphasis on long term bareboat contracts. During its first operational year, the fund was able to pay out distributions to its investors in excess of 10% of the invested amount. In 2009 the fund was hit by the severe downturn in most of the shipping segments. Based on the down-turn in the market no dividend was paid out in 2009 and 2010.

During 2008, RSPAM set up a new shipowning company in cooperation with Orkla Finans. Atlantis Navigation AS acquired one newbuilding offshore vessel, and a new pipelaying offshore barge. These assets are both fixed on long term bareboat contracts to a stock listed oil service company in Asia. The pipelaying offshore barge was acquired in 2009, while the offshore vessel was delivered in July 2010. In January 2011 we were able to establish a bid for the company, and about 95% of the shareholders ac-cepted the offer. With this takeover the management agreement with RSPAM will be terminated in the second half of 2011.

The fall in asset values seen in most of the shipping segments over the past years, has had a negative impact on a large number of ex-isting shipping projects. However, we do believe that the current market conditions will lead to interesting opportunities for inves-tors going forward. We are therefore in discussions to establish new fund structures that can benefit from investing in shipping segments that appear to be in the lower part of the cycle.

RS.PLATOu.FINANS

RS.PLATOu.REAL.ESTATE.ASRSPlatouRealEstateASisanewlyestablishedcompanywithinthe Platou Group. The company will work with structuring and facilitation of commercial property, including traditional syndica-tion, corporate finance, arbitration, project finance, development and restructuring of business premises - with a particular focus on Norway and Sweden.

During the coming period the company will focus primarily on investing quality-related good properties with secure cash flows, foreseeable and controllable costs, and a limited residual value risk, so that the investors receive best possible risk-adjusted returns.

The company’s entrepreneurs have a long track record with very high risk-adjusted returns and have acquired commercial property for over 15 billion NOK since 2005. In the same period the foundingfadersofRSPlatouRealEstateAShassoldcommercialproperty for approximately 4,5 billion NOK with an average IRR for investors of 102%.

With an extensive network in Norway and Scandinavia, the com-pany will continue to procure premises and projects as described above.Furthermore,RSPlatouRealEstateASisknownforitswill and ability to cooperate with other syndication companies, property holders and administrators with the intention of creat-ing a platform where all parties work towards a common goal – highest possible return.

The company’s core activities are:• originationofinterestingfinancialrealestateopportunities• structuringandre-structuringofrealestateprojects• projectfinancingofrealestateprojects• corporatefinanceadvisingwithinthecommercialrealestate

sector• executionofprojecttransaction

RS.PLATOu.INVESTOR.SERVICES.ASRS Platou Investor Services AS is a wholly owned subsidiary of RS Platou Finans, a leading finance company specialising in Shipping and Offshore projects focusing to private investors. Platou Investor Services’ objective is to assist private investors in establishing new companies.

We can offer our customers a wide scope of services, including:–EstablishmentandincorporationofLTD,NUF,limited,

general and internal partnership – Accounting and budgeting – Remittance – Wage payment– Annual accounts with tax documentation – Tax advice – Secretarial assistance

Why choose Platou Investor Services? We have close connections with numerous well-known and respected companies and establishments, such as lawyers, banks and chartered accountants, whose services can be utilised by our investors if so wished.

Customers of RS Platou Investor Services will, just like custom-ers of RS Platou Finans, be advised of and have access to inter-esting investment projects proposed by RS Platou Finans. Our employees have substantial qualifications regarding establishing and book keeping of companies under the new Norwegian ton-nage tax system.

The cost of the Investor Services is very competitive compared to the market rates in general.

To ensure first-class service the investor establishes a personal business relation with the assigned accountant for easy and timely assistance.

3...

4. RS.PLATOu.FINANS

David.P..Österström.Joint Managing Partner

Alan.Seah.Joint Managing Partner

Cheryl.Seah.Project Broker

.Natalie.TehAccountant

Axel.M..Aas..Senior Partner

Christian.W..Svensson..Senior Partner

Morten.Astrup..Project Broker

Asbjørn.Wulfsberg.Managing Director

Øystein.L..Nilsen.Managing Partner

Erik.Kristian.AndresenCorporate Manager

Eva.Lise.Bjerke..Corporate Manager

Thomas.Ødegård.Corporate Manager

Benjamin.Ryeng-HansenCorporate Manager

Nina.ElverumCorporate Manager

Trond.HamreSenior Partner

RS.Platou.Finans.AS

RS.Platou.Finans.Singapore.PTE.Ltd

Ship Finance

RS.Platou.Finans.Shipping.

Ship Finance

RS.Platou.InvestorServices.AS

Investor Services

RS.Platou.Finans.Management

Corporate Management

RS.Platou.AssetManagement.AS

Fund Structure

Heidi.Meyer.Westby..Office Manager

Elisabeth.RelboSecretary

RS.PLATOu.FINANS

At the beginning of 2010, RS Platou Finans expected to see many of these vessels being offered for sale in the second-hand market as a result of defaulted loans and banks being

under pressure.

However, only a fraction of these transactions has actually mate-rialized. Although many ship owners have seen their equity stakes wiped out, banks are holding on to the assets in order to avoid a chaotic second-hand market with fire-sale prices.

RS Platou FinanS’ PoRtFolio oF PRojectS. The shipping and offshore companies managed by RS Platou Finans performed quite well during 2010. A few projects are still struggling with low ship values and, despite a healthy cash flow from long-term bareboat contracts, banks are requesting extraordinary down payments.

RS Platou Finans has arranged finance for more than 170 vessels and offshore units during the period 2005-2010. The total investment is well above $3.5 billion with an average 75 percent bank funding and the equity financed mainly by the Norwegian investor market.

The present fleet under our corporate management stands at around 115 vessels, equally divided between the offshore and shipping segments.

Our teams of project brokers and corporate managers have spent more time in 2010 focusing on the existing portfolio than in previous years. Both equity partners and banks are anxious about the poor charter market and the bareboat charterer’s ability to pay the bareboat hire. For some of our projects, the bareboat hire is

Still plenty of challenges facing the turbulent financial shipping marketAlthough some shipping banks are open for new business, most are still focusitng on their existing portfolios while casting a nervous eye on the large drop in ship values within most shipping segments.

SummaRy KS-houSeS 2005 - 2010 (Fearnleys, nRP, Pareto, Platou)

Mill $

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Total Project PricePaid in EquityUncalled capital

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Article from RS Platou’s annual report 2011.

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6. RS.PLATOu.FINANS

above current charter earnings, meaning there is no room to cover operating costs. Obviously, this will not work over time as the charterer’s cash reserves will be exhausted.

Four new projects were launched during 2010, split 50/50 betweendrybulkandtankers.Equityfundinghasmainlybeenprovided by sources outside of Norway due to the lack of interest from Norwegian investors. In general, the banks’ lending policies and the investment climate turned out to be more difficult than expected at the beginning of 2010.

Most shipping banks have said they will prioritize large existing clients and have set aside limited funds for project financing. In addition, the cost of funding has become very expensive. The av-erage margin is up by 2 percent to 3-3.5 percent and the arrange-ment fee has more than doubled.

Prior to the financial crisis, banks were willing to finance vessels of all ages. Their new lending policy excludes older ladies and less liquid assets. Any type of vessel without long-term employment is also difficult to accept. On top of this, the level of gearing is down from 80 percent to 60 percent, even with ship values that are 50 percent below the 2008 level.

Pre-financial crisis:A 5-year-old 20,000 dwt chemical tanker was purchased at $40 mill and financed with a $32 mill senior loan. The offered margin was about 1 percent with an 8- to 10-year loan period and a 15-year profile.

Post-financial crisis:The same vessel is valued at about $20 mill today. Banks are offer-ing a senior loan of $12 mill at 3.5 percent margin, a 5-year loan period and an 8- to 10-year profile.

Obviously, there is a big difference between the banks’ risk expo-sure and their required funding cost compared to the market prior to the financial crisis.

Ship owners have noticed the immense challenges and high costs of financing new vessels through traditional bank channels. As a result, the second-hand market has experienced reduced activ-ity and the newbuilding market has seen very low activity. Many transactions among ship owners ? have been financed with 100 percent equity, without the need for traditional bank financing.

We have also seen a few bond issues during 2010, triggered by a short-term window where ship owners prefer the flexible terms offered by bond holders compared with bank financing, even at higher funding costs.

the noRwegian “KS” maRKet in 2010. According to informa-tion we collected from the four most active ship finance houses, new business worth about $600 mill was concluded in 2010. In addition, about $200 mill of new business has been reported from other project houses. This is about twice as high as in 2009, but still only one-fifth of the level of new business completed during the top year 2007.

The type of “KS” projects established in 2010 have been divided between dry bulk, tank, container and offshore vessels. The projects are still dominated by sale/leaseback structured deals and the paid in equity represents, on average, about 35 percent of the project price. A few projects have been reported to be financed with 100 percent equity.

Although many investors in the Norwegian “KS” market have recovered some of the losses they made in 2009, they are still reluctant to invest in new shipping projects. This has resulted in more focus on raising equity outside of Norway, albeit still using the traditional “KS” structure.

There is no doubt that the tax-friendly and simple Nor wegian “KS” structure can be used by foreign investors and ship owners who are looking for a serious alternative to the traditional setups in small islands without any tax treaties with other countries.

We started 2010 with an optimistic view on the ship finance mar-ket, but must admit that this was too early. We hope to see more activity in 2011, but this will very much depend on the shipping banks and their willingness to finance the project market. Given the present cost of bank funding and the long list of covenants, many potential projects will still be postponed or cancelled.

RS Platou FinanS SingaPoRe. The Asian economy is becom-ing increasingly interesting as it takes on a greater position in the Western world. Needless to say, the growth in China and the Asian economies pushed the world forward throughout the finan-cial crisis, which probably prevented a new “great depression”.

Singapore is situated between some of Asia’s more interesting economies, evidently contributing to the prosperous growth.

AssomeEuropeanshipfinancelenderscontinuetostruggle,many ship owners turn to Asia for the financing of newly built and second-hand tonnage.

Platou Finans Singapore has experienced an increase in enquires during 2010, both from the shipping and offshore segments. The feedback from regional lenders is increasingly positive, especially since the second half of 2010, which brings great optimism for 2011.

THE.SHIPPING.ENVIRONMENT.(FROM.RS.PLATOu.SHIPBROKERS.ANNNuAL.REPORT.2011)

Also the supply side contributed to the general upturn in shipping markets. If deliveries of newbuildings should have followed the order book at the beginning of 2010,

the fleet growth would have been 10 percent. Cancellations, agreed postponements and regular delays led to a substantial re-duction in deliveries. The order book was most likely also inflated by fictitious orders. The actual fleet growth came in at 7 percent.

higheR utiliZation Rate. After underlying growth in total tonnage demand of 8 percent annually in the years 2002-08, demand fell by 3 percent in 2009, and the sound market balance through many years collapsed. The utilization rate fell from 90 percent in 2008 to only 82 percent in 2009. This indicates an overcapacity not seen since the 1980s. The very strong growth in tonnage demand in 2010, together with the somewhat moder-ated fleet growth, lifted the utilization rate from 82 to 85 percent. That puts us back to levels seen in 1999 and 2002, which are notregardedassuccessfulyearsintheshippingindustry.Lastyear was also characterized by big variations between segments. We estimate a utilization rate of 92 percent for bulk carriers, 86 percent for tankers, roughly 80 percent for container vessels and carcarriersand75percentforLNGcarriers.

a huge RiSe in oRDeRing actiVity. After continuing the downward trend into the first quarter of 2010, newbuilding prices rose by 10 percent in the second quarter. Towards the end of the

year prices started to soften again. Ordering activity recovered strongly in 2010 and reached 34 mill compensated gross tons (cgt), a tripling from the year before. Deliveries were even higher, resulting in a declining order book.

The average value for tankers rose by a moderate 4 percent dur-ing 2010, following a decline of 25 percent in 2009. The trend in ship values for bulk carriers was in line with the trends in the freight market - rising for medium-size and small vessels - falling for the largest vessels.

tanKeR maRKet - StRong tRaDe gRowth But weaK FReight RateS. The tanker market in 2010 was characterized by a strong first half and a weak second half. This pattern was most pro-nouncedfortheVLCCs,whichachievedanaverageof$51,000inthe first half of the year and $19,000 in the second half. A sudden decline in floating storage during the summer resulted in a sharp drop in freight rates. Oil consumption increased by 3 percent and seaborne oil trade in terms of ton-miles showed the strongest growth since the late 1980s. The fleet growth of 5 percent was somewhat higher than expected due to fewer removals of single-hull tankers than anticipated. Despite the brisk rise in tonnage demand, the utilization rate for the total tanker fleet recovered only marginally from 85 to 86 percent, significantly below the 90 percent level that we define as full capacity utilization.

Higher-than-expected global economic growth led to somewhat better market conditions for many shipping segments in 2010 than we had forecast at the start of the year. The improved economic recovery contributed strongly to the extraordinarily high growth of 11-12 percent in tonnage demand for the world merchant fleet. However, this impressive growth rate must also be regarded in light of the very low 2009 baseline.

the shipping environment

World shipping 2010– somewhat better than expected

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7...

8. THE.SHIPPING.ENVIRONMENT.

BulK maRKet - outPeRFoRming eXPectationS again.Higher-than-expected global economic growth contributed to a nearly 9 percent increase in seaborne dry bulk trade from 2009 to 2010. Together with increased port congestion, longer ballast legs and a dramatic upturn in Chinese coastal trade, tonnage demand increased by a striking 13 percent. However, fleet growth was also extraordinarily high at 12.5 percent on an annual average basis. The utilization rate rose marginally, up one percentage point from 2009 to 2010. The freight market was more diversified than what we have seen in many years, with a drop for Capesizes and an upturn for Handysizes, Supramaxes and Panamaxes. Higher fleet growth and an unfavorable trade pattern explain why the Capesize segment had weaker market conditions.

containeR maRKet - a SuBStantial RecoVeRy. Preliminary data suggest an increase of 13 percent in global container movements in 2010 from the year before with higher volumes seen on all major trade routes. Intra-Asian container traf-fic climbed 20 percent. Interestingly, China’s import growth ex-ceeded its export growth. Another interesting trend in the world container ship market in 2010 was the sharply higher volumes fromEastAsiatotheMiddleEast,AfricaandSouthAmerica.Also exports from India to all regions showed strong growth.

We recorded a significant reduction in deliveries of newbuild-ings compared with what was scheduled due to cancellations and delays, resulting in a fleet growth of 8 percent. Tonnage surplus and higher bunker prices led operators to gradu-ally reduce their service speed, thereby raising the need for con-tainer ships. Consequently, the overcapacity was reduced, idled ships were reactivated and freight market conditions recovered.

caR caRRieRS - a SteaDy RecoVeRy. The global collapse in car sales was disastrous for the car carrier market in 2009. The eco-nomic recovery in 2010 resulted in higher car sales in the United

States as well as in emerging markets, while sales in Western Europedeclinedthroughoutmostoftheyear.Exportsofnewcarswere steadily growing from China, Thailand and India in addi-tiontothetraditionalexportsfromJapanandKorea.Estimatedtonnage demand surged 28 percent and, combined with a fleet growth of 6 percent, the utilization rate for the PCTC fleet (Pure Car and Truck Carrier) rose significantly from 65 percent in 2009 to 81 percent in 2010. PCTC operators responded quickly by scrapping almost 20 percent of the total fleet in 2009-10, an important reason for the improvement.

lng - tRaDe VolumeS RoSe ShaRPly. TradeinLNGrosesharply in 2010. Our preliminary estimate points to a 20 percent growth in volume, the highest since the early 1980s. This excep-tionally high growth was sparked by a combination of new export projects, several projects reaching their first year of full produc-tion and higher utilization of existing production capacity. Strong growth in spot trade and lower speed helped boost tonnage demand.TheextensiveuseofLNGcarriersforfloatingstoragein 2009 was reversed in 2010, when these carriers returned to the freight market. Along with a fleet growth of 13 percent in 2010, theutilizationratefortheLNGfleetimprovedby6percentagepoints. This could not, however, change the fact that 4 percent of the fleet remained idle. oil anD gaS e&P SPenDing PicKing uP again. After a 10 percentdropinE&Pspendingin2009,oilandgascompaniesturned optimistic again in 2010 and increased spending by 5-10 percent. The global economic recovery and the strong rise in oil prices were the main drivers behind the new optimism. How-ever, the Macondo accident in April 2010 temporarily put the improved activity on hold. The oil spill illustrated the risks in projects at the technological frontier.

woRlD meRchant Fleet 2001-2010annual changes

tonnage DemanD gRowth VS woRlD economic gRowth 2000-2010

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THE.SHIPPING.ENVIRONMENT.

Our records show that, despite the Macondo accident, activity of mobile offshore drilling rigs increased in all sub-segments. New rig commitments reached 500 rig years in 2010, up from 350 in 2009, an increase of more than 40 percent. The growth in activity helped to stabilize the utilization rate for mobile rigs.

woRlD economy anD woRlD ShiPPing. The close correlation between the world economy and world shipping is well-known. In our research, we have for decades worked to find as precisely as possible a correlation between economic growth and the growth in tonnage demand. We have also found that this correlation is changing over time. China’s entry into the World Trade Organiza-tion in 2001 and the country’s industrial revolution have led to a higher underlying global economic growth as well as a more seaborne trade intensive growth. In the period 2003-2010, as much as 80 percent of the annual variations in tonnage demand could be explained by the variations in global economic growth. The remaining 20 percent must be explained by factors not cor-related with economic growth. Such factors can be random and temporary, such as abnormal weather conditions, strikes, non-cyclical inventory fluctuations and changed sailing routes to avoid sea pirates. However, factors such as these are difficult, and even impossible, to predict.

Based on data from 2003-2010 (see chart), we can see that economic growth of 4 percent will typically lead to a growth in tonnage demand of 7 percent, while economic growth of 5 percent will raise tonnage demand by 9 percent. While this gives us, of course, a simplified picture of the real world, it can guide us towards a better understanding. The next question is how reliable are macroeconomic forecasts. When economic growth forecasts fail, shipping forecasts fail too. The track record of IMF forecasts for world economic growth, published every October for the coming year, is fairly good, with an annual deviation of 1.0 per-centage point on average. The typical pattern is that forecasts are

somewhat cautious in recoveries and high-growth periods, while they are far too optimistic in recession periods. In a shipping context a one percentage point change in GDP corresponds to a change of two percentage points in tonnage demand for the total world fleet. (This cannot be applied to each individual shipping segment.) Our experience has shown that by far the most impor-tant reason for being wrong in our own shipping market forecasts is the lack of accuracy in macroeconomic forecasts.

PRoSPectS FoR the woRlD economy. The year 2010 turned out to be surprisingly good for global economic growth and much better than forecasters had expected at the start of the year. Most of the dangers that frightened financial markets failed to materialize. Global output was up 5.0 percent, well above the long-term trend, but the recovery differed significantly across regions.Emergingeconomiesshowedstronggrowth-9.3percentinAsiaand7.5percentinBrazil-whilethegrowthintheOECDeconomies was 2.8 percent. In a historical perspective, the growth inOECDcountrieswasnotexceptionallylow,butconsideringthat these economies are emerging from the deepest recession since World War II, the recovery must be described as moderate and hesitant. The global growth was strongest in the first half of 2010 with a surge in inventories and fixed investment. Indus-trial production rose 15 percent and global trade more than 40 percent. Growth declined in the second half, when fiscal policy stimulus was redrawn. The recovery is likely to reaccelerate during 2011, mainly in emerging economies, driven by private consump-tion and fixed investment.

The shipping markets were clearly influenced by the different growth pace in the two halves of 2010. Seaborne trade volumes in absolute terms showed exceptionally strong growth in the first half and more or less flattened out in the second.

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400

450

100806040200989694929088868482807876747270

Index 1970=100

World outputSeaborne dry tradeSeaborne oil trade

annual gRowth in Real gDP Percentage change from previous year

jan 2010 jan 2011 jan 2011 Forecast estimates Forecast 2010 2010 2011USA 2.7 2.8 3.0JAPAN 1.7 4.3 1.6EUROAREA 1.0 1.8 1.5CANDEEUROPE 2.0 4.2 3.6RUSSIA 3.6 3.7 4.5CHINA 10.0 10.3 9.6INDIA 7.7 9.7 8.4ASEAN 4.7 6.7 5.5MEASTANDNAFRICA 4.5 3.9 4.6SUB-SAHARAAFRICA 4.3 5.0 5.5LAMERICA n.a 5.9 4.3WORLD 3.9 5.0 4.4

Source: IMF

➤

9...

The most well-known forecasters indicate a weaker economic growth in 2011. The IMF predicts global growth to drop from 5.0 percent in 2010 to 4.4 percent in 2011. Mixed signals from the US economy, uncertainty about the sovereign debt in south-ernEuropeandthefearofoverheatinginChinabroughtsomepessimism into the markets in the summer of 2010. Macroeco-nomic analyses are dominated by the potential downside, simply because of all the bearish arguments that are queuing up. The massive public stimulus is now ebbing away and will hopefully be followed by private consumption and fixed investment as stimula-tors. Across regions there are today wide variations in the presence of such contributors to a steady growth.

While macroeconomists are spreading their worries (it’s apparently their job), optimism has returned to the stock markets, having risen by 20 percent in the last few months of 2010. The oil price has also shown strength by breaking out of the stable channel between $70 and $85 to close to $100 in mid-January 2011. For a period of time the $70-$80 level was considered to be acceptable for the world economy. The question now is where the limitis.Earlyin2011theIEAarguedthatoilpricesareina“dan-ger zone” for what the world economy can absorb without being athreattotherecoveryandhasaskedproducers(readOPEC)tobe ready to raise oil production. Saudi Arabia’s oil minister has repeatedly stressed that they are willing to raise oil output if there is a shortage of oil, but not if the oil price is driven by speculators. So far there is no shortage of oil even if oil inventories have been drawn down substantially towards the end of 2010.

In the last few months of 2010 the prospects for the global economy have apparently become somewhat brighter. There are

good reasons for the US economy to gather speed in 2011 due tomonetaryeasing(QE2)andanormalizationofthefinancialsystem. More positive data have also been released for several Europeaneconomies,particularlyGermany.However,themaindriver for future economic growth will be emerging economies, especially in Asia and particularly in China.

EmergingAsia,theworld’sfastestgrowingregion,ledtherecoveryin 2010 supported by appropriate policy stimulus, a rebound in global manufacturing and strong growth in domestic demand. Also emerging Asia experienced some moderation in activity in the second half, but a moderation to a more sustainable trend.

The IMF is predicting a minor decline in economic growth in China from 10.3 percent in 2010 to 9.6 percent in 2011. Major fiscal stimulus, several measures to boost household incomes and consumption led to a well established recovery and a private-sec-tor-led growth is now under way. The biggest concern is overheat-ing and the need for policy tightening. Consumer inflation more than 5 percent, especially for politically sensitive foodstuffs and property,isgivenhighpriorityinBeijing.Evenmoreworryingisa possible repeat of the commodity price shock of 2008. China’s central bank has raised interest rates and hiked the amount of money Chinese banks must leave on deposits several times in 2010. But real interest rates remain negative, pushing many to consider investing in property, even if prices are considered already excessively high.

Emergingeconomieshaveinthelasttenyearsdominatedworldshipping,whiletheUnitedStates,EuropeandJapanhavebecomeless important. A crucial question is whether seaborne trade will

gloBal economic gRowth 2003-2011Forecasts and actual growth rates

Percent change

-1

0

1

2

3

4

5

6

ActualForecast

201120102009200820072006200520042003

Source: IMF

10. THE.SHIPPING.ENVIRONMENT.

SuPPly, DemanD anD utiliZation Rate 1990-2010world merchant fleet

Mill cgtSupplyDemandUtilization rate

Utilization rate

70

80

90

100

110

100

200

300

400

500

100908070605040302010099989796959493929190

keep up its high activity even with a weak growth in advanced economies. In other words if we could forget the old “doctrine” that when the United States sneezes, the rest of the world catches cold.

Recent studies conclude that emerging economies seem to be more dependent on advanced economies, but are less affected by their recessions. This apparent contradiction could be explained byimprovedmacroeconomicmanagement.Empiricalevidencesuggests that economies with weaker external balances were par-ticularly vulnerable to the recent crisis, and economies that were particularly dependent on bank lending instead of foreign invest-ment were susceptible to rapid capital outflows.

PiRacy at Sea ReacheD RecoRD leVelS. Piracy on the high seas has increased dramatically. According to the International Maritime Bureau (IMB), 445 ships were attacked in 2010, 53 ships were hijacked, 1181 seafarers were taken hostage and eight were killed. While attacks off the coast of Somalia remain high, the number of incidents in the Gulf of Aden more than halved last year with the help of naval forces from around the world. Somali pirates are now operating as far south as the Mozambique Channelandasfareastas72”Eastlongitude,whichisclosetoIndia.

ShiPPing maRKet PRoSPectS. The predicted global economic growth of 4.4 percent in 2011 and 4.5 percent in the subsequent years will according to our simplistic model, result in a ton-nage demand growth of 8 percent in 2011 and 8 percent in the following years. If that proves to be the case, we will almost be back to the growth pattern we achieved in the best years before

the financial crisis emerged. So this apparently looks promising. The problem is a weak starting combined with an oversized order book for important shipping markets.

Based on the order book at the beginning of 2011, 59 mill cgt will be delivered this year (compared with 43 mill cgt in 2010) followed by 35 mill cgt in 2012. With these deliveries and the above-mentioned demand assumptions, the utilization rate for the total merchant fleet will fall from last year’s 85 percent to 83 percent this year and then rise to 86 percent in 2012. This is not a very pleasant scenario.

However, there are some fairly good reasons for a more optimis-ticview.Lastyearshowedthatonlytwothirdsofthescheduleddeliveries at the beginning of the year were actually delivered. (Roughly 60 percent for bulk and container vessels and 70 percent for tankers). If this pattern continues in 2011, deliveries will be constrained to 40 mill cgt and the utilization rate of 85 percent in 2010 will be maintained in 2011. If deliveries in 2012 and 2013 stabilize at 30 mill cgt per year, the utilization rate will rise to 90 percent in 2013. This is basically the same level as in the boom period of 2003-2008. We believe it is realistic to see a significant cut in deliveries when market conditions are weak, but are more skeptical when markets are recovering.

Erik M. AndersenRSPlatouEconomicResearch

11...THE.SHIPPING.ENVIRONMENT.

ahtS & PSV – SuPPly gRowth Finally Slowing. Although de-mand rose substantially, the market had to absorb many new de-liveries, while scrapping and removals were basically insignificant. Our records show that nearly 250 AHTS vessels were delivered in 2010, increasing the AHTS fleet by 15 percent. The PSV fleet is estimated to have grown by 11 percent as nearly 90 PSVs entered the market. The fleet grew considerably less than anticipated, however, because many of the expected deliveries were delayed (and in some cases cancelled).

Given today’s order book of 258 AHTS vessels and 167 PSVs, we expect the total PSV fleet to grow by 6 percent in both 2011 and 2012, while the total AHTS fleet is expected to grow by 7 percent in 2011 and 3 percent in 2012. The slowdown in fleet growth, combined with a brighter outlook for demand as oil prices once again move towards $100 per barrel, is raising our expectations for utilization rates and dayrates in 2011.

ahtS & PSV – DemanD FunDamentalS. Increasing global offshore rig activity was a prime driver of increased demand for PSV and AHTS vessels last year. Our records show that rig demand bottomed out in 2009 at 472 units and increased to 512 units by the end of 2010. A breakdown of offshore rig demand reveals that floater demand is rising relatively more quickly than jackup demand as offshore activity is shifting towards deep and ultra-deepwater basins. Deep/Ultradeepwater offshore activity has been concentrated on only a few regions and over the last 5 years Brazil’s offshore basins have accounted for nearly 80 percent of the growth in floater demand. It therefore comes as no surprise that in the last 12 months we have seen many PSVs exiting the North Sea and moving to Brazil for new employment opportu-nities.LargermodernOSVsareincreasinglyindemandasthedistances from shore to deepwater fields in Brazil are often quite far and the installations and offshore rigs to be serviced are often larger than in shallow water. The majority of new floaters are also mostly dynamically positioned (DP), and hence demand is favor-ing PSVs rather than AHTS vessels.

the offshore support vessel market

Bright spots emergingAlthough much of the Offshore Supply Vessel (OSV) industry was still dominated by an overhang of tonnage ordered prior to the financial crisis, bright spots emerged in 2010. We saw activity in the OSV industry begin to increase last year on the back of rising oil prices and Exploration & Production (E&P) spending. However, the higher activity in the OSV markets was uneven and benefited large Platform Support Vessels (PSV) the most.

noRth Sea tonnage 2001-2010ahtS average t/c rates (reported and estimated)

noRth Sea tonnage 2001-2010PSV average t/c rates (reported and estimated)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000GBP/DAY

16,000+ BHP

20,000+ BHP

10-15,999 BHP 8-10,000 BHP

01 02 03 04 05 06 07 08 09 100

5,000

10,000

15,000

20,000

25,000

30,000GBP/DAY

900+ m2 deck area

3,100+ dwt

750-899 m2

deck area

2,200 -3,099dwt2,200+ dwt

500-749 m2

deck area

01 02 03 04 05 06 07 08 09 10


12. THE.OFFSHORE.SuPPORT.VESSEL.MARKET.(FROM.RS.PLATOu.SHIPBROKERS.ANNNuAL.REPORT.2011)

THE.OFFSHORE.SuPPORT.VESSEL.MARKET..

ahtS & PSV - the noRth Sea maRKet. As elsewhere, the North Sea PSV and AHTS vessel market was still dominated by the overhang of tonnage ordered prior to the financial crisis, but bright spots emerged especially in the PSV market. Our figures show that spot rates in the North Sea for 900+m2 averaged £8,250 in 2009, while last year the spot rates for similar units rose to £16,000. On the other hand, spot rates for Anchor Handler Tug Supply (AHTS) vessels in the North Sea remained low. Spot rates achieved in 2010 were similar to those attained in 2009. It is interesting to note that more AHTS vessels were doing cargo runs, because of the strength of the PSV market.

The higher PSV dayrates were achieved during the summer season of 2010, which was more pronounced than usual. Seasonal demand for vessels increased as demand for offshore rigs rose substantially over the summer. Several vessels were also working for the Nord-Stream project and, not least, Cairns’ exploration activity off Western Greenland attracted a large number of vessels. The additional seasonal demand combined with increasing global offshore activity, which favored PSVs, was sufficient enough to bring the North Sea PSV utilization rate to 100 percent and bring PSV spotrates back to levels seen before the financial crisis, although only temporarily.

ahtS & PSV – Sale anD PuRchaSe. The OSV market never unraveled as some players had forecast in 2009. The belief in renewed strength in the market enabled owners, if needed, to restructure their companies by, for example, raising capital in the bond market. By holding onto tonnage, rather than selling, liquidityintheS&Pmarketwasrestricted. In line with dayrates, the estimated value of secondhand AHTS vessels fell by about 5 percent last year. The improved market for large PSVs, which was seen in spot and term rates, was also reflected in higher secondhand values. We estimate that values for this type of tonnage rose nearly 15 percent in 2010. The increas-ing preference for modern tonnage was also reflected in second-hand values.

ahtS & PSV - newBuilDing. Lastyear,190newordersforvesselswere placed at yards. This is more than the 112 new orders placed in 2009, but still lower than the 230 in 2008. Of the new orders placed in 2010, 72 were for PSVs and 118 for AHTS vessels. Ris-ing rates for large PSVs resulted in many new orders in this seg-ment. The Macondo accident also served as a reminder to oil and gas companies that new clean design and environmentally friendly vessels is the way forward. Newbuilding prices were relatively stable during 2010. Our records indicate that newbuild prices for a medium-sized PSV was basically unchanged at between $30 mill and $35 mill, while newbuilding prices for large PSVs built in Norway rose nearly 5 percent in 2010.

the conStRuction VeSSel maRKet. The market for construc-tion vessels was still suffering from overtonnage last year. Demand for construction vessels improved only slowly in 2010, while supply grew considerably as many newbuildings ordered prior to the financial crisis were delivered. Much of the fleet growth was, however, mitigated by cancellations and delays of vessels at the shipyards. At the beginning of 2010, order books indicated that 77 newbuildings would be delivered that year, but only 32 were actually delivered.

The order intake of subsea companies improved significantly during the latter part of 2010, although order intake is still below 2008 levels. While demand showed every sign of picking up in 2010, the inherent lead times from contract awards to actual activity meant that activity only improved slowly. However, the improved order intake indicates that demand is likely to improve further as we move into 2011 and accelerate significantly in 2012-2013. Related markets, such as the rapidly growing renewables market, will also boost demand for construction vessels.

The secular trend towards developing oil and gas fields in increas-ingly deeper waters adds to the complexity of operations. The re-sult is that both new, more advanced tonnage and companies with a larger resource base are needed to tackle these challenges. One of the most notable transactions in the construction vessel market in 2010, the merger between Acergy and Subsea7, illustrates this.

Sven Ziegler RS Platou Offshore Research

woRlDwiDe ahtS newBuilDing DeliVeRy ScheDule 2011-2013

02468

101214161820

DNOSAJJMAMFJDNOSAJJMAMFJDNOSAJJMAMFJ2011 2012 2013

No. of vessels16,000+ BHP10-15,999 BHP

woRlDwiDe PSV newBuilDing DeliVeRy ScheDule 2011-2013

0

2

4

6

8

10

12

14

16

SAJJMAMFJDNOSAJJMAMFJDNOSAJJMAMFJ

No. of vessels900+ m2

750-899 m2

500-749 m2

2011 2012 2013

13...

14. PROJECTS.SuMMARy

Projects per year UncAllEd TOTAl cOmmiTTEd PrOjEcT nAmE nO. Of VSlS. ESTAbliSHEd cUrrEncy PrOjEcT PricE PAid in cAPiTAl cAPiTAl cAPiTAl

PrOjEcTS ESTAbliSHEd 2004 Aries Supply I KS 1 April 2004 NOK 201 046 770 42 300 000 15 000 000 57 300 000 Ross Cape DIS 1 October 2004 USD 17 350 000 3 850 000 1 000 000 4 850 000 International Container Ships KS 2 November 2004 USD 66 260 000 12 260 000 4 150 000 16 410 000 J.B.U OBO I KS 1 December 2004 USD 36 580 000 7 780 000 5 000 000 12 780 000 No. of vessels 5 Total NOK 201 046 770 42 300 000 15 000 000 57 300 000 No. of projects 4 Total USD 120 190 000 23 890 000 10 150 000 34 040 000 Total EUR - - - - Project price USD 150 018 898 30 165 964 12 375 519 42 541 484 PrOjEcTS ESTAbliSHEd 2005 Eidsiva Trucker KS 1 February 2005 EUR 10 900 000 2 470 000 2 000 000 4 470 000 Mount Faber KS 4 April 2005 USD 80 900 000 13 325 000 0 13 325 000 Norwegian Shipping DIS April 2005 USD 19 200 000 13 700 000 5 500 000 19 200 000 Goliat Roro KS 1 May 2005 EUR 9 000 000 1 960 000 1 500 000 3 460 000 Global Cable KS 2 June 2005 USD 12 320 000 2 870 000 3 000 000 5 870 000 Bergshav Chemical KS 2 July 2005 EUR 20 470 000 4 470 000 2 200 000 6 670 000 Volstad Supply I KS 1 August 2005 NOK 262 620 000 75 050 000 20 000 000 95 050 000 Scandinavian Bulkers KS 5 September 2005 EUR 28 926 000 6 776 000 6 000 000 12 776 000 Volstad Supply II KS 1 November 2005 NOK 262 620 000 75 050 000 20 000 000 95 050 000 Agder Ocean Reefer KS 3 November 2005 USD 27 750 000 6 150 000 0 6 150 000 Celine I OBO DIS 1 November 2005 USD 12 470 000 1 970 000 3 000 000 4 970 000 Cement Ship II DIS 1 November 2005 USD 19 800 000 5 575 000 4 000 000 9 575 000 Multipurpose Bulkers DIS 4 December 2005 EUR 27 145 000 4 695 000 4 500 000 9 195 000 SBS Tempest KS 1 December 2005 NOK 134 300 000 29 300 000 10 000 000 39 300 000 SBS Torrent KS 1 December 2005 NOK 141 175 000 31 975 000 10 000 000 41 975 000 Green Pacific DIS 3 December 2005 USD 30 590 000 6 090 000 8 000 000 14 090 000 No. of vessels 31 Total NOK 800 715 000 211 375 000 60 000 000 271 375 000 No. of projects 16 Total USD 203 030 000 49 680 000 23 500 000 73 180 000 Total EUR 96 441 000 20 371 000 16 200 000 36 571 000 Project price USD 447 167 112 107 807 795 52 940 994 160 748 789 PrOjEcTS ESTAbliSHEd 2006 Norwegian Shipping II DIS January 2006 USD 8 000 000 5 200 000 2 800 000 8 000 000 SBS Typhoon KS 1 January 2006 NOK 167 050 000 36 650 000 25 000 000 61 650 000 Japan Offshore DIS 3 April 2006 USD 37 150 000 8 150 000 3 000 000 11 150 000 Aries Supply II KS 1 April 2006 NOK 155 000 000 33 000 000 21 000 000 54 000 000 European Venture DIS 2 April 2006 USD 46 325 000 9 965 000 5 000 000 14 965 000 NFC Offshore DIS 4 April 2006 USD 74 500 000 24 480 000 8 000 000 32 480 000 Oceanlink Offshore DIS 1 May 2006 USD 13 250 000 2 750 000 2 500 000 5 250 000 Panda Chemical Oil DIS 1 June 2006 USD 19 545 000 4 345 000 1 500 000 5 845 000 Western Chemical KS 3 July 2006 EUR 32 775 000 7 095 000 5 750 000 12 845 000 Singapore Offshore DIS 5 August 2006 USD 129 100 000 8 500 000 8 000 000 16 500 000 Oceanlink Offshore II DIS 1 August 2006 USD 12 000 000 2 250 000 2 250 000 4 500 000 Japan Offshore II DIS 3 September 2006 USD 39 075 000 8 775 000 7 825 000 16 600 000 NFC Offshore III DIS 2 October 2006 USD 46 046 000 14 186 000 8 666 000 22 852 000 Japan Offshore III DIS 2 October 2006 USD 47 340 000 10 540 000 9 430 000 19 970 000 Oceanlink Offshore III DIS 2 October 2006 USD 28 500 000 5 200 000 9 600 000 14 800 000 Agder Ocean Reefer II AS 2 November 2006 USD 19 500 000 4 500 000 0 4 500 000 Northern Offshore DIS 2 November 2006 USD 39 000 000 8 400 000 6 740 000 15 140 000 Norwegian Product DIS 2 November 2006 USD 32 865 000 7 265 000 6 500 000 13 765 000 Global Cable II DIS 2 December 2006 USD 45 400 000 9 400 000 6 000 000 15 400 000 No. of vessels 39 Total NOK 322 050 000 69 650 000 46 000 000 115 650 000 No. of projects 19 Total USD 637 596 000 133 906 000 87 811 000 221 717 000 Total EUR 32 775 000 7 095 000 5 750 000 12 845 000 Project price USD 728 855 930 153 651 288 102 186 000 255 837 288

PrOjEcTS ESTAbliSHEd 2007 Ross Chemical II DIS 5 February 2007 USD 119 100 000 25 100 000 12 000 000 37 100 000 Atlantic Guardian DIS 1 February 2007 USD 42 880 000 8 100 000 8 000 000 16 100 000 NFC Panamax DIS 1 March 2007 USD 24 650 000 4 650 000 0 4 650 000 Orchard Offshore DIS 4 March 2007 USD 43 800 000 7 800 000 2 125 000 9 925 000 Raffles Offshore DIS 1 March 2007 USD 45 945 000 12 445 000 4 500 000 16 945 000 Norwegian Offshore DIS 4 April 2007 USD 65 470 000 21 900 000 6 000 000 27 900 000 Med Ethylene DIS 2 May 2007 USD 27 875 000 6 275 000 4 500 000 10 775 000 Ullswater Subsea DIS 1 May 2007 USD 48 820 000 12 820 000 5 000 000 17 820 000 European Venture II DIS 1 July 2007 USD 11 370 000 3 370 000 6 000 000 9 370 000

.PROJECTS.SuMMARy

UncAllEd TOTAl cOmmiTTEd PrOjEcT nAmE nO. Of VSlS. ESTAbliSHEd cUrrEncy PrOjEcT PricE PAid in cAPiTAl cAPiTAl cAPiTAl

PrOjEcTS ESTAbliSHEd 2007 cOnTinUEd Tioman Offshore DIS 1 July 2007 USD 51 150 000 11 150 000 0 11 150 000 Sentosa Offshore DIS 4 July 2007 USD 46 350 000 8 300 000 0 8 300 000 Southern Chemical DIS 3 July 2007 EUR 88 200 000 10 350 000 10 000 000 20 350 000 Bovey Offshore Private Ltd 4 August 2007 USD 43 600 000 10 500 000 0 10 500 000 Asian Bulkers DIS 3 October 2007 USD 142 875 000 49 075 000 0 49 075 000 Short Sea Bulkers DIS 4 November 2007 EUR 24 800 000 4 550 000 4 500 000 9 050 000 Ross Chemical IV DIS 2 November 2007 USD 53 000 000 18 000 000 0 18 000 000 Dongguan Chemical Tankers DIS 1 November 2007 USD 32 750 000 7 150 000 7 000 000 14 150 000 Pantheon Chemical DIS 1 November 2007 EUR 31 000 000 5 160 000 5 500 000 10 660 000 No. of vessels 43 Total NOK 0 0 0 0 No. of projects 18 Total USD 799 635 000 206 635 000 55 125 000 261 760 000 Total EUR 144 000 000 20 060 000 20 000 000 40 060 000 Project price USD 996 467 765 234 054 898 82 462 884 316 517 782 PrOjEcTS ESTAbliSHEd 2008 Marineline Chemical DIS 3 February 2008 USD 79 850 000 12 680 000 0 12 680 000 Edda Accommodation 1 February 2008 EUR 126 500 000 44 000 000 12 000 000 56 000 000 NFC AHTS Ltd. 2 March 2008 USD 70 520 000 24 600 000 0 24 600 000 Bukit Timah Offshore DIS 3 May 2008 USD 125 269 250 29 269 250 0 29 269 250 Mountbatten Offshore DIS 2 May 2008 USD 109 134 000 25 134 000 0 25 134 000 Bovey Offshore Ltd. 4 May 2008 USD 42 650 000 14 475 000 0 14 475 000 Semakau Producer DIS 1 July 2008 USD 20 400 000 20 400 000 0 20 400 000 European Venture III DIS 1 July 2008 USD 17 720 000 5 720 000 5 000 000 10 720 000 Golden Kamsar DIS 1 August 2008 USD 67 294 000 17 294 000 12 500 000 29 794 000 Jimbaran DIS 1 September 2008 USD 54 200 000 9 035 000 0 9 035 000 Seminyak DIS 2 September 2008 USD 108 963 000 18 618 000 14 000 000 32 618 000 JBUS Offshore DIS 2 September 2008 USD 60 000 000 27 000 000 0 27 000 000 Oceanlink Reefer III DIS 1 September 2008 USD 20 200 000 5 200 000 5 000 000 10 200 000 Agder Ocean Reefer III AS 7 October 2008 USD 53 500 000 10 000 000 7 000 000 17 000 000 No. of vessels 31 Total NOK 0 0 0 0 No. of projects 14 Total USD 829 700 250 219 425 250 43 500 000 262 925 250 Total EUR 126 500 000 44 000 000 12 000 000 56 000 000 Project price USD 1 004 270 250 280 145 250 60 060 000 340 205 250

PrOjEcTS ESTAbliSHEd 2009 3 offshore barges 3 July 2009 USD 135 000 000 10 000 000 10 000 000 ICON Victorious 1 September 2009 USD 42 500 000 18 750 000 18 750 000 Diving Bell 1 September 2009 USD 10 000 000 10 000 000 10 000 000 No. of vessels 5 Total NOK 0 0 0 0 No. of projects 3 Total USD 277 500 000 127 750 000 0 127 750 000 Total EUR 0 0 0 0

Project price USD 277 500 000 127 750 000 - 127 750 000

PrOjEcTS ESTAbliSHEd 2010 Octavian Bulker DIS 1 September 2010 USD 37 400 000 16 000 000 0 16 000 000 Shanghai Bulker DIS 1 August 2010 USD 9 000 000 1 670 000 1 670 000 Saragol Tanker 1 DIS 1 July 2010 USD 48 237 500 17 737 500 0 17 737 500 Saragol Tanker 2 DIS 1 November 2010 USD 54 312 500 18 812 500 2 000 000 20 812 500 No. of vessels 4 Total NOK 0 0 0 0 No. of projects 4 Total USD 148 950 000 54 220 000 2 000 000 56 220 000 Total EUR 0 0 0 0 Project price USD 148 950 000 54 220 000 2 000 000 56 220 000

15...

16. .PROJECTS.SuMMARy

TOTAL.PROJECTS.By.SEGMENT TOTAL.PROJECTS.By.EMPLOyMENT

Shippping funds 6%

Cement vessels 2%Product tankers 6%

Reefer vessels 8%

Cable layers 4%

Bulk carrier 13%

LPC/Cemical tankers 17%

O�shore/Supply 44%

Funds 6%Asset play 4%

Timecharter 10%Bareboat 81%

Existing projects per segmentPrOjEcTS ToTal projecT prIce

Offshore/Supply Mount Faber KS USD 80 900 000Volstad Supply I KS NOK 258 000 000Volstad Supply II KS NOK 262 620 000SBS Torrent KS NOK 144 900 000SBS Typhoon KS NOK 163 000 000European Venture DIS USD 46 325 000European Venture II DIS USD 11 370 000European Venture III DIS USD 17 750 000Oceanlink Offshore DIS USD 13 250 000Oceanlink Offshore II DIS USD 12 000 000Singapore Offshore DIS USD 129 100 000Oceanlink Offshore III DIS USD 28 500 000Norwegian Offshore DIS USD 65 470 000Orchard Offshore DIS USD 43 800 000Raffles Offshore DIS USD 45 945 000Ullswater Subsea DIS USD 12 820 000Tioman Offshore DIS USD 51 150 000Sentosa Offshore DIS USD 46 350 000Bovey Offshore Ltd USD 43 600 000 Bukit Timah Offshore DIS USD 125 269 250 Edda Accommodation DIS EUR 120 437 500JBUS Offshore DIS USD 60 000 000

lPG / chemical tankers Bergshav Chemical KS EUR 20 470 000Panda Chemical Oil DIS USD 19 545 000Western Chemical KS EUR 32 775 000Med Ethylene DIS USD 6 275 000Southern Chemical DIS EUR 88 200 000Dongguan Chemical DIS USD 32 750 000Marineline Chemical DIS USD 79 850 000Seminyak DIS USD 108 963 000Ross Chemical II DIS USD 119 100 000

PrOjEcTS ToTal projecT prIce

bulk carriers Multipurpose Bulkers DIS EUR 27 145 000RTS Panamax DIS USD 24 650 000Asian Bulkers DIS USD 142 875 000Short Sea Bulkers DIS EUR 24 800 000Golden Kamsar DIS USD 67 294 000Shanghai Bulker DIS USD 9 000 000Octavian Bulker DIS USD 37 000 000

reefer vessels Agder Ocean Reefer KS USD 27 750 000Agder Ocean Reefer II AS USD 19 500 000Agder Occean Reefer III AS USD 53 500 000Oceanlink Reefer III DIS USD 20 200 000 cable layers Atlantic Guardian DIS USD 42 880 000Global Cable II DIS USD 45 400 000 Shipping funds Norwegian Shipping DIS USD 13 700 000Norwegian Shipping II DIS USD 5 200 000Platou Shipinvest I DIS USD 47 000 000 cement vessels Cement ship II DIS USD 20 275 000

Product tankers Norwegian Product DIS USD 32 865 000Saragol Tankers 1 DIS USD 56 000 000Saragol Tankers 2 DIS USD 49 000 000

PROJECTS.SuMMARy

Projects sold AccUmUlATEd PrOjEcTS SOld ESTAbliSHEd PAid in cAPiTAl diSTribUTiOnS irr P.A. SOld

Aries Supply I KS Apr 2004 NOK 42 300 000 125 499 000 66% Jan 2007NFC Offshore DIS Apr 2006 USD 16 280 000 32 500 000 477% Apr 2007Ross Cape DIS Nov 2004 USD 3 850 000 6 088 300 41% March 2007International Containerships KS Nov 2004 USD 12 260 000 18 802 700 96% Dec 2005Aries Supply II KS Apr 2006 NOK 33 000 000 46 560 000 64% Jan 2007NFC Offshore III DIS Oct 2006 USD 13 100 000 16 400 000 26%*) Apr 2007J.B.U OBO I KS Dec 2004 USD 7 780 000 6 608 000 37% Oct 2007Japan Offshore DIS Apr 2006 USD 8 150 000 1 400 000 70%*) Dec 2007Japan Offshore II DIS Sept 2007 USD 350 000 3 166 300 733%*) Dec 2007Japan Offshore III DIS Oct 2007 USD 1 110 000 1 635 000 48.5%*) Dec 2007Northern Offshore DIS Dec 2007 USD 8 400 000 21 000 000 153% Dec 2007Celine I OBO DIS Nov 2007 USD 1 970 000 4 250 000 57% March 2007Goliat Roro KS May 2005 EUR 1 960 000 0 -25% Sept 2007Semakau Producer DIS July 2008 USD 20 400 000 17 750 000 N/A Feb 2009Global Cable KS June 2005 USD 2 870 000 7 625 182 28% Apr 2009Scandinavian Bulkers DIS Sept 2010 EUR 6 776 000 6 776 000 0% May-2010SBS Tempest KS Sept 2005 NOK 29 300 000 84 150 000 30% 2011Norwegian Offshore I DIS Apr 2007 USD 23 025 000 23 325 000 0% 2011Eidsiva Trucker KS Feb 2005 EUR 6 180 000 0 -100%*) 2010

TOTAL.PROJECTS.By.SEGMENTCAPITAL.PER.yEAR.-.uSD ACCuMuLATED.CAPITAL.-.uSD

Paid in capital

Uncalled capital

Total projects priceMill

0

200

400

600

800

1,000

1,200

2010200920082007200620052004

*) Return on equity

Paid in capital

Uncalled capital

Total projects priceMill

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2010200920082007200620052004

17...

18. PROJECTS.SuMMARy

Projects estimated returns AccUmUlATEd diSTribUTiOnS ESTimATEd ESTimATEd ESTimATEd AccUmUlATEd in% Of SHArE PricE irr SEllEr irr fOrPrOjEcTS ESTAbliSHEd PAid in cAPiTAl diSTribUTiOnS PAid in cAPiTAl PEr 1% PEr 1% bUyEr

Agder Ocean Reefer KS November-2005 USD 6 900 000 2 050 000 33% N/A N/A N/AAgder Ocean Reefer II AS November-2006 USD 6 200 000 1 270 000 28% N/A N/A N/AAgder Ocean Reefer III AS October-2008 USD 10 000 000 - 0% N/A N/A N/AAsian Bulkers DIS October-2007 USD 45 850 000 - 0% 270 000 N/A N/AAtlantic Guardian DIS February-2007 USD 8 100 000 3 100 000 38% 90 500 8% 20%Bergshav Chemical KS July-2005 EUR 4 470 000 840 000 19% 0 N/A N/ABovey Offshore Ltd August-2007 USD 21 375 000 2 800 000 13% 284 000 11% 20%Bukit Timah Offshore DIS May-2008 USD 29 269 000 11 000 000 38% 277 500 8% 17%Cement Ship II DIS November-2005 USD 5 575 000 5 075 000 91% 56 000 17% 16%Donguan Chemical Tankers DIS December-2007 USD 7 150 000 1 850 000 26% 56 000 1% 20%Edda Accommodation DIS May-2008 EUR 51 000 000 - 0% 510 000 N/A N/AEuropean Venture DIS April-2006 USD 9 965 000 6 415 000 64% 130 000 16% 20%European Venture II DIS July-2006 USD 3 370 000 4 725 000 140% 20 650 16% 19%European Venture III DIS July-2008 USD 5 720 000 4 775 000 83% 47 500 24% 23%Global Cable II DIS December-2006 USD 9 400 000 5 800 000 71% 110 500 16% 20%Golden Kamsar DIS August-2008 USD 22 494 000 - 0% 252 000 7% 13%JBUS Offshore DIS September-2008 USD 27 000 000 - 0% 320 000 N/A N/AJimbaran DIS September-2008 USD 8 025 500 7 550 000 94% N/A N/A N/AMarineline Chemical DIS February-2008 USD 18 710 000 - 0% 15 000 -52% 26%Med Ethylene DIS May-2007 USD 6 275 000 750 000 12% 74 500 7% 20%Mount Faber KS April-2005 USD 13 325 000 16 394 720 123% 58 500 25% 17%Mountbatten Offshore DIS May-2008 USD 29 698 000 12 150 000 41% 167 500 -2% 15%Multipurpose Bulkers DIS December-2005 EUR 5 945 000 1 280 000 22% N/A N/A N/ARTS Panamax DIS March-2007 USD 4 650 000 3 050 000 66% 39 000 12% 18%Norwegian Offshore II DIS April-2007 USD 25 575 000 - 0% 255 750 N/A N/ANorwegian Product DIS November-2006 USD 10 115 000 1 560 000 15% 101 500 4% 22%Norwegian Shipping DIS April-2005 USD 13 700 000 19 045 874 139% 10 250 15% 13%Norwegian Shipping II DIS January-2006 USD 5 200 000 5 466 500 105% 3 200 3% 14%Oceanlink Offshore III DIS October-2006 USD 5 200 000 1 742 500 34% 24 700 -6% 16%Oceanlink Reefer III September-2008 USD 5 200 000 - 0% 26 800 -21% 25%Octavian Bulker DIS September-2010 USD 16 000 000 - 0% 150 000 N/A N/AOrchard Offshore DIS March-2007 USD 7 800 000 4 900 000 63% 92 500 18% 17%Panda Chemical Oil DIS juni-2006 USD 4 345 000 1 565 000 36% 25 650 -1% 30%Platou Shipinvest I DIS October-2007 USD 47 365 930 4 200 000 9% N/A N/A N/ARaffles Offshore DIS March-2007 USD 12 445 000 4 850 000 39% 154 000 13% 17%Ross Chemical II DIS February-2007 USD 36 375 000 - 0% N/A N/A N/ASaragol Tankers 1 DIS juni-2010 USD 17 737 500 - 0% N/A N/A N/ASaragol Tankers 2 DIS December-2010 USD 18 812 500 - 0% N/A N/A N/ASBS Torrent KS December-2005 NOK 31 975 000 20 900 000 65% 357 000 13% 18%SBS Typhoon KS January-2006 NOK 36 650 000 32 700 000 89% 305 000 14% 17%Seminyak DIS September-2008 USD 18 618 000 - 0% 211 000 5% 20%Sentosa Offshore DIS July-2007 USD 8 300 000 2 990 000 36% 111 000 16% 17%Shanghai Bulkers DIS August-2010 USD 1 670 000 540 000 32% 16 250 39% 20%Short Sea Bulker DIS November-2007 EUR 5 550 000 320 000 6% N/A N/A N/ASingapore Offshore DIS August-06 USD 7 850 000 2 750 000 35% 100 000 15% 16%Southern Chemical DIS July-07 EUR 16 350 000 540 000 3% 78 000 -35% 17%Tioman Offshore DIS January-08 USD 8 800 000 2 300 000 26% 99 000 10% 17%Ullswater Subsea DIS May-07 USD 12 820 000 4 738 400 37% 132 000 10% 17%Volstad Supply I KS August-05 NOK 40 000 000 10 000 000 25% N/A N/A N/AVolstad Supply II KS November-05 NOK 55 250 000 45 000 000 81% N/A N/A N/AWestern Chemical KS July-06 EUR 7 095 000 1 650 000 23% 0 N/A N/A

* All share values are before tax considertations. Latent tax on vessel and debt are based on implicit values pr 01.07.2011. The exchange rate NOK/EUR 7.90 and NOK/USD 5.50 is used when applicable.

Agder Ocean Reefer KS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Axel M. Aas, Corporate Manager: Eva Lise Bjerke

THE VESSElS

Vessels name: MV Italian Reefer MV Iberian Reefer MV Indian ReeferType: Refrigerated Carrier Refrigerated Carrier Refrigerated CarrierDWT: 6 088 6 112 6 120Capacity (cbm): 265 770 265 770 265 770Yard: Kvaerner Kleven AS Kvaerner Kleven AS Kleven Mek. Verksted ASBuilt: 1992 1991 1991Class: DNV - 1A DNV - 1A DNV - 1 AFlag: Isle of Man Isle of Man Isle of Man

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Agder Ocean Shipping ASProcject price: USD 27 750 000

Paid in capital: USD 6 150 000Uncalled capital: USD 0

rESidUAl VAlUE SEnSiTiViTy On irr lOW bASE HiGH

Residual value end CP: N/A N/A N/AEstimated IRR: N/A N/A N/A

cASHflOW 2010 2011E 2012E 2013E 2014EOperating revenue 6 053 014 N/A N/A N/A N/AOperating expenses -6 477 646 N/A N/A N/A N/ANet operating cashflow -424 632 0 0 0 0 Interest earned 170 N/A N/A N/A N/AInterest expenses -1 013 864 N/A N/A N/A N/ADrawdown/ Repayment long term debt 488 814 N/A N/A N/A N/ANet financial items -524 880 N/A N/A N/A N/ANet projected cash flow -949 512 Estimated dividend N/A N/A N/A N/A N/A

PrOjEcT bAlAncE 01.07.2011Cash 0Impicit vessel value N/ATotal assets N/AOutstanding debt N/AShort term payables N/ASellers credit N/ATotal outstanding debt N/AEstimated project value N/A

Mortgage: USD 21 600 000Balloon: USD 11 782 000Quarterly instalments: USD 1 - 25: 500.000Term: 6 yearsInterest: As per 31/12/2010 75% of the loan is fixed for the entire term of the loan (incl.margin) 6,10%Floating rate 3 mths. LIBOR

finAncinG cOmmEnTS

The project was established with a bareboat contract to Eastwind Maritime Inc. The charterer went bankrupt in 2009 and the vessels have there after been operating in the spot/short period market. The reefer market is presently affected by low activity with many vessels being laid up.

Latent tax liability vessel pr. 1% USD 8 200Latent tax liability debt pr. 1% USD 2 900

Established: November 2005Paid in capital: USD 6 900 000Uncalled capital: USD 0Accumulated dividends: USD 2 050 000

Estimated share value per 1%: N/ALast reported sale per 1%: June 2008 USD 73 450 Estimated IRR Buyer: N/AEstimated IRR Seller: N/A

TC rate per day per vessel Average USC64 cbf8859 Average USC89 cbf8859Commencement of Timecharter July 2009 April 2011Expiry of Timecharter July 2010 May 2012 Charterer Green Reefers ASA Spot market Eimskip CTG AS

19...PROJECTS

Agder Ocean Reefer II AS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Axel M. Aas, Corporate Manager: Eva Lise Bjerke

THE VESSElS

Vessels name: MV Elbrus MV Eiger Type: Refrigerated Carrier Refrigerated CarrierDWT: 7 242 6 809Capacity (cbm): 373 588 306 420Yard: Shikoku Dock Yard (Jap.) Shanghai ShipyardBuilt: 1990 1991Class: NK CHG MPP LSA RCF DNV - 1CFlag: Liberia Liberia

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Agder Ocean Shipping ASProcject price: USD 19 500 000


Charterer: Spotmarket Alpha Reefer Transport Pool, Hamburg rESidUAl VAlUE SEnSiTiViTy On irr lOW bASE HiGH


cASHflOW 2010 2011E 2012E 2013E 2014E

Operating revenue 5 775 017 N/A N/A N/A N/AOperating expenses -8 017 503 N/A N/A N/A N/ANet operating cashflow -2 242 486 N/A N/A N/A N/A Interest earned 121 N/A N/A N/A N/AInterest expenses -883 465 N/A N/A N/A N/ADrawdown/ Repayment long term debt 2 126 553 N/A N/A N/A N/ANet financial items 1 243 209 N/A N/A N/A N/ANet projected cash flow -999 277 Estimated dividend N/A N/A N/A N/A N/A PrOjEcT bAlAncE 01.07.2011

Cash N/AImpicit vessel value N/ATotal assets N/AOutstanding debt N/AShort term payables N/ASellers credit N/ATotal outstanding debt N/AEstimated project value N/A

Mortgage: USD 15 000 000Balloon: USD 8 562 000Quarterly instalments: USD 1 - 12: 300.000 13 - 24: 400.000Term: 6 yearsAs per 31/12/2009 90% of the loan is fixed for the entire term of the loan(incl.margin) 6.00%Floating rate 3 mths. LIBOR

finAncinG cOmmEnTS

The project was established with a bareboat contract to Eastwind Maritime Inc. The charterer went bankrupt in 2009. The project has been taken over by the mortgage bank.

Established: November 2006Paid in capital: USD 6 000 000Uncalled capital: USD 0Accumulated dividends: USD 1 270 000

Estimated share value per 1%: N/ALast reported sale pr 1%: October 2007 USD 49 000Estimated IRR Buyer: N/AEstimated IRR Seller: N/A

Latent tax liability vessel pr. 1% N/ALatent tax liability debt pr. 1% N/A

20. PROJECTS

Agder Ocean Reefer III AS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Axel M. Aas Corporate Manager: Erik Kristian Andresen

THE VESSElS

Vessels name: sold mV Kohfu mV EW Kilimamjaro Saramati Saramati Vinson cape belle - blossomType: Refrigerated Carrier Refrigerated Carrier Refrigerated Carrier Refrigerated Carrier Refrigerated Carrier Refrigerated CarrierDWT: 6 544 6 514 7 188 7 188 7 181 7 197Capacity (cbm): 262 846 270 792 326 112 326 112 332 219 346 408Yard: Kurushima SHIN Kurushima Shikoku Shikoku Shikoku KitanihonBuilt: 1986 1988 1986 1986 1988 1993Class: NKK NKK NKK NKK NKK NKKFlag: Panama Panama Singapore Singapore Liberia Liberia

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Agder Ocean Shipping ASProject price: 53 500 000Paid in capital: 10 000 000Uncalled capital: 7 000 000 BB rate per day in total for all seven vessels (net): N/ACommencement of CP: okt-08Expiry of CP: ART-Hamburg Reefer pool (5 vessels) and 1 vessel spot


Residual value end CP N/A N/A N/AEstimated IRR: N/A N/A N/A

cASHflOW 2010 2011E 2012E 2013EOperating revenue N/A N/A N/A N/AOperating expenses N/A N/A N/A N/ANet operating cashflow N/A N/A N/A N/A Interest earned N/A N/A N/A N/AInterest expenses N/A N/A N/A N/ADrawdown/ Repayment long term debt N/A N/A N/A N/ANet financial items N/A N/A N/A N/ANet Projected Cashflow Estimated dividend N/A N/A N/A N/A

PrOjEcT bAlAncE 01.07.2011Cash N/AImplicit vessel value N/ATotal assets N/AOutstanding debt N/AShort term payables N/ASellers credit N/ATotal outstanding debt N/AEstimated project value N/A

Mortgage: USD 31 500 000Balloon: USD 6 500 000Quarterly instalments: USD 1 - 20: 1.250.000Term: 5 yearsInterest: 6.20%

finAncinG cOmmEnTS

The bareboat charterer, Eastwind Maritime Inc., went bankrupt in 2008 and the vessels are presently operating in the spot market.

One vessel has been sold since start-up.

Established: October 2008Paid in capital: USD 10,000,000Uncalled capital: USD 7 000 000Accumulated dividends: USD 0

Estimated share value per 1%: N/ALast reported sale pr 1%: N/AEstimated IRR Buyer: N/AEstimated IRR Seller: N/A


21...PROJECTS

Asian Bulkers DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Chris W. Svensson, Corporate Manager: Thomas Ødegård

THE VESSElS

Vessels name: Svenner Slettnes SvinoyType: Supramax Bulk Carrier Supramax Bulk Carrier Supramax Bulk CarrierDWT: 58 000 58 000 58 000Yard: Dayang, China Dayang, China Dayang, ChinaBuilt /delivered: January 2010 July 2010 August 2010Class: BV BV BVFlag: Marshall Island Marshall Island Marshall Island

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Seabulk ASProject price: USD 123 000 000Paid in capital: USD 45 850 000

Uncalled capital: USD 2 150 000Commencement of CP: Trading in the Klaveness poolExpiry of CP: 3 months in advance


Residual value end CP: N/AEstimated IRR: N/A

cASHflOW 2010 2011E

Operating revenue 11 934 000 15 597 000Operating expenses -5 101 000 -5 679 000Net operating cashflow 6 833 000 9 918 000

Interest earned 0 0Interest expenses -1 067 000 -1 283 000Drawdown/ Repayment long term debt 54 200 000 -5 760 000Net financial items 53 133 000 -7 043 000Purchase / sale of vessel -58 482 000 0Net Projected Cashflow 1 484 000 2 875 000Estimated dividend 0 0

PrOjEcT bAlAncE 01.07.2011

Cash balance 6 560 000Impicit vessel value 98 510 000Total assets 105 070 000Outstanding debt 80 020 000Short term payables 50 000Sellers credit 0Total outstanding debt 80 070 000Estimated project value 25 000 000

Mortgage: USD 86 100 000Sellers Credit: USD 0Balloon: USD 63 000 000Term: 5Semi-annually instalments USD 1 440 000Interest: 3 mnd LIBOR + 1,25% margin

finAncinG cOmmEnTS

All vessels are currently trading in the Klaveness pool. Break even is about USD 12 000 pd.

Established: October 2007Paid in capital: USD 45 850 000Uncalled capital: USD 2 150 000Accumulated dividends: USD 0

Estimated share value per 1%: USD 250 000Last reported sale per 1%: N/AEstimated IRR Buyer: N/AEstimated IRR Seller: N/A


22. PROJECTS

Atlantic Guardian DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Morten Astrup, Corporate Manager: Erik Kristian Andresen

THE VESSElS

Vessel name: MV Atlantic GuardianType: Cable / Construction / Seismic vesselGRT / NRT: 7,172 / 2,151Speed: 13,5LDT: 17 495Yard: Van der Geissen-de Noord, The NetherlandsBuilt: 2001 / 2006Class: DNVFlag: Norway

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: North Sea Shipping ASProject price: USD 42 880 000Paid in capital: USD 8 100 000Uncalled capital: USD 7 000 000

BB rate: USD per day year 1: 14 300 USD per day year 2-4: 16 000Bareboat charter: 6 + 3x2 months + 1 yr.Bareboat charterer: North Sea Invest ASCommencement of CP: March 2007Expiry of CP: March 2011 options

Mortgage: USD 32 000 000Balloon USD 20 750 000Sellers Credit: USD 3 000 000Term: 6 yearsQuarterly instalments: USD 1 - 4: 500 000 USD 5 - 16: 750 000Interest: 75% of the loan 5,00% Fixed for the entire fixed charter period (eksl. margin.) 25% of the loan FloatingSellers Credit 2,00%

finAncinG cOmmEnTSThe initial BB period expired in March 2011. However the BB charter was prolonged to North Sea for another 6 months + options for a total of another 6 months. The vessel is currently operating for EMGS in the North Sea.

Established: January 2007Paid in capital: USD 8 100 000Uncalled capital: USD 7 000 000Accumulated dividends: USD 3 100 000

Estimated share value per 1%: USD 90 500 Last reported sale pr 1%: N/AEstimated IRR Buyer: 20%Estimated IRR Seller: 8%



Residual value end CP: 27 000 000 30 000 000 36 000 000 Estimated IRR: -35% 20% 172%

cASHflOW 2010 2011E

Operating revenue 5 840 000 3 682 000Operating expenses -62 000 -355 000Net operating cashflow 5 780 010 3 327 000 Interest earned 1 400 0Interest expenses -1 258 000 -685 000Drawdown/ Repayment long term debt -3 000 000 -24 500 000Purchase / sale of vessel 0 30 000 000Net financial items -4 256 600 4 815 000Net Projected Cashflow 1 523 410 8 142 000Estimated dividend 500 000 9 911 000


Cash 451 000Implicit vessel value 31 605 200Total assets 32 065 200Outstanding debt 20 000 000Short term payables 6 200Sellers credit 3 000 000Total outstanding debt 23 006 200Estimated Project value 9 050 000

23...PROJECTS

Bergshav Chemical KS / Fordimar - Transportes Maritimos LDA KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Chris W. Svensson, Corporate Manager: Erik Kristian Andresen

THE VESSElS

Vessels name: MT Crystal Rubino MT CristalloType: Chemical carrier Chemical carrierDWT: 8 000 8 000Capacity (cbm): 8 700 8 700Yard: Nuovi Cantieri Apuania Nuovi Cantieri ApuaniaBuilt: 1992 1991Class: RINA Ice Class 1 A RINA Ice Class 1 AFlag: Italian Italian

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Bergshav Management ASProject price: EUR 20 470 000Paid in capital: EUR 4 470 000

Uncalled capital: EUR 2 200 000BB rate per day for both vessels (net): EUR 7 920Commencement of CP: December 2005Expiry of CP: June 2011

Mortgage: EUR 16 000 000Balloon: EUR 7 800 000Term: 5.5 yearsSemi-annualy instalments: EUR 1-11: 820.000Interest: 4.30% The interest rate is fixed for the entire fixed charter period (incl.margin).

finAncinG cOmmEnTS

The vessels will be redelivered from present BB charter end June, and disponent owner is presently looking at alternative employment or sale. Both vessels have performed well during the last year and Charterer have been punctual in paying hire.

Established: July 2005Paid in capital: EUR 4 470 000Uncalled capital: EUR 2 200 000Accumulated dividends: EUR 840 000

Estimated share value per 1%: EUR 0Last reported sale pr 1% ; Oct 2009 EUR 63 000Estimated IRR Buyer: N/AEstimated IRR Seller: N/A


mT crystal rubino mT cristallo

Bareboat charter: 5.5 + 1 year 5.5 + 1 year 5Bareboat charterer: Finbeta S.p.A. Finbeta S.p.A.

rESidUAl VAlUE SEnSiTiViTy On irr bASE

Residual value end CP: N/A Estimated IRR: N/A cASHflOW 2010 2011E

Operating revenue 2 892 000 1 418 000Operating expenses -171 000 -87 000Net operating cashflow 2 723 010 1 331 000 Interest earned 0 0Interest expenses -375 000 -1 291 000Drawdown/ Repayment long term debt -1 640 000 -6 900 000Purchase / Sale of vessel 0 8 000 000Net financial items -2 015 000 -191 000Net Projected Cashflow 708 010 1 140 000Estimated dividend 0 2 037 000 PrOjEcT bAlAncE 01.07.2011

Cash 1 249 000Implicit vessel value 4 968 000Total assets 6 217 000Outstanding debt 6 080 000Short term payables 137 000Total outstanding debt 6 217 000Estimated Project value 0

24. PROJECTS

Bovey Offshore Ltd. KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Cheryl Seah, Corporate Manager: Benjamin Ryeng-Hansen

THE VESSElS

Vessel names: Topaz Glory/Topaz Legend Topaz Jurong/Topaz Johor Lewek Lion/Lewek Leopard Lewek Lynx/LabradorType: AHTS AHTS AHTS AHTSBHP: 5 150 5 150 5 150 5 150Speed: 13 knots 13 knots 13 knots 13 knotsYard: Funing Shipyard, China Funing Shipyard, China Jinlong Shipyard, China Jinlong Shipyard, ChinaBuilt: 2010 2010 2010/2011 May/Jun 2011Class: ABS ABS ABS ABSFlag: Marshall Islands Marshall Islands Marshall Islands Marshall Islands

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Adhart Shipping Pte Ltd and Juniper Marine Services Pte LtdProject price: USD 85 300 000Paid in capital: USD 21 375 000Uncalled capital: USD 5 900 000BB rate (average): USD 5 145 pd USD 5 145 pd USD 3 450 pd USD 3 450 pdBareboat charter: 7 years 7 years 5 years 5 yearsBareboat charterer: XT Shipping Ltd Team III Ltd EMAS Offshore Pte Ltd EMAS Offshore Pte LtdCommencement of CP: 19.04.2010/29.03.2010 12.07.2010/19.08.2010 27.10.2010/24.01.2011 May/June 2011Expiry of CP: 19.04.2017/29.03.2017 12.07.2017/19.08.2017 27.10.2015/24.01.2016 May/June 2016 rESidUAl VAlUE SEnSiTiViTy On irr lOW bASE HiGH

Residual value end CP: 50 000 000 63 000 000 75 000 000 Estimated IRR: 15% 20% 22%

cASHflOW 2010 2011E 2012E 2013E 2014E

Operating revenue 2 624 000 11 989 000 13 342 000 13 505 000 13 505 000Operating expenses -2 699 000 -1 118 000 -347 000 -350 000 -354 000Net operating cashflow -75 000 10 871 000 12 995 000 13 155 000 13 151 000 Interest earned - - - - -Interest expenses -1 234 000 -2 272 000 -2 614 000 -2 359 000 -2 118 000Drawdown/ Repayment long term debt 16 185 000 4 141 000 -5 712 000 -5 325 000 -5 325 000Net financial items 14 951 000 1 869 000 -8 326 000 -7 684 000 -7 443 000Purchase of vessel -16 567 000 -8 251 000 - - -Net project cashflow -1 691 000 4 489 000 4 669 000 5 471 000 5 708 000Estimated dividend 0 3 800 000 4 650 000 5 450 000 5 700 000


Cash 3 249 000Impicit vessel value 87 914 000Total assets 91 163 000Outstanding debt 62 613 000Short term payables 150 000Sellers credit Total outstanding debt 62 763 000Estimated project value 28 400 000

Jinlong 4 vsl Funing 4 vslMortgage: USD 30 080 000 36 360 000Balloon: USD 18 016 000 20 424 000 Term: 5 years 5 yearsQuarterly instalments: USD 603 200 1-8: USD 900 000 9-20: USD 728 000Interest mortgage: Pre-del: Libor + 1.40% Libor + 1.50% Post-del: Libor + 3.00% Libor + 2.00%

finAncinG cOmmEnTSThe charterer has purchase options from after delivery to year 5 for the 4 Jinlong vessels.The charterer has purchase options after year 7 for the 4 Funing vessels.In addition to gross BB rate Jinlong vessels: 50/50 profit split on daily hire above 7 000 to be settled on a quarterly basis.All hire is being paid promptly.

Established: August 2007 / May 2008Paid in capital: USD 21 375 000Uncalled capital: USD 5 900 000Accumulated dividends: 0

Estimated share value per 1%: USD 284 000 Last reported sale per 1%: N/AEstimated IRR Buyer: 20%Estimated IRR Seller: 12%


25...PROJECTS

Bukit Timah Offshore DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: David P. Österström, Corporate Manager: Benjamin Ryeng-Hansen

THE VESSElS

Vessel name: Swiber Else-Marie Swiber Anne-Christine Swiber Mary-AnnType: AHTS AHTS AHTSBHP: 10 800 10 800 10 800Speed: 14 knots 14 knots 14 knotsYard: China China ChinaBuilt: 2009 2009 2010Class: ABS ABS ABSFlag: Marshall Islands Marshall Islands Marshall Islands

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Scantank ASProject price: USD 125 269 250Paid in capital: USD 29 269 250Uncalled capital: USD 0BB rate: USD 15 850 pd USD 15 850 pd USD 15 850Bareboat charter: 10 years 10 years 10 yearsBareboat charterer: Newcruz Offshore Marine Pte Ltd guaranteed by Swiber Holdings LtdCommencement of CP: 27.08.09 06.01.10 23.09.2010Expiry of CP: 27.08.19 06.01.20 23.09.2020 rESidUAl VAlUE SEnSiTiViTy On irr lOW bASE HiGH


cASHflOW 2010 2011E 2012E 2013E 2014E

Operating revenue 13 060 000 17 356 000 17 403 000 17 356 000 17 356 000Operating expenses -551 000 -259 000 -262 000 -264 000 -267 000Net operating cashflow 12 509 000 17 097 000 17 141 000 17 092 000 17 089 000

Interest earned 6 000 - 70 000 70 000 70 000Interest expenses -4 074 000 -7 295 000 -7 037 000 -6 410 000 -5 803 000Drawdown/ Repayment long term debt 59 200 000 -7 200 000 -7 200 000 -7 200 000 -7 263 000Net financial items 55 132 000 -14 495 000 -14 167 000 -13 540 000 -12 996 000Purchase of vessel -60 000 000 0 - - -Net project cashflow 7 641 000 2 602 000 2 974 000 3 552 000 4 093 000Estimated dividend 6 500 000 3 400 000 3 000 000 3 600 000 4 100 000


Cash 1 961 000Impicit vessel value 119 139 000Total assets 121 100 000Outstanding debt 87 000 000Short term payables 1 000 000Sellers credit 6 000 000Total outstanding debt 94 000 000Estimated project value 27 100 000

Mortgage: USD 96 000 000 Sellers credit: USD 6 000 000 Balloon: USD 20 250 000 Term: 10 yearsQuarterly instalments: 1-20: USD 1 800 000 21-40: USD 1 987 500 Interest mortgage: Average of 8.3213% including 3.625% marginInterest sellers credit: 3.50%

finAncinG cOmmEnTS

The charterer has purchase options from year 6 to year 10The charterer is paying charter hire in a timely manner. Latest valuation of the vessels were USD 33-34 million meaning that we are within the minimum value clause. Swiber Else-Marie is currently in UK, Swiber Anne-Christine in India, and Swiber Mary-Ann in India.

Established: May 2008Paid in capital: USD 29 269 250Uncalled capital: USD 0Accumulated dividends: USD 11 100 000

Estimated share value per 1%: USD 271 000Last reported sale per 1%: N/AEstimated IRR Buyer: 17%Estimated IRR Seller: 10%


26. PROJECTS

Cement Ship II DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Axel M. Aas, Corporate Manager: Thomas Ødegård

THE VESSElS

Vessels name: MV Queen Arrow Type: Cement carrierrDWT: 10 300Capacity (cbm): 9 432Yard: DaehanBuilt: 2005Class: KRS1 - KRM1 - UMAFlag: Panama

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Atlantica Shipping ASProject price: USD 19 800 000Paid in capital: USD 5 575 000Uncalled capital: USD 3 500 000Commencement of CP: December 2005

Expiry of CP: December 2015BB rate per day: Year 1 - 5: USD per day: 4 720 Year 6 - 10: USD per day 4 969Bareboat charter: 10 yearsPurchase obligation after end of charter: USD 8 000 000Bareboat charterer: (a company nominated and guaranted by CTI Group Inc) Guaranteed by CTI Group Incc

rESidUAl VAlUE SEnSiTiViTy On irr bASE cASE

Residual value end CP: 8 000 000Estimated IRR: 16%

cASHflOW 2010 2011E 2012E 2013E 2014E Operating revenue 1 723 000 1 814 000 1 819 000 1 814 000 1 814 000Operating expenses -105 000 -125 000 -127 000 -128 000 -129 000Net operating cashflow 1 618 000 1 689 000 1 692 000 1 686 000 1 685 000 Interest earned 0 0 0 0 0Interest expenses -111 000 -172 000 -168 000 -144 000 -122 000Drawdown/ Repayment long term debt -760 000 -760 000 -760 000 -760 000 -760 000Net financial items -871 000 -932 000 -928 000 -904 000 -882 000Net Projected Cashflow 747 000 757 000 764 000 782 000 803 000Estimated dividend 400 000 700 000 750 000 800 000 800 000 PrOjEcT bAlAncE 01.07.2011 Cash balance 559 000Impicit vessel value 11 234 000Total assets 11 793 000Outstanding debt 6 173 000Short term payables 20 000Sellers creditt 0Total outstanding debt 6 193 000Estimeted project value 5 600 000

finAncinG cOmmEnTS

Cement Ship II DIS bought two vessels in 2005. One vessel has been sold back to the charterer at a preagreed price and the second vessel is running as planned. The charterer is paying the BB hire on time and the project has been in compliance with the loan agree-ment and dividend has been paid as planned throughout the BB period. The charterer has a purchase option running annually from end of this year. After end of CP in 2015, the charterer has a purchase obligation.

Mortgage: USD 14 700 000Balloon: USD 5 100 000Term: 7 yearsQuarterly instalments: USD 190 000 Interest: 100% of the loan 1.81% Fixed to June 2011 (incl. margin).

Established: November 2005Paid in equity: USD 5 575 000Uncalled capital: USD 3 500 000Accumulated dividends: USD 5 075 000

Estimated share value per 1%: USD 56 000Last reported sale pr 1%: USD 66 000Estimated IRR Buyer: 16%Estimated IRR Seller: 17%

Latent tax liability vessel pr. 1% USD 15 680Latent tax liability debt pr. 1% USD 0

27...PROJECTS

Dongguan Chemical Tankers DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Cheryl Seah, Corporate Manager: Benjamin Ryeng-Hansen

THE VESSElS

Vessel name: Toreach PioneerType: Chemical Tanker IMO IIDWT: 8 200Speed: 12 knotsYard: Zhejiang Haifeng Shipbuilding Co. Ltd, ChinaBuilt: 2008Class: CCSFlag: Marshall Islands

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Atlantica Shipping ASProject price: USD 15 324 000Paid in capital: USD 7 150 000Uncalled capital: USD 3 500 000BB rate: USD 5 250 pd

Bareboat charter: 8 yearsBareboat charterer: Toreach Marine Pte Ltd guaranteed by Dongguan Fenghai Ocean Shipping Co LtdCommencement of CP: 15.10.2008Expiry of CP: 15.10.2016



cASHflOW 2010 2011E 2012E 2013E 2014E

Operating revenue 1 916 000 1 916 000 1 922 000 1 916 000 1 916 000Operating expenses -85 000 -94 000 -96 000 -97 000 -98 000Net operating cashflow 1 831 000 1 822 000 1 826 000 1 819 000 1 818 000 Interest earned - 5 000 5 000 5 000 5 000Interest expenses -531 000 -483 000 -438 000 -387 000 -340 000Drawdown/ Repayment long term debt -720 000 -720 000 -720 000 -720 000 -720 000Net financial items -1 251 000 -1 198 000 -1 153 000 -1 102 000 -1 055 000Net project cashflow 580 000 624 000 673 000 717 000 763 000Estimated dividend 0 0 2 125 000 725 000 775 000


Cash 1 525 000Impicit vessel value 12 075 000Total assets 13 600 000Outstanding debt 7 200 000Short term payables 75 000Sellers credit 800 000Total outstanding debt 8 075 000Estimated project value 5 525 000

Mortgage: USD 9 000 000 Sellers credit: USD 800 000 Balloon: USD 3 240 000 Term: 8 yearsQuarterly instalments: USD 180 000 Interest mortgage: 6.54% including 1.5% marginInterest sellers credit: 0.00%

finAncinG cOmmEnTS

The charterer has purchase options from after year 3 to year 8Put option at the end of the charter party.

Established: December 2007Paid in capital: USD 7 150 000Uncalled capital: USD 3 500 000Accumulated dividends: USD 1 850 000



28. PROJECTS

Edda Accommodation DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Chris W. Svensson, Corporate Manager: Eva Lise Bjerke

THE VESSElS

Vessel name: EDDA FIDESType: Mono-Hull Offshore Accommodation Vessel, 600 beds, DP3Capacities: 7500 dwt, 1320 m2 deckSpeed: 11-13 knotsYard: Hijos de J. Barreras S.A., SpainDelivery: 3 March 2011Class: DNV +1A1Flag: Maltese

cOmmErciAl dETAilS

corporate management: rS platou Finans aSDisponent owner: Østensjø Rederi ASProject price: EUR 130 895 000Paid in capital: EUR 51 000 000Silent partners guarantees: EUR 15 000 000


Residual value end CP: N/A Estimated IRR: N/A

cASHflOW 2010 2011E 2012E 2013E 2014E

Operating revenue N/A N/A N/A N/A N/AOperating expenses N/A N/A N/A N/A N/ANet operating cashflow N/A N/A N/A N/A N/A Interest earned N/A N/A N/A N/A N/AInterest expenses N/A N/A N/A N/A N/ADrawdown/ Repayment long term debt N/A N/A N/A N/A N/ANet financial items N/A N/A N/A N/A N/ANet projected cash flow Estimated dividend N/A N/A N/A N/A N/A


Cash balance N/AVessel N/ATotal assets N/AOutstanding debt N/A

Mortgage: EUR 81 500 000Balloon: EUR 28 708 330Term: 5-12 years (3 loans)Semi-annually instalments EUR 3 200 000Interest: Euribor plus margin

finAncinG cOmmEnTS

The vessel was delivered 3 March 2011. While waiting to enter a contract with Shell in July 2011, she was employed as a hotel ship at a yard in Stavanger, for Talisman.

Established: May 2008Paid in capital: EUR 51 000 000Silent partners guarantees: EUR 15 000 000Accumulated dividends: EUR 0

Estimated share value per 1% EUR 510 000Last reported sale per 1% N/AEstimated IRR Buyer: N/AEstimated IRR Seller:


29...PROJECTS

European Venture DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Chris W. Svensson, Corporate Manager: Thomas Ødegård

THE VESSElS

Vessels name: GSP Queen GSP KingType: PSV, 2 x 3978 BHP, FIFI1, DP2 PSV, 2 x 5440 BHP, FIFI1, DP2DWT: 1 800 2 000Speed: 14 knots 14 knotsYard: Jaya Yard, Singapore Jaya Yard, SingaporeBuilt: 2006 2005Class: ABS ABSFlag: Gibraltar Gibraltar

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: North Sea Shipping ASProject price: USD 46 325 000Paid in capital: USD 9 965 000

Uncalled capital: USD 5 000 000Commencement of CP: June 2006Expiry of CP: June 2014

GSP Queen GSP King

BB rate per day: Year 1-5 USD 8 715 Year 1-5 USD 9 330 Year 6-8 USD 7 000 Year 6-8 USD 8 000Bareboat charter: 8 yearsBareboat charterer: Grup Servicii Grup Servicii Petroliere S.A. Petroliere S.A rESidUAl VAlUE SEnSiTiViTy On irr bASE

Residual value end CP: 29 500 000 Estimated IRR: 20% cASHflOW 2010 2011E 2012E 2013E 2014E Operating revenue 6 455 000 5 635 000 5 168 000 5 283 000 2 166 000Operating expenses -183 000 -277 000 -179 000 -181 000 -183 000Net operating cashflow 6 272 000 5 358 000 4 989 000 5 102 000 1 983 000 Interest earned 0 0 0 0 0Interest expenses -1 748 000 -1 071 000 -505 000 -431 000 -188 000Drawdown/ Repayment long term debt -2 860 000 -2 860 000 -2 860 000 -2 860 000 -14 910 000Net financial items -4 608 000 -3 931 000 -3 365 000 -3 291 000 -15 098 000Purchase / sale of vessel 0 0 0 0 29 500 000Net Projected Cashflow 1 664 000 1 427 000 1 624 000 1 811 000 16 385 000Estimated dividend 1 550 000 1 450 000 1 550 000 1 800 000 16 984 000 PrOjEcT bAlAncE 01.07.2011 Cash balance 550 000impicit vessel value 34 550 000Total assets 35 100 000Outstanding debt 22 060 000Shor term payables 40 000Sellers creditt 0Total outstanding debt 22 100 000Estimated project value 13 000 000

Mortgage: USD 36 360 000Balloon: USD 13 480 000Term: 8 yearsSemi-annually instalments: USD 1-16: 1 430 000Interest: 100% of the loan 6.65%

Fixed to June 2011 (incl. margin).

finAncinG cOmmEnTS

The project has been running as planned since startup, and has been in compliance with the loan agreement throughout the bb period. The vessels have three years left on the bb period and the present enbloc value on the vessels is about USD 40,0 mill. The bareboat charterer has a purchase option at the end of the charter period at USD 29,5 mill. enbloc. Furthermore there is a 60/40 profit split between the market value and the charterer optional price.

Established: April 2006Paid in capital USD 9 965 000Uncalled capital: USD 5 000,000Accumulated dividends: USD 6 540 000



30. PROJECTS

European Venture II DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Chris W. Svensson, Corporate Manager: Thomas Ødegård

THE VESSElS

Vessels name: GSP OrionType: ME 202 3X Rolls Royce Bergen 1720 BHP, Totally 5160 BHPSpeed: 11 knotsYard: Jaya Yard, SingaporeBuilt: 1983Class: ABSFlag: Gibraltar

cOmmErciAl dETAilS

corporate management: rS platou Finans aSDisponent owner: North Sea Shipping aSproject price: USD 11 370 000paid in capital: USD 3 370 000Uncalled capital: USD 6 000 000commencement of cp: august 07expiry of cp: august 11

BB rate per day: Year 1: USD 10 600 Year 2: USD 10 400 Year 3: USD 7 600 Year 4: USD 7 000Bareboat charter: 4 yearsBareboat charterer: Grup Servicii petroliere S.a.


Residual value end CP: 3 850 000Estimated IRR for buyer: 19%

cASHflOW 2010 2011E

Operating revenue 2 615 000 1 447 000Operating expenses -96 000 -90 000Net operating cashflow 2 519 000 1 357 000 Interest earned 0 0Interest expenses -207 000 -118 000Drawdown/ Repayment long term debt -800 000 -2 375 000Net financial items -1 007 000 -2 493 000Purchase / sale of vessel 0 3 850 000Net Projected Cashflow 1 512 000 2 714 000Estimated dividend 1 350 000 3 090 000


Cash balance 385 000Impicit vessel value 3 825 000Total assets 4 210 000Outstanding debt 2 125 000Short term payables 20 000Sellers creditt 0Total outstanding debt 2 145 000Estimated project value 2 065 000

Mortgage: USD 8 000 000Balloon: USD 2 000 000Term: 4 yearsQuarterly instalments: USD 1-4 550 000 USD 5-8 525 000 USD 9-12 300 000 USD 13-16 125 000Interest: 6.98% Fixed for the entier fixed charter period

finAncinG cOmmEnTS

The vessel is coming close to the expiry of the initial BB period. The charterer will complete the purchase obligation upon the completion of the charter in August 2011.

Established: July 2007Paid in equity: USD 3 370 000Uncalled capital: USD 2 600 000Accumulated dividends: USD 4 700 000



31...PROJECTS

European Venture III DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Chris W. Svensson, Corporate Manager: Thomas Ødegård

THE VESSElS

Vessels name: GSP VegaType: AHTSBollard pull: 120 tonSpeed: 14.5 knotsYard: Bolsoenes, Molde, SingaporeBuilt: 1983Class: DNVFlag: NIS

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Scantank ASProject price: USD 17 750 000Paid in capital: USD 5 720 000Uncalled capital: USD 5 000 000Commencement of CP: August 08Expiry of CP: August 12

BB rate per day: Year 1: USD 15 100 Year 2: USD 15 100 Year 3: USD 11 500 Year 4: USD 10 000Bareboat charter: 4 yearsBareboat charterer: Grup Servicii Petroliere S.A.


Residual value end CP: USD 6 550 000 Estimated IRR: 23%

cASHflOW 2010 2011E 2012E

Operating revenue 4 694 000 3 746 000 1 996 000Operating expenses -75 000 -89 000 -90 000Net operating cashflow 4 619 000 3 657 000 1 906 000 Interest earned 0 0 0Interest expenses -413 000 -293 000 -172 000Drawdown/ Repayment long term debt -2 688 000 -1 225 000 -4 000 000Net financial items -3 101 000 -1 518 000 -4 172 000Purchase / sale of vessel 0 0 6 550 000Net Projected Cashflow 1 518 000 2 139 000 4 284 000Estimated dividend 1 900 000 2 195 000 4 597 000


Cash balance 379 000Impicit vessel value 8 981 000Total assets 9 360 000Outstanding debt 4 575 000Short term payables 35 000Sellers creditt 0Total outstanding debt 4 610 000Estimated project value 4 750 000

Mortgage: USD 12 000 000Balloon: USD 3 250 000Term: 4 yearsQuarterly instalments: USD 1-4 825 000 USD 5-8 787 500 USD 9-12 325 000 USD 13-16 250 000Interest: 6.06% Fixed the entier fixed charter period

finAncinG cOmmEnTS

The project has been running as planned since startup. The charterer is paying bb hire and we have been in compliance with the loan agreement throughout the bb period.The bare boat charterer has purchase option after end of year 1,2 and 3, and purchase obligation at the end of year 4. The purchase obligation at USD 6,550,000 is presently about 50% below present market value of vessel (USD 12-15 million).

Established: July 2008Paid in equity: USD 5 720 000Uncalled capital: USD 5 000 000Accumulated dividends: USD 4 775 000



32. PROJECTS

Global Cable II DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Morten Astrup, Corporate Manager: Erik Kristian Andresen

THE VESSElS

Vessels name: Wave Sentinel CS SovereignType: Cable Vessel Cable VesselMax nominal cable load: 2 600 1 700Yard: Koninklijke Scheldgroep BV., The Netherlands Van de Giessen de Noord, The NetherlandsBuilt / (Rebuilt): 1995 / (1999) 1991Flag: UK UK

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: North Sea Shipping ASProject price: USD 45 300 000Paid in capital: USD 9 400 000

Uncalled capital: USD 6 000 000Commencement of CP: January 07Expiry of CP: January 14

Wave Sentinel CS Sovereign

BB rate per day in total per vessel: USD 7 000 - 1.5% USD 11 750 - 1.5%Bareboat charter: 7 + 1 + 1 + 1 year 7 + 1 + 1 + 1 yearBareboat charterer: Global Marine Services Ltd rESidUAl VAlUE SEnSiTiViTy On irr lOW bASE HiGH

Residual value end CP: 20 000 000 24 000 000 24 000 000 Estimated IRR: 10% 20% 20% cASHflOW 2010 2011E 2012E 2013E 2014EOperating revenue 6 741 000 6 741 000 6 759 000 6 741 000 0Operating expenses -186 000 -162 000 -164 000 -165 000 -83 000Net operating cashflow 6 555 000 6 579 000 6 595 000 6 576 000 -83 000 Interest earned 1 000 4 000 2 000 3 000 0Interest expenses -1 616 000 -1 354 000 -1 133 000 -904 000 -190 000Drawdown/ Repayment long term debt -3 950 000 -3 700 000 -4 000 000 -4 000 000 -11 250 000Purchase / Sale of vessels 24 000 000Net financial items -5 565 000 -5 050 000 -5 131 000 -4 901 000 12 560 000Net Projected Cashflow 990 000 1 529 000 1 464 000 1 675 000 12 477 000Estimated dividend 2 100 000 1 650 000 1 500 000 1 700 000 13 710 000

PrOjEcT bAlAncE 01.07.2011Cash 1 370 000Implicit vessel value 31 049 000Total assets 32 419 000Outstanding debt 18 750 000Short term payables 269 000Sellers credit 2 350 000Total outstanding debt 21 369 000Estimated Project value 11 050 000

Mortgage: USD 31 500 000Balloon: USD 10 500 000Sellers credit: USD 4 400 000Term: 7 yearsQuarterly instalments: USD 1 - 28: 750 000Interest: The interest rate is fixed for the entire fixed charter period 6.67% (incl. margin)Interest on sellers credit 2.50%

finAncinG cOmmEnTSThe project is running very well. Values exceeds debt with good margin and hire is being paid on time.The cable layer market is improving and we see more interest in cable layer vessels.The charterer is financial stabile, with improved results compeared to last year.

Established: December 2006Paid in capital: USD 9 400 000Uncalled capital: USD 6 000 000Accumulated dividends: USD 5 800 000

Estimated share value per 1%: USD 110 500Last reported sale pr 1% ; april 2010 USD 108 500Estimated IRR Buyer: 20%Estimated IRR Seller: 16%


33...PROJECTS

Golden Kamsar DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Chris W. Svensson, Corporate Manager: Eva Lise Bjerke

THE VESSElS

Vessel name: Golden EclipseType: Kamsarmax bulk carrierDWT: 79 600Yard: Jinhaiwan Shipyard, PRCDelivery: April 2010Class: ABSFlag: Hong Kong

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Scantank ASProject price: USD 57 500 000Paid in capital: USD 22 494 000Uncalled capital: USD 12 500 000Commencement of CP: April 2010

Expiry of CP: April 2020BB rate per day year USD Year 1-5 21,975 Year 5-10 16,284Bareboat charter: 10 yearBareboat charterer: Golden Eclipse Inc.



cASHflOW 2010 2011E 2012E 2013E 2014E

Operating revenue 5 647 575 8 020 875 8 042 850 8 020 875 8 020 875Operating expenses -387 662 -115 000 -117 000 -118 000 -119 000Net operating cashflow 5 259 913 7 905 875 7 925 850 7 902 875 7 901 875Purchase of vessel -56 303 000 Interest earned 1 816 5 000 10 000 12 000 12 000Interest expenses -1 198 155 -2 256 000 -2 022 000 -1 810 000 -1 864 000Paid in capital 13 944 000 0 0 0 0Drawdown/ Repayment long term debt 34 250 000 -3 500 000 -3 250 000 -3 000 000 -3 000 000Net financial items 46 997 661 -5 751 000 -5 262 000 -4 798 000 -4 852 000Net projected cash flow -4 045 426 2 154 875 2 663 850 3 104 875 3 049 875Estimated dividend 0 -3 175 000 -2 670 000 -3 100 000 -3 300 000


Cash 3 500 000Impicit vessel value 54 700 000Total assets 58 200 000Outstanding debt 32 500 000Short term payables 500 000Sellers credit 0Total outstanding debt 33 000 000Estimated project value 25 200 000

Mortgage: USD 36 000 000 Balloon: USD 21 500 000 Term: 4,5 yearsQuarterly instalments: USD year 1-2: 875,000 year 3-5: 750,000Interest: The interest rate is fixed for the entire term of the loan (incl. margin) 6.55%

finAncinG cOmmEnTS

As a result of a major drop in ship values, we have negotiated the purchase price down from USD 65,340,000 to USD 57,500,000 with the seller. The vessel was delivered April 19th, 7 months after the initial delivery date. The charterer has purchase options from year 3 and onwards.USD 5,300,000 of uncalled capital has been paid in.

Established: April 2008Paid in capital: USD 22 494 000Uncalled capital: USD 12 500 000Accumulated dividends: USD 0

Estimated share value per 1% USD 252 000Last reported sale pr 1% May 2009 USD 171 500Estimated IRR Buyer: 13%Estimated IRR Seller: 7%


34. PROJECTS

Jimbaran DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Alan Seah, Corporate Manager: Benjamin Ryeng-Hansen

THE VESSElS

Vessels name: MT PuspawatiType: Chemical Tanker IMO IIDWT: 19 900Speed: 14 knotsYard: Shin Kurushima, JapanBuilt: 2008Class: NKFlag: Singapore

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: -Project price: USD 53 240 000Paid in capital: USD 8 024 892Uncalled capital: USD 0

BB rate: USD 14 400 pdBareboat charter: 12 yearsBareboat charterer: Puspawati Maritime Pte Ltd guaranteed by PT Berlian Laju Tanker TbkCommencement of CP: 05.12.2008Expiry of CP: 05.12.2020



cASHflOW 2010 2011E 2012E 2013E 2014E

Operating revenue 4 406 000 5 089 000 5 270 000 5 256 000 5 256 000Operating expenses -1 250 000 -1 231 000 -1 232 000 -1 236 000 -1 238 000Net operating cashflow 3 156 000 3 858 000 4 038 000 4 020 000 4 018 000 Interest earned - - 30 000 30 000 30 000Interest expenses -1 251 000 -1 760 000 -1 849 000 -1 705 000 -1 566 000Drawdown/ Repayment long term debt -2 400 000 -2 400 000 -2 400 000 -2 400 000 -2 400 000Net financial items -3 651 000 -4 160 000 -4 219 000 -4 075 000 -3 936 000Net project cashflow -495 000 -302 000 -181 000 -55 000 82 000Estimated dividend 0 0 0 0 0


Cash 1 924 000Impicit vessel value 37 421 000Total assets 39 345 000Outstanding debt 34 000 000Short term payables 70 000Sellers credit 5 275 000Total outstanding debt 39 345 000Estimated project value

Mortgage: USD 40 000 000 Sellers credit: USD 5 275 000 Balloon: USD 11 200 000 Term: 12 yearsQuarterly instalments: USD 600 000 Interest mortgage: Libor + 3.00% marginInterest sellers credit: 0.00%

finAncinG cOmmEnTS

The chemical market has been negatively affected by the general downturn in the world economy. Despite this, the bareboat charterer has been paying full bareboat hire on time during the last 12 months.The charterer has purchase options from after year 5 to year 12.Changes in interest rate to be added/deducted to BB hire invoices. Reference interest rate: 4.7%, incl. 2% of the margin.

Established: September 2008Paid in capital: USD 8 024 892Uncalled capital: USD 0Accumulated dividends: USD 7 550 000

Estimated share value per 1%: N/ALast reported sale per 1%: N/AEstimated IRR Buyer: N/AEstimated IRR Seller: N/A


35...PROJECTS

JBuS Offshore DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Axel M. Aas, Corporate Manager: Thomas Ødegård

THE VESSElS

Vessels name: 2 X PSVType: 4 X 2145 BHP, PSVDWT: 5 000Speed: 14.2 knotsYard: Fujian Mawei Shipbuilding Ltd., ChinaBuilt: 2012Class: ABSFlag: N/A

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: J.B. Ugland Shipping ASProject price: USD 60 500 000Paid in capital: USD 27 000 000Uncalled capital: USD 6 500 000



cASHflOW 2010 2011E 2012E 2013E

Operating revenue N/A N/A N/A N/AOperating expenses N/A N/A N/A N/ANet operating cashflow N/A N/A N/A N/A Interest earned N/A N/A N/A N/AInterest expenses N/A N/A N/A N/ADrawdown/ Repayment long term debt N/A N/A N/A N/ANet financial items N/A N/A N/A N/ANet Projected Cashflow Estimated dividend N/A N/A N/A N/A


Cash balance 450 000Impicit vessel value 32 450 000Total assets 32 000 000Outstanding debt 0Short term payables 0Sellers creditt 0Total outstanding debt 0Estimated project value 32 000 000

finAncinG cOmmEnTS

This is an asset play project based on the assumption that boths vessels will be sold prior to delivery. If a sale is not concluded before delivery, JBUS Offshore DIS will take delivery and operate the vessels in the spot market untill a favourable offer has been received.There are potential buyers looking at the project and offshore analysts are positive about the future large PSV market.We are presently in a dialogue with banks to secure final predelivery and post delivery financing.

Established: September 2008Paid in capital: USD 26 500 000 Uncalled capital: USD 7 000 000 Accumulated dividends: N/A

Estimated share value per 1%: USD 320 000Last reported sale pr 1% ; N/AEstimated IRR Buyer: N/AEstimated IRR Seller: 4%


36. PROJECTS

Marineline Chemical DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Chris W. Svensson, Corporate Manager: Thomas Ødegård

THE VESSElS

Vessels name: Royal Emerald Royal Crystal 7 Royal AquaType: Chemical Tankers IMO II Chemical Tankers IMO II Chemical Tankers IMO IIDwt 13100 Dwt 13100 Dwt 13100 DwtSpeed: 14 knots 14 knots 14 knotsYard: South Korea South Korea South KoreaBuilt: 2006 2007 2008Class: ABS ABS ABSFlag: Panama Panama Panama

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Scantank ASProject price: USD 79 850 000


Royal Emerald Royal Crystal 7 Royal Aqua

Commencement of CP: March 2008 March 2008 August 2008Expiry of CP: March 2014 March 2014 August 2014BB rate per day year USD 6 500 6 250 6 500Bareboat charter: 6 Years 6 Years 6 yearsBareboat charterer: Hanjin Shipping Hanjin Shipping Hanjin Shipping rESidUAl VAlUE SEnSiTiViTy On irr lOW bASE HiGH

Enbloc residual value end CP: 38 800 000 40 800 000 44 800 000 Estimated IRR: -11% 26% 66% cASHflOW 2010 2011E 2012E 2013E 2014EOperating revenue 7 488 000 7 026 000 7 026 000 7 026 000 1 948 000Operating expenses -646 000 -132 000 -200 000 -202 000 -191 000Net operating cashflow 6 842 000 6 894 000 6 826 000 6 824 000 1 757 000 Interest expenses -3 004 000 -2 823 000 -2 611 000 -2 375 000 -806 000Drawdown/ Repayment long term debt -4 055 000 -4 221 000 -4 100 000 -4 100 000 -39 300 000Net financial items -7 059 000 -7 044 000 -6 711 000 -6 475 000 -40 106 000Purchase / sale of vessel 0 0 0 0 37 650 000Net Projected Cashflow -217 000 -150 000 115 000 349 000 -699 000Estimated dividend 0 -360 000 0 0 0

PrOjEcT bAlAncE 01.07.2011Cash balance 268 000Impicit vessel value 50 807 000Total assets 51 075 000Outstanding debt 49 550 000Short term payables 25 000Sellers creditt 0Total outstanding debt 49 575 000Estimated project value 1 500 000

Mortgage A USD 20 250 000Mortgage B USD 20 250 000Mortgage C USD 21 000 000Sellers Credit: USD 0Balloon: USD 37 800 000Term: 8Quarterly instalments USD 1 025 000Interest: 5.2%

finAncinG cOmmEnTS

The original BB charter has been cancelled due to miss-performance by the charterer, Sekwang Shipping in Korea.All three vessels have since then been fixed on BB charter to Hanjin Shipping at a reduced rate. The chemical tanker market is presently very low, with TC rates below USD 10,000 per day for these vessels. This has also reduced the ship values.The estimated share value depends very much on the residual value as there will be no dividends during the remaining bare boat period.

Established: February 2008Paid in capital: USD 18 710 000Uncalled capital: USD 0Accumulated dividends: USD 0

Estimated share value per 1%: USD 15 000Last reported sale pr 1%: USD 126 800Estimated IRR Buyer: 26%Estimated IRR Seller: -52%


37...PROJECTS

Med Ethylene DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Axel M. Aas, Corporate Manager: Eva Lise Bjerke

THE VESSElS

Vessels name: Syn Mizar Syn MiraType: Ethylene / LPG carrier Ethylene / LPG carrierDWT: 4 290 4 290Capacity (cbm): 3 982 3 982Yard: Fincantieri FincantieriBuilt: 1989 1990Class: BV and Rina (dual classed) BV and Rina (dual classed)Flag: Malese Malese

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Pan Oceanic Bulk Carriers UK Ltd.Project price: USD 27 875 000Paid in capital: USD 6 275 000

Syn Mizar Syn Mira

Commencement of CP: September 2007 July 2007Expiry of CP: September 2014 July 2014



cASHflOW 2010 2011E 2012E 2013E 2014EOperating revenue 4 903 000 4 903 000 4 916 000 4 903 000 3 171 000Operating expenses -137 000 -140 000 -142 000 -144 000 -146 000Net operating cashflow 4 766 000 4 763 000 4 774 000 4 759 000 3 025 000 Sale of vessels 6 000 000Interest earned 800 6 000 4 000 4 000 3 000Interest expenses -758 000 -631 000 -502 000 -369 000 -184 000Drawdown/ Repayment long term debt -3 103 000 -2 443 000 -2 443 000 -2 443 000 -3 807 075Net financial items -3 860 200 -3 068 000 -2 941 000 -2 808 000 -3 988 075Net projected cash flow 905 800 1 695 000 1 833 000 1 951 000 5 036 925Estimated dividend 0 -2 570 000 -1 840 000 -1 950 000 -5 619 925


Cash 2 273 000Impicit vessel value 15 192 000Total assets 17 465 000Outstanding debt 9 915 000Short term payables 100 000Sellers credit 0Total outstanding debt 10 015 000Estimated project value 7 450 000

Uncalled capital: USD 4 500 000BB rate per day for both vessels: USD 13 500Bareboat charter: 7 yearsBareboat charterer: Synergas SRL

Mortgage: USD 21 600 000Balloon: USD 4 500 000Term: 7Quarterly instalments USD 1-28: USD 610,714Interest: As per 31/12/2009 85% of the loan is fixed for the entire term of the loan (incl.margin) 6.40%Floating rate 3 mths. LIBOR

finAncinG cOmmEnTS

The ethylene market has been negatively effected by the general downturn in the world economy. However, despite an operating loss, the bareboat charterer has been paying full bareboat hire on time during the last 12 months. In addition, both vessels have passed special survey at the charterers cost. This has been estimated at about USD 2-3 million.Both vessels are performing various contracts around Italian waters.

Established: May 2007Paid in capital: USD 6 275 000Uncalled capital: USD 4 500 000Accumulated dividends: USD 750 000

Estimated share value per 1%: USD 74 500 Last reported sale pr 1% ; oct 2007 USD 67 000 Estimated IRR Buyer: 20%Estimated IRR Seller: 7%

Latent tax liability vessel pr 1% USD 635Latent tax liability debt pr 1% USD 1 800

38. PROJECTS

Mountbatten Offshore DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Chris W. Svensson, Corporate Manager: Thomas Ødegård

THE VESSElS

Vessels name: Swiber AtlantisType: Diving support vessel (DSV) Speed: 14 knots Yard: Han Tong Shipyard, China Built: Juli 2010Class: ABS Flag: Singapore

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Atlantis Navigation Rederi ASProject price: USD 54 500 000Paid in capital: USD 24 778 000Uncalled capital: USD 0Commencement of CP: Juli 2010

Expiry of CP: Juli 2020BB rate per day year USD 19 150Bareboat charter: 10 years Bareboat charterer: Guaranteed by Swiber Offshore Marine Pte Ltd, Singapore



cASHflOW 2010 2011E 2012E 2013E

Operating revenue 3 562 000 6 990 000 7 009 000 6 990 000Operating expenses -132 000 -99 000 -100 000 -101 000Net operating cashflow 3 430 000 6 891 000 6 909 000 6 889 000 Interest earned 0 0 0 0Interest expenses -1 021 000 -1 903 000 -1 731 000 -1 520 000Drawdown/ Repayment long term debt -1 835 000 -3 670 000 -3 690 000 -3 710 000Net financial items -2 856 000 -5 573 000 -5 421 000 -5 230 000Net Prjojected cash flow 574 000 1 318 000 1 488 000 1 659 000Estimated dividend 1 300 000 1 550 000 1 400 000 1 600 000

PrOjEcT bAlAncE 01.07.2011 Cash balance 757 000Impicit vessel value 54 343 000Total assets 55 100 000Outstanding debt 35 705 000Short term payables 20 000Sellers creditt 2 625 000Total outstanding debt 38 350 000Estimated project value 16 750 000

Mortgage: USD 39 375 000Sellers Credit: USD 2 625 000Balloon: USD 15 750 000Term: USD 5 yearsQuarterly instalments USD 787 500Interest: 5.505% Fixed for the entire loan period

finAncinG cOmmEnTSThe project has been running as planned since startup. The charterer is paying bb hire on time and we have been in compliance with the loan agreement throughout the bb period.There are nine years left on the bb period and the present enbloc value on the vessels is about USD 48.5 million. The charterer has purchase options after year 5, 6, 7, 8, 9 and 10.

Established: July 2008Paid in capital: USD 26 698 000 Uncalled capital: USD 0Accumulated dividends: USD 11 300 000

Estimated share value per 1%: USD 167 500 Last reported sale: N/AEstimated IRR Buyer: 15%Estimated IRR Seller: -2%

Latent tax liability vessel pr. 1% USD -8 800Latent tax liability debt pr. 1% USD -18 000

39...PROJECTS

Mount Faber KS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Axel M. Aas, Corporate Manager: Nina Elverum

THE VESSElS

Vessels name: Lewek Heron Lewek Swan Lewek Stork Lewek SnipeType: AHTS, 8000 BHP , FIFI1 AHTS, 14,000 BHP, FIFI1 AHTS, 14,000 BHP, FIFI1 AHTS, 14,000 BHP, FIFI1DWT: 1 800 2 300 2 300 2 300Speed: 14 knots 13 knots 13 knots 13 knotsYard: Cheoy Lee Shipyards Ltd Pan-Limited Shipyard, SIngapore Pan-Limited Shipyard, SIngapore Pan-Limited Shipyard, SIngaporeBuilt: 2005 2006 2006 2006Class: ABS + A1 LR + 100A1 LR + 100A1 LR + 100A1Flag: Singapore Singapore Singapore Singapore

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Navigation Finance CorpProcject price: USD 80 900 000


Lewek Heron Lewek Swan Lewek Stork Lewek Snipe

BB rate pr day: USD 4 880 USD 8 045 USD 8 160 USD 8 185Commencement of CP: February 2006 October 2005 February 2006 May 2006Expiry of CP: February 2014 October 2013 February 2014 May 2014Bareboat charter: 8 yearsBareboat charterer: (a company nominated and guarenteed by Ezra Holdings PTE Ltd) Emas Offshore Pte Ltd


Residual value end CP: 35 300 000Estimated IRR: 17% cASHflOW 2010 2011E 2012E 2013EOperating revenue 10 676 000 10 676 000 10 676 000 9 402 000Operating expenses -167 862 -169 000 -172 000 -176 000Net operating cashflow 10 508 138 10 507 000 10 504 000 9 226 000 Interest earned 2 340 2 200 2 200 2 800Interest expenses -3 490 934 -3 164 000 -2 844 000 -2 480 000Drawdown/ Repayment long term debt -5 200 000 -5 200 000 -5 200 000 -14 450 000Net financial items -8 688 594 -8 361 800 -8 041 800 -16 927 200Purchase of Vessel 9 600 000Net project cashflow 1 819 544 2 145 200 2 462 200 1 898 800Estimated dividend 2 327 220 2 100 000 2 500 000 2 750 000

PrOjEcT bAlAncE 01.07.2011Cash 1 781 915Implicit vessel value 54 167 402Total assets 55 949 317Outstanding debt 49 600 000Short term payables 499 317Sellers Credit 0Total outstanding debt 50 099 317Estimated project value 5 850 000

Mortgage: USD 73 000 000Sellers Credit: USD 0Balloon: USD 34 000 000Term: 8 yearsQuarterly instalments: USD 1 300 000Interest USD 6.21%The interest rate is fixed for the entire fixed charter period (incl.margin).

finAncinG cOmmEnTSThe Charterer has paid BB hire on time and the project has been in compliance with the loan agreement throughout the bb period. The charterer has a purchase option at end of the fixed charter period at USD 35.3 million. The vessel’s present charterfree value is about USD 115 mil. enbloc.

Established: April 2005Paid in capital: USD 13 325 000Accumulated dividends: 17 202 220Uncalled capital: USD 0

Estimated share value per 1%: USD 58 500Last reported sale pr 1% ; Dec 2009 USD 75 000Estimated IRR Buyer: 17%Estimated IRR Seller: 25%

Latent tax liability vessel pr 1%: USD 35 300Latent tax liability debt pr 1%: USD 25 300

40. PROJECTS

Multipurpose Bulkers DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Axel M. Aas, Coporate Manager: Øystein L. Nilsen

THE VESSElS

Vessels name: MV Brilliante MV Risoluto MV Sonoro MV VolanteType: Bulk carrier Bulk carrier Bulk carrier Bulk carrierDWT: 5 557 MT 4 145 MT 4 117 MT 4 117 MTYard: N.V. Scheepswerf Ferus Smit N.V. Bodewes Scheepswerft Severnav, Romania Severnav, RomaniaBuilt: 1997 1998 2000 2000Class: BV Ice Class SF 1 A GL Ice Class SF 1 A GL Ice Class SF 1 A GL Ice Class SF 1 AFlag: Dutch Gibraltar Gibraltar Gibraltar

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Klaveness Corporate Services ASProcject price: EUR 27 145 000

Paid in capital: EUR 5 945 000Uncalled capital: EUR 3 250 000

MV Brilliante MV Risoluto MV Sonoro MV Volante

BB rate per day 2011- end: EUR 1400 / 1600 1400 / 1600 1400 / 1600 1400 / 1600Commencement of CP: January 2006Expiry of CP: N/ABareboat charter: N/ABareboat charterer: Companies guarented by Østerstrøms International AB



cASHflOW 2010 2011E 2012E 2013E 2014EOperating revenue 1 898 000 2 436 000 2 336 000 2 336 000 2 336 000Operating expenses -125 000 -126 000 -127 000 -129 000 -130 000Net operating cashflow 1 773 000 2 310 000 2 209 000 2 207 000 2 206 000

Interest earned 1 000 3 000 3 000 3 000 3 000Interest expenses -1 138 000 -774 000 -739 500 -667 000 -538 000Drawdown/ Repayment long term debt -700 000 -1 400 000 -1 500 000 -1 600 000 -1 400 000Net financial items -1 837 000 -2 171 000 -2 236 500 -2 264 000 -1 935 000Purchase of Vessel Net Projected Cashflow -64 000 139 000 -27 500 -57 000 271 000Estimated dividend 0 0 0 0 0 PrOjEcT bAlAncE 01.07.2011Cash 371 000Implicit vessel value 16 290 000Total assets 16 661 000Outstanding debt 14 250 000Short term payables 161 000Sellers credit 0Total outstanding debt 14 411 000Estimated project value N/A finAncinG cOmmEnTS

The original charterparty has been cancelled.A new contract has been signed where the charterer has agreed to bb charter all vessels at a fixed rate untill equity and bank loan has been repaid in full. At the time the vessels will be redelivered to the owners, they will be debt free.Østerstrøms has been purchased by TransAtlantic. The company is in negotiation with TransAtlantic and the bank regarding restructuring of the deal.

Mortgage: EUR 21 200 000Sellers credit EUR 1 250 000 *Balloon: EUR 10 000 000Term: 8 yearsQuarterly instalments: EUR 1 - 8: 300 000 9 - 24: 350 000 25 - 32: 400 000Interest: 80% of the mortgage is fixed with Step-Up Swap to Apr. 2014* Waived as part of the new contract

Established: December 2005Paid in capital: EUR 5 945 000Accumulated dividends: EUR 1 280 000Uncalled Capital: EUR 3 250 000

Estimated share value per 1% ; July 2011: N/ALast reported sale pr 1%: April 2011 EUR 14 000Estimated IRR Buyer: N/AEstimated IRR Seller: N/A

Latent tax liability vessel(s) pr. 1% N/ALatent tax liability debt pr. 1% N/A

41...PROJECTS

NFC AHTS Limited KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Cheryl Seah, Coporate Manager: Benjamin Ryeng-Hansen

THE VESSElS

Vessel name: NFC AHTS I NFC AHTS IIType: AHTS AHTSBHP: 10 800 10 800Speed: 15 knots 15 knotsYard: Cochin Shipyard, India Cochin Shipyard, IndiaBuilt: June 2010 October 2010Class: ABS + A1(E) ABS + A1(E)Flag: N/A N/A

cOmmErciAl dETAilS

Corporate management: RS Platou Finans Singapore Pte. LtdDisponent owner: NFC Shipping Fund VII LLC Project price: USD 72 520 000Paid in capital: USD 24 600 000Uncalled capital: USD 0

BB rate: N/ABareboat charter: N/ABareboat charterer: N/ACommencement of CP: N/AExpiry of CP: N/A



cASHflOW 2010 2011E 2012E 2013E 2014E

Operating revenue N/A N/A N/A N/A N/AOperating expenses N/A N/A N/A N/A N/ANet operating cashflow N/A N/A N/A N/A N/A

Interest earned N/A N/A N/A N/A N/AInterest expenses N/A N/A N/A N/A N/ADrawdown/ Repayment long term debt N/A N/A N/A N/A N/ANet financial items N/A N/A N/A N/A N/ANet project cashflow N/A N/A N/A N/A N/AEstimated dividend N/A N/A N/A N/A N/A



finAncinG cOmmEnTS

The project cancelled both ships under construction in 2010.The project is about to be closed and liquidated.The investors have been paid back about 95% of their investment.

Established: March 2008Paid in capital: USD 24 600 000Uncalled capital: USD 0Accumulated dividends: USD 23 400 000



CANCEllEd

42. PROJECTS

Norwegian Offshore DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Chris W. Svensson, Corporate Manager: Thomas Ødegård

THE VESSElS

Vessels’ name: 2 x To be namedType: AHTS, VS 4612 MK I, 2 x 12,240 BHP, DP I, FIFI IDWT: 2 500Speed: 16 knotsYard: Bharati Shipyard Ltd., IndiaBuilt: November 2010 Class: DNV

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Supply Service ASProject price: USD 66 286 000Paid in capital: USD 22 650 000

Working capital / Stack up if delivered: USD 1 500 000Uncalled capital: USD 6 000 000Bareboat charter: N/ABareboat charterer: Asset play

cASHflOW 2010 2011E 2012E 2013E

Operating revenueN/A N/A N/A N/A N/AOperating expenses N/A N/A N/A N/ANet operating cashflow N/A N/A N/A N/A Interest earned N/A N/A N/A N/AInterest expenses N/A N/A N/A N/ADrawdown/ Repayment long term debt N/A N/A N/A N/ANet financial items N/A N/A N/A N/AEstimated dividend N/A N/A N/A N/A


Cash balance N/AImpicit vessel value N/ATotal assets N/AOutstanding debt N/AShort term payables N/ASellers creditt N/ATotal outstanding debt N/AEstimated project value N/A

Mortgage: USD USD 45 570 000Balloon: USD USD 15 585 000Term: 5 yearsQuarterly instalments: USD USD 360 000Interest: 2.30% Floating including margin 1,65% p.a.

finAncinG cOmmEnTS

The first two vessels have been sold.

sold

Established: May 2007Paid in capital: USD 23 025 000Uncalled capital: USD 23 175 000Accumulated dividends: USD 0



43...PROJECTS

Norwegian Offshore II DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Chris W. Svensson, Corporate Manager: Thomas Ødegård

THE VESSElS

Vessels name: 2 x To be namedType: AHTS, VS 4612 MK I, 2 x 12,240 BHP, DP I, FIFI IDWT: 2500Speed: 16 knotsYard: Bharati Shipyard Ltd., IndiaBuilt: August 2011Class: DNV

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Supply Service ASProject price: USD 70 734 000Paid in capital: USD 23 700 000

Working capital / Stack up if delivered USD 1 500 000Uncalled capital: USD 8 000 000Bareboat charter: N/ABareboat charterer: Asset play

cASHflOW 2010 2011E 2012E 2013E

Operating revenue N/A N/A N/A N/AOperating expenses N/A N/A N/A N/ANet operating cashflow N/A N/A N/A N/A Interest earned N/A N/A N/A N/AInterest expenses N/A N/A N/A N/ADrawdown/ Repayment long term debt N/A N/A N/A N/ANet financial items N/A N/A N/A N/AEstimated dividend N/A N/A N/A N/A


Cash balance 1 250 000Impicit vessel value 31 161 000Total assets 32 411 000Outstanding debt 6 786 000Short term payables 50 000Sellers creditt 0Total outstanding debt 6 836 000Estimated project value 25 575 000

finAncinG cOmmEnTS

Both vessels are being built at Mangalore, another yard within the Baharati group. They have a more streamlined progress and have therefore less delay then vessels one and two. Currently main focus is on quality of the building process.

Mortgage: USD USD 47 500 000Balloon: USD USD 15 750 000Term: 5 yearsQuarterly instalments: USD USD 400 000Interest: 2.30% Floating including margin 1.65% p.a.

Established: May 2007Paid in capital: USD 25 575 000Uncalled capital: USD 8 000 000Accumulated dividends: 0

Estimated share value per 1%: USD 255 750Last reported sale per 1%: N/AEstimated IRR Buyer: N/AEstimated IRR Seller: N/A


44. PROJECTS

Norwegian Product DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Chris W. Svensson Corporate Manager: Erik Kristian Andresen

THE VESSElS

Vessels name: Emily PG Lesley PGType: Product tanker, DH Product tanker, DHDWT: 6 249 6 249Yard: Kværner Govan Shiopbuilders, UK Appledore Shipbuilders, UKBuilt / (Rebuilt): 1996 1998Flag: Isle of Man Isle of ManClass: Lloyds Register Lloyds Register

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Seabulk ASProject price: USD 32 865 000Paid in capital: USD 7 265 000Uncalled capital: USD 6 500 000Commencement of CP: December 06

Expiry of CP: December 14BB rate per day in total for all vessels (net): USD 13 100Bareboat charter: 8 yearsBareboat charterer: Giles W. Pritchard-Gordon Tankers Ltd.


Residual value end CP: 8 000 000 12 500 000 15 000 000Estimated IRR for buyer: 11% 22% 27% cASHflOW 2010 2011E 2012E 2013E 2014EOperating revenue 4 782 000 4 782 000 4 794 000 4 781 000 4 375 000Operating expenses -136 000 -129 000 -129 000 -127 000 -122 000Net operating cashflow 4 646 000 4 653 000 4 665 000 4 654 000 4 253 000

Interest earned 0 0 0 0 0Interest expenses -1 074 000 -821 000 -695 000 -567 000 -440 000Drawdown/ Repayment long term debt -3 950 000 -2 250 000 -2 250 000 -2 250 000 -4 150 000Purchase / Sale of vessels 12 500 000Net financial items -5 024 000 -3 071 000 -2 945 000 -2 817 000 7 910 000Net Projected cashflow -378 000 1 582 000 1 720 000 1 837 000 12 163 000Estimated dividend 0 1 500 000 1 750 000 1 850 000 12 485 000

PrOjEcT bAlAncE 01.07.2011Cash 345 000Implicit vessel value 19 991 000Total assets 20 336 000Outstanding debt 9 775 000Short term payables 411 000Total outstanding debt 10 186 000Estimated Project value 10 150 000

Mortgage: USD 25 600 000Balloon: USD 7 600 000Sellers credit: USD 0Term: 8 yearsSemi-annual instalments: USD 1 - 16: 1 125 000Interest: 90% of the loan 6.05% Fixed for the entire fixed charter period (incl. margin.) 10% of the loan Floating

finAncinG cOmmEnTS

The project is running well. The charterer is financial strong, and hire is being paid on time.

Established: November 2006Paid in capital: USD 10 115 000 Uncalled capital: USD 6 500 000 Accumulated dividends: USD 1 560 000

Estimated share value per 1%: USD 101 500Last reported sale per 1% November 2008: USD 73 000Estimated IRR Buyer: 22%Estimated IRR Seller: 4%


45...PROJECTS

Norwegian Shipping DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Axel M. Aas, Corporate Manager: Asbjørn Wulfsberg

THE VESSEl

Expiry of Purchase Uncalled % of total Projects Ownership: charterer: Vessel type: charter: charter type: price: capital: portfolio:

Finn Ro-Ro KS SOLD 0.00% Finnlines RORO 2007 Time charter USD 0 USD 0 0.00%Ross Cape AS SOLD 0.00% Seyang Shipping Bulk carrier 2008 Bareboat charter USD 0 USD 0 0.00%South Pacific II KS SOLD 0.00% Austral Asia Line Container ship 2010 Bareboat charter USD 0 USD 0 0.00%J.B.U OBO I KS SOLD 0.00% J.B Ugland Shipping AS OBO 2010 Bareboat charter USD 0 USD 0 0.00%South Pacific KS SOLD 0.00% Austral Asia Line Container ship 2009 Bareboat charter USD 0 USD 0 0.00%Zarepta Chemical KS SOLD 0.00% Norfolk L/P Chemical ship 2012 Bareboat charter USD 0 USD 0 0.00%Rig Supporter KS**) SOLD 0.00% Seabulk South Atlantic Inc Supply ship 2008 Bareboat charter USD 0 USD 0 0.00%Eidsiva Trucker KS*) SOLD 0.00% DFDS RORO 2010 Time charter USD 0 USD 0 0.00%Ross Liner KS SOLD 0.00% DFDS Lys Line Sideport ship 2010 Time charter USD 0 USD 0 0.00%China Ropax DIS SOLD 0.00% Marine Dragon Shipping Inc Ropax 2010 Bareboat charter USD 0 USD 0 0.00%Finland Roro KS 10.50% Finnlines RORO 2013 Time charter USD 1 354 500 USD 525 000 100.00%Total: 1 354 500 525 000 100.00%

cOmmErciAl dETAilS

Corporate management: RS Platou Finans AS

cASHflOW 2010 2011E 2012E 2013E 2014E

Operating revenue 92 000 1 127 900 N/A N/A N/AOperating expenses -93 000 -45 000 N/A N/A N/ANet operating cashflow -1 000 1 082 900 N/A N/A N/A Interest earned 1 000 0 N/A N/A N/AInterest expenses 0 0 N/A N/A N/ADrawdown/ Repayment long term debt 0 0 N/A N/A N/ANet financial items 1 000 0 N/A N/A N/APurchase of Vessel Net project cashflow 0 1 082 900 Estimated dividend 250 000 1 105 000 N/A N/A N/A

Norwegian Shipping AS is a company established for the purpose of owning shares in single purpose shipowning companies. The fund is a closed end fund with a 5 year investment period(2005-2010). Norwegian Shipping AS is a low risk diversified shipping portfolio with an expected IRR p.a. of 12 - 15%.

finAncinG cOmmEnTS

Norwegian Shipping II DIS is a company established for the purpose of owning shares in single purpose shipowning companies. The fund is a closed end fund with a 5 year investment period. Norwegian Shipping DIS is planning to exit its final investment later this year. The investment portfolio has produced an average return (IRR) slightly above expectations of 12-15% p.a.

Established: April 2005Paid in capital: USD 13 700 000Uncalled capital: USD 525 000Accumulated dividends: USD 19 045 874

Estimated share value per 1%: USD 10 250Last reported sale per 1%: Estimated IRR Buyer: 14%Estimated IRR Seller: 15%


46. PROJECTS

Norwegian Shipping II DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Axel M. Aas, Corporate Manager: Asbjørn Wulfsberg

THE VESSEl

Expiry of Purchase Uncalled % of total Projects Ownership: charterer: Vessel type: charter: charter type: price: capital: portfolio:

Ross Cape DIS SOLD 0.00% Seyang Shipping DIS Bulk carrier 2008 Bareboat charter USD 0 USD 0 0.00%South Pacific II KS SOLD 0.00% Austral Asia Line Container ship 2010 Bareboat charter USD 0 USD 0 0.00%Celine I OBO DIS SOLD 0.00% Makro Sipping AS OBO ship 2009 Bareboat charter USD 0 USD 0 0.00%Cement Ship Inc SOLD 0.00% Seyang Shipping AS Bulk carrier 2009 Bareboat charter USD 0 USD 0 0.00%Global Cable KS SOLD 0.00% Global Marine Systems Ltd Cable ship 2010 Bareboat charter USD 0 USD 0 0.00%Agder Ocean Reefer KS 21.00% Green Reefer Reefer ship 2010 Bareboat charter USD 1 491 550 USD 0 55.03%Cement Ship II DIS 19.50% CTI Group Inc Cement ship 2015 Bareboat charter USD 1 218 750 USD 683 000 44.97%Total: 2 710 300 683 000 100%

cOmmErciAl dETAilS

Corporate management: RS Platou Finans AS

cASHflOW 2010 2011E 2012E 2013E 2014E

Operating revenue 1 737 000 137 000 N/A N/A N/AOperating expenses -28 000 -37 000 N/A N/A N/ANet operating cashflow 1 709 000 100 000 N/A N/A N/A

Interest earned 0 3 000 N/A N/A N/AInterest expenses 0 0 N/A N/A N/ADrawdown/ Repayment long term debt 0 0 N/A N/A N/ANet financial items 0 3 000 N/A N/A N/APurchase of Vessel Net project cashflow 1 709 000 103 000 N/A N/A N/AEstimated dividend 1 700 000 341 000 N/A N/A N/A

Norwegian Shipping II DIS is a company established for the purpose of owning shares in single purpose shipowning companies. The fund is a closed end fund with a 5 year investment period (2006-2011). Norwegian Shipping DIS is a low risk diversified shipping portfolio with an expected IRR p.a. of 12 - 15%.

finAncinG cOmmEnTS

Norwegian Shipping II DIS is a company established for the purpose of owning shares in single purpose shipowning companies. The fund is a closed end fund with a 5 year investment period. Norwegian Shipping DIS is planning to exit its final investment within the next 6 months. This is in accordance with the 5 year investment plan.

Established: January 2006Paid in capital: USD 5 200 000Uncalled capital: USD 683 000Accumulated dividends: USD 5 816 500

Estimated share value per 1%: USD 3 200Last reported sale per 1%: JAN 2010 USD 23 000Estimated IRR Buyer: 14%Estimated IRR Seller: 3%


47...PROJECTS

Oceanlink Offshore III DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Axel M. Aas, Corporate Manager: Erik Kristian Andresen

THE VESSElS

Vessel name: SOLD Ocean Viking NoblemanType: AHTS, 13,040 BHP AHTS, 13,040 BHPDWT: USD 1 962 2150-2500Speed: 15 16Yard: Dae Dong, Korea Dae Dong, KoreaBuilt: 1983 1983

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASProject price: USD 28 535 000Paid in capital: USD 5 200 000Uncalled capital: USD 5 950 000BB rate Nobleman net per day: Year 1 USD 4 000 Year 2 USD 4 500 Yers 3 UDD 5 000

Bareboat charter: 3 yearsVestland Marine Sp. z o.o. 1. November 2010 / 31. October 2013


Residual value end CP: 6 000 000Estimated IRR for buyer: 15% cASHflOW 2010 2011E 2012E 2013EOperating revenue 3 918 000 4 017 000 1 705 000 1 747 000Operating expenses -2 410 000 -122 000 -60 000 -50 000Net operating cashflow 1 508 000 3 895 000 1 645 000 1 697 000 Interest earned 0 0 0 0Interest expenses -522 000 -348 000 -62 000 0Drawdown/ Repayment long term debt -4 557 500 -3 850 000 0 0Purchase / Sale of vessel 0 0 0 0Net financial items -5 079 500 -4 198 000 -62 000 0Net projected cashflow -3 571 500 -303 000 1 583 000 1 697 000Estimated dividend 0 0 1 550 000 1 769 000

PrOjEcT bAlAncE 01.07.2011Cash 246 000Implicit vessel value 3 228 000Total assets 3 474 000Outstanding debt 985 000Short term payables 19 000Charteres credit 0Total outstanding debt 1 004 000Estimated Project value 2 470 000

finAncinG cOmmEnTS

Mortgage: USD 20 500 000Term: 5 yearsQuarterly instalments: USD 1- 4: 750 000 USD 3 - 8: 1 348 750 USD 9 - 12: 625 000 USD 13 - 20: 500 000Balloon: USD 4 407 500Interest: 6.25%

Ocean Viking was sold to Sao Miguel, ( Brazil) i mid July 2010.Nobleman was sold to Crusader Marine Ltd (Vestland Marine in september 2010. The sale was structured as a bare boat hire purchase, hence the project has been extended for a few years. Hire is being paid on time.

Established: October 2006Paid in capital: USD 5 200 000Uncalled capital: USD 5 950 000Accumulated dividends: USD 1 742 500

Estimated share value per 1%: USD 24 700Last reported sale per 1% june 2008: USD 45 750Estimated IRR Buyer: 15%Estimated IRR Seller: -6%


48. PROJECTS

Oceanlink Reefer III DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Axel Aas, Corporate Manager: Erik Kristian Andresen

THE VESSElS

Vessels name: Condor BayType: Reefer vessel 527 401 Cubic FeetSpeed: N/AYard: Shikoku Dock JapanBuilt: 1990Class: Nippon Kaiji KyokaiFlag: Singapore

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Oceanlink Management AS Project price: USD 20 200 000Paid in capital: USD 5 200 000Uncalled capital: USD 5 000 000

Commencement of CP: September 2008Expiry of CP: December 2013BB rate: USD 5 000


Residual value end CP: 2 500 000 5 500 000 7 000 000Estimated IRR for buyer: 16% 25% 29%

cASHflOW 2010 2011E 2012E 2013E

Operating revenue 2 357 000 1 825 000 1 820 000 1 830 000Operating expenses -72 000 -72 000 -74 000 -75 000Net operating cashflow 2 285 000 1 753 000 1 746 000 1 755 000

Interest earned 0 0 0 0Interest expenses -577 000 -486 000 -397 000 -309 000Drawdown/ Repayment long term debt -1 600 000 -1 600 000 -1 600 000 -1 600 000Net financial items -2 177 000 -2 086 000 -1 997 000 -1 909 000Net projected cashflow 108 000 -333 000 -251 000 -154 000Estimated dividend 0 0 0 0


Cash 274 000Implicit vessel value 10 407 000Total assets 10 681 000Outstanding debt 7 900 000Short term payables 101 000Sellers credit 0Total outstanding debt 8 001 000Estimated Project value 2 680 000

finAncinG cOmmEnTS

The bareboat rate has been agreed to be reduced from USD 8 550 to USD 5 000 per day in the period from 01.06.2010 - 31.12.2013. The vessel will be redelivered as per 31.12.2013. Hire is being paid on time.

Mortgage: USD 13 000 000Balloon: USD 0Term: 8 yearsQuarterly instalments: USD 1 - 30: 400 000Interest: The interest rate is fixed for the entire fixed charter period 5.475% (incl. margin)Interest on sellers credit 0.00%

Established: September 2008Paid in capital: USD 5 200 000Uncalled capital: USD 5 000 000Accumulated dividends: USD 0

Estimated share value per 1%: USD 26 800Last reported sale per 1%: N/AEstimated IRR Buyer: 25%Estimated IRR Seller: -22%

Latent tax benefit vessel pr. 1% USD 4 900Latent tax liability debt pr. 1% USD 2 600

49...PROJECTS

Octavian Bulker DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Chris W. Svensson, Corporate Manager: Nina Elverum

THE VESSElS

Vessels name: MV SkomvaerType: Supramax Bulk CarrierDWT: 58 000Yard: Dayang, ChinaDelivered: September 2010Class: BV1Flag: Marshall Island

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Scantank ASProject price: USD 36 000 000Paid in capital: USD 16 000 000Uncalled capital: USD 0

Commencement of CP: September 2010Expiry of CP: September 2015TC rate per day year : USD 15 500 TC charter: Hanjin Shipping Co. Ltd.


Residual value end CP: Estimated IRR: cASHflOW 2010 2011E 2012E 2013EOperating revenue 1 478 342 5 580 000 5 580 000 5 580 000Operating expenses -441 573 -1 752 000 -1 795 800 -1 840 695Administration expenses -143 487 -473 750 -178 518 -180 303Extraordinary costs -985 836 0 0 0Net operating cashflow -92 554 3 354 250 3 605 682 3 559 002 Interest earned 0 0 0 0Interest expenses -224 909 -825 138 -820 888 -883 001Paid in capital 16 000 000 0 0 0Purchase of vessel -36 000 000 0 0 0Drawdown/ Repayment long term debt 21 550 000 -1 800 000 -1 800 000 -1 800 000Net financial items 1 325 091 -2 625 138 -2 620 888 -2 683 001Net Projected Cashflow 1 232 537 729 112 984 794 876 001Estimated dividend - - - -

PrOjEcT bAlAncE 01.07.2011Cash 1 435 387Implicit vessel value 34 222 265Total assets 35 657 652Outstanding debt 20 650 000Short term payables 7 652Sellers credit 0Total outstanding debt 20 657 652Estimated project value 15 000 000

finAncinG cOmmEnTS

Mortgage: USD 22 000 000Balloon: USD 13 000 000Term: 5 yearsQuarterly instalments USD 450 000 Interest: 70% of the loan fixed for 3 years 3.97% 30% of the loan floating presently 3.00% Margin 3.00%

The vessel is fixed on a 5 year TC to Hanjin Shipping in Korea. Throughout the time charter period, the vessel is fixed on a floor rate of USD 15,500 per day and a ceiling rate of USD 18,500 per day. The daily running costs amounted to USD 4,555 per day in 2010 which is according to budget.After completion of year 3 of the TC, the owner has the option to sell the vessel at any time and any circumstances and thereby cancel the TC.

Established: September 2010Paid in capital: USD 16 000 000Uncalled capital: USD 0Accumulated dividends: USD 0

Estimated share value per 1%: USD 150 000 Last reported sale per 1%: N/AEstimated IRR Buyer: N/AEstimated IRR Seller: N/A


50. PROJECTS

Orchard Offshore DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: David P. Österström, Corporate Manager: Benjamin Ryeng-Hansen

THE VESSElS

Vessel name: Swiber Navigator Swiber Explorer Swiber Ada Swiber TorunnType: AHT AHT AHTS AHTSBHP: 4 000 4 000 5 000 5 000Speed: 13.5 knots 13.5 knots 13.5 knots 13.5 knotsYard: Malaysia / China Malaysia / China Malaysia / China Malaysia / ChinaBuilt: 2008 2008 2008 2008Class: ABS ABS BV BVFlag: Singapore Singapore Singapore Singapore

cOmmErciAl dETAilS


Paid in capital: USD 7 800 000Uncalled capital: USD 2 125 000


Residual value end CP: 20 000 000 23 500 000 26 000 000 Estimated IRR: 11% 17% 19% cASHflOW 2010 2011E 2012E 2013E 2014EOperating revenue 5 913 000 5 913 000 5 913 000 5 913 000 5 913 000Operating expenses -228 000 -220 000 -223 000 -225 000 -227 000Net operating cashflow 5 685 000 5 693 000 5 690 000 5 688 000 5 686 000

Interest earned 0 0 30 000 30 000 30 000Interest expenses -1 827 000 -1 734 000 -1 540 000 -1 436 000 -1 304 000Drawdown/ Repayment long term debt -2 268 000 -2 268 000 -2 268 000 -2 268 000 -2 268 000Net financial items -4 095 000 -4 002 000 -3 778 000 -3 674 000 -3 542 000Net project cashflow 1 590 000 1 691 000 1 912 000 2 014 000 2 144 000Estimated dividend 1 800 000 1 800 000 1 950 000 2 050 000 2 150 000


Cash 878 000Impicit vessel value 38 562 000Total assets 39 440 000Outstanding debt 27 890 000Short term payables 300 000Sellers credit 2 000 000Total outstanding debt 30 190 000Estimated project value 9 250 000

Swiber Navigator Swiber Explorer Swiber Ada Swiber Torunn

BB rate: USD 3 150 pd USD 3 150 pd USD 4 950 pd USD 4 950 pdBareboat charter: 8 years 8 years 8 years 8 yearsBareboat charterer: Swiber Offshore Marine Pte Ltd guaranteed by Swiber Holdings LtdCommencement of CP: January 2008 February 2008 October 2008 December 2008Expiry of CP: January 2016 February 2016 October 2016 December 2016

finAncinG cOmmEnTS

Mortgage: USD 34 000 000 Sellers Credit: USD 2 000 000 Balloon: USD 15 856 000 Term: 8 yearsSemi-annually instalments USD 1 134 000 Interest mortgage: Average of 5.7424% including 1.00% marginInterest sellers credit: 3.50%

The charterer has purchase options from after year 5 to year 10 for Swiber Navigator and Swiber Explorer.The charterer is paying charter hire in a timely manner. Swiber Navigator and Swiber Expolorer were valued at USD 7.5-8 million, and Swiber Ada and Swiber Torunn at USD 13-13.5 million per December 2010.Swiber Navigator, Swiber Explorer and Swiber Ada are currently in India; and Swiber Torunn in New Zeeland.

Established: March 2007Paid in capital: USD 7 800 000Uncalled capital: USD 2 125 000Accumulated dividends: USD 5 000 000



51...PROJECTS

Panda Chemical Oil DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Chris W. Svensson, Corporate Manager: Nina Elverum

THE VESSElS

Vessel name: Panda PGType: Oil / Chemical TankerDWT: 6 725Capacity (cbm): 7 436Yard: Sedef Shipyard / IstanbulBuilt: 2004Class: Bueau VeritasFlag: Isle of Man

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Havinvest ASProject price: USD 19 545 000Paid in capital: USD 4 345 000Uncalled capital: USD 1 500 000BB rate: Year 1 - 3: USD per day: 7 800 Year 4 - 5: USD per day: 7 600

Bareboat charter: 5 yearsBareboat charterer: Giles W. Pritchard-Gordon Tankers LtdCommencement of CP: October 2006Expiry of CP: October 2011


Residual value end CP: 8 000 000 10 000 000 10 000 000Estimated IRR for buyer: -87% 30% 30%

cASHflOW 2010 2011E

Operating revenue 2 774 000 2 100 184Operating expenses -97 364 -98 338Net operating cashflow 2 676 636 2 001 846

Interest earned 1 000 2 000Interest expenses -748 909 -639 253Drawdown/ Repayment long term debt -2 785 000 -8 695 000Purchase / Sale of vessel 0 10 000 000Net financial items -3 532 909 667 747Net project cash flow -856 273 1 334 099Estimated dividend 0 2 919 296


Cash 610 824Implicit vessel value 10 087 176Total assets 10 698 000Outstanding debt 8 075 000Short-term payables 58 001Sellers Credit 0Total outstanding debt 8 133 000Estimated project value 2 565 000

finAncinG cOmmEnTS

Mortgage: USD 15 200 000Sellers Credit: USD 0Term: 5 yearsSemi-annual instalments: USD 1 - 10: 620.000Extraordinary repayments in 2010: USD 1 545 000Interest: 6,30% (incl. margin)

The vessel is still trading between the islands of Bermuda area with refined products. The vessel wil bee redelivered from current bareboat charter ultimo October 2011. Commercial manager is checking with present bareboat charterer if they are willing to prolong the existing charter.

Established: July 2006Paid in capital: USD 4 345 000Uncalled capital: USD 1 500 000Accumulated dividends: USD 1 565 000

Estimated share value per 1%: USD 25 650Last reported sale per 1% (October 2007): USD 48.500Estimated IRR Buyer: 30%Estimated IRR Seller: -1%

Latent tax liability vessel pr 1%: N/ALatent tax liability debt pr 1%: N/A

52. PROJECTS

Raffles Offshore DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: David P. Österström, Corporate Manager: Benjamin Ryeng-Hansen

THE VESSElS

Vessels name: Swiber ConquestType: Pipelay bargeLOA: 108 mPax: 280Yard: Malaysia / ChinaDelivery: 2007Class: BVFlag: Panama

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: North Sea Shipping ASProject price: USD 45 945 000Paid in capital: USD 12 445 000Uncalled capital: USD 4 500 000BB rate: USD 15 850 pd less 1.25%

Bareboat charter: 10 yearsBareboat charterer: Swiber Offshore Marine Pte Ltd guaranteed by Swiber Holdings LtdCommencement of CP: 26 September 2007Expiry of CP: 26 September 2017



cASHflOW 2010 2011E 2012E 2013E 2014E

Operating revenue 5 713 000 5 713 000 5 729 000 5 713 000 5 713 000Operating expenses -143 000 -141 000 -143 000 -143 000 -145 000Net operating cashflow 5 570 000 5 572 000 5 586 000 5 570 000 5 568 000 Interest earned 0 0 20 000 20 000 20 000Interest expenses -1 569 000 -1 415 000 -1 305 000 -1 160 000 -1 048 000Drawdown/ Repayment long term debt -2 700 000 -2 700 000 -2 700 000 -1 800 000 -1 800 000Net financial items -4 269 000 -4 115 000 -3 985 000 -2 940 000 -2 828 000Net project cashflow 1 301 000 1 457 000 1 601 000 2 630 000 2 740 000Estimated dividend 1 650 000 1 475 000 2 100 000 2 700 000 2 750 000



finAncinG cOmmEnTS

Mortgage: USD 31 500 000 Sellers credit: USD 2 000 000 Balloon: USD 9 000 000 Term: 10 yearsSemi-annual instalments: USD 1 350 000/900 000 Interest mortgage: Average of 5.96% including 1.10% marginInterest sellers credit: 3.50%

The charterer has purchase options from after year 5 to year 10.The charterer is paying charter hire in a timely manner. The barge was valued to USD 53-57 million as of December 2010. The barge was inspected in December 2010. Swiber Conquest is currently in India.

Established: March 2007Paid in capital: USD 12 445 000Uncalled capital: USD 4 500 000Accumulated dividends: USD 4850 000

Estimated share value per 1%: USD 154 000 Last reported sale per 1%: Oct 2007 USD 140 000 Estimated IRR Buyer: 17%Estimated IRR Seller: 13%


53...PROJECTS

Ross Chemical II DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Axel M. Aas, Corporate Manager: Nina Elverum

THE VESSElS

Vessel name: Oceanic Indigo Oceanic Crimson Oceanic Coral Oceanic Cerise Oceanic Cyan Oceanic CobaltType: IMOII /III product tankers IMOII /III product tankers IMOII /III product tankers IMOII /III product tankers IMOII /III product tankers IMOII /III product tankersDWT: 11 000 13 000 13 000 13 000 13 000 13 000Capacity (cbm): 13 450 13 450 13 450 13 450 13 450Yard: Penglai Bohai Shipyard Co. Ltd, China Jinse Co. Ltd,. Korea Jinse Co. Ltd,. Korea Jinse Co. Ltd,. Korea Jinse Co. Ltd,. Korea Jinse Co. Ltd,. KoreaDelivery: April 2011 March 2008 apr-08 May 2008 June 2008 July 2008Class: ABS ABS ABS ABS ABS ABSFlag: Liberia Liberia Liberia Liberia Liberia

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Panoceanic Bulk Carriers UKProject price: USD 120 800 000Paid in capital: USD 25 100 000Uncalled capital: USD 12 000 000

BB rate per day year USD 8 050Bareboat charter: 7 yearsBareboat charterer: A company Guaranteed by Pan Gulf GroupCommencement of CP: March 2008 + 2 months interval per vesselExpiry of CP: Year 2015


Residual value end CP: Estimated IRR for buyer:

cASHflOW 2010 2011E 2012E 2013EOperating revenue N/A N/A N/A N/AOperating expenses N/A N/A N/A N/ANet operating cashflow N/A N/A N/A N/A Interest earned N/A N/A N/A N/AInterest expenses N/A N/A N/A N/ADrawdown/ Repayment long term debt N/A N/A N/A N/ANet financial items N/A N/A N/A N/ANet projected cash flowEstimated dividend N/A N/A N/A N/A


Cash balance N/AVessel N/ATotal assets N/AOutstanding debt N/ATotal outstanding debt N/AEstimated Prjocet value N/A

Established: February 2007Paid in capital: USD 36 375 000Uncalled capital: USD 7 000 000Accumulated dividends: USD 0



54. PROJECTS

RTS Panamax DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Axel M. Aas, Corporate Manager: Erik Kristian Andresen

THE VESSElS

Vessels name: RTS PioneerType: Panamax bulk carrierDWT: 71 319Speed: 14 knotsYard: Namura ZosenshoBuilt: 1996Class: LRFlag: UK

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Atlantica Shipping ASProject price: USD 24 650 000Paid in capital: USD 4 650 000Uncalled capital: USD 0Commencement of CP: January 06

Expiry of CP: January 13BB rate per day: Year 1: USD 15 100 Year 2-6: USD 7 700Bareboat charter: 6 yearsBareboat charterer: Rio Tinto Shipping Ltd.


Residual value end CP: 10 000 000 15 000 000 20 000 000Estimated IRR: -75% 17% 60%

cASHflOW 2010 2011E 2012E 2013E

Operating revenue 2 810 000 2 810 000 2 818 000 216 000Operating expenses -82 000 -89 000 -90 000 -46 000Net operating cashflow 2 728 000 2 721 000 2 728 000 170 000 Interest earned 0 2 000 5 000 1 000Interest expenses -870 000 -744 000 -665 000 -149 000Drawdown/ Repayment long term debt -1 200 000 -1 200 000 -1 200 000 -11 300 000Purchase / Sale of vessel 0 0 0 15 000 000Net financial items -2 070 000 -1 942 000 -1 860 000 3 552 000Net project cash flow 658 000 779 000 868 000 3 722 000Estimated dividend 1 200 000 450 000 350 000 5 035 000


Cash 378 000Implicit vessel value 16 650 000Total assets 17 028 000Outstanding debt 13 100 000Short term payables 28 000Total outstanding debt 13 128 000Estimated Project value 3 900 000

finAncinG cOmmEnTS

Mortgage: USD 20 000 000Sellers Credit: USD 0Balloon: USD 11 000 000Term: 6 yearsSemi-annually instalments USD 1 - 4: 750 000 5 - 24: 300 000Interest: 6.535%Comment: 75% of the loan is fixed at 6.535% including margin

The bareboat charterer, Rio Tinto Shipping is paying bareboat hire on time and the project is developing in line with our expectations.The dry bulk market has recovered well after the decline last year. The vessel’s present charterfree value is well above our original estimates.

Established: April 2007Paid in capital: USD 4 650 000Uncalled capital: USD 0Accumulated dividends: USD 3 050 000

Estimated share value per 1%: USD 39 000Last reported sale per 1% may 2009: USD 40 000Estimated IRR Buyer: 17%Estimated IRR Seller: 12%


55...PROJECTS

THE VESSElS

Vessels name: MV LuengoType: LR Product TankerDWT: Speed: Yard: New Century Shipbuilding Co in ChinaBuilt: 2007Class: ABSFlag: The republic of Liberia

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Jasmin Shipping Company LtdProject price: USD 47 000 000Paid in capital: USD 17 737 500Uncalled capital: USD 0Commencement of CP: July 2010

Expiry of CP: July 2015BB rate per day: First year USD 16.500 less 2,50% Thereafter USD 16.000 less 2,50%Bareboat charter: 5 yearsBareboat charterer: Sonangol Shipping Angola (Luanda) LTDA


Residual value end CP: N/A Estimated IRR for buyer: N/A

cASHflOW 2010 2011E 2012E 2013E 2014E

Operating revenue 2 960 000 5 782 000 5 710 000 5 694 000 5 694 000Operating expenses -1 295 000 -66 000 -68 000 -70 000 -70 000Net operating cashflow 1 665 000 5 716 000 5 642 000 5 624 000 5 624 000 Interest earned 0 0 0 0 0Interest expenses -300 000 -1 383 000 -1 210 000 -1 161 000 -870 000Drawdown/ Repayment long term debt 31 625 000 -3 500 000 -3 500 000 -5 500 000 -3 500 000Net financial items 31 325 000 -4 883 000 -4 710 000 -6 661 000 -4 370 000Paid in capital by the investors 17 737 000 0 0 0 0Purchase / sale of vessel -47 000 000 0 0 0 0Net Projected Cashflow 3 727 000 833 000 932 000 -1 037 000 1 254 000Estimated dividend 0 0 0 0 0


Cash balance 4 143 000Impicit vessel value 44 782 000Total assets 48 925 000Outstanding debt 29 875 000Short term payables 300 000Sellers creditt 0Total outstanding debt 30 175 000Estimated project value 18 750 000

finAncinG cOmmEnTS

Mortgage: USD 30 500 000Balloon: USD 13 000 000Term: 5 yearsSemi-annually instalments: USD 1-20: 875 000Interest: 100% of the loan 4,88% Fixed tto the hole bareboat period (incl. margin).

The project is running as planned.

Saragol Tankers 1 DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Chris W. Svensson, Coporate Manager: Thomas Ødegård

Established: July 2010Paid in capital USD 17 737 500Uncalled capital: USD 0Accumulated dividends: USD 0

Estimated share value per 1%: USD 187 500Last reported sale pr 1%: N/AEstimated IRR Buyer: N/AEstimated IRR Seller: N/A


56. PROJECTS

THE VESSElS

Vessel name: MT MucuaType: Product & Crude Oil tankerDWT: 114 000Yard: New Times Shipbuilding Co. Ltd., ChinaDelivery: October 2008Class: ABSFlag: Cyprus

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: N/AProject price: USD 54 312 500Paid in capital: USD 18 812 500Uncalled capital: USD 2 000 000Commencement of CP: December 2010

Expiry of CP: December 2015BB rate per day year USD Year 1: 17,800 Year 2-5: 17,500Bareboat charter: 5 yearBareboat charterer: Sonangol Shipping Angola (Luanda) Limitada



cASHflOW 2010 2011E 2012E 2013E 2014E

Operating revenue 538 005 6 325 508 6 244 875 6 227 813 6 227 813Operating expenses -1 372 259 -72 500 -75 429 -76 938 -78 476Net operating cashflow -834 254 6 253 008 6 169 446 6 150 875 6 149 337Purchase of vessel -53 000 000 Interest earned 3 995 1 320 2 238 2 173 2 154Interest expenses -7 278 -1 366 075 -1 219 778 -1 449 326 -1 226 271Paid in capital 18 812 500 0 0 0 0Drawdown/ Repayment long term debt 35 500 000 -4 000 000 -4 000 000 -4 000 000 -4 000 000Net financial items 54 309 217 -5 364 755 -5 217 540 -5 447 153 -5 224 117Net projected cash flow 474 963 888 253 951 906 703 722 925 220Estimated dividend 0 0 -700 000 -810 000 -930 000


Cash 880 000Impicit vessel value 32 892 000Total assets 33 772 000Outstanding debt 33 500 000Short term payables 272 000Sellers credit 0Total outstanding debt 33 772 000Estimated project value 0

finAncinG cOmmEnTS

Mortgage: USD 35 500 000 Balloon: USD 15 500 000 Term: 5 yearsQuarterly instalments: USD 1 000 000 Interest: Libor plus margin 3%

The project is running as planned.

Saragol Tankers 2 DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Chris W. Svensson, Corporate Manager: Eva Lise Bjerke

Established: November 2010Paid in capital: USD 18 812 500Uncalled capital: USD 2 000 000Accumulated dividends: USD 0

Estimated share value per 1% N/ALast reported sale pr 1% N/AEstimated IRR Buyer: N/AEstimated IRR Seller: N/A


57...PROJECTS

SBS Tempest KS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Chris W. Svensson, Corporate Manager: Erik Kristian Andresen

THE VESSElS

Vessel name: SBS TempestType: PSV, PSV, 2 x 2030 Bkw, VS 470 MK IIDWT: 3 800Speed: 14.5 knotsYard: Karmsund Yard, NorwayBuilt: 2006Class: DNV - 1A1Flag: British

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Klaveness Corporate Services ASProject price: NOK 134 300 000Paid in capital: NOK 29 300 000Uncalled capital: NOK 20 000 000

BB rate: NOK 50 000 - 2% p.d.Bareboat charter: 5 yearsBareboat charterer: SBS Marine LtdCommencement of CP: June 2006Expiry of CP: June 2011

rESidUAl VAlUE SEnSiTiViTy On irr


cASHflOW 2010 2011E

Operating revenue Operating expenses Net operating cashflow Interest earned Interest expenses Drawdown/ Repayment long term debt Net financial items Purchase of Vessel Net project cashflow Estimated dividend


Cash Implicit vessel value Total assets Outstanding debt Short term payables Total outstanding debt Estimated Project value

finAncinG cOmmEnTS

The Charterer declared their purchase option.The final IRR for the full project will be about 30%.

Mortgage: NOK 105 000 000Balloon: NOK 70 000 000Term: 5 yearsSemi-annually instalments: NOK 1-10: 3 500 000Interest: 4.77% Fixed for the entire fixed charter period

SOld

Established: December 2005Paid in capital: NOK 18 161 500Uncalled capital: NOK 20 000 000Accumulated dividends: NOK 85 000 000

Estimated share value per 1%: N/ALast reported sale pr 1%: N/AEstimated IRR Buyer: N/AEstimated IRR Seller: N/A


58. PROJECTS

SBS Torrent KS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Chris W. Svensson, Corporate Manager: Erik Kristian Andresen

THE VESSElS

Vessel name: SBS TorrentType: PSV, PSV, 2 x 2030 Bkw, VS 470 MK IIDWT: 3 800Speed: 14.5 knotsYard: Vyvorg yard, RussiaBuilt: 2006Class: DNV - 1A1Flag: British

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Klaveness Corporate Services ASProject price: NOK 145 175 000Paid in capital: NOK 31 975 000Uncalled capital: NOK 10 000 000BB rate: NOK 50.500 net p.d.Bareboat charter: 7.5 years

Bareboat charterer: SBS Marine LtdCommencement of CP: April 07Expiry of CP: October 14



cASHflOW 2010 2011E 2012E 2013E 2014E

Operating revenue 18 433 000 18 433 000 18 433 000 18 433 000 13 787 000Operating expenses -589 000 -636 000 -642 000 -649 000 -658 000Net operating cashflow 17 844 000 17 797 000 17 791 000 17 784 000 13 129 000 Interest earned 60 000 26 000 26 000 26 000 0Interest expenses -5 042 000 -4 660 000 -4 290 000 -3 896 000 -3 513 000Drawdown/ Repayment long term debt -7 100 000 -7 100 000 -7 100 000 -7 100 000 -67 050 000Net financial items -12 082 000 -11 734 000 -11 364 000 -10 970 000 -70 563 000Purchase / Sale of vessel 90 000 000Net project cashflow 6 063 000 6 427 000 6 814 000 32 566 000Estimated dividend 5 900 000 6 000 000 6 400 000 6 750 000 37 694 000


Cash 4 938 000Implicit vessel value 116 751 000Total assets 121 689 000Outstanding debt 84 800 000Short term payables 1 189 000Total outstanding debt 85 989 000Estimated Project value 35 700 000

finAncinG cOmmEnTS

Mortgage: NOK 113 200 000 Balloon: NOK 59 950 000 Term: 7.5 years Semi-annually instalments NOK 1-15: 3 550 000 Interest: 5.31% The interest rate is fixed for the entire fixed charter period

The Charterer has paid BB hire on time and the project has been in compliance with the loan agreement throughout the bb period. The charterer has a purchase option starting from end of year 3 until the end of the fixed charter period. There is a 65/35 profit split between the market value and the charterer optional price. The vessel’s present charterfree value is about NOK 150 mill.The base case scenario assume the purchase option being declared.

Established: December 2005Paid in capital: NOK 24 619 000Uncalled capital: NOK 10 000 000Accumulated dividends: NOK 20 900 000

Estimated share value per 1%: NOK 357 000 Last reported sale per 1%: May 2009 NOK 290 000Estimated IRR Buyer: 18%Estimated IRR Seller: 14%

Latent tax liability vessel pr. 1% NOK 110 700Latent tax liability debt pr. 1% N/A

59...PROJECTS

SBS Typhoon KS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Chris W. Svensson, Corporate Manager: Erik Kristian Andresen

THE VESSElS

Vessel name: SBS TyphoonType: PSV, PSV, 2 x 2030 Bkw, VS 470 MK II, FIFI1, DP1DWT: 3 570Speed: 14 knotsYard: Aker Aukra Yard, NorwayBuilt: 2006Class: DNV - 1A1Flag: NIS

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Klaveness Corporate Services ASProject price: NOK 166 245 000Paid in capital: NOK 36 650 000Uncalled capital: NOK 25 000 000BB rate: Year 1-3: NOK per day: 60 000 net p.d. Year 4 - 5.5: NOK per day: 55 000 net p.d. Year 5.5 - 7.5: NOK per day: 53 000 net p.d.

Bareboat charter: 7.5 yearsBareboat charterer: SBS Marine LtdCommencement of CP: November 2006Expiry of CP: May 2014


Residual value end CP 97 000 000 109 000 000 120 000 000Estimated IRR for buyer: 17% 28% 31%

cASHflOW 2010 2011E 2012E 2013E 2014E

Operating revenue 20 075 000 19 622 000 19 345 000 19 345 000 7 341 000Operating expenses -569 000 -630 000 -636 000 -642 000 -324 000Net operating cashflow 19 506 000 18 992 000 18 709 000 18 703 000 7 017 000

Interest earned 36 000 27 000 27 000 26 000 0Interest expenses -5 411 000 -4 983 000 -4 567 000 -4 149 000 -1 879 000Drawdown/ Repayment long term debt -8 200 000 -8 200 000 -8 200 000 -8 200 000 -73 000 000Net financial items -13 575 000 -13 156 000 -12 740 000 -12 323 000 -74 879 000Purchase / Sale of vessel 97 000 000Net project cashflow 5 931 000 5 836 000 5 969 000 6 380 000 29 138 000Estimated dividend 9 450 000 5 850 000 6 000 000 6 400 000 29 138 000


Cash 401 000Implicit vessel value 124 214 000Total assets 124 615 000Outstanding debt 93 500 000Short term payables 615 000Total outstanding debt 94 115 000Estimated Project value 30 500 000

Mortgage: NOK 130 400 000 Balloon: NOK 68 900 000 Term: 7.5 years Semi-annually instalments NOK 1-15: 4 100 000 Interest: 90% of the loan 5.32% Fixed to April 2014 (incl. Margin) 10% of the loan Floating

finAncinG cOmmEnTS

The charterer has paid BB hire on time and the project has been in compliance with the loan agreement throughout the bb period. The charterer has a purchase option starting from end of year 3 until the end of the fixed charter period. There is a 65/35 profit split between the market value and the charterer optional price. The vessel’s present charterfree value is about NOK 150 mill. The base case scenario assume the purchase option being declared.

Established: January 2006Paid in capital: NOK 21 607 948Uncalled capital: NOK 25 000 000Accumulated dividends: NOK 32 700 00

Estimated share value per 1%: NOK 305 500 Last reported sale per 1%: May 2009 NOK 415 000Estimated IRR Buyer: 17%Estimated IRR Seller: 15%


60. PROJECTS

Seminyak DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Axel Aas, Corporate Manager: Benjamin Ryeng-Hansen

THE VESSElS

Vessels name: MT Pramoni MT GagarmayangType: Chemical Tankers 19 998 Dwt 40 354 DwtSpeed: 15.1 knots 13.5 knotsYard: Japan KoreaBuilt: 2008 2004Class: Nippon Kaiji Kyokai DNVFlag: Singapore Singapore

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Klaveness Corporate Sevice ASProject price: USD 105 750 000

Paid in capital: USD 18 618 000Uncalled capital: USD 14 000 000

rESidUAl VAlUE SEnSiTiViTy On irr lOW bASE HiGHResidual value end CP: 40 000 000 53 000 000 65 000 000 Estimated IRR: 17% 20% 21% cASHflOW 2010 2011E 2012E 2013E 2014EOperating revenue 9 115 000 10 428 000 10 577 000 10 549 000 10 549 000Operating expenses -221 000 -212 000 -216 000 -221 000 -225 000Net operating cashflow 8 894 000 10 216 000 10 361 000 10 328 000 10 324 000

Interest earned 4 000 0 30 000 30 000 30 000Interest expenses -1 809 000 -2 488 000 -2 622 000 -2 378 000 -2 142 000Drawdown/ Repayment long term debt -4 958 000 -4 959 000 -4 958 000 -4 958 000 -4 958 000Net financial items -6 763 000 -7 447 000 -7 550 000 -7 306 000 -7 070 000Net project cashflow 2 131 000 2 769 000 2 811 000 3 022 000 3 254 000Estimated dividend 0 0 7 350 000 3 050 000 3 300 000

PrOjEcT bAlAncE 01.07.2011Cash 5 092 000Impicit vessel value 92 327 168Total assets 97 419 168Outstanding debt 59 204 168Short term payables 195 000Sellers credit 16 920 000Total outstanding debt 76 319 168Estimated project value 21 100 000

MT Pramoni MT Gagarmayang

CBB rate: USD 14 500 pd USD 14 400 pdBareboat charter: 12 years 12 yearsBareboat charterer: Pramoni Maritime Pte Ltd / Gagarmayang Maritime Pte Ltd, guaranteed by Gold Bridge Shipping Corp, a 100% owned subsidiary of BLTCommencement of CP: 06.11.08 06.11.2008Expiry of CP: 06.11.20 06.11.2020

finAncinG cOmmEnTSMortgage: USD 73 500 000Sellers Credit: USD 16 920 000Balloon: USD 14 000 000Term: USD 12 yearsQuarterly instalments USD 1 239 583Interest mortgage: Libor + 2.00% marginInterest sellers credit: 0.00%

The chemical market has been negatively affected by the general downturn in the world economy. Despite this, the bareboat charterer has been paying full bareboat hire on time during the last 12 months.The charterer has purchase options from after year 5 to year 12.Changes in interest rate to be added/deducted to BB hire invoices. Reference interest rate: 4.7%, incl. 2% margin.

Established: September 2008Paid in capital: USD 18 618 000Uncalled capital: USD 14 000 000Accumulated dividends: USD 0



61...PROJECTS

Sentosa Offshore DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: David P. Österström, Corporate Manager: Benjamin Ryeng-Hansen

THE VESSElS

Vessel name: Swiber Gallant Swiber Valiant Swiber Sandefjord Swiber OsloType: AHT AHT AHTS AHTSBHP: 5 000 5 000 5 000 5 000Speed: 12 knots 12 knots 13.5 knots 13.5 knotsYard: Malaysia / China Malaysia / China Malaysia / China Malaysia / ChinaBuilt: 2007 2007 2009 2009Class: GL GL BV BVFlag: Singapore Singapore Singapore Singapore

cOmmErciAl dETAilS


Paid in capital: USD 8 300 000Uncalled capital: USD 0Bareboat charterer: Swiber Offshore Marine Pte Ltd guaranteed by Swiber Holdings Ltd


Residual value end CP: 20 000 000 26 000 000 30 000 000 Estimated IRR: 13% 17% 20% cASHflOW 2010 2011E 2012E 2013E 2014EOperating revenue 6 351 000 6 351 000 6 368 000 6 351 000 6 351 000Operating expenses -273 000 -213 000 -215 000 -218 000 -220 000Net operating cashflow 6 078 000 6 138 000 6 153 000 6 133 000 6 131 000 Interest earned 1 000 - 20 000 20 000 20 000Interest expenses -1 767 000 -1 881 000 -1 685 000 -1 515 000 -1 344 000Drawdown/ Repayment long term debt -2 825 000 -2 825 000 -2 825 000 -2 825 000 -2 825 000Net financial items -4 591 000 -4 706 000 -4 490 000 -4 320 000 -4 149 000Purchase of vessel 0 - - - -Net project cashflow 1 487 000 1 432 000 1 663 000 1 813 000 1 982 000Estimated dividend 2 140 000 1 700 000 1 700 000 1 800 000 2 000 000

PrOjEcT bAlAncE 01.07.2011Cash 453 000Impicit vessel value 41 670 736Total assets 42 123 736Outstanding debt 29 018 736Short term payables 5 000Sellers credit 2 000 000Total outstanding debt 31 023 736Estimated project value 11 100 000

finAncinG cOmmEnTS

The charterer has purchase options from after year 5 to year 8 for Swiber Gallant and Swiber Valiant.The charterer is paying charter hire in a timely manner. Swiber Gallant and Swiber Valiant were valued at USD 8.5-9 million, and Swiber Sandefjord and Swiber Oslo at USD 13-13.5 million per December 2010.All four vessels are currently in India.

Mortgage: USD 36 000 000 Sellers credit: USD 2 000 000 Balloon: USD 13 400 000 Term: 8 yearsQuarterly instalments: USD 706 250 Interest mortgage: Average of 5.85% including 1.25% marginInterest sellers credit: 3.50%

Swiber Gallant Swiber Valiant Swiber Sandefjord Swiber Oslo

BB rate: USD 3 650 pd USD 3 650 pd USD 5 050 pd USD 5 050 pdBareboat charter: 8 years 8 years 8 years 8 yearsCommencement of CP: December 2007 December 2007 August 2009 November 2009Expiry of CP: December 2015 December 2015 August 2017 November 2017

Established: July 2007Paid in capital: USD 8 300 000Uncalled capital: USD 0Accumulated dividends: USD 2 990 000



62. PROJECTS

Shanghai Bulker DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Axel Aas, Corporate Manager: Asbjørn Wulfsberg

THE VESSElS

Vessels name: Sky TreasureType: Panamax Bulk CarrierDWT: 77 610Yard: Astilleros Espanoles S.A. SpainBuilt / (Rebuilt): 1985Flag: Hong KongClass: China Classification Society

cOmmErciAl dETAilS

CCorporate management: RS Platou Finans ASDisponent owner: Atlantica Shipping ASProject price: USD 9 050 000Paid in capital: USD 1 670 000Uncalled capital: USD 0Commencement of CP: November-10

Expiry of CP: November-15BB rate per day in total for all vessels (net): USD 8 800Bareboat charter: Marukichi Commerce CoLtd.Bareboat charterer: China Ocean Shipping Company (Cosco)


Residual value end CP: 0 Estimated IRR for buyer: 20%

cASHflOW 2010 2011E 2012E 2013E 2014E

Operating revenue 495 000 3 137 000 2 694 000 1 262 000 1 262 000Operating expenses -363 000 -193 000 -125 000 -127 000 -130 000Net operating cashflow 132 000 2 944 000 2 569 000 1 135 000 1 132 000 Interest earned 0 0 0 0 0Interest expenses 0 -701 000 -446 000 -234 000 -149 000Drawdown/ Repayment long term debt 0 -1 500 000 -1 500 000 -500 000 -500 000Net financial items 0 -2 201 000 -1 946 000 -734 000 -649 000Net Projected cashflow 132 000 743 000 623 000 401 000 483 000Estimated dividend 200 000 775 000 623 000 400 000 483 000


Cash 51 000Implicit vessel value 8 055 000Total assets 8 106 000Outstanding debt 3 750 000Short term payables 101 000Sellers credit 2 580 000Total outstanding debt 6 431 000Estimated Project value 1 675 000

finAncinG cOmmEnTS

Mortgage: USD 4 500 000 Balloon: USD 250 000 Sellers credit: USD 2 580 000 Term: 5 years Semi-annual instalments: USD 1 - 4: 750 000 5 - 10: 250 000 Interest: 100% of the loan 17.00% Fixed

The project is running very well.

Established: August 2010Paid in capital as of September 2010: USD1 670 000 Uncalled capital: USD 0 Accumulated dividends: USD540 000

Estimated share value per 1%: USD 16 750Last reported sale per 1%: USD 0Estimated IRR Buyer: 20%Estimated IRR Seller: 39%

Latent tax liability vessel pr. 1% USD 140Latent tax benefit debt pr. 1% USD 1 300

63...PROJECTS

Short Sea Bulkers DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Axel Aas, Corporate Manager: Øystein L. Nilsen

THE VESSElS

Vessels name: MV Forza MV Distinto MV Lontano MV FestivoType: Bulk Carrier 4135 Dwt 4135 Dwt 4135 Dwt RoRo 1040 Lane MSpeed: 12 knots 12 knots 12 knots 13 kotsYard: Romania Romania Romania SwedenBuilt: 2000 2000 2000 1979/1985 lengthenedClass: GL LR LR ABSFlag: Dutch Gibraltar Gibraltar Gibraltar

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Klaveness Coporate Services ASProject price: EUR 24 800 000

Paid in capital: EUR 6 550 000Uncalled capital: EUR 3 500 000

MV Forza MV Distinto MV Lontano MVFestivo

Commencement of CP: November 07 November 07 December 07 May 08Expiry of CP: N/A N/A N/A N/A BB rate per day year 2011 - end: EUR 1400 / 1600 1400 / 1600 1400 / 1600 1400 / 1600Bareboat charter: N/A N/A N/A N/A Bareboat charterer: Companies guarented by Østerstrøms International AB

rESidUAl VAlUE SEnSiTiViTy On irr bASE Residual value end CP: N/A Estimated IRR for buyer: N/A cASHflOW 2010 2011E 2012E 2013E 2014E

Operating revenue 1 849 000 2 437 450 2 334 400 2 334 000 2 337 600Operating expenses -49 500 -225 000 -128 000 -130 000 -133 000Net operating cashflow 1 799 500 2 212 450 2 206 400 2 204 000 2 204 600 Interest earned 500 800 200 1 300 5 000Interest expenses -1 246 000 -835 000 -769 000 -701 000 -639 000Drawdown/ Repayment long term debt -1 050 000 -1 400 000 -1 400 000 -1 175 000 -1 100 000Net financial items -2 295 500 -2 234 200 -2 168 800 -1 874 700 -1 734 000Purchase of VesselNet project cashflow -496 000 -21 750 37 600 329 300 470 600Estimated dividend 0 0 0 0 0

PrOjEcT bAlAncE 01.07.2011Cash 117 000Impicit vessel value 15 938 000Total assets 16 055 000Outstanding debt 14 350 000Short term payables 130 000Sellers credit 0Total outstanding debt 14 480 000Estimated project value N/A finAncinG cOmmEnTS

The original charter party has been cancelled. A new contract has been signed where the charterer has agreed to bb charter all vessels at a fixed rate untill equity and bank loan has been repaid in full. At the time the vessels will be redelivered to the owners, they will be debt free. Short Sea Bulker DIS is not in compliance with all covenants in the loan agree-ment. Østerstrøms has been purchased by TransAtlantic. The company is in negotiation with TransAtlantic and the bank regarding restructuring of the deal.

Mortgage: EUR 19 250 000Sellers Credit: EUR 1 100 000Balloon: EUR 8 950 000Term: EUR 8Quarterly intsalments EUR 350 000 EUR 275 000Interest: 80% of the morgage fixed until December 2015 6.335%As part of the restructering, the sellers credit has been waived.

Established: November 2007Paid in capital: EUR 5 550 000Uncalled capital: EUR 3 500 000Accumulated dividends: EUR 320 000


Latent tax liability vessel(s) pr. 1% N/ALatent tax liability debt pr. 1% N/A

64. PROJECTS

Singapore Offshore DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Axel Aas, Corporate Manager: Nina Elverum

THE VESSElS

Vessel name: Lewek Trogan Lewek Petrel Lewek Penguin Lewek Plover Lewek KeaType: AHTS, 18,000 BHP, Fifi 1, DP2 AHTS, 12,000 BHP, Fifi1, DP2 AHTS, 12,000 BHP, Fifi1, DP2 AHTS, 12,000 BHP, Fifi1, DP2 AHT, 8,000 BHPDWT: 2800 2200 2200 2200 N/ATotal bollard pull (tonnes): 200 130 130 130 100Delivery MAY 2008 June 2008 June 2007 November 2008 February 2008Yard: Pan-United, Singapore Pan-United, Singapore Pan-United, Singapore Pan-United, Singapore Cheoy Lee, ChinaClass: American Bureau of Shipping American Bureau of Shipping American Bureau of Shipping American Bureau of Shipping Lloyd’s Register of Shipping

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Klaveness Corporate Services ASProject price: USD 129 100 000Paid in capital: USD 7 850 000Uncalled capital: USD 0

BB rate: 37 490 net p.d.Bareboat charter: 8 yearsBareboat charterer: Emas Offshore Pte. Ltd.Commencement of CP: June 2007Expiry of CP: December 2016


Residual value end CP: 69 650 000Estimated IRR for buyer: 16% cASHflOW 2010 2011E 2012E 2013EOperating revenue 13 680 000 13 680 000 13 680 000 13 680 000Operating expenses -232 601 -352 000 -350 600 -359 000Net operating cashflow 13 447 399 13 328 000 13 329 400 13 321 000 Interest earned 1 265 2 500 4 600 5 900Interest expenses -5 470 838 -5 140 000 -4 739 000 -4 311 000Drawdown/ Repayment long term debt -6 606 444 -6 606 000 -6 606 000 -6 606 444Net financial items -12 076 017 -11 743 500 -11 340 400 -10 911 544Purchase of Vessel Net project cashflow 1 371 382 1 584 500 1 989 000 2 409 456Estimated dividend 1 200 000 1 450 000 1 950 000 2 450 000


Cash 2 557 708Implicit vessel value 108 506 837Total assets 111 064 545Outstanding debt 81 006 474Short-term payables 58 071Sellers Credit 20 000 000Total outstanding debt 101 064 545Estimated project value 10 000 000

Mortgage: USD 100 000 000Sellers credit: USD 20 000 000Term: 8 yearsQuarterly instalments: USD 1: 330 000 USD 2: 495 000Interest: 90% of the morgage is fixed at 6,598% USD 3: 991 000 USD 4-31 1 651 000 USD 32: 31 600 000 USD 33: 10 600 000 USD 34: 10 300 000

finAncinG cOmmEnTS

The Charterer has paid BB hire on time and the project has been in compliance with the loan agreement throughout the bb period. All the shares have been sold to Northern Shipping Fund primo 2011.The charterer has a purchase option at end of the fixed charter period at about USD 70 million. In case the option is not declared, the sellers credit of USD 20 mill will be deleted. The net exposure is therefore only USD 50 mill.The vessel’s present charterfree value is about USD 130 mill. enbloc.

Established: August 2006Paid in capital: USD 7 850 000Uncalled capital: USD 0Accumulated dividends: USD 1 550 000

Estimated share value per 1%: USD 100 000Last reported sale per 1%: April 2011 USD 97.500Estimated IRR Buyer: 16%Estimated IRR Seller: 15%


65...PROJECTS

Southern Chemical DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Chris W. Svensson, Corporate Manager: Eva Lise Bjerke

THE VESSElS

Vessels name: Alicudi M Lipari M Gelso MType: Chemical Tankers 40,083 Dwt 3,400 Dwt 18,000 DwtSpeed: 15 knots 15 knots N/AYard: Korea Italy TurkeyBuilt: 2004 2002 2008Class: Registro Ialiano Navale Registro Ialiano Navale Registro Ialiano NavaleFlag: Italian Italian Italian

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Bergshav Management ASProject price: EUR 88 200 000

Paid in capital: EUR 10 350 000Uncalled capital: EUR 10 000 000Bareboat charterer: Augusta DUE SRL

Alicudi M Lipari M Gelso M

Commencement of CP: October 2007 October 2007 June 2008 Expiry of CP: October 2017 October 2017 June 2018 BB rate per day: EUR 9 750 EUR 4 950 EUR 7 800 Bareboat charter: 10 Years 10 Years 10 Years rESidUAl VAlUE SEnSiTiViTy On irr lOW bASE HiGHResidual value end CP: 53 300 000 Estimated IRR for buyer: 17% cASHflOW 2010 2011E 2012E 2013E 2014EOperating revenue 8 577 000 8 577 500 8 476 700 7 882 900 7 847 500Operating expenses -216 000 -197 000 -200 000 -205 000 -210 000Net operating cashflow 8 361 000 8 380 500 8 276 700 7 677 900 7 637 500Paid in capital 6 000 000 Interest earned 0 0 1 000 1 000 1 000Interest expenses -3 367 000 -3 553 000 -3 669 000 -3 362 000 -3 066 000Drawdown/ Repayment long term debt -5 870 000 -10 780 000 -4 020 000 -3 870 000 -3 870 000Net financial items -9 237 000 -8 333 000 -7 688 000 -7 231 000 -6 935 000Net projected cash flow -876 000 47 500 588 700 446 900 702 500Estimated dividend 0 0 0 0 0 PrOjEcT bAlAncE 01.07.2011Cash 990 000Impicit vessel value 66 755 000Total assets 67 745 000Outstanding debt 47 715 000Short term payables 400 000Sellers credit 8 650 000Total outstanding debt 56 765 000Estimated project value 9 000 000

finAncinG cOmmEnTS

Mortgage: EUR 69 200 000Sellers Credit: EUR 8 650 000Balloon: EUR 30 500 000Term: EUR 10Quarterly instalments EUR Alicudi M / Tranche 1 415 000 EUR Lipari M / Tranche 2 207 500 EUR Gelso M / Tranche 3 345 000Interest: Tranche 1-2 fixed for the entire term of the loan (incl. margin) 5,5125% EUR 44 400 000 Tranche 3 fixed for the entire term of the loan (incl. margin) 5,5300% EUR 24 800 000

Established: July 2007Paid in capital: EUR 16 350 000Uncalled capital: EUR 5 000 000Accumulated dividends: EUR 540 000

Estimated share value per 1%: EUR 90 000Last reported sale per 1%: Jan.08 EUR 110 500Estimated IRR Buyer: 23%Estimated IRR Seller: -3%

Latent tax liability vessel pr 1%: EUR -11 000Latent tax liability debt pr. 1%: EUR -7 000

The charterer has purchase options after year 4, 5, 6, 7, 8, 9 and 10. The charterer is paying timely. The company is in breach with the minimum value clause under the loan agreement. In order to comply with requirements under the loan agreement, an amount of EUR 6 000 000 is called upon from the partners June 2011 as an extraordinary loan installment. The company is granted a waiver of the MVC until end 2011.

66. PROJECTS

Tioman Offshore DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: David P. Österström, Corporate Manager: Benjamin Ryeng-Hansen

THE VESSElS

Vessel name: Swiber ConcordeType: Pipelay bargeLOA: 115mPAX: 284Yard: Malaysia / ChinaBuilt: 2009Class: BVFlag: Panama

cOmmErciAl dETAilS

Corporate management: RS Platou Finans AS Singapore Pte LtdDisponent owner: Atlantis Navigation Rederi ASProject price: USD 51 150 000Paid in capital: USD 11 300 000Uncalled capital: 0

BB rate: USD 17 250 pd less 1.25%Bareboat charter: 10 yearsBareboat charterer: Swiber Offshore Marine Pte Ltd guaranteed by Swiber Holdings LtdCommencement of CP: 11.03.2009Expiry of CP: 11.03.2019



cASHflOW 2010 2011E 2012E 2013E 2014E

Operating revenue 6 217 000 6 217 000 6 235 000 6 217 000 6 218 000Operating expenses -137 000 -134 000 -136 000 -137 000 -138 000Net operating cashflow 6 080 000 6 083 000 6 099 000 6 080 000 6 080 000 Interest earned 1 000 - - - -Interest expenses -2 076 000 -2 119 000 -1 971 000 -1 781 000 -1 596 000Drawdown/ Repayment long term debt -2 917 000 -2 825 000 -3 500 000 -3 500 000 -3 500 000Net financial items -4 992 000 -4 944 000 -5 471 000 -5 281 000 -5 096 000Purchase of vessel 0 - - - -Net project cashflow 1 088 000 1 139 000 628 000 799 000 984 000Estimated dividend 700 000 1 000 000 750 000 900 000 1 100 000



Mortgage: USD 37 500 000 Sellers credit: USD 2 850 000 Balloon: USD 12 500 000 Term: 10 yearsQuarterly instalments: USD 625 000 Interest mortgage: 5.69% including 1.50% marginInterest sellers credit: 3.50%

finAncinG cOmmEnTS

The charterer has purchase options from after year 5 to year 10.The charterer is paying charter hire in a timely manner. The barge was valued to USD 46-50 million as of December 2010. Swiber Concord is currently in Inda. 100% of the shares sold together with MountBatten Offshore as a package in late 2010.

Established: July 2007Paid in capital: USD 11 300 000Uncalled capital: USD 0Accumulated dividends: USD 2 300 000

Estimated share value per 1%: USD 99 000 Last reported sale per 1%: See comments boxEstimated IRR Buyer: 17%Estimated IRR Seller: 10%


67...PROJECTS

ullswater Subsea DIS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: David P. Österström, Corporate Manager: Benjamin Ryeng-Hansen

THE VESSElS

Vessel name: SOV UllswaterType: Dive support vessel, 2 x 2030kw, DP2DWT: 2 500Speed: 12 knotsYard: Pan United Shipyard, SingaporeBuilt 2009Class: ABSFlag: Singapore

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: NFC Ullswater Subsea LLCProject price: USD 48 820 000Paid in capital: USD 12 820 000Uncalled capital: USD 5 000 000

BB rate: USD 17 055 pd less 2%Bareboat charter: 10 yearsBareboat charterer: HM2 Pte Ltd guaranteed by Hallin Marine Subsea International PLCCommencement of CP: 05.02.2009Expiry of CP: 05.02.2019 rESidUAl VAlUE SEnSiTiViTy On irr lOW bASE HiGH


cASHflOW 2010 2011E 2012E 2013E 2014E

Operating revenue 6 101 000 6 101 000 6 117 000 6 101 000 6 101 000Operating expenses -117 000 -122 000 -124 000 -126 000 -128 000Net operating cashflow 5 984 000 5 979 000 5 993 000 5 975 000 5 973 000 Interest earned - 10 000 10 000 10 000 10 000Interest expenses -2 409 000 -2 142 000 -1 952 000 -1 769 000 -1 608 000Drawdown/ Repayment long term debt -2 350 000 -2 350 000 -2 350 000 -2 350 000 -2 350 000Net financial items -4 759 000 -4 482 000 -4 292 000 -4 109 000 -3 948 000Purchase of vessel 0 - - - -Net project cashflow 1 225 000 1 497 000 1 701 000 1 866 000 2 025 000Estimated dividend 1 000 000 1 250 000 1 650 000 1 900 000 2 050 000


Cash 1 079 000Impicit vessel value 42 331 000Total assets 43 410 000Outstanding debt 30 125 000Short term payables 85 000Sellers credit Total outstanding debt 30 210 000Estimated project value 13 200 000

finAncinG cOmmEnTS

The charterer has purchase options from after year 5 to year 10. The charterer is paying charter hire in a timely manner. The Ullswater was valued to USD 55-58 million as of December 2010.

Mortgage: USD 36 000 000 Balloon: USD 12 500 000 Term: 10 yearsQuarterly instalments: USD 587 500 Interest mortgage: 6.805% including 1.30% margin

Established: May 2007Paid in capital: USD 12 820 000,00 Uncalled capital: USD 5 000 000Accumulated dividends: USD 4 738 400

Estimated share value per 1%: USD 132 000 Last reported sale per 1%: USD 100 000 Estimated IRR Buyer: 17%Estimated IRR Seller: 10%


68. PROJECTS

Volstad Supply I KS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Chris W. Svensson, Corporate Manager: Eva Lise Bjerke

THE VESSElS

Vessel name: Volstad VikingType: PSV, ST-216 LCD, 4 x 1900 kwDWT: 5 000Speed: 17 knotsYard: Aker Yards ASBuilt: 2007Class: DNV - 1A1Flag: NIS

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Volstad Shipping ASProject price: NOK 258 000 000Paid in capital: NOK 40 000 000Uncalled capital: NOK 37 000 000

cASHflOW 2010 2011E 2012E 2013E 2014E

Operating revenue N/A N/A N/A N/A Operating expenses N/A N/A N/A N/A Net operating cashflow N/A N/A N/A N/A

Drydocking N/A N/A N/A N/A Interest earned N/A N/A N/A N/A Interest expenses N/A N/A N/A N/A Drawdown/ Repayment long term debt N/A N/A N/A N/A Net financial items N/A N/A N/A N/A Net projected cash flow N/A N/A N/A N/A Estimated dividend N/A N/A N/A N/A PrOjEcT bAlAncE 01.07.2011


Mortgage no. 1*): Mortgage no. 2: NOK 208 000 000 NOK 26 000 000Interest rate 3,9500% 6,8500%Repayment profile 12 years 12 yearsRepayment period 12 years 6 yearsInstalments Semi-annually Semi-annuallyBalloon 0 13 000 000*) A guarantee provision is paid at a rate of 1,750%

finAncinG cOmmEnTS

All shares were sold to one investor in November 2010. The IRR for the initial investors calculated to 26.75%

Established: August 2005Paid in capital: NOK 40 000 000Uncalled capital: NOK 37 000 000Accumulated dividends: NOK 10 000 000

Estimated share value per 1%: N/ALast reported sale per 1%: Nov. 2009 NOK 750 000Estimated IRR Buyer: N/AEstimated IRR Seller: N/A


69...PROJECTS

Volstad Supply II KS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Chris W. Svensson, Corporate Manager: Eva Lise Bjerke

THE VESSElS

Vessel name: Volstad SupplierType: PSV, ST-216 LCD, 4 x 1900 kwDWT: 5 000Speed: 17.5 knotsYard: Aker Yards ASBuilt: 2007Class: DNV - 1A1Flag: NIS

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Volstad Shipping ASProject price: NOK 262 620 000Paid in capital: NOK 55 250 000Uncalled capital: NOK 20 000 000

cASHflOW 2010 2011E 2012E 2013E 2014E

Operating revenue N/A N/A N/A Operating expenses N/A N/A N/A Net operating cashflow N/A N/A N/A Drydocking N/A N/A N/A

Interest earned N/A N/A N/A Interest expenses N/A N/A N/A Drawdown/ Repayment long term debt N/A N/A N/A Net financial items N/A N/A N/A Net projected cash flow N/A N/A N/A Estimated dividend N/A N/A N/A



finAncinG cOmmEnTS

All shares were sold to one investor in November 2010. The IRR for the initial investors calculated to 37.36%

Mortgage no. 1: Mortgage no. 2: Cash Deposit NOK 210 000 000 NOK 210 000 000 NOK 210 000 000Interest rate NIBOR + margin *) 4,1500% NIBORRepayment profile 12 years 12 years 12 yearsRepayment period 12 years 12 years 12 yearsInstalments Semi-annually Semi-annually Semi-annuallyBalloon 0 *) Margin 1,25%

Established: November 2005Paid in capital: NOK 55 250 000Uncalled capital: NOK 20 000 000Accumulated dividends: NOK 45 000 000

Estimated share value per 1%: N/ALast reported sale per 1%: Nov.2009 NOK 900 000Estimated IRR Buyer: N/AEstimated IRR Seller: 33%


70. PROJECTS

Western Chemical KS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Chris W. Svensson, Corporate Manager: Nina Elverum

THE VESSElS

Vessels name: Trans Sund SOLD Trans Vik SOLD Trans MarmaraType: Chemical Carrier IMO II Product carrier IMO II, DH Product carrier, DHDWT: USD 4 794 USD 4 777 USD 5 825Yard: Aarhus Flydedok A/S Aarhus Flydedok A/S Istanbul, TurkeyBuilt / (Rebuilt): 1991 1991 2003Flag: Norwegian Norwegian NorwegianClass: DNV + 1A1, Ice 1D, IMO 2 DNV + 1A1, Ice 1D, IMO 2 DNV

cOmmErciAl dETAilS

Corporate management: RS Platou Finans ASDisponent owner: Seatrans ASProject price: EUR 32 775 000

Paid in capital: EUR 7 095 000Uncalled capital: EUR 5 750 000Bareboat charterer: Euro Trans Skips AS

Trans Sund Trans Vik Trans Marmara

Commencement of CP: September 06 September 06 September 06Expiry of CP: September 10 September 10 September 11BB rate per day in total for all vessels (net): Year 1 3 550 3 550 4 650 Year 2 3 525 3 525 4 600 Year 3 3 500 3 500 4 550 Year 4 3 475 3 475 4 500 Year 5 4 400Bareboat charter: 4 + 1 + 1 + 1 years 4 + 1 + 1 + 1 years 5 + 2 + 2 + 2 years

Mortgage: EUR 25 680 000 Balloon: EUR 14 180 000 Sellers credit: EUR 0 Term: USD 5 yearsQuarterly instalments: EUR 20 (28): 575 000 Interest: EUR 19 260 000 4.71% (incl. margin) EUR 6 420 000 EURIBOR + Margin 0,85% until Sept 2009 EURIBOR + Margin 2,50% until July 2010 EURIBOR + Margin 1,90% remaining loan period

finAncinG cOmmEnTSTrans Marmara is in very good condition.Currently it is trading on contract with the Charterer.Trans Vik and Trans Sund were sold ultimo 2010.The commercial and corporate manager is seeking alternative employment or a buyer for the remaining vessel.

Established: July 2006Paid in capital: EUR 7 095 000Uncalled capital: EUR 5 750 000Accumulated dividends: EUR 1 650 000

Estimated share value per 1%: EUR 0 Last reported sale per 1%: Dec 2008 EUR 55 000 Estimated IRR Buyer: N/AEstimated IRR Seller: N/A

Latent tax liability vessel pr 1%: EUR 2 600Latent tax liability debt pr 1%: EUR 920

rESidUAl VAlUE SEnSiTiViTy On irr lOW bASE HiGHResidual value end CP: N/A Estimated IRR for buyer: N/A cASHflOW 2010 2011EOperating revenue 3 893 724 1 157 200Operating expenses -599 417 -98 710Net operating cashflow 3 294 307 1 058 490 Interest earned 7 652 0Interest expenses -793 903 -163 135Drawdown/ Repayment long term debt -9 819 090 -7 465 910Purchase / Sale of vessel 7 486 090 6 570 555Net financial items -3 119 251 -1 058 490Net project cashflow 175 056 0Estimated dividend 0 PrOjEcT bAlAncE 01.07.2011Cash 338 170Implicit vessel value 6 548 436Total assets 6 886 606Outstanding debt 6 879 910Short term payables 6 696Sellers Credit 0Total outstanding debt 6 886 606Estimated project value 0

71...PROJECTS

PrOjEcT POrTfOliO

cOmmErciAl dETAilS

Project no of vessels Segment built charterer Type charter End of charter

Agder Ocean Reefer KS 3 Reefer 1991/92 Norway Pelagic AS/Eimskip Timecharter 2011/12Bergshav Chemical KS 2 Chemical 1991/92 Finbeta SpA Bareboat 2011+ optionsBukit Timah Offshore DIS 3 AHTS-Offshore 2009/10 Swiber Holdings Ltd Bareboat 2019/20Cement Ship II DIS 1 Dry bulk 1973/2005 CTI Group Inc Bareboat 2015Dongguan Chemical Tankers DIS 1 Chemical 2008 Dongguan Fenghai Ocean Shipping Co Bareboat 2016European Venture DIS 2 AHTS-Offshore 2005/06 Group Servicii Petroliere Bareboat 2014European Venture III DIS 1 AHTS-Offshore 1983 Group Servicii Petroliere Bareboat 2012Global Cable II DIS 2 Cable layer 1991/95(99) Global Marine Services Ltd Bareboat 2014 + optionsGolden Kamsar DIS 1 Dry bulk 2010 Golden Ocean Group Ltd Bareboat 2020Marineline Chemical DIS 3 Chemical 2006/07/08 Hanjin Shipping Co Ltd Bareboat 2014Med Ethylene DIS 2 Ethylene/LPG 1989/90 Synergas SRL Bareboat 2014Multipurpose Bulkers DIS 4 MPP-Dry bulk 1997/98/00 Østerstrøms Rederi AB Bareboat 2016Norwegian Product DIS 2 Product tankers 1996/98 Pritchard-Gordon Tankers Ltd Bareboat 2014Oceanlink Offshore III DIS 1 AHTS-Offshore 1983 Vestland Marine Bareboat 2013Oceanlink Reefer III DIS 1 Reefer 1990 Oceanlink Ltd Bareboat 2013Orchard Offshore DIS 4 AHTS-Offshore 2007/08 Swiber Holdings Ltd Bareboat 2015/16Panda Chemical Oil DIS 1 Chemical 2004 Pritchard-Gordon Tankers Ltd Bareboat 2011Raffles Offshore DIS 1 Pipelayer (barge) 2007 Swiber Holdings Ltd Bareboat 2017SBS Tempest KS 1 PSV-Offshore 2006 SBS Marine Ltd Bareboat 2011SBS Torrent KS 1 PSV-Offshore 2006 SBS Marine Ltd Bareboat 2014SBS Typhoon KS 1 PSV-Offshore 2006 SBS Marine Ltd Bareboat 2014Short Sea Bulkers DIS 4 MPP-Dry bulk (roro) 2000/(73) Østerstrøms Rederi AB Bareboat 2017Southern Chemical DIS 3 Chemical 2002/04/08 Augusta Due SRL Bareboat 2017Western Chemical DIS 1 Chemical 2003 Euro Trans Skibs AS Bareboat 2011 + optionsTotal 46

Platou Shipinvest I DIS Asset Manager: Trond Hamre, Corporate Manager: Thomas Ødegård

Established: October 2007

Product 5%

Reefer 6%

Cable layers 11%

Dry Bulk 24%Chemical 21%

O�shore 33%

Segment DiVeRSiFication

72. PROJECTS

PrOjEcT POrTfOliO, cont.

Project shares and diversification Project currency Share in project invested per 1% invested Share in portfolio Sold

Agder Ocean Reefer KS USD 20.0% 81 685 1 633 690 3.5% Agder Ocean Reefer II AS USD 41.0% 69 195 2 837 000 6.1% Dec. 10Bergshav Chemical KS EUR 7.0% 63 000 441 000 1.2% Bukit Timah Offshore DIS USD 15.0% 292 700 4 390 500 9.4% Celine I OBO DIS USD 6.0% 15 000 90 000 0.2% Feb. 08Cement Ship II DIS USD 7.0% 66 000 462 000 1.0% Chem Cosmos DIS USD 20.0% 116 339 2 326 789 5.0% Mar. 10Chem Lily DIS USD 35.5% 133 816 4 750 475 10.2% Oct. 09Dongguan Chemical Tankers DIS USD 5.0% 71 500 357 500 0.8% European Venture DIS USD 8.0% 120 000 960 000 2.1% European Venture II DIS USD 2.0% 40 150 80 300 0.2% Jun. 10European Venture III DIS USD 18.0% 57 200 1 029 600 2.2% Global Cable KS USD 5.5% 35 000 192 500 0.4% Jul. 10Global Cable II DIS USD 14.0% 103 786 1 453 000 3.1% Golden Kamsar DIS USD 20.0% 219 000 4 380 000 9.4% Marineline Chemical DIS USD 10.0% 187 100 1 871 000 4.0% Med Ethylene DIS USD 1.0% 67 000 67 000 0.1% Multipurpose Bulkers DIS EUR 11.0% 68 227 750 500 2.0% Norwegian Product DIS USD 15.5% 108 500 1 681 750 3.6% Oceanlink Offshore I DIS USD 2.5% 26 500 66 250 0.1% Sep. 10Oceanlink Offshore II DIS USD 4.5% 24 400 109 800 0.2% Sep. 10Oceanlink Offshore III DIS USD 10.0% 48 450 484 500 1.0% Oceanlink Reefer III DIS USD 6.0% 52 000 312 000 0.7% Orchard Offshore DIS USD 7.0% 90 000 630 000 1.3% Panda Chemical Oil DIS USD 32.5% 48 500 1 576 250 3.4% Pantheon Chemical DIS EUR 20.0% 36 775 735 500 2.0% Mar. 10Raffles Offshore DIS USD 15.0% 140 000 2 100 000 4.5% Ross Chemical II DIS USD 4.0% 298000 1 192 000 2.5% Dec. 09Ross Chemical IV DIS USD 20.0% 130 000 2 600 000 5.6% Dec. 10RTS Panamax DIS USD 10.5% 51 000 535 500 1.1% May. 08SBS Tempest KS NOK 10.0% 370 000 3 700 000 1.2% Jun. 11SBS Torrent KS NOK 8.5% 386 000 3 281 000 1.1% SBS Typhoon KS NOK 20.0% 425 000 8 500 000 2.8% Scandinavian Bulkers KS EUR 6.0% 63 250 379 500 1.0% Jan. 10Short Sea Bulkers DIS EUR 20.0% 55 500 1 110 000 3.0% Southern Chemical DIS EUR 12.5% 106 660 1 333 250 3.6% Western Chemical DIS EUR 3.0% 76 000 228 000 0.6% Total (USd equivalent) 46 773 284 100%

cHArTEr dUPrATiOn

Western Chemical KS

Southern Chemical DIS

Short Sea Bulkers DIS

SBS Typhoon KS

SBS Torrent KS

SBS Tempest KS

Raffles Offshore DIS

Panda Chemical Oil KS

Orchard Offshore DIS

Oceanlink Reefer III DIS

Oceanlink Offshore III DIS

Norwegian Product DIS

Multipurpose Bulkers DIS

Med Ethylene DIS

Marineline Chemical DIS

Golden Kamsar DIS

Global Cable II DIS

European Venture III DIS

European Venture DIS

Dongguan Chem.Tankers DIS

Cement Ship II DIS

Bukit Timah Offshore DIS

Bergshav Chemical DIS

Agder Ocean Reefer KS

Platou Shipinvest horizon

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

73...PROJECTS

real estate 2011

Projects per year PrOjEcT nAmE nO. Of UniTS fAciliTATEd SEGmEnT AcqUiSiTiOn VAlUE EqUiTy

PrOjEcTS ESTAbliSHEd 2010 Tønsberg Kontor KS 1 March 2010 Office and retail NOK 120.000.000 NOK 26.700.000Colosseum Bolig 11 April 2010 Recidential NOK 41.000.000 N/ABraathen Bolig 72 May 2010 Recidential NOK 100.000.000 N/AStavanger Eiendom Holding AS 2 June 2010 Office and logistic NOK 201.000.000 NOK 20.000.000Borgenhaugen Invest AS 1 Septemeber 2010 Logistic NOK 112.000.000 NOK 30.000.000Kristiansand teknologipark Invest AS 3 October 2010 Office NOK 140.600.000 NOK 24.500.000Østre Aker vei 90 AS 6 December 2010 Office and Logistic NOK 321.000.000 NOK 120.000.000

PrOjEcTS ESTAbliSHEd 2011

Haslevangen 15 Holding AS 1 February 2011 Offices NOK 131.500.000 NOK 33.000.000St. Olavsgate 26 AS 1 April 2011 Hotel NOK 250.000.000 NOK 75.000.000

PrologueDear Investors and Business Associates,

2010wasachallengingyearintheNorwegianRealEstateProject Finance market with a total sales volume of NOK 36 bn. Both the traditional lending banks and the traditional syndicate investors have been cautious and selective when they consider new projects.

The market experienced a noticeable increase in transaction activity in Q4 2010, leading many of the market players to call off the rest-impact of the financial crisis and drawing optimistic forecasts for 2011. So far we have seen transaction yields close to earlier peak levels, however the transaction volume has been far below expected. Investors value hard work and due diligent assess-ment of tenants, property financial, possible residual value and a hands-on following up of running projects.

The few transactions being closed so far in 2011, reveals an investor appetite for either CBD low risk properties at yields +/- 5,0% or high risk development projects where the investors can receive substantial risk reward.

As this report proves, we have not limited ourselves to a specific property segment or geographical area. We are more interested in finding the good deals with the right potential were we can provide value added services. Some project are good yield cases which can give investors good running dividends and total returns with low risk. Other projects need a lot more hands on manage-ment to reveal development potential, whether it is financial or management restructuring, refurbishing or new development.

We continue to search for and asses projects that can meet our demands for risk reward versus operational risk, and experience that majority of the professional investors and developers prefer to participate in joint venture club deals/syndicates instead of exposing themselves too much on their own.

As regards our existing projects we have so far outsourced most of our operational tasks, but during 2011 we plan to strengthen the operational skills and competence within our own asset manage-ment company – RS Platou Property Management AS

76. PROJECTS

Stian.Nicolaus.Partner

Pål.Sandal.Partner Property Management

Hans.Martin.Haug.Partner

Lars.Robert.Kristiansen.Partner

RS.Platou..Real.Estate.AS

Real Estate Finance

77...PROJECTS

play a significant role in the corporate advisory market that will be created and fuelled by these large corporations. Furthermore, the company will increase its focus on international investors to serve as a good acquisition advisor in the Norwegian and Nordic market.

Sale & PuRchaSe. Lastyearwepredictedastrongrecoveryintransaction volumes for the Norwegian commercial real estate market. Our prophesy of a 100 percent increase in volumes from 2009 was considered by several market players to be too optimis-tic. The transaction market for 2010 ended at a total of BNOK 38, almost three times higher than the 2009 transaction volume.The flight to quality has been massive throughout all of 2010, notonlyintheNordicregionbutinmostEuropeancapitalcitiesas well. Most buyers in 2010 was institutional and the consensus among market players seems to be that modern office buildings and long stable cash flows in close to the central business district (CBD) area represents the core definition of quality property.

2011 – a yeaR to chaSe BetteR yielDS ? The international trend of flight to quality has compressed the yield on prime properties in most major cities throughout 2010 as well as in the Nordic countries. The yield spread between prime office property

Of the eight projects, two are residential portfolios in the center of Oslo, two are state-of-the-art logistic facili-ties and the remaining four projects are all offices with

goodlocationsinOslo,StavangerandKristiansand.Exceptfortheresidential portfolios, all the projects have been acquired at yields of between 7 percent and 8 percent and, with a spread to financing costs of more than 200 bp, these projects will provide a solid, posi-tive cash flow for the investors in the years to come.

ForalltheprojectsRSPlatouRealEstateconcludedin2010,well-known and highly professional real estate investors with a good standing in the market and among lending banks ceased the opportunity to pick up the equity portion. It’s our impression that most of the syndicated projects that were concluded in 2010 had a similar investor profile, and that the retail equity still has not found its way back to the Norwegian real estate market.

With an extensive network in Norway and Scandinavia, the company will continue to procure premises and projects similar to those concluded in 2010. We also see an upturn in the market for restructuring of both debt and equity in some of the larger enti-ties, funds and other real estate vehicles launched in the “golden years”of2005to2007.WebelieveRSPlatouRealEstatecan

rs platou real estate

2010 put the market almost back on track, and 2011 will be the year for chasing better yields

rS Platou real Estate AS completed its first full year of business in 2010, and the results show eight projects with a total asset value of approximately nOK 1.3 billion and paid-in equity of just below nOK 300 mill.

78. REAL.ESTATE

in the larger Nordic cities and the10-year SWAP decreased from 250 bp to 120 bp last year. Competition for prime objects in the CBD area in the large Nordic cities remains strong, and we see increased demand from institutional players.

History has a strong tendency to repeat itself. We believe that the market in 2011 will be characterized by investors chas-ing better yields, lifting the transaction market for less central property and shorter leases (secondary stock). As investors seek better returns and profits than they can achieve from prime objectsintheEuropeancapitalsandthelargercitiesinUS,theywill be forced to chase property with higher risk and returns outside this area. We believe that this trend, also known as “The Wave-effect”, will contribute to a yield race for less popular and even opportunistic properties, resulting in a sharp increase in the value of these types of properties. In the strong economies as the Nordics this race has already begun. However, we still believe yields on prime assets could be compressed further by institu-tional buyers, who primarily seek stability and low risk.

According to leading market analysts, properties with a total equity of roughly NOK 15 billion to 20 billion are locked in syndicated companies and funds that have not been tradable in the past two years because of lower values, high financial break-up costs due to fixed interests, property management with no incentives to sell and the absence of attractive financing offers from banks and the bond market. We forecast that the chase for

yielD gaP DeVeloPment eStimateS 2001-2010

better yields, combined with rising rents and a greater lending willingness from banks, will contribute to an increase in restruc-turing and transactions in this segment. This will result in a self-fuelling spiral as the released retail equity will seek its way back to the real estate market, boosting demand even more.

tRanSaction maRKet Volume (noKbn)

Source: platou Source: platou

0

20

40

60

80

11E1009080706050403

Professional Retail

PercentPrime office10 year swap

3.03.54.04.55.05.56.06.57.07.5

8.0

01 02 03 04 05 06 07 08 09 10

79...REAL.ESTATE

thestrugglingmarketsofthePIGScountries,EasternEuropeandthe USA will continue to keep rents low and acceptable for real estate investors. It is therefore realistic to expect that the transac-tion volume will increase in 2011 and 2012 as the economic recovery continues, resulting in increased property prices in all segments.

PRime yielDS eXPecteD to Bottom out DuRing 2011.With a solid GDP growth and unemployment rates below the Euroaverage,NorwayandSwedenhavebyfaroutperformedtheirpeersinEurope.Consequently,theprimeyieldsinOsloandStockholm CBDs have decreased during the last quarters and are currently on or about 5.0% in both markets. The prime yield in Stockholm has been quite stable (between 5.0% - 6.0%) through the cycle compared to the Norwegian prime yield, which has fluc-tuated from 7.0% to 5.0%. This can be explained by the relative size of the two markets – the Swedish market is three times larger than the Norwegian market in regards to yearly transaction vol-umes. As the long-term interest rates are expected to increase due to the inflation pick-up, prime yields are expected to bottom out.

the Rental maRKet imPRoVing. As the sentiment in both the Norwegian and Swedish economies has improved, we have seen a stronger demand for office space, especially newer or recently renovated premises with a correspondingly high techni-cal standard. Prime rent levels bottomed out mid 2009 and have increased by approximately 15% in both markets since then. Levelsare,however,significantlybelowtheall-time-highlevelsof2008(EUR450persqminStockholmandEUR550persqmin Oslo). Due to the limited project pipeline in both markets, prime rents are expected to increase, and in the Stockholm market they are expected to reach previous levels within year-end 2012. Premises located outside clusters will probably see stagnation as tenants are gradually gravitating towards the main clusters.

During recent years, the Scandinavian economies have been strong, with solid growth and stable macroeconomic fun-damentals.Lowsovereigndebts,strongindividualbuying

power, transparent economies and governments that are able and willing to act fast to stabilize the market have been proven very important for the economies. This is perhaps true for Norway and Sweden in particular, especially in regards to the real estate market.

The property market is recovering in all the Scandinavian coun-tries, with the exception of some segments in Denmark. Many transactions are now executed at the same price levels as before the financial downturn, and they are mostly executed by strong domestic buyers who have been highly selective. The investor market for central business district (CBD) office buildings is extremely good, in addition to long secure cash flow projects with low residual risk. The demand for opportunistic development projects with good location and high potential are getting much better, even though the risk is considerable.

However, there is no doubt that the real estate market is far from the golden days of 2004-2007 when the cost of capital was very low and both the transaction volumes and prices boomed. The Norwegian real estate market, in particular, went from being highly undeveloped with few investment alternatives to being an attractive asset class in which all kinds of investors took advantage of a variety of investments vehicles. Many of those investors are still trapped in different structures and projects and will most certainly still be waiting for the values to come back before they are willing to sell.

We believe the strong fundamentals in the Scandinavian markets in general will attract more foreign investors in the near future. Furthermore, domestic institutional investors will continue to buy property as insurance for the actual inflation risk. It seems as if

The Scandinavian real estate market

80. REAL.ESTATE

SweDen

economy – StRong RecoVeRy. The Swedish economy is growing rapidly and significantly faster than that of many other OECDcountries.Anexportsectorwellpositionedtosupplythefast-growingeconomiesofAsiaandLatinAmericaandagrowingdemand for domestic goods are pushing employment and produc-tion up, which in turn is leading to further increase in demand. Growth during 2010 reached 5.6% and will remain high in the coming years. The growth forecast for 2011 and 2012 is predicted to be 3.8% and 2.9%. The Swedish unemployment rate is declin-ing from the peak of 8.5% in 2010 and is expected to further reduce by 1.0% - 1.5% a year in 2011 and 2012.

With its stable and transparent business environment, highly skilled workforce, excellent scientific infrastructure and a recog-nized capacity for innovation, Sweden is found at the top in com-petitiveness rankings. The country is currently ranked number twointheworldbytheWorldEconomicForum.

PRoPeRty maRKet. Interest in doing business in the Swed-ish property market increased noticeably in 2010. The strong recovery is mainly due to the strengthening of the banking sector, which in turn has improved the financial environment in relation tothepropertymarket.Leverageratiohasincreasedandcreditmargin is falling to an acceptable level. However, banks will remain selective in their lending and interest rate margins will remain at higher levels than before the financial crisis. Increased activity on the labor market also contributes to demand for space.

LiquidityontheSwedishpropertymarketsoaredin2010andthetransactionvolumeendedupatSEK98billion,morethanthreetimes the volume of 2009. Also, the average deal size increased in2010,amountingtoSEK275million,comparedtoSEK160million in 2009. Foreign investors, mainly from Norway and Ger-many, increased their activity from just above 10% of the volume in 2009 to around 15% in 2010.

looKing aheaD. Strong public finances, low interest rates, in-flationary expectations and improved access to financing leads to a strong desire for investments in real estate and creates oppor-tunities for leveraged investors to achieve relatively high returns. Strong domestic demand will continue to be an increasingly important growth engine, with positive effects on well-located properties in the retail, office, logistics and residential sectors.

Expansivemonetarypoliciesandslowgrowthprospectsinthedeveloped world are continuing to generate large capital flows to economies with strong growth prospects. It is therefore realistic to expect foreign investors to increase their share of the Swedish market. The outcome will be downward pressure on yields, and property prices are expected to keep on increasing in 2011-2012 as the economic recovery continues.

PRIME.RENT.DEVELOPMENT.(EuR).

0

100

200

300

400

500

600

700

111009080706050403010002999897

Oslo prime rent (EUR)Stockholm prime rent (EUR)Copenhagen prime rent (EUR)

EUR

PRIME.yIELD.DEVELOPMENT.

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

111009080706050403010002999897

Oslo prime yieldStockholm prime yield Copenhagen prime yield

%

81...REAL.ESTATE

noRway

economy – RaPiD gRowth in gDP. The Norwegian economy is good. Investments within the oil industry are growing fast, the consumer growth is high and the GDP increase is assumed to be over 3.5% next year. The unemployment rate will continue to decline – estimates are 3.0% in 2011 and 2.7% in 2012 – parallel with an increased demand for labor. Both the public and private consumption will continue to increase along with higher salaries and low interest rates. Prime office rents in Oslo increased 14.0% in 2010.

Moderate international growth has contributed to low inter-est rates in Norway. However, the long-term interest rates are expected to increase during 2011-2012 due to expectations of future GDP growth.

The credit market has improved during the last six months. The competition has increased, and the banks profit margins have been reduced considerably.

PRoPeRty maRKet. The transaction volume in Norway reached its peak in 2006 with a volume of NOK 68 billion. In the fol-lowing years, it dropped rapidly down to NOK 14 billion in 2009. In 2010, we experienced much more optimism in the real estate market (also contributed to by a bullish stock market). The property market in 2010 exceeded NOK 35 billion, and we expect the transaction volume will be approximately NOK 50 billion in 2011. Properties of high standard and solid tenants with long leases achieved most attention from investors – and lending banks.

The market for single core objects and portfolios with add-on potential has dominated the transaction volume in 2010 and so far in 2011. The largest transactions in 2010 were Pandox’s acquisition of Norgani Hotels from Norwegian Property and NIAM’s acquisition of Sector (warehouse portfolio). Several CBD buildings have lately been sold on the same yields levels as we had

in the peak of 2006 (+/- 5% prime yield), and pension funds, closed-ended funds and family offices seem to be the most aggres-sive buyers.

Economicalgrowthandincreasedemploymentwillpresstherentsup, in particular CBD office rents as this is the most volatile real estate rental segment with the exception of some retail locations.

Open-ended funds with blind pools have not been well received in the Norwegian investor market, listed or not listed. Two IPOs have been launched in the market for listing on the Norwegian StockExchange,butbothfailed.Noneoftheunlistedfundshavereceived much interest in the equity market, primarily based on the fact that existing funds are to be bought in the secondary market far below net asset value. Some unleveraged institutional funds have been able to attract pension funds in particular.

looKing aheaD. Economicgrowthisapproachingfasterthanexpected, which will contribute to higher demands for new real estate premises and an overall increase in rent levels in the actual segment, based on the fact that new supply is lagging – in par-ticular in the office and residential segments. The opportunistic investors will invest in projects in which time to market is crucial. Achievable entrepreneur cost, rental level and the general invest-ment climate are naturally important. The long-term investors will still be focused on stable running returns and the internal rate of return (IRR), where of course financial cost is essential for leveraged investors.

The general optimism in the Norwegian economy, combined with lower vacancy especially in the office market, should generate greater interest for short-lease properties and more opportunistic investments.ThesituationinEuroperemainsuncertain,buttheNorwegian economy has so far been resilient and all macroeco-nomic indicators are strong compared to its counterparts abroad.

82. REAL.ESTATE

DenmaRK

economy – Slow RecoVeRy. The market has slowly started to pick up, and there is a positive trend in all the important macro factors in the Danish economy. There are, however, several challenges in the market. Thus, the recovery process will likely be slow. Danish GDP picked up in 2009, with 3.7% growth, primarily based on the fact that many companies restocked their depleted inventory after downscaling their production at the start of the economic downturn. For the increase in GDP to continue, sustained growth in exports and stronger consumer spending is needed. Denmark’s industrialized market economy depends highly on imported raw materials and foreign trade, especially export to its main trading partners Germany and Sweden. Within theEuropeanUnion,Denmarkadvocatesaliberaltradepolicy.The large Danish corporations have recently outperformed their budgets, and optimism in the country is increasing. The standard of living in Denmark is among the highest in the world.

According to a Danske Bank forecast, GDP growth of 2.0% is predicted for 2010, followed by growth estimates of 1.9% in 2011 and 1.7% in 2012. Consumer spending is expected to have increased by 2.1% in 2010 and to rise by around 2.0% in 2011. The Danish unemployment rate has been very low for several years, hitting a record-low of 1.8% in 2008. Currently the rate is about 4.1% and is expected to increase a little bit further before the trend turns again.

inVeStment maRKet. After some tough years, we see recovery in the Danish investment market as well. The investors are primar-ily seeking projects with good secure cash flows that are possible to get leveraged on normal commercial terms. The lending banks are to a much larger extent now focusing on quality buildings, good ownership and residual risk. Prime office and retail yields are approximately 5.0-5.5%, whereas logistic and industrial buildings have yields at 7.0-8.0%.

As in Norway, the investment demand is mostly represented by fi-nancially strong investors such as institutional investors and well-consolidated property companies with strong financial positions.

looKing aheaD. According to Newsec, the Danish retail prop-erty investment market was until 2007 dominated by private investors, in particular tax-driven and high leverage limited part-nerships. However, the turbulence in the financial markets largely drove these investors out of the market. The domestic pension funds remain major players in the retail segment, primarily target-ing large shopping centers. International investors have tradition-ally been important players in the Copenhagen retail investment market, but they too pulled out in the wake of the financial tur-moil in early 2008. Today, lower property prices in combination with the financial sector’s slightly greater willingness to lend have re-opened the Danish property market to international financial institutions, which are gradually showing renewed interest in this market. A further decline in yields is predicted in 2011 due to the gradually thawing credit market and the projected real economic recovery.

83...REAL.ESTATE

Stavanger Eiendom Holding AS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Stian Nicolaus, Company Manager: Thomas Ødegård

THE PrOPErTiES

Adress: Forusveien 31 Ganddal Godsterminal Location: Forus, Stavanger kommune Ganddal, Sandnes kommune Type/segment: Office, retail and storage Logistic and cold storage Gross Space: 4 806 m2 8 803 m2 Lettable area: 4 806 m2 14 243 m2 incl. lettable outdoor area Parking spaces: 40 N/A Built: 2009 2010 Refurbished: N/A N/A Size of land: N/A 13 087 m2 Lease or freehold Freehold Leased from Jernbaneverket

cOmmErciAl dETAilS

Corporate management: RS Platou Real Estate/RS PlatouFinans AS Operational/technical management: Vendere Eiendom AS Gross property price: NOK 201 000 000 Paid in capital: NOK 20 000 000 Company structure: Forusveien 31 AS - 100% ownership Ganddal Eiendom AS - 100% ownership Tenant: Vendere Eiendom - masterlease Vendere Eiendom - masterlease Lease strucure: Triple-net Triple-net Yearly rent regulation: 100% CPI 100% CPI Duration of lease: 9.1 9.1 Expiry of leaseagreement: July 2020 July 2020


Exit Yield: 8.4% 7.3% 6.5%Estimated IRR: 12.1% 20.7% 26.2% cASHflOW 2010 2011E 2012E 2013E 2014E

Operating revenue 12 280 139 N/A N/A N/A N/AOperating expenses -10 871 103 N/A N/A N/A N/ANet operating cashflow 1 409 036 0 0 0 0 Interest earned 468 068 N/A N/A N/A N/AInterest expenses -6 577 561 N/A N/A N/A N/ADrawdown/ Repayment long term debt 750 000 N/A N/A N/A N/ANet financial items -5 359 493 N/A N/A N/A N/ANet projected cash flow -3 950 457 Estimated dividend N/A N/A N/A N/A N/A

ESTimATEd PrOjEcT bAlAncE 31. dES 2011 31. dES 2012 31. dES 2013 31. dES 2014

Net cash balance N/A N/A N/A N/AProperty N/A N/A N/A N/ATotal assets N/A N/A N/A N/AOutstanding long term debt N/A N/A N/A N/AGross estimated share value

finAncinG cOmmEnTS

The project is on a triple-net/barehouse contract with Vendere Eiendom AS (former Johs. Lunde Eiendom AS, owned by Lunde Gruppen AS and Orkla Eiendom AS), now controlled by Kello AS after bankruptcy of Lunde Gruppen. Kello AS has an equity of NOK 234 million and is owned by Haugland family. Both properties are new -constructions with a good micro locations on Forus and Ganddal. Forus and Ganddal are considered to be strong markets for commercial renting with vacancy below national avrage.

Mortgage Storebrand Bank ASA NOK 147 750 000Quarterly instalments: NOK 750 000Balloon: NOK 134 000 000Expiry date: July 2015Interest: As per 31/12/2010 50% of the loans is fixed for the entire term of the loan - fixed rate 3.5%Floating rate 3 mths. NIBORBond financing Storebrand Corporate NOK 30 000 000Expiry date: July 2015

Established: June 2010Paid in capital: NOK 20 000 000Purchase price property: NOK 201 000 000

Accumulated dividends: N/APurchase Net Yield: 7.4%Purchase ProjectYield: 7.3%

Estimated share value per 1%: NOK 222 500Estimated IRR: 12.1%

84. PROJECTS

St. Olavsgate 26 AS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Hans Martin Haug, Company Manager: Thomas Ødegård

THE PrOPErTiES

Adress: St.Olavsgate 26 Location: Oslo city center Type/segment: Hotel Gross Space: 7 900 m2 Unpaid capital: NOK 56 250 000”Lettable area: 5 600 m2 og 225 rom Parking spaces: N/A Built: Estimated completion December 2011 Refurbished: N/A Size of land: N/A Lease or freehold: Freehold

cOmmErciAl dETAilS

Corporate management: RS Platou Real Estate/RS PlatouFinans AS Operational/technical management: Smart Hotel Oslo ASGross property price: NOK 250 000 000Paid in capital: NOK 18 750 000Company Structure: St. Olavsgate 26 AS owns 100% of the shares in Smarthotel St. Olavsgate Eiendom AS who owns and develop the propertyTenants: Smart Hotel Oslo ASLease strucure: Triple-net/barehouseYearly rent regulation: 100% CPIDuration of lease: 16 years from completion of propertyExpiry of leaseagreement: N/A rESidUAl VAlUE SEnSiTiViTy On irr lOW bASE HiGH

Exit Yield: 7.4% 7.0% 6.0%Estimated IRR: 11.7% 12.8% 15.0% cASHflOW 2010 2011E 2012E 2013E 2014E

Operating revenue N/A N/A N/A N/A N/AOperating expenses N/A N/A N/A N/A N/ANet operating cashflow 0 0 0 0 0 Interest earned N/A N/A N/A N/A N/AInterest expenses N/A N/A N/A N/A N/ADrawdown/ Repayment long term debt N/A N/A N/A N/A N/ANet financial items N/A N/A N/A N/A N/ANet projected cash flow Estimated dividend N/A N/A N/A N/A N/A


Cash balance N/A N/A N/A N/AVessel N/A N/A N/A N/ATotal property N/A N/A N/A N/AOutstanding debt N/A N/A N/A N/A

finAncinG cOmmEnTS

St. Olavsgate 26 AS entered into a forward-delivery contract with Inro AS (the former owner of the shares in SmartHotel St. Olavsgate Eiendom AS). Inro AS is obliged to deliver a turn-key-projects specially constructed for Smart Hotel Oslo AS - a hotel concept with small, efficient rooms providing a good nighst sleep in central location at prices well below its competitors. The constructions are ongoing, and Inro AS estimate completion to December 2011

Mortgage with Sparebank 1 Oslo og Akershus: NOK 177 000 000Quarterly instalments: NOK TBDBalloon: NOK TBDExpiry date: December 2051Interest:As per 1/6/2011 70% of the loan is fixed for the entire term of the loan 4.4%Floating rate 3 mths. NIBOR

Established: April 2011Paid in capital: NOK 18 750 000Unpaid capital: NOK 56 250 000

Purchase price property: NOK 250 000 000Accumulated dividends: NOK N/APurchase Net Yield: 7.0%

Purchase ProjectYield: 6.8%Estimated share value per 1%: NOK 75 000Estimated IRR: 12.8%

85...PROJECTS

Tønsberg Kontor KS KEy fiGUrES (date of analysis: 01.07.2011) Project Broker: Hans Martin Haug, Company Manager: Thomas Ødegård

THE PrOPErTiES

Adress: Rambergveien 1 Location: Kaldnes Brygge, Tønsberg kommune Type/segment: Offices, retail and parking garage Gross Space: 8 479 m2 Lettable area: 8 479 m2 Parking spaces: 102 Built: 2008 Refurbished: N/A Size of land: N/A Lease or freehold: Freehold

cOmmErciAl dETAilS

Corporate management: RS Platou Real EstateOperational/technical management: Søylen Næringseiendom ASGross property price: NOK 120 000 000 Paid in capital: NOK 26 700 000Company Structure: Tønsberg Kontor KS owns 100% of the shares in Kaldnes K1 AS who owns the propertyTenants: Deloitte AS, Steenstrup Stordrange, Net Trans, Scanrope Parker, Acta Asset Management, Ing. Andersen og Askjem, Mat Invest AS (SPAR-butikk)Lease strucure: Standard market termsYearly rent regulation: 100% CPIDuration of lease: 6,5* Expiry of leaseagreement: N/A


ExitYield: 8.0% 7.0% 6.0%Estimated IRR: 14.5% 18.3% 20.7%Realised IRR: 47.0% cASHflOW 2010 2011E 2012E 2013E 2014E

Operating revenue 9 557 664 N/A N/A N/A N/AOperating expenses -3 154 030 N/A N/A N/A N/ANet operating cashflow 6 403 634 0 0 0 0 Interest earned 20 507 N/A N/A N/A N/AInterest expenses -1 390 214 N/A N/A N/A N/ADrawdown/ Repayment long term debt 500 000 N/A N/A N/A N/ANet financial items -869 707 N/A N/A N/A N/ANet projected cash flow 5 533 927 Estimated dividend N/A N/A N/A N/A N/A


Cash balance N/A N/A N/A N/AProperty N/A N/A N/A N/ATotal assets N/A N/A N/A N/AOutstanding debt N/A N/A N/A N/A

finAncinG cOmmEnTS

The project was established with some leaseguarantees from the seller Kaldnes Byutvikling AS due to the fact that not all premises was completed by takeover. As of today all premises has been completed and rented to external tenants. Today the property has only 200 sqm vacant premises, except form parking spaces. The grocery store on the ground floor outperform their own budget, and is expected to contribute positive to the rent budget for 2011 as their rent is based on the gross turnover.

Mortgage with DnB NOR Bank ASA: NOK 106 000 000Quarterly instalments: 1 t.o.m 6 NOK 530 000Quarterly instalments: 7 t.o.m 16 NOK 1060 000Balloon: NOK 91 690 000Expiry date: March 2015Interest: As per 31/12/2010 45% of the loan is fixed for the entire term of the loan 3.9%Floating rate 3 mths. NIBOR

Established: March 2010Paid in capital: NOK 26 700 000Purchase price property: NOK 120 000 000

Accumulated dividends: NOK 12 000 000Purchase Net Yield: 7.9%Purchase ProjectYield: 7.7%

Estimated share value per 1%: NOK 350 000Estimated IRR: 18.3%

* some of the tenants have a “step-off-clause” in their agreement. Adjusted for these step-off-clauses the the weighted duration is 5 years

86. PROJECTS

Kristiansand Teknologipark AS

Borgenhaugen Invest AS

KEy fiGUrES (date of analysis: 01.07.2011)


THE PrOPErTiES

THE PrOPErTiES

Adress: Andøyfaret 3 Andøyfaret 5 Andøyfaret 7Location: Andøya, Kristiansand kommune Andøya, Kristiansand kommune Andøya, Kristiansand kommuneType/segment: Offices, indoor parkering Offices OfficesGross Space: 4 465 m2 1 436 m2 3 740 m2

Lettable area: 8 479 m2

Parking spaces: 90 indoor and 225 outdoorBuilt: 2005, 2007. 2009Refurbished: N/ASize of land: 12 000 m2

Lease or freehold: Freehold

Adress: Bredmyra 9 Location: Borgenhaug Industriområde, Sarpsborg kommuneType/segment: LogisticGross Space: 13 320 m2


Parking spaces: N/ABuilt: 2009 og 2010Refurbished: N/ASize of land: 30 000 m2


cOmmEnTS

cOmmEnTS

This project was established as a club deal, where RS Platou Real Estate AS acted as a facilitator for the transaaction structurering the buyer company and the finacing. The company and the project is managed by Mosvold Næringseiendom AS. Lease agreements with Origo, TTS Sense, Eltek, Otera among others.

This project was established as a club deal, where RS Platou Real Estate AS acted as a facilitator for the transaaction structurering the buyer company and the finacing. The company and the project is manged by Frigaard Eiendom AS. 15 years triple-net lease with Frigaard Gruppen AS

Established: October 2010Paid in capital: NOK 24 500 000Purchase price property: NOK 140 630 000 Estimated share value per 1%: N/A

Established: September 2010Paid in capital: NOK 30 000 000Purchase price property: NOK 112 000 000 Estimated share value per 1%: N/A

Estimated IRR: 14.9%Purchase Net Yield: 7.9%Purchase ProjectYield: 7.9%

Estimated IRR: 13.2%Purchase Net Yield: 7.6%Purchase ProjectYield: 7.5%

87...PROJECTS

Østre Aker vei 90 AS

Haslevangen Holding AS



THE PrOPErTiES

THE PrOPErTiES

Adress: Østre Aker vei 90 Location: Linderud, Oslo kommuneType/segment: Offices and wearhouseGross Space: 47 000 m2


Parking spaces: 1 200Built: 1968 - 1995Refurbished: N/ASize of land: 76 000 m2


Adress: Haslevangen 15 Location: Økern, Oslo kommuneType/segment: OfficesGross Space: 10 148 m2


Parking spaces: 49 indoor and 60 outdoorBuilt: 1988Refurbished: 2009Size of land: N/ALease or freehold: Freehold

cOmmEnTS

cOmmEnTS

This is a development project, where RS Platou Real Estate AS acted as an advisor and a facilitator for the transaaction structurering the buyer company and the finacing together with professional developers. The company and the project is manged by Finansgruppen Eiendom AS/Winta Eiendom AS. Siemens has enterede into a 3 year triple-net lease for existing premises, and additionally committed themselves to a 12 year contract on new headquarter to be built by Finansgruppen Eiendom AS/Winta Eiendom AS.

This project was established as a club deal, where RS Platou Real Estate AS acted as a facilitator for the transaaction structurering the buyer company and the finacing. The company and the project is manged by Marienlyst Eiendom AS. Appr. 4 year average lease period with ÅF Consult, Åhlens, Parfymelle, Verdipapirsentralen, Vita among others.

Established: December 2010Paid in capital: N/APurchase price property: NOK 321 000 0000 Estimated share value per 1%: N/A

Established: December 2010Paid in capital: NOK 33 000 000Purchase price property: NOK 131 500 000 Estimated share value per 1%: N/A

Estimated IRR: N/A Purchase Net Yield: 12.5%Purchase Project Yield: 12.5%

Estimated IRR: 15.0% Purchase Net Yield: 7.3%Purchase ProjectYield: 7.3%

88. PROJECTS

Colosseum Bolig portfolio

Braathen Bolig AS



THE PrOPErTiES

THE PrOPErTiES

Adress: Middelthunsgate and Cort Adlers gate Location: Majorstua, Oslo kommuneType/segment: RecidentialGross Space: 840 m2

Lettable area: 840 m2

Parking spaces: 4 indoor parkeringspacesBuilt: 1999Refurbished: N/ASize of land: N/ALease or freehold: Freehold

Adress: Maridalsveien 122, Ullevålsveien 12Location: Oslo sentrum, Oslo kommuneType/segment: RecidentialGross Space: 3 642 m2


Parking spaces: 11 outdoor parkeringspacesBuilt: N/ARefurbished: N/ASize of land: N/ALease or freehold: Freehold

cOmmEnTS

cOmmEnTS

In this project RS Platou Real Estate AS acted as an advisor for one professional buyer.

Established: April 2010Paid in capital: N/APurchase price property: NOK 41 400 000

Established: May 2010Paid in capital: N/APurchase price property: NOK 100 000 000

Estimated share value per 1%: N/AEstimated IRR: N/A

Estimated share value per 1%: N/AEstimated IRR: N/A

In this project RS Platou Real Estate AS acted as an advisor for one professional buyer.

89...PROJECTS

90. HEAD.OFFICE

Head office

OSLO, nOrway

rS PlATOU finAnS ASHaakon VII’s gate 10P.O. Box 1604 VikaN-0119 OsloPhone: +47 23 11 20 00Telefax: +47 23 11 23 27E-mail: [email protected]

rS PlATOU inVESTOr SErVicES ASHaakon VII’s gate 10P.O. Box 1604 VikaN-0119 OsloPhone: +47 23 11 20 00Telefax: +47 23 11 23 27E-mail: [email protected]

rS PlATOU ASSET mAnAGEmEnT ASHaakon VII’s gate 10P.O. Box 1604 VikaN-0119 OsloPhone: +47 23 11 26 06Telefax: +47 23 11 26 11E-mail: [email protected]

rS PlATOU rEAl ESTATE ASHaakon VII’s gate 10P.O. Box 1604 VikaN-0119 OsloPhone: +47 23 11 20 00Telefax: +47 23 11 23 23E-mail: [email protected]

website: www.platou.com

SingapOre

rS PlATOU finAnS SinGAPOrE PTE. lTd.3 Temasek Avenue # 20-01 Centennial TowerSingapore, 039190Phone: +65 6303 4950Telefax: +65 6336 8740E-mail: [email protected]

ContactsrS pLatOu FinanS aSOSLO OFFiCe

PrOjEcT brOKErSaxel Moltzau aasSenior partnerDir tel.: +47 23 11 26 63Mobile: +47 97 98 21 [email protected]

chris W. SvenssonSenior partnerDir tel.: +47 23 11 26 60Mobile: +47 95 18 96 [email protected]

Morten astrupproject BrokerDir tel.: +47 23 11 26 67Mobile: +47 92 45 80 [email protected]

Heidi Meyer Westbyoffice ManagerDir tel.: +47 23 11 26 55Mobile: +47 93 40 20 [email protected]

cOrPOrATE mAnAGErSØystein l. NilsenManaging partnerDir tel.: +47 23 11 26 61Mobile: +47 99 15 35 [email protected]

Thomas Ødegårdcorporate ManagerDir tel.: +47 23 11 26 62Mobile: +47 91 33 11 [email protected]

Nina elverumcorporate ManagerDir tel.: +47 23 11 26 59Mobile: +47 97 57 17 [email protected]

Benjamin ryeng-Hansencorporate ManagerDir tel.: +47 23 11 26 68Mobile: +47 97 71 87 [email protected]

eva lise Bjerkecorporate ManagerDir tel.: +47 23 11 26 05Mobile: +47 90 96 37 [email protected]

erik Kristian andresencorporate ManagerDir tel.: +47 23 11 26 54Mobile: +47 92 42 06 [email protected]

elisabeth relboSecretaryDir tel.: +47 23 11 26 56Mobile: +47 99 42 17 [email protected]

SingapOre OFFiCe

PrOjEcT brOKEr David p. Österströmjoint Managing partnerDir. tel.: + 65 65 44 34 10Mobile: + 65 97 11 55 30 [email protected]

alan Seahjoint Managing partnerDir tel.: +65 65 44 34 13Mobile: +65 96 47 01 [email protected]

cheryl Seahproject BrokerDir tel.: +65 65 44 34 28Mobile: +65 91 11 22 [email protected]

Natalie TehaccountantDir tel.: +65 65 44 34 16Mobile: +65 96 63 00 [email protected]

rS PlATOU rEAl ESTATE ASHans Martin HaugpartnerDir tel.: +47 23 11 26 71Mobile: +47 90 06 69 [email protected]

lars robert KristiansenpartnerDir tel.: +47 23 11 26 70Mobile: +47 91 70 47 [email protected]

Stian NicolauspartnerDir tel.: +47 23 11 26 72Mobile: +47 95 48 60 [email protected]

pål Sandalpartner property Management Dir tel.: +47 23 11 26 73Mobile: +47 93 88 00 [email protected]

rS pLatOu inveStOr ServiCeS aS

asbjørn WulfsbergManaging DirectorDir tel.: +47 23 11 26 66Fax: +47 23 11 23 27Mobile: +47 91 81 83 [email protected]

rS pLatOu aSSet ManageMent aS

Trond HamreSenior partnerDir tel.: +47 23 11 26 06Fax: +47 23 11 26 11Mobile: +47 92 88 76 [email protected]

www.platou.com

market report july 2011 - clarksons platou...

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