2013 q4 dof_asa_pres

Q4 Financial Presentation 2013

DOF ASA

- Q4 Presentation 2013 DOF ASA

Agenda

Highlights

Overview Group

Financials

DOF Subsea update

Outlook

DOF ASA 3 – Q4 Presentation 2013 3

Highlights Q4 2013

Record high subsea project activity in 4th quarter

Stable utilisation PSV fleet and volatile AHTS fleet in the North

Sea spot market

MNOK 35 loss on Skandi Møgster OGX contract

Operational

Fleet

Sale of Skandi Bergen in January 2014

Demobilization of Skandi Fjord and rebuild from CSV to PSV

Delivery of AHTS vessel Skandi Iceman in October 2013

DOF Subsea hired the external vessel Normand Reach for a period of

2+2 yrs

DOF ASA issued a new bond MNOK 700 in January 2014

All time high Q4 EBITDA – MNOK 830

Finance


Highlights Q4 2013

Several subsea contracts in the Asia Pacific region

Skandi Paraty and Skandi Copacabana two 4 yrs contracts with Petrobras

Statoil call-off in 2014 and 2015 for DOF Subsea

Skandi Waveney and Skandi Marstein two long term contracts in the Atlantic region

Skandi Fluminense and Skandi Rio two 4 yrs contracts with Petrobras

Skandi Møgster and Skandi Saigon two 1+1 yrs contracts with Total Austral S.A in

Argentina

Skandi Olympia 3+2 yrs with Fugro Subsea Services Ltd

DOF Subsea awarded 4 ROV contracts + ROV on Skandi Ipanema with Petrobras

Skandi Ipanema 4+4 yrs contract with Petrobras

Skandi Botafogo 2 yrs Petrobras

DOF Subsea’s newbuild hull 800, 5 yrs contract with Technip

Contract

awards


Overview Group


DOF ASA in brief

Fleet

69 vessels in operation (PSV: 24, AHTS: 17, Subsea: 28)

8 Newbuildings (AHTS: 3 Subsea: 5)

Operates 59 ROVs

Market value total fleet in operation at NOK 34.5 bn

Average age of 8 years

Value adjusted fleet age of 5 years

Back log

Total NOK 62 bn

Firm contract : NOK 29,4 bn

Options: NOK 32,6 bn

Global organization

Head office in Norway

Regional offices in Australia, Singapore, UK, USA, Canada,

Angola, Argentina and Brazil

Total of 4 900 employees

Subsea employees: 1 670

Marine personnel: 3 230

Share price

NOK 31.70 (31.12.2013)

NAV per share NOK 77


Company overview


PSV AHTS Subsea Total fleet

No. of vessels

DOF ASA/DOF REDERI AS 19 3 3 25

NORSKAN OFFSHORE 5 12 2 19

DOF SUBSEA AS 0 0 25 25

DOF INSTALLER ASA 0 0 3 3

AKER DOF DEEPWATER AS 0 5 0 5

Total fleet 24 20 33 77

Contract coverage 2014* 78 % 85 % 76 % 79 %

Contract coverage 2015* 55 % 57 % 45 % 52 %

The fleet market segment

*Not including options


PSV AHTS Subsea Total fleet

No. of vessels*

DOF Group Fleet 23 20 35 78

Fair Market value (MNOK) 5 528 10 894 30 573 46 995

Ebitda Q4 2013 by segment (MNOK) 99 166 565 830

DOF ASA fleet market segment

*Incl. newbuild

12 %

23 %

65 %

Share of Fair Market Value DOF Fleet

PSV AHTS Subsea

12 %

20 %

68 %

EBITA Q4 2013

PSV AHTS Subsea

DOF ASA 10 – Q4 Presentation 2013

Angola

Perth Rio de Janeiro

Buenos Aires

Singapore

Houston St. Johns

Aberdeen

Austevoll

Brunei

Macae

Jakarta

Manila

Moscow Bergen

Focus regions

Melbourne

Darwin

Global player

9

25

28

4

3

Norway Brazil US/Canada

UK Asia

Pacific

Angola Marine

Crews

Total

DOF employees 452 517 142 446 433 17 2 906 4 913


Vessel Yard Delivery Type Contract Financing

Skandi Urca Vard Brazil March 2014 AHTS 8 yrs Petrobras Funding secured

Skandi Angra Vard Brazil Q3/Q4 2014 AHTS 8 yrs Petrobras Funding secured

Skandi Paraty Vard Brazil Q1 2015 AHTS 4 yrs Petrobras Funding secured

Skandi TBN 800 Vard Norway Summer 2015 CSV 5 yrs Technip Funding secured

Skandi TBN Vard 823 Vard Norway Q2 2016 PLSV 8 yrs Petrobras

Skandi TBN Vard 824 Vard Norway Q3 2016 PLSV 8 yrs Petrobras

Skandi TBN PLSV1 Vard Brazil Q4 2016 PLSV 8 yrs Petrobras

Skandi TBN PLSV2 Vard Brazil Q2 2017 PLSV 8 yrs Petrobras

Remaining newbuilding program


Financials


All figures in NOK million Q4 2013 Q4 2012 2013 2012

Operating income 2 633 2 062 9 754 8 136

Operating expenses -1 806 -1 377 -6 651 -5 346

Net gain on sale of vessel 3 7 8 210

Operating profit before depreciation- EBITDA 830 692 3 111 3 000

Depreciation -296 -372 -1 193 -1 110

Impairment loss - - - -

Operating profit- EBIT 534 320 1 917 1 890

Net profit/loss from associated companies -6 4 1 5

Financial income 17 21 62 71

Financial costs -361 -336 -1 434 -1 325

Net realized currency gain/loss 17 -43 39 -81

Net profit/loss before unrealised gain/loss long term debt 202 -34 586 560

Net unrealized currency gain/loss -11 45 -606 -206

Net unrealized gain/loss on market instruments -38 2 -5 -89

Profit/loss before tax 152 13 -25 265

Tax -25 73 -34 85

Net profit/loss 127 86 -59 350

Profit attributable to

Non-controlling interest 97 38 139 237

Controlling interest 30 48 -198 113

ALL FIGURES IN NOK MILLION

Result Q4 2013

Comments PSV: • 89% utilisation rate PSV fleet • 3 vessels in the spot market • One vessel reinstated from CSV to

PSV AHTS: • 93% utilisation rate AHTS fleet • Two vessels idle between contracts

in Brazil • Loss on OGX (Skandi Møgster

contract) • None vessels in the North Sea spot

market Subsea/CSV: • 91% utilisation rate Subsea fleet • 87% utilisation project fleet which is

record high in forth quarter • 96% utilisation TC vessels • Vessels in transit on new contracts Finance: • Hedge accounting implemented

from Q4


Amounts in NOK mill

Q4 2013 Q4 2012 Q4 2013 Q4 2012 Q4 2013 Q4 2012 Q4 2013 Q4 2012

Operating income 270 246 333 352 2 030 1 464 2 633 2 062

Operating result befor depreciation (EBITDA) 99 103 166 155 565 434 830 692

Operating result (EBIT) 62 68 112 67 360 185 534 320

EBITDA margin 37 % 42 % 50 % 44 % 28 % 30 % 32 % 34 %

EBIT margin 23 % 28 % 34 % 19 % 18 % 13 % 20 % 16 %

PSV AHTS Subsea TotalALL FIGURES IN NOK MILLION

P&L Q4 2013 Segments

12 %

20 %

68 %

EBITA Q4 2013

PSV AHTS Subsea

15 %

22 % 63 %

EBITA Q4 2012

PSV AHTS Subsea


Historical EBITDA excl asset sales

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

-

500

1 000

1 500

2 000

2 500

3 000

Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013

Operating revenue EBITDA EBITDA margin

MN

OK

Q4 2010 Q4 2011 Q4 2012 Q4 2013

Operating revenue 1 574 1 862 2 069 2 633

EBITDA 453 581 685 830

EBITDA margin 29 % 31 % 33 % 32 %

Non-current assets 22 423 26 641 27 630 27 983

Current assets 4 629 4 187 4 136 4 817

Total Assets 27 052 30 828 31 766 32 800

Equity 6 728 6 669 6 735 6 341

Non-current debt 16 931 20 012 21 563 21 637

Current debt 3 393 4 147 3 468 4 822

Total Equity and Debts 27 052 30 828 31 766 32 800


Amounts in NOK mill ion 31.12.2013 31.12.2012

ASSETS

Intangible assets 836 704

Vessel and other tangible assets 26 244 26 179

Newbuildings 646 423

Financial assets 258 387

Non-current assets 27 983 27 693

Receivables 2 503 1 915

Cash and cash equivalents 2 314 2 145

Current assets 4 817 4 060

Total assets 32 800 31 754

EQUITY AND LIABILITIES

Subscribted equity 1 452 1 452

Retained equity 1 923 2 318

Non-controlling equity 2 966 2 950

Equity 6 341 6 720

Provisions for commitments 581 574

Other non-current l iabilities 21 056 21 027

Non-current liabilities 21 637 21 601

Current part of interest bearing debt 3 012 2 000

Other current l iabilities 1 810 1 433

Current liabilities 4 822 3 433

Total equity and liabilities 32 800 31 754


Balance Q4 2013 Comments

• Three vessels delivered during 2013,

one vessel, Skandi Iceman, delivered in Q4 (DOF 20% share)

• Newbuildings represent instalments paid on 8 vessels under construction for delivery from 2014-2017 ( 50% share in 4 vessels)

• High receivables due to high subsea project activity in Q4

• No new loans drawn in Q4 • Sale of own bonds

• Current portion long term debt

represent mainly MNOK 454 in bonds, MNOK 2 190 which are one balloon and amortization long term debt


31.12.2013 31.12.2012

Non-current interest bearing liabilities

Bond loan 4 722 4 164

Debt to credit institutions 16 265 16 592

Total non-current interest bearing liabilities 20 988 20 756

Current interest bearing liabilities

Bond loan 454 141

Debt to credit institutions 2 190 1 784

Util ized credit facil ities 368 75

Total current interest bearing liabilities 3 012 2 000

Total interest bearing liabilities 24 000 22 756

Net interest bearing liabilities

Cash and cash equivalents 2 314 2 145

Net derivatives -356 -365

Non-current receivables 58 98

Total net interest bearing liabilities 21 984 20 878

Newbuilds 646 423

Net interest bearing liabilities, excluding unemployed capital 21 338 20 454

Net interest bearing debt



Key figures & Financial Compliance in Q4 2013

Q4 2013 Q4 2012 2013 2012

FINANCIAL RESULT

EBITDA margin ex net gain on sale of vessel 31 % 33 % 32 % 34 %

EBITDA margin 32 % 34 % 32 % 37 %

EBIT margin 20 % 16 % 20 % 23 %

Cashflow per share 4,48 3,05 16,03 15,04

BALANCE

Return on net capital -1 % 5 %

Equity ratio 19 % 21 %

Value adjusted equity 36 % 39 %

Value adjusted equity per share 77 81

Capex 1 616 3 047

DOF ASA in compliance with financial covenants per December:

Main financial covenants:

Required equity ratio 30% or 20% if above 70% contract coverage

Equity ratio= 36%, Contract Coverage 79%

Required consolidated free cash: NOK 500 mill

Actual free cash: NOK 1 579 mill


Cash Flow Q4 2013

Amounts in NOK million 2013 2012

Cash from operating activities 2 849 2 411

Net interest paid -1 382 -1 186

Taxes paid -48 -43

Net cash from operating activities 1 419 1 182

Payment received on sale of tangible assets 87 819

Purchase of tangible assets -1 616 -3 047

Other changes in investing activities 11 4

Net cash from investing activities -1 518 -2 224

Proceeds from borrowings 3 186 5 115

Prepayment of borrowings -2 844 -3 945

Payment from/to non-controlling interests -99 -

Net cash from financing activities 242 1 170

Net changes in cash and cash equivalents 144 128

Cash and cash equivalents at the start of the period 2 145 2 040

Exchange gain/loss on cash and cash equivalents 25 -14

Cash and cash equivalents at the end of the period 2 314 2 154


Net Increased cash from operations

MNOK 235

Net change cash from Investments

MNOK 700

Net change cash from finance

activities MNOK 930


Debt maturity profile

DO

F

DO

F S

ub

se

a

-

500

1 000

1 500

2 000

2 500

3 000

3 500

2014 2015 2016 2017 2018 After

Bank Debt Bond Balloons

-

500

1 000

1 500

2 000

2 500

3 000

2014E 2015E 2016E 2017E 2018E After

Bank Debt Bond Balloons

23%

19% 58%

Counterparty exposure Q4 2013

Bond Eca Bank


Gearing forecast – summary Total Fleet Market value

Vessels & newbuilds MNOK 39 700

Equipment (subsea) MNOK 1 200

Total Fleet MNOK 40 900

Note: Vessel values as of 31 December 2013

* The figures reflects amortization and balloon payments on secured

debt drawn as per 31 December 2013 and onwards

Combined market value DOF Group fleet including newbuild is NOK 39.7 bn (total

value 100% NOK 46.9 bn)

New-building program to be completed in 2017 (including 50% in 4 PLSV’s)

Asset-level gearing on the existing fleet is 50%, decreasing to 29% in 2017

Significant gearing reduction forecasted upon completion of the current newbuild program

DOF ASA – Asset coverage

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

80 %

90 %

100 %

2014 2015 2016 2017 2018

50% 42% 36% 33% 29%

50% 58% 64% 67% 71%

Debt Equity


Contract Coverage


PSV – Contract coverage

FIRM CONTRACTS

UNDER CONSTRUCTION

OPTIONAL PERIOD

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

Skandi Falcon 1 1 1 1

Skandi Marstein 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2

Skandi Foula 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Rona 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Buchan 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Sotra 1 1 2

Skandi Caledonia 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Barra 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi Texel 1 1 2 2 2

Skandi Mongstad 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Flora 1 1

Skandi Gamma 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Waveney 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Feistein 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi Kvitsøy 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi Nova 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi Marøy 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi Hugen 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi Captain

Skandi Fjord 0 1 1 1 2 2

Skandi Leblon 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Flamengo 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Yare 1 1 1 1 1 1 1 1 1 1 1

Skandi Stolmen 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

NS

OS

UP

PY

PSV 2017 20182014 2015 2016

SPOT


AHTS – Contract coverage

FIRM CONTRACTS

UNDER CONSTRUCTION

OPTIONAL PERIOD


Skandi Stord 1

Skandi Admiral 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Vega 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Copacabana 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2

Skandi Botafogo 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi Rio 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi Fluminense 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi Giant 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Møgster 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Ipanema 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Amazonas 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi Iguacu 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi Urca 3 3 3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi Angra 3 3 3 3 3 3 3 3 3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi Paraty 3 3 3 3 3 3 3 3 3 3 3 3 3 3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi Peregrino 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi Emerald 1 1 1 1 1 1 1 1 2 2 2 2

Skandi Saigon 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Pacific 1 1 1 1 1 1 1 1 2 2 2 2

Skandi Atlantic 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

20182016 2017

AD

DN

SO

Su

pp

ly

AHTS 2014 2015

SPOT


CSV – Contract coverage

FIRM CONTRACTS

UNDER CONSTRUCTION

OPTIONAL PERIOD


Skandi Olympia 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi Commander 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Chieftain 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Hav 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

2018

Su

pp

lyN

SO

CSV 20162014 2015 2017


FIRM CONTRACTS

UNDER CONSTRUCTION

OPTIONAL PERIOD

Subsea – Contract coverage

* CHARTERED


Skandi Acergy 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Achiever 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Aker 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi Arctic 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Carla 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Constructor 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Neptune 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Niteroi 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Patagonia 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi Salvador 1 1 1 1 1 1 1 1 1 1 1 1

Skandi Santos 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Seven 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Vitoria 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Ocean Protector 1 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Geosea 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Hawk 1 1 1

Skandi Hercules 1 1 1 1 1

Skandi Inspector 1 1 1 1 1

Skandi Singapore 1 1 1

Skandi Skansen 1 1 1 1 1 2 2 2 2 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Skandi Skolten 1 1 1 1 1

Geosund 1 1 1 1 1 1 1 2 2 2 1 1 1 1 1 1 1 1 2 2 2 2

Harvey Deep-Sea* 1 1 2 1 1 1 1 1

Norman Reach* 3 3 3 3 3 3 1 1

Skandi TBN (NB800) 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi PLSV1 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi PLSV2 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi PLSV3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Skandi PLSV4 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

DO

F S

ub

se

a

2017

Geograph

Subsea 2014 2015 2016 2018

Geoholm


DOF Subsea


DOF Subsea Group – In brief

Fleet

One of the largest subsea vessel owners in the world

Owns and operates a fleet of 24 vessels, plus 5 newbuilds on order

In addition 2 vessels on long-term charter

The market value of owned vessels in operation is NOK17 billion, with a value adjusted age of

5 years

Operates 52 ROVs and 7 ROVs on order

Global organization

Head office in Bergen

Regional offices in Australia, Singapore, Norway, UK, Angola, US, Canada and Brazil

Total of 2 667 employees

Subsea employees: 1 667

Of which offshore engineers and project staff: 1 160

Marine crew: 1 000

Norway Brazil Canada US UK Asia Pacific Angola

316 349 48 94 430 413 17


DOF Subsea Group – In brief

DOF Subsea 29

Key figures

Back-log incl. options NOK 34 billion

Market value of fleet NOK 17 billion

Number of shares 119 733 714

Total Per share

Book equity NOK 5.2 billion NOK 43.56

Value adj. equity NOK 8.5 billion NOK 71.05

Book equity ratio 26.8 %

Value adj. equity ratio 37.4 %

19.7 %

CAGR

20.1 %

CAGR

Quarterly figures

27%

28%

29%

30%

31%

32%

33%

-

200

400

600

800

1 000

1 200

1 400

1 600

1 800

2 000

Q4 2010 Q4 2011 Q4 2012 Q4 2013

NO

K m

illi

on

Operating revenue EBITDA EBITDA margin


Level of industry barriers to entry

DOF Subsea’s main presence is in segments with medium to high

barriers to entry and high complexity of operations

Higher margins and earnings beyond the time charter rates

Le

ve

l o

f b

arr

iers

to

en

try

Incre

ase

d e

ng

ine

ering

re

qu

ire

me

nt

Complex

subsea operations

Marine transport/

services

Com

ple

xity a

nd s

ize o

f opera

tions

Incre

ase

d s

yste

m r

eq

uire

me

nt

DSV

OSCV

ROV

AHTS

PSV


DOF Subsea – Projects

OMV Emergency FPSO

Mooring System Repair

• Skandi Singapore Q1 ‘12 &’13, Skandi

Hercules, Skandi Skansen, Skandi

Atlantic, Skandi Emerald Q3 & Q4 ‘13

• Initially routine IRM scope including

saturation diving in NZ. Emergency

FPSO Mooring System Repair,

stabilising vessel, Engineering, Project

Management and replacement vessel

for Galoc EPIC project

• Innovation for diverless solution to

handle significant loads involved.

Developed and built the equipment in

time Hercules arrived in New Zealand


DOF Subsea – Projects

Teekay – Knarr FPSO Mooring Installation

• Skandi Skolten and two third party AHTS from Q3 2013 to

Q3/Q4 2014

• Phase 1 - Q3 2013: Installation and pre-tensioning of 12

anchors c/w 500m of 120mm chain

• Phase 2 - Q2 2014: Pre-installation of spiral strand wires and

remaining chain.

• Phase 3 - Q3/Q4 2014: Tow out and hook-up of Knarr FPSO

BW Offshore – Replacement of Mooring Lines on

Berge Helene FPSO

• Skandi Skansen - Q1 2014 in the Chinguetti Field offshore

Mauritania

• Replacement of mooring lines on Berge Helene FPSO

• Subsea intervention work (replacement of control modules,

jumpers etc.)

• Underwater survey of FPSO hull and moorings and survey of

subsea facilities (pipelines, risers, structures and trees)


Brazil:

We expect increased demand for our vessels and services. We expect a substantial

increase in day rates compared to old contracts.

North Sea:

We expect a good, but volatile AHTS market in 2014.

We are surprised over the strong start for PSV´s in the spot market and expect this to

continue in 2014.

DOF Subsea has taken a step-change in customer base and complexity of work done,

and we expect a growing market share in this sector going forward.

Asia Pacific:

We expect a steady demand for all our vessels and services. DOF Subsea has an

excellent position with a new fleet and an established, strong project organization.

Outlook


We expect Revenue and Ebitda to increase in 2014 compared to 2013:

- A solid subsea project organization and increased earning on several CSV´s

- Increased earnings AHTS & PSV segment going forward

- Recent contract awards and expected strong markets

0

50

100

150

200

250

Averagedayrate 2013

Sk. Waveney Sk. Marstein Sk. Saigon Sk. Møgster Sk. Ipanema Average dayrate newcontracts

(TN

OK

)

Change in average day rate - new contracts (a few examples illustrated below)

Guidance 2014:

The graph reflects average day rates on recently awarded

Contracts compared to average earnings in 2013

Ebitda guidance 2014 MNOK 3 400 – 3 700

Thank you

Presented by

Mons Aase - CEO Hilde Drønen - CFO


DISCLAIMER

This presentation by DOF ASA designed to provide a high level overview of aspects of the operations of the DOF ASA Group.

The material set out in the presentation is current as at 27 February 2014.

This presentation contains forward-looking statements relating to operations of the DOF ASA Group that are based on management’s own current expectations, estimates and projections about matters relevant to DOF ASA‘s future financial performance. Words such as “likely”, “aims”, “looking forward”, “potential”, “anticipates”, “expects”, “predicts”, “plans”, “targets”, “believes” and “estimates” and similar expressions are intended to identify forward-looking statements.

References in the presentation to assumptions, estimates and outcomes and forward-looking statements about assumptions, estimates and outcomes, which are based on internal business data and external sources, are uncertain given the nature of the industry, business risks, and other factors. Also, they may be affected by internal and external factors that may have a material effect on future business performance and results.

No assurance or guarantee is, or should be taken to be, given in relation to the future business performance or results of the DOF ASA Group or the likelihood that the assumptions, estimates or outcomes will be achieved.

While management has taken every effort to ensure the accuracy of the material in the presentation, the presentation is provided for information only. DOF ASA , its officers and management exclude and disclaim any liability in respect of anything done in reliance on the presentation.

All forward-looking statements made in this presentation are based on information presently available to management and DOF ASA assumes no obligation to update any forward looking- statements. Nothing in this presentation constitutes investment advice and this presentation shall not constitute an offer to sell or the solicitation of any offer to buy any securities or otherwise engage in any investment activity.

You should make your own enquiries and take your own advice (including financial and legal advice) before making an investment in the company's shares or in making a decision to hold or sell your shares.

Date post:	22-Jan-2015
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Investor Relations