The Market Leader in Heavy Marine Transport and Installation

Oslo, 19 November 2012

Important notice

■ This document contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, “expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. The forward-looking statements, contained in this document, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are uncertain and subject to risks. A multitude of factors can cause actual events to differ significantly from any anticipated development. Neither the Company nor any of its subsidiary undertakings nor any of its officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does any of the foregoing accept any responsibility for the future accuracy of the opinions expressed in this document or the actual occurrence of the forecasted developments.

■ No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither the Company nor any of its subsidiary undertakings nor any such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.

2

Active in fundamentally attractive markets

Sales 2011

Oil & gas

P&MI/military

Yacht transport

3

Main drivers:

•Energy prices

•Energy CAPEX

Capital Multi-Year E&P Spending Forecast

(Source: Barclays Capital, 5 December 2011)

4

High drilling activity

Global fleet of 700 rigs

Higher global rig utilization spread

Higher complexity wells

Continued development drilling

Deepwater activity increases

Downstream Upstream

Deepwater platforms

Increase in size, weight, complexity

Greater global activity

Increase in float over installations

Increase tenders for topside and

jacket installations

Increasing investments:

LNG/LPG/Refineries

Mining/Power plants

More remote construction sites

Environmentally sensitive locations

Greater use of modular concepts

Heavy Marine

Transport

Offshore Transport and

Installations

Logistical Management

Solutions

Exploration &

Development

Production Processing

time

Dockwise strategy to match O&G industry cycle

0

2

4

6

8

10

12

14

16

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2007 2008 2009 2010 2011 2012 2013 2014

New build jack ups entering the market

High Spec (IC, >=350 ft)

Low Spec

# of rigs

0

40

80

20

05

20

07

20

09

20

11

20

13

20

15

20

17

20

19

Fixed Structures >= 4000 m tonnes

Floating production structures (TLP/SEMI/SPAR)

FPSO

0

25

50

20

03

20

05

20

07

20

09

20

11

20

13

20

15

20

17

20

19

20

21

Possible

Firm

Operational

*Source: ODS Petro data and Infield Systems

The industry’s largest rejuvenated versatile fleet

5

Built

Vanguard 2012

New build >2016

Blue Marlin 2000

Mighty Servant 1 1983

White Marlin 2014

Black Marlin 1999

Transshelf 1987

Mighty Servant 3 1981

Forte 2012

Finesse 2013

HYSY 278 2012

Transporter 1990

Target 1990

Talisman 1993

Treasure 1990

Triumph 1992

Trustee 1991

Swan 1982

Swift 1983

Fjord 2000

Fjell 2000

Teal 1984

Tern 1982

Launch barge

vessel availability

2012 2013 2014 2015 2016-2020

Dockwise strategy based on three pilars

T&I: expand service scope

Secure access to barge for

jacket launch and crane

vessel for jacket installation.

Offer topside float-over

installation as from 4,000 mton.

Build an engineering and

project management

organization.

HMT: focus on high end

Invest in Type 0, I and II

vessels.

Increase long term backlog

targeting O&G projects.

Remain competitive for spot

market cargo.

LM: build position

Target LNG, refineries, mining

and power plant projects.

Offer LM services under lump

sum contract.

6

Post quarter: topside SHWE loaded for

transport & installation on COOEC barge

7

Backlog at end Q3 2012 and development

8

58

186

245

215 217

141 150 171

209

287

323

60

31 44

103 102

58

84

119

203 200

512 531

587

810

766

0

450

900

0

300

600

Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12

Backlog analysis (USD million)

2011 2012 2013 2014 2015+ Total

79

113

54

159

Heavy Marine Transport

2012 2013 2014 2015

62

210

47

43

Offshore and onshore

2012 2013 2014 2015

USD

405

million

USD

362

million

9

Attachment 1 CAPEX Forecast 2012

The full year 2012 Dockwise CAPEX decreased with USD 41 million, which is mainly caused by the

final installment of USD 46 million which is now due upon delivery of the vessel in Q1 2013.

10

Q2 2012 Q3 2012

Dockwise CAPEX Forecast full year 2012 (excluding Fairstar) 210 169

Fairstar CAPEX Forecast second half year 20121

50 41

Subtotal 260 210

White Marlin - 30

TOTAL CAPEX Forecast full year 2012 260 240

1 Excludes CAPEX White Marlin

(x USD 1000,000 unaudited)

Attachment 2 Debt repayment

11

USD millions Q4 2012 H1 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 H2 2014 Q1 2015 Q2 2015 H2 2015 Q1 2016 Q2 2016

Facility A 28 28

Facility B 204 204

Facility C 195 195

Facility D 66 66

Revolving credit facility 22 22

Total SFA 515 28 - - - 22 - - 204 - - 195 66

ING syndicate loan facility 198 198

Preference shares 50 50

Bond loan 11 11

Total interest-bearing borrowings 774 746 746 746 735 515 465 465 261 261 261 66 -

REPAYMENT SCHEDULE

Outstanding

Q3 2012

Attachment 3 Bank covenant ratios

12

DEFINITIONS

Consolidated total net debt

Consolidated EBITDA

Consolidated EBITDA

Net debt service

Free cashflow

Net debt serviceFY '12 Q1 '13 Q2 '13 Q3'13

As from

Q4 '13

Cash flow cover >= 1.00 1.00 1.00 1.00 1.00

Interest cover >= 2.25 2.25 2.25 2.25 2.25

Leverage ratio <= 4.25 3.75 3.50 3.25 3.00

BANK COVENANT RATIOS

Attachment 4 Current trading and outlook

■ Full year outlook is unchanged and organic operational outturn ahead of 2011 ;

■ As a consequence of recent developments regarding the financial stability of the

final customer and sponsor of a major E&P project where Dockwise is involved,

Dockwise may in a worst case scenario have to

Reverse maximum USD 15 million margin in Q4 2012;

Derecognize approximately USD 35 million backlog in both 2013 and 2014.

■ Cautious outlook for 2013 ahead of clarity on pricing, as well as confidence on

start dates for complex offshore projects;

■ Full year CAPEX is expected to be some USD 240 million of which the largest part

relates to the new build vessels, Dockwise Vanguard, Finesse and White Marlin.

13