DOF ASA - Pareto Oil & Offshore Conference 2008 DOF ASA Q2 2008 Presentation - 1 CEO Mons Aase
DISCLAIMER This presentation by DOF ASA designed to provide a high level ov erview of aspects of the operations of the DOF ASA Group. The material set out in the presentation is current as at 25 Aug ust, 2008. This presentation contains forward - looking statements relating to operations of the DOF ASA Group t hat are based on management s own current expectations, estimates and projections about matt ers 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 out comes 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 assumpti ons, estimates or outcomes will be achieved. While management has taken every effort to ensure the accuracy o f the material in the presentation, the presentation is provided for information only. DOF ASA , its off icers and management exclude and disclaim any liability in respect of anything done in reliance on the pre sentation. All forward - looking statements made in this presentation are based on inform ation presently available to management and DOF ASA assumes no obligation to update any forwa rd 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 eng age in any investment activity. You should make your own enquiries and take your own advice (inc luding financial and legal advice) before making an investment in the company's shares or in making a deci sion to hold or sell your shares. DOF ASA Q2 2008 Presentation - 2
Agenda Status DOFSUB Highlights Overview Q2 Financial DOF ASA Q2 2008 Presentation - 3
The acquisition of DOF Subsea by DOF ASA and First Reserve Corp. On 10 July 2008, DOF announced its intention to acquire all the outstanding shares of DOF Subsea ASA together with First Reserve Corporation ( FRC ) and to enter into certain subsequent transactions The intention to proceed with the offer was conditional upon, among other things, the satisfactory completion of a due diligence and the execution of final agreements FRC has substantially completed the due diligence process without any material findings and expressed interest to pursue the contemplated transactions It is now clear that the transaction will not be going forward at a price of 45 NOK per share. Discussions between DOF ASA and FRC are continuing. DOF ASA Q2 2008 Presentation - 4
Financial projections with asset base according to the deal structure with FRC Current DOF Subsea fleet and organization, including newbuilding program TEBMA vessels included Installer fleet included Figures reflect operation after all newbuilds have been delivered, i.e. no investments contemplated in addition to the FRC deal structure NOK million 2011 2012 2013 Revenue 6,645 7,145 7,406 EBITDA 3,035 3,249 3,343 Margin 46% 45% 45% DOF ASA Q2 2008 Presentation - 5
VS 485 MPSV to be built at Tebma Shipyard in India Skandi Navica sold DeepOcean shares sold Skandi Giant 1 year firm and 1 year optional in Brazil Skandi Falcon 2 years and option for 6 months in India Intention to acquire DOF Subsea ASA 3 AHTS vessels to be built at Aker Yards, Brazil, 2 x AH12 and 1 x AH 05 design Skandi Admiral on new rate from mid August up with approx 150,000 NOK/day DOF ASA Q2 2008 Presentation - 6
DOF ASA DOF ASA DOF ASA DOF Subsea ASA DOF Subsea ASA DOF Supply DOF Supply DOF Supply DOF Subsea ASA DOF Installer DOF Installer DOF Installer 100% 57.5% 57.5% 50.5% 100% 100% 57.5% 50.5% 50.5% Modern fleet Modern fleet & Equipment 4 state of the art installation AHTS 17 AHTS s 23 CSV/ROV vessels vessels 25 PSV s 35 ROV s + 1 AUV 1 CSV Leading Subsea Contractor DOF ASA Q2 2008 Presentation - 7
PSV AHTS ROV/OCSV/DSV/ Total fleet No. of vessels SEISMIC VESSELS 20 4 1 25 DOF ASA 4 7 0 11 NORSKAN OFFSHORE DOF SUBSEA ASA 0 0 23 23 0 4 0 4 DOF INSTALLER ASA 1 6 0 7 AKER DOF SUPPLY 25 21 24 70 Total fleet DOF ASA Q2 2008 Presentation - 8
Bergen Aberdeen St. Petersburg St. Johns Houston Cairo Manila Brunei Singapore Jakarta Angola Macae Perth Rio de Janeiro Buenos Aires GEOGRAPHICAL FOCUS AREAS DOF ASA Q2 2008 Presentation - 9
Vessels under construction DOF Supply NAME TYPE CHARTER PERIOD OWNER DELIVERY 2008 2009 2010 SKANDI TBN 1 PSV Statoil 5 years DOF AUG 08 SKANDI TBN 2 PSV/ROV DOFSubsea 5 years DOF APR 09 SKANDI TBN 3 PSV/ROV Spot - DOF AUG 09 SKANDI TBN (COCHIN) PSV/RSV Total UK 5 years DOF MAY 10 SKANDI TBN (Tebma) MPSV DOF MAY 10 SKANDI TBN (Aker LNG) PSV 06 StatoilHydro 5 years DOF Dec 10 SKANDI TBN (Aker AH05) AHTS DOF/Norskan end 10 SKANDI TBN (Aker AH12) AHTS DOF/Norskan medio 11 SKANDI TBN (Aker AH12) AHTS DOF/Norskan end 11 FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION DOF ASA Q2 2008 Presentation - 10
Vessels under construction DOF Subsea NAME TYPE CHARTER PERIOD OWNER DELIVERY 2008 2009 2010 SKANDI SALVADOR ROV/SURVEY Chevron Brazil 3 years GEO Brazil NOV 08 SKANDI SEVEN CONST Subsea7 5 years DOFCON SEP 08 SKANDI TBN 4 CONST Technip 5 years DOFCON Brazil JUN 09 SKANDI TBN 6 CONST Spot - DOFCON Brazil JAN 10 SKANDI TBN 7 CONST Aker Oilfield 5 years DOFCON AUG 09 SKANDI TBN 8 CONST Aker Oilfield 5 years DOFCON MAY 09 SKANDI TBN 5 DSV Technip 8 years DOFCON/TECHNIP JUL 09 SKANDI SINGAPORE DSV Spot - DOF SUBSEA JAN 10 FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION DOF ASA Q2 2008 Presentation - 11
Vessels under construction DOF Installer NAME TYPE CHARTER PERIOD OWNER DELIVERY 2008 2009 2010 2011 2012 SKANDI Vega AHTS StatoilHydro 5 years DOF Installer DEC 2009 SKANDI TBN AHTS DOF Installer 2010 AHTS DOF Installer 2010 SKANDI TBN AHTS DOF Installer 2011 SKANDI TBN Aker DOF Supply NAME TYPE CHARTER PERIOD OWNER DELIVERY 2008 2009 2010 2011 2012 AHTS 2010 Aker DOF Supply SKANDI TBN VIETNAM AHTS 2010 Aker DOF Supply SKANDI TBN VIETNAM AHTS 2011 Aker DOF Supply SKANDI TBN VIETNAM AHTS 2011 Aker DOF Supply SKANDI TBN VIETNAM AHTS 2012 Aker DOF Supply SKANDI TBN VIETNAM AHTS 2012 Aker DOF Supply SKANDI TBN VIETNAM PSV/RSV 2010 Aker DOF Supply SKANDI TBN (COCHIN) FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION DOF ASA Q2 2008 Presentation - 12
DOF orders 3 new AHTS vessels in Brazil 2 x Aker AH 12 1 x Aker AH 05 Price is confidential Tailor-made for Petrobras Petrobras presently on tender for 24 vessels to be built in Brazil Options for 2 additional vessels (AH12) to be declared after Petrobras award. DOF ASA Q2 2008 Presentation - 13
Aker AH 12 Specifications EPC contract Type: Aker AH 12 Yard: Aker Promar Main particulars Delivery date 1 st vessel: mid 2011 Length overall: approx. 95.0 m Delivery date 2 nd vessel: end 2011 Length btw. p.p. approx . 84.8 m Options for 2 more for delivery in 2012 Breadth moulded : approx 24.0 m Bollard pull: approx . 300 t DOF ASA Q2 2008 Presentation - 14
Aker AH 05 Specifications EPC contract Yard: Aker Promar Type: Aker AH 05 Delivery date 1 st vessel: end 2010 Main particulars Length overall approx. 74.3 m Breadth mld approx. 17.0 m Bollard pull approx . 150 ton DOF ASA Q2 2008 Presentation - 15
DOF AHTS fleet 15-18,000 BHP 18-20,000 BHP >20,000 BHP DOF ASA 2 1 1 Skandi Møgster Skandi Giant Skandi Admiral Skandi Stord Norskan AS 2 3 2 (+2 opt.) Norskan Copacabana Skandi Rio AH12 AH 05 Skandi Fluminence AH12 AH12 (option) Norskan Botafogo AH12 (option) Aker DOF Supply AS 6 DOF Installer 4 10 4 7+2 Total AHTS : 21 + 2 DOF ASA Q2 2008 Presentation - 16
DOF Installer ASA Vessel no 1: 5 + 3 years contract with StatoilHydro from delivery Dec 2009 Specifications EPC contract Yard: Aker Aukra Type: Aker AH 04 CD Delivery date 1 st vessel: December 2009 Overall length / breadth: Approx 108m x 24m Delivery date 2 nd vessel: May 2010 Deck - area: 1,000 m2 + moonpool + ROV hangar Winch: 500 tons (main winch) + 170 tons Delivery date 3 rd vessel: Oct 2010 Offshore crane: 250 tons* Delivery date 4 th vessel: May 2011 Installed power: 36,000 BHP (hybrid) Favourable prices compared to market Bollard pull: >350 tons Increasing demand Accommodation: 90 people DOF ASA Q2 2008 Presentation - 17
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