DOF Subsea Group DOF Subsea Highlights 1 Attractive long-term - PowerPoint PPT Presentation

Quarterly Presentation Q1 2017 DOF Subsea Group

DOF Subsea Highlights 1 Attractive long-term market fundamentals supporting continued demand for subsea offshore solutions 2 One of the true global subsea IMR operators with strong project and execution capabilities 3 Unique strategic position providing expertise and integrated life-of-field subsea services 4 State-of-the- art subsea vessels combined with the world’s 4 th largest ROV fleet and 1,176 subsea employees 5 Strong order intake through the down cycle securing tangible near-term growth and highly attractive financial profile 6 Resilient backlog as backbone for stable operating model - PLSV contracts in Brazil cementing strategic position 7 DOF Subsea Board considering listing of the Company on Oslo Stock Exchange 2 DOF Subsea

DOF Subsea Group at a glance DOF ASA First Reserve (51%) Corporation (49%) DOF Subsea Holding (100%) DOF Subsea 2005 20 896 Modern 1 176 Established NOK million high-end fleet employees total assets and equipment (according to management reporting) 69 ROVs, 3 1 21 vessels vessel 2 ROVs owned subsea on order on charter vessels on order 3 DOF Subsea

More than a decade of structural growth and consolidation DOF Subsea established following the Development in # of Subsea Employees acquisition of Geoconsult. The Company was # of FTEs 2005 listed second half 2005. 1 858 1 667 1 566 1 492 1 354 First Reserve acquires 49% of DOF Subsea, 1 278 1 246 which in the following is delisted from the Oslo 1 014 Stock Exchange 2008 897 553 563 Large and global organisation following multiple 337 acquisitions from 2005-2010 Covus Subsea Century Subsea SEMAR 2010 SWG Offshore CSL 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2019 Awarded four PLSV long-term contracts in conjunction with TechnipFMC 2013 Development in # of vessels 26 27 # of vessels 25 25 Expanding organisation on the back of several 24 24 large contract awards. Number of employees 21 21 and vessels peaking at 1,858 and 27, 18 2014 respectively 16 13 11 11 Focus on consolidation and streamlining of business operations to improve efficiency and competitiveness in weak market 2016 Positioned for profitable growth 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2019 DOF Subsea Board considering listing of Owned vessels Chartered vessels 2017 the Company on Oslo Stock Exchange 4 DOF Subsea

Global footprint Bergen Aberdeen St John’s 7 412 Houston 2 187 ATLANTIC Manila NORTH AMERICA Brunei Kuala Lumpur Singapore Luanda Jakarta Darwin Macaé Rio de Janeiro 5 266 BRAZIL Perth ASIA PACIFIC Buenos Aires Melbourne 8 311 5 DOF Subsea

Several major and attractive contracts to commence in 2017 • Long-term charter with Petrobras Oct 2017 • 18 months + 18 months options • On contract with Petrobras since 2010 • Vessel co-owned on a 50% basis Jul 2017 • IMR contract offshore Angola through joint venture with • 16 months + 3x4 months TechnipFMC options • First-pipe lay vessel built in Brazil Prelude FLNG • Scope comprising project management, engineering, supply of vessels and ROVs Apr 2017 Husky Energy Jan 2017 • Long-term FLNG IMR contract awarded in Australia with Shell Skandi Buzios • Jan 2017 5 years + 4 year option • • Long-term IMR contract Scope comprising underwater offshore Eastern Canada services and Multi-Purpose Skandi Vitoria • Vessel (MSVP) services 10 years + 10 years options • IMR scope comprising supply spanning project of new well intervention vessel, management, engineering • Long-term charter with two work class ROVs and and supply of vessel and Petrobras ENI Angola personnel ROVs • 8 years + 8 years options • High strategic importance • Vessel co-owned on a 50% through strengthened presence basis through joint venture in the Canadian market with TechnipFMC • Built in Norway 6 DOF Subsea

Two business segments DOF Subsea Group Subsea IMR Projects Long-term Chartering 1) Revenues 2016 EBITDA 2) 2016 Firm backlog Revenues 2016 EBITDA 2016 Firm backlog NOK 4.4bn NOK 0.9bn NOK 4.3bn 4) NOK 1.0bn NOK 0.8bn NOK 14bn 4) ~20% margin (NOK 5bn) ~80% margin (NOK 13bn) options options 1,176 15 1 5.3 vessels 6 vessels 9 vessels in Q1’17 by Q1’19 employees vessels newbuild in 2016 3) 1) Note: Long-term chartering comprises PLSVs, Skandi Acergy and Skandi Patagonia 4) Backlog as at 31 March 2017 7 DOF Subsea 2) Note: Excluding gains from sales of assets 3) Note: Skandi Acu delivered August 2016

Subsea IMR Projects Developing competence through numerous projects worldwide Building a leading subsea projects division for over a decade… Gradual increase in subsea project activity establishing a global footprint in all key offshore regions − Strong presence in all key regions within Subsea IMR and Mooring operations Building a high quality asset base leveraging unrivaled operating and vessel competence and experience − Flexible vessel capacity through combination of owned and chartered-in vessels …with a clear action plan to pursue further opportunities • Continue to increase the scope and complexity of operations − Expand engineering capacity to position for market upcycle − Further build and strengthen presence in selected geographies • Strengthen project backlog with core focus on IMR projects Selected IMR projects – Last 5 years Selected Mooring projects – Last 5 years  Bongot Mooring Replacement PTTEP (2017)  Goliat Field Support (2016)  Raroa Mooring OMW (2016-2017)  Saipem CRX/Nene (2014)  Call-off for Light Construction Services and Seabed Survey  Gina Krog TMRS (2016) Services for Statoil (2012-15)  Catcher Mooring Installation Project (2016)  Technip Frame agreement (2012-2015)  Goliat FPSO Marine Installation (2011-2015)  ConocoPhillips ROV Services (2012 and onwards)  Lam Son Mooring Installation PTSC (2014)  Freeport McMoran IMR support (2013-2016)  Knarr Mooring Project (2013-2014)  Saipem JSM Export Line support (2014-2015)  ROV Support vessel Petrobras (2011 and onwards)  Banff Re-instatement Project (2013-2014) 8 DOF Subsea

Subsea IMR Projects Selected contracts and framework agreements Location Client Scope Commencement Duration Angola ENI Angola IMR 2017 18 months + 18 months Canada Husky Energy IMR 2017 10 years + 10 years Prelude Shell Australia IMR 2017 5 years + 4 years Brazil Petrobras Inspection 2016 1 year + 1 year Gorgon, Janz and Wheatstone Chevron Australia IMR 2015 3 years + 2 years Malampaya Shell Philippines IMR 2014 7 years + 3 years Brazil Petrobras IMR 2012 6 years + 4 years Brazil Petrobras IMR 2011 6.5 years + 4 years IMR North Sea Conoco Philips 2011 8 years + 13 years North America Brazil North Sea / Atlantic Asia Pacific Gradually built up the Leading supplier of Strong position being one region, becoming a top mooring services in the Leading supplier of IMR of the major suppliers of three supplier of IMR North Sea and West services in the region IMR services services in the GoM Africa 9 DOF Subsea

Long-term Chartering DOF Subsea provides state-of-the-art vessels to leading players Skandi Acergy Skandi Acu Skandi Africa 7 2 NOK 14bn vessels in contracted firm backlog per Q1’17 operation newbuilds Construction Construction & pipe Construction & pipe support vessel laying vessel laying vessel Skandi Niteroi Skandi Patagonia Skandi Vitoria Fleet of high-end and sophisticated vessels operating advanced subsea projects with Operations comprehensive work scope for third parties Strong long-term contract coverage with a typical duration of more than five years – seven out of Contracts Construction & pipe Dive support Construction & pipe eight available vessels on contract laying vessel vessel laying vessel Skandi Buzios Skandi Recife Skandi Olinda Predominantly day-rate based as DOF Subsea Remuneration mainly provides vessel services Selected clients Construction & pipe Construction & pipe Construction & pipe laying vessel laying vessel laying vessel 10 DOF Subsea

Long-term Chartering Strong contract coverage provides robust backbone for growth Contract overview - Long-term Chartering Subsea Built Current Firm Option 2017 2018 2019 2020 2021 Vessel vessel year Built client Client Firm end end Option end end 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 Patagonia 2000 Jun-25 Skandi Acergy 2008 Aug-19 Skandi Niteroi 2010 Feb-17 Under negotiation Skandi Vitoria 2010 Sep-18 Skandi Africa 2015 Aug-20 Aug-25 Skandi Acu Aug-16 Aug-24 Aug-32 Skandi Buzios Apr-17 Apr-25 Jun-33 Skandi Recife Jun-18 Jun-26 Jun-34 Skandi Olinda Feb-19 Jun-27 Mar-35  NOK 0.8 bn ~5.3 9 ~5.5 years EBITDA contribution Operational vessels Vessels in operation Average contract coverage from Q1’19 in 2016 in 2016 1) Approx. NOK 6.1bn 2) of the Group’s debt against long -term chartered vessels 1) Note: Skandi Acu delivered August 2016 11 DOF Subsea As of Q1’17 2)