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Introduction DOF ASA Capital Markets Day 31 May 2012 CONFIDENTIAL - PowerPoint PPT Presentation

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Introduction DOF ASA Capital Markets Day 31 May 2012 CONFIDENTIAL Do not reproduce A Leading Global Energy Private Equity Firm Single Industry Focus Spanning Nearly Three Decades Almost 30 years focused solely on global energy investing

  1. Introduction DOF ASA Capital Markets Day 31 May 2012 CONFIDENTIAL – Do not reproduce

  2. A Leading Global Energy Private Equity Firm Single Industry Focus Spanning Nearly Three Decades ► Almost 30 years focused solely on global energy investing ► $23.1 billion of raised capital since the Firm’s inception ► 72 investment professionals dedicated to energy – 162 total employees A Preferred Partner Due to Deep Energy Investment Experience ► Deep industry knowledge and network ► Seen as a value-added strategic partner Builder of Long-term Sustainable Businesses ► First Reserve has grown many companies into leading energy industry companies Global Investment Firm with over 50% of Buyout Fund investments domiciled outside the United States (1) 1) Based on invested capital as of March 31, 2012 1 This presentation is as of April 30, 2012 unless otherwise noted

  3. Selected First Reserve Investments First Reserve has helped build some of the largest and most well known energy companies Weatherford International National Oilwell Cal Dive International First Reserve combined several of its First Reserve acquired National Oilwell First Reserve acquired 50% of Cal Dive in 1996 at the bottom of the energy oilfield service holdings in 1992 and in 1995 to finance the company's plan for merged them into Enterra, Inc., a public investment cycle. aggressively expanding its fleet in the company. First Reserve retained 40% Gulf of Mexico, equipping its fleet with ownership of the stock. leading-edge technologies, and building its oil and gas production through its field abandonment services operations. The portfolio companies listed above are a sample of First Reserve’s former portfolio companies and are included for illustrative purposes. Additional information regarding all First Reserve portfolio 2 companies is available upon request.

  4. The First Reserve Strategic Advantage: Strong Corporate Relationships NABORS General Electric Company INDUSTRIES LTD. 3 The partners listed above are included as a sample of First Reserve’s industry relationships. Additional information regardin g such relationships is available upon request.

  5. Energy Investment Themes Equipment and Services Resources Midstream/ Downstream 4

  6. Growing Offshore and Deepwater Oil Development The offshore is a focus for worldwide oil exploration and production, particularly in Brazil and West Africa Important discoveries and/or initial production Giant discoveries and major production Source: Barra Energia, Petrobras. 5 The companies noted above are a sub-set of First Reserve portfolio companies active in offshore exploration. Additional information related to these and other First Reserve portfolio companies is available upon request.

  7. Increasing Offshore Oil Development Globally Deepwater Capex Spending ► Offshore oil and gas development $135 $150 is increasingly rapid and especially 12.7% $125 active in the deepwater CAGR $100 E&P Spending (in $US billions) $75 $50 $12 $25 $0 2000 2004 2008 2012 2016 2020 Source: PFC Offshore Platform Count (1990 – 2014) 7,500 ► This exploration and development contributes to substantial growth in 6,500 the number of installed production platforms off and onshore 5,500 ► Operating expense budgets are rising quickly as demand for production 4,500 support services rises 3,500 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 6 Source: Infields 2010.

  8. Cobalt International Energy Fund XI, $365 million Invested as of March 31, 2012 (NYSE: CIE) Deepwater oil pursuit in GOM and offshore West Africa, emphasis Investment Highlights on sub-salt and pre-salt exploration, development and production ► Large Cap E&P independent oil company Approximately $10 billion market cap ► 4 th largest leaseholder in GOM focus area ~75% of 225+ lease blocks are Cobalt-operated ► High-materiality, risk-diversified and oil-focused portfolio Current discoveries offshore Angola, GOM Miocene and GOM Inboard Lower Tertiary Recent Cameia Discovery Investment Opportunities ► Active 2012-2013 drilling program ► 1,200 ft oil column (single, continuous) ~15 deepwater exploration and appraisal wells planned in GOM and West Africa ► >900 ft Net Pay (75% net-to-gross pay) Comparable Offshore Independent E&P Companies* ► No gas / oil / water contact observed $50 ► High-quality carbonate reservoir $40 Market Capitalization (US$B) ► High-quality oil (41-45 ° API) $30 ► >20,000 barrel/day production capacity (1) $20 $10 Source: May 1, 2012, Cobalt Investor Presentation. 1) Well capability estimate based on Cobalt analysis. The completion of the Cameia #2 appraisal well, as well as potential additional appraisal wells, other testing and production from completed and producing wells, will be required to further $0 appraise this discovery, to better estimate its characteristics and potential resources and reserves and to ultimately understand its commerciality. * Public E&P Companies with Market Capitalization <$50B; excludes select U.S. E&P Shale Gas Companies as these are not 7 part of Cobalt’s deepwater exploration peer group; assumes 1 Euro = $1.30 USD.

  9. Requiring More Technological Capability Technology is expected to be a key differentiator for companies servicing these more challenging deep-water developments T HEN N OW 8

  10. Selected Current First Reserve OFS Investments First Reserve is a substantial investor in deep-water focused OFS companies Acteon Group DOF Subsea CHC Helicopters Provides specialized subsea Acteon provides specialist subsea Provider of helicopter transportation services for life-of-field operations. construction, survey and inspection services primarily to the offshore oil Acteon provides drilling rig and repair and maintenance services and gas industry for floating production system which involve complex and production/exploration activities. positioning, mooring, and installation challenging engineering in an CHC supports the trend for deeper, international environment. Owns a services. Acteon is also a leading more remote, fields with bigger hydraulic hammer provider and is an modern, high specification fleet that drilling rigs, platforms and FPSOs that emerging player in the worldwide allows it a differentiated position with require more people to operate SURF (subsea, umbilicals, risers, its clients flowlines) market. The portfolio companies represented include a subset of investments made by First Reserve in OFS companies and are included to i llustrate First Reserve’s experience in the OFS sector. It is not a complete list of 9 investments made in OFS companies. Additional information regarding all OFS investments is available upon request.

  11. Portfolio optimization: Papaterra Case Study ► This year, DOF Subsea and Acteon partnered to win a $65 million contract for Petrobras for work on the Papaterra project ► The idea to jointly tender for this project was first discussed at First Reserve’s annual portfolio company offsite ► Using the Skandi Skolten, DOF Subsea and Acteon successfully Skandi Skolten installed 15 drilling conductors to the seabed ► The conductors are large steel tubes that are driven into the seabed to make up the top part of the well ► Execution on the project was successful and was completed ahead of schedule and budget Papaterra Mobilization 10

  12. DOF Subsea – Investment Highlights ► Modern, high specification vessels Subsea Construction Vessel Market Overview Deep-water Mid-sized Vessel Ownership (1) One of the most modern fleets of deep-water capable All years, By Fleet T onnage (2) vessels 545,147 1,310,294 100% ► Attractive global footprint Present in the key deep-water growth markets 80 ► Strong forward cash flow generation Time Charter fleet provides strong visible cash flows 60 ► Earnings performance upside potential Growing subsea construction capabilities 40 ► Strong strategic partnership 20 Joint ownership with major vessel operator DOF ASA ► Strong management 0 Under 5 Years All Years Successful delivery of new-build program Source: Infield Database , FRC analytics Note: (1) Mid-sized vessel = 2,500 – 15,000 DWT (2) Some vessel tonnage estimated from length where actuals not available 11

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