• Q1 Financial Presentation 2012

DOF ASA Presentation Capital Markets Day – 31st May 2012

Asia Pacific Region

1

DOF ASA

1. Introduction to our Asia Pacific operations 2. Vessel management operations and supply 3. Subsea in Asia Pacific 4. Subsea project execution 5. Subsea projects building value 6. Regional market outlook

DOF ASA

Introduction to our Asia Pacific Operations

DOF Asia Pacific is...

Rapidly growing to be a leading provider of the complete range of integrated subsea and marine support and construction services.

With a world-class fleet of offshore vessels and subsea intervention systems ... and a dedicated team of professionals – on and off shore.

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DOF Asia Pacific has...

Delivered a strong track record in providing ‘life of field’ solutions.

A reputation of being responsive, flexible and collaborative with our clients.

With a recognised region leading performance and safety culture.

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DOF Asia Pacific is...

Leveraging off the success and client base of the subsea business to rapidly expand offshore marine operations in the region utilising regional group resources across all of our market sectors.

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DOF Asia Pacific - Delivers Life of Field Services

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Strategically Located

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7 Strategic regional locations

High Quality Professional Team

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250 Onshore engineering, operations and support staff

151

17

20

42

20 Projects

HSEQ

Business Acquisition Finance and Support Marine Operations

Capable Assets

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9 Vessels in Operation

May 2012

We provide key services

Supply and AHTS

Project Management and Engineering

Vessel Operations

Survey and Inspection

Subsea Construction

ROV Operations

Diving Operations

Life of Field Services

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Integrated marine and subsea operations

Vessel Management Operations and Supply

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Regional Marine Operations and Supply

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• Starting to generate real traction in the region with recent long term placements

• Vessel management operation in Singapore with Chartering office in Melbourne Australia

• Recently appointed Gary Kennedy to regional DOF Management EVP to be based in Perth to develop a strong presence in the Australian market

• Transitioning from 3rd party crews in Australia to DOF employed crew to improve margins and operability across both supply and subsea fleet

Regional Supply Fleet – May 2012

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AHTS Skandi Pacific

Talisman Vietnam August 2012

PSV Skandi Falcon

MacDow Australia September 2013

AHTS Skandi Atlantic

Apache Energy Australia October 2014

Excludes optional periods

Leveraging Supply and Subsea

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• With strong Supply and Subsea business units DOF is in a unique position to leverage a strong market position

• Skandi Hawk PSV owned by DOF

• Subsea business able to generate higher income

• Cross traded in Subsea and Supply market sectors to generate highest possible utilisation and return

• Now implementing closer sharing of regional resources to maximise productivity and efficiency

Subsea in Asia Pacific

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Subsea Projects

Project Management

and Engineering

Survey and Positioning

Diving Operations

HSEQ

ROV Operations

Subsea Vessel Fleet

A Genuine Integrated Service Provider

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• We provide ‘life-of-field’ services • front-end site investigation

• construction and installation

• inspection repair and maintenance

• field abandonment and decommissioning

• We integrate our services to meet client requirements with minimal use of 3rd parties

• We have a demonstrable track record across the complete ‘life of field’ timeline

Our Services are Accredited

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Global business management system accredited by DNV to: – Business Management System - ISO 9001: 2008

– Health and Safety System - OHSAS 18001:2007

– Environmental Management System - ISO 14001:2004

Underpinned by our Code of Business Conduct and our Values

2009

Values

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Our Values Define Who We Are

… And How We Operate

• INTEGRITY

• RESPECT

• TEAMWORK

• EXCELLENCE

• and above all we are… SAFE

We work with our clients to our values…

We are not and have never been a mercenary business when dealing with our clients and that has allowed us to develop

lasting business relationships.

Our reputation generates significant repeat business and this is one of our most

valuable assets

January 2006 January 2011 May 2012

Subsea IRM and Construction

Geotechnical and Geophysical Survey

Coastal

Term Charter

Regional Subsea Capability Growth

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Increase in subsea fleet capacity and capability over last 12 months

The Regions Best Subsea Vessels

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Subsea Life of Field Services

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Our PM&E capability is engaged across all life of

field activities

Front End

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• Route survey

• Pre and post lay survey

• Bathymetric/Geophysical mapping

• Data processing and interpretation

• Subsea positioning / Metrology

• 3D Visualisation software

• Geotechnical coring

• Environmental services

Inspection Repair and Maintenance

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• Diving Operations

• ROV Operations

• Pipeline / Structure inspection

• Anode replacement

• Flying lead / jumper replacement

• Pipeline freespan correction

• Data gathering, reporting and management

IRM Philippines May 2012

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IRM Philippines May 2012

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Construction and Abandonment

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• FPSO/ Mooring installations

• Diver and ROV based solutions

• Installation of umbilicals, risers and flowlines (SURF)

• Subsea spool / structure installation

• Infield support vessels

Subsea Project Execution

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DOF Subsea undertakes technically complex fast track projects

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BHP Billiton Stybarrow H4, Remediation Project

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Problem to be solved

• North West Shelf Australia

• Blocked 8” flexible flow line requiring replacement

• Deep water 820m

• Production critical

• Environmental concerns

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Scope of work

• Project Management and Engineering

• Design and build a Horizontal Lay System

• Transport and installation of 8” flexible

• Disconnect existing 8’ flexible

• Install new flow line and jumpers

• Testing and commissioning

• Permanently abandon existing flow line

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Schedule

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Period Description

8th July 2011 Commenced pre engineering

6th September 2011 Contract award

10th November 2011 Offshore mobilisation

28th December 2011 Project complete and demobilised

Marine Spread – Skandi Hercules

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Design of a horizontal lay spread to install flexible product in 820m

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Engineering for a worlds first remote subsea disconnect of a standard API flange

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Flushing and riser cleaning of hydrates and sand deposits

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Recovery of existing riser and hang-off on deck

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Jumper transpooling on empty drum before deployment

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Tie in of new flowline to the wellhead

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Outcome

• All project objectives met

• Deepest Wellstream flexible laid by Horizontal Lay System

• Great Safety culture • “Text book example of how it

should be done”

• Horizontal lay system owned by DOF

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ConocoPhillips Belenak FSO Installation

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Scope of Work

• Natuna Sea Indonesia

• Tow Belenak FSO to site

• Reconnect FSO to moorings

• Saturation diving

• Install new risers

• Install power umbilical

• Commissioning and Testing

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Schedule

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Period Description

24th August 2011 Commenced pre engineering

4th November 2011 Offshore mobilisation

1st December 2011 Project complete and demobilised

Marine Spread – Skandi Singapore

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Riser installation system

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Mooring chain lengthening and hook-up

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Installation of risers

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Installation of power umbilical

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Outcome

• All project objectives met

• Project completed ahead of schedule

11 weeks from LOI to completion

• Great Safety outcome

“688 safety interactions with no lost time”

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Subsea Projects Building Value

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Subsea projects business building underlying value

Reduced engineering effort and equipment expenditure

Reduced lead times

Improved competitiveness

Improved margins

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• Development of sound processes and systems to understand and operate the business • Finance, HSEQ, Project Management and Engineering

• Retention of corporate knowledge vital to progressively improving margins • Ensuring engineering developed on a project is retained and easily accessible for use on

similar future projects

• Ensuring installation equipment designed and built for a project is “multi use” and built to last

Experience

Regional Market Outlook

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Regional Market Overview

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• The Australian market is strong at the moment with a large number of major LNG projects commencing or gaining approval to proceed and the drilling market strengthening. We envisage an upward demand for the larger modern AHTS, PSV and Subsea vessels that are capable of operating in the deeper and harsher waters of the region.

• The South East Asian market is now seeing a gain both in vessels operating and the rates obtained.

• The more deep water projects are seeing an increase in demand for the higher horsepower AHTS and larger PSV that suit our fleet makeup.

• Continual tightening of HESQ and technical requirements to align with global E&P company standards continues to drive demand for our Subsea services.

• Tendering is now prolific and we expect to see ongoing positive results for our efforts.

Regional Offshore CAPEX - Country

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0

5000

10000

15000

20000

25000

30000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

PNG

New Zealand Australia

Other Asia Vietnam

Indonesia

Thailand

Currency USDm Source – Infield

Country 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 China 1853 2198 2443 2288 2645 3463 3357 2929 2214 1620 Malaysia 1466 2426 2063 2741 2692 3727 4359 3043 3246 3256 India 2069 1884 2233 2043 1751 2890 2440 2624 2748 2472 Thailand 2219 1946 1987 1246 1712 1332 1808 1794 1353 1574 Indonesia 2987 1778 1013 860 1541 1801 1991 2499 3013 3115 Vietnam 621 672 1016 1010 1756 2152 2347 2446 1904 1374 Other Asia 735 1014 884 924 1297 2379 2630 2404 1908 2912 Australia 1629 1792 1770 2388 2617 3051 3937 6885 9885 10737 New Zealand 183 512 293 34 33 33 137 167 38 0 PNG 0 0 0 0 0 38 173 795 1148 762

Regional Offshore CAPEX - Market

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Currency USDm Source – Infield

0

5000

10000

15000

20000

25000

30000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Subsea Completion

Pipeline

Floating Platforms

Fixed Platforms

Control Line

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Control Line 323 400 305 208 319 768 848 701 811 674 Fixed Platforms 3661 4212 4266 5004 6377 6465 5982 6411 6706 6416 Floating Platforms 1541 1368 1074 1180 1691 1807 2352 3345 3884 3763 Pipeline 7723 7131 6888 6141 6868 11093 11882 12992 13472 14331 Subsea Completion 514 1111 1170 1001 789 732 2114 2140 2585 2638

In Summary

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• DOF has a clear objective to continue to build a large multi-disciplined regional business.

• We continue to implement a plan that’s all about incremental growth within the region underpinned by outstanding world class assets, employees and systems… Safely

Subsea Company of the Year 2012 - Australia

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• Awarded Friday 25 May by Subsea Energy Australia

• Sponsored by Woodside

• Acceptance Criteria

• Commercial performance

• Evidence that the company is visionary

• Evidence and quality of strategic thinking and practice

• Evidence of people development

• Evidence of a strong leadership culture

• Commitment to HSE

• Finalists – Aker Solutions, GE Oil and Gas, and DOF Subsea

Thank you