DOF ASA 1Q Presentation

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1 DOF ASA 1Q Presentation CEO Mons Aase CFO Hilde Drønen

2 Agenda Highlights Overview 1Q Financial DOF ASA 1 Q Presentation - 2

3 Highlights 1Q Skandi Mongstad and Geograph delivered from yard Long term contracts with Skandi Hav in Brazil Skandi Hercules sold for USD 100 million Newbuilding Aker PSV 06 LNG 5 years firm contract with StatoilHydro Skandi Admiral 18 months for StatoilHydro DOF Installer, 5 years firm contract for StatoilHydro Several interesting contracts in DOF Subsea DOF ASA 1 Q Presentation - 3

4 DOF Overview DOF ASA DOF Supply 100% DOF Subsea ASA 54% DOF Installer 45% DeepOcean 39,9% Modern fleet 14 AHTS s 24 PSV s 2 CSV Order backlog NOK 4,7 bn Modern fleet & Equipment 23 CSV/ROV vessels 25 ROV s + 1 AUV Leading Subsea Contractor Order backlog NOK 8,5 bn 4 state of the art installation AHTS vessels Modern fleet & Equipment 13 MPSV vessels 15 ROV s 2 module handling system Leading Subsea Contractor Order backlog NOK 4 bn DOF ASA 1 Q Presentation - 4

5 The fleet market segments PSV AHTS ROV/OCSV/DSV Total fleet No. of vessels DOF ASA NORSKAN OFFSHORE DOF SUBSEA ASA DOF INSTALLER ASA AKER DOF SUPPLY Total fleet DOF ASA 1 Q Presentation - 5

6 DOF contract coverage PSV AREA OF OPER. CHARTERER Skandi Hav North Sea Maersk UK/Petrobras Skandi Falcon North Sea Petrobras spot spot spot Skandi Marstein North Sea Shell UK Skandi Stolmen Norw ay StatoilHydro Skandi Foula North Sea Shell UK Skandi Rona North Sea Shell UK Skandi Waveney North Sea Marathon BB in Skandi Buchan North Sea ASCO/Total Skandi Sotra North Sea StatoilHydro FIRM CONTRACTS Skandi Caledonia North Sea Total Skandi Captain North Sea Shell Skandi Barra North Sea Shell Skandi Chieftain North Sea Shell OPTIONAL PERIOD Skandi Texel North Sea Peterson Supplylink Skandi Commander North Sea Shell Skandi TBN (AYP 06CD) North Sea StatoilHydro UNDER CONSTRUCTION Skandi Mongstad North Sea StatoilHydro Skandi TBN (Aker PSV 06 LNG) North Sea StatoilHydro DOF ASA 1 Q Presentation - 6

7 DOF contract coverage AHTS AREA OF OPER. CHARTERER Skandi Møgster Workd w ide spot spot spot spot Skandi Stord North Sea StatoilHydro Skandi Admiral North Sea StatoilHydro Skandi Giant spot spot spot spot CSV Skandi Fjord North Sea Halliburton Skandi Navica World Wide SubSea 7 FIRM CONTRACTS OPTIONAL PERIOD DOF ASA 1 Q Presentation - 7

8 NORSKAN: The fleet PSV CHARTERER Norskan Flamengo Norskan Leblon Skandi Yare Petrobras Petrobras/Shell Petrobras AHTS Norskan Copacabana Norskan Botafogo Skandi Rio Skandi Fluminence Petrobras Petrobras Petrobras Petrobras FIRM CONTRACTS DOF ASA 1 Q Presentation - 8

9 Awards from Petrobras Third consecutive time on the PEOTRAM program, we won the general Safety Award for DOF ASA 1 Q Presentation - 9

10 Vessels under construction DOF Supply NAME TYPE CHARTER PERIOD OWNER DELIVERY 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 New fixture rate USD 15,000 on B/B DOF Subsea NAME TYPE CHARTER PERIOD OWNER DELIVERY SKANDI SALVADOR ROV/SURVEY Chevron Brazil 3 years GEO Brazil NOV 08 SKANDI ACERGY CONST Acergy 8 years DOFCON JUL 08 SKANDI SEVEN CONST Subsea7 5 years DOFCON AUG 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/TECH JUL 09 SKANDI SINGAPORE DSV Spot - DOF SUBSEA JAN 10 FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION DOF ASA 1 Q Presentation - 10

11 Vessels under construction DOF Installer NAME TYPE CHARTER PERIOD OWNER DELIVERY SKANDI TBN AHTS StatoilHydro DOF Installer DEC 2009 SKANDI TBN AHTS DOF Installer 2010 SKANDI TBN AHTS DOF Installer 2010 SKANDI TBN AHTS DOF Installer 2011 Aker DOF Supply NAME TYPE CHARTER PERIOD OWNER DELIVERY SKANDI TBN VIETNAM AHTS Aker DOF Supply 2010 SKANDI TBN VIETNAM AHTS Aker DOF Supply 2010 SKANDI TBN VIETNAM AHTS Aker DOF Supply 2011 SKANDI TBN VIETNAM AHTS Aker DOF Supply 2011 SKANDI TBN VIETNAM AHTS Aker DOF Supply 2012 SKANDI TBN VIETNAM AHTS Aker DOF Supply 2012 SKANDI TBN (COCHIN) PSV/RSV Aker DOF Supply 2010 FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION DOF ASA 1 Q Presentation - 11

12 Aker PSV 06 LNG 5 years CP for StatoilHydro Specifications Type: Length: Beam: Deadweight: Main engine: Speed: Accommodation: Aker PSV 06 LNG 94,90 m 20,00 m 5000 t 3 X 2500 kw 16 knot 25 persons DOF ASA 1 Q Presentation - 12

13 DOF Installer ASA Vessel no 1: years contract with StatoilHydro from delivery Dec 2009 Specifications Type: Aker AH 04 CD Overall length / breadth: Approx 108m x 24m Deck-area: 1,000 m2 + moonpool + ROV hangar Winch: 500 tons (main winch) tons Offshore crane: 250 tons* Installed power: 36,000 BHP (hybrid) Bollard pull: >350 tons Accommodation: 90 people EPC contract Yard: Aker Aukra Delivery date 1 st vessel: December 2009 Delivery date 2 nd vessel: May 2010 Delivery date 3 rd vessel: Oct 2010 Delivery date 4 th vessel: May 2011 Favourable prices compared to market Increasing demand DOF ASA 1 Q Presentation - 13

14 Financial Highlights 1Q 2008 Gain from Sale of Assets Currency effects Ebit & Financial Changes in Depreciations Variable revenue from spot-market Variable utilization vessels Deliveries of new vessels from yard One vessel sold DOF ASA 1 Q Presentation - 14

15 Result 1Q 2008 ALL FIGURES IN NOK THOUSANDS Q Q Operating income Total operating income Operating expenses vessels Bare-boat hire vessel Total operating expenses Operating profit before depreciation Depreciation Operating profit Net profit from associated companies Financial items Unrealized profit/loss on currencies Net financial costs Pre-tax profit Taxes Result Minority Interest DOF ASA 1 Q Presentation - 15

16 Profit share 1Q 2008 ALL FIGURES IN NOK THOUSANDS DOF ASA DOF SUBSEA ASA TOTAL Revenues Total revenues Operational costs Total Operational costs EBITDA Depreciations EBIT Profit from ass. Companies Financial income Financial costs Unrealized gain/lost on currency Net Financial costs Profit before taxes Taxes Net Profit Minority interest DOF ASA 1 Q Presentation - 16

17 Balance 1Q 2008 ALL FIGURES IN NOK THOUSANDS Intangible assets Fixed assets Financial assets Receivables Vessel held for sale Bank balance Total assets Subscribed equity Retained earnings Minority Interest Provisions for commitment Other long-term liabilities Current liabilities Total liabilities and equity DOF ASA 1 Q Presentation - 17

18 Balance March mil NOK % % Book value Fair market value Assets Equity Debt DOF ASA 1 Q Presentation - 18

19 Key figures 1Q 2008 Q Q Profit per share 0,77 1,47 Profit per share ex. minority interest 0,63 1,31 Cash flow per share 1,95 2,50 Ebitda margin 34 % 31 % Ebit margin 22 % 14 % Return on net capital 1 % 3 % Equity ratio 27 % 35 % Booked value per share NAV value per share Net interest-bearing debt Net debt (ex capital unemployed) DOF ASA 1 Q Presentation - 19

20 Concluding remarks Aggressive global growth DOF Subsea just started DOF ASA 1 Q Presentation - 20

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