BW OFFSHORE A world wide FPSO

operator

INTSOK

28 May 2015

Jon Myran

Disclaimer

This Presentation has been produced by BW Offshore Limited ( “BW Offshore”) exclusively for information purposes. This presentation may not be redistributed, in whole or in part, to any

other person.

This document contains certain forward-looking statements relating to the business, financial performance and results of BW Offshore and/or the industry in which it operates. Forward-

looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, expects”, “predicts”,

“intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. The forward-looking statements contained in this Presentation, including

assumptions, opinions and views of BW Offshore or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may

cause actual events to differ materially from any anticipated development. None of BW Offshore or any of its parent or subsidiary undertakings or any such person’s officers or employees

provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of

the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. BW Offshore assumes no obligation, except as required by law, to update any

forward-looking statements or to conform these forward-looking statements to our actual results.

No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained

herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither BW Offshore nor any of its parent or subsidiary

undertakings or any such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. Actual experience may differ, and

those differences man be material.

By attending this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of BW Offshore and that you will

conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the businesses of BW Offshore. This presentation must be read in

conjunction with the recent Financial Information and the disclosures therein.

This announcement is not an offer for sale or purchase of securities in the United States or any other country. The securities referred to herein have not been registered under the U.S.

Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be sold in the United States absent registration or pursuant to an exemption from registration under the U.S.

Securities Act. BW Offshore has not registered and does not intend to register its securities in the United States or to conduct a public offering of its securities in the United States. Any

offer for sale or purchase of securities will be made by means of an offer document that may be obtained by certain qualified investors from BW Offshore. Copies of this Presentation are

not being made and may not be distributed or sent into the United States, Canada, Australia, Japan or any other jurisdiction in which such distribution would be unlawful or would require

registration or other measures.

In any EEA Member State that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any member State, the “Prospectus Directive”), this

communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive.

This Presentation is only directed at (a) persons who are outside the United Kingdom; or (b) investment professionals within the meaning of Article 19 of the Financial Services and

Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); or (c) persons falling within Article 49(2)(a) to (d) of the Order; or (d) persons to whom any invitation or inducement to

engage in investment activity can be communicated in circumstances where Section 21(1) of the Financial Services and Markets Act 2000 does not apply.

15 April 2015 2

HSSEQ – BWO Top Priority

BW Offshore’s management has established policies for

occupational health, safety, security, and environmental

management. HSSEQ have the highest priority in

everything we do. Measurable targets are defined and

monitored for all onshore and offshore units to ensure

compliance with the adopted policies and a continuous

improvement cycle. Personnel training and familiarisation

with the policies are recognised as key activities in order to

achieve a HSSEQ culture of the highest standard.

3 June 2015 3

■ Health

■ Safety

■ Security

■ Environment

■ Quality

23 July 2012 4

CIDADE DE SÃO MATEUS

• 11 February 2015 Cidade de Sao Mateus had a gas explosion in the pumproom

• 9 fatalities and 26 injured

• before the accident Mateus had gone more than 2,000 days without and LTI

• Accident investigation undertaken by joint Petrobras and BWO team

• supported by DnVGL and GEXCON

• The investigation report is issued and lessons learned will be shared with the industry

• Immediate recommendations and follow up actions well underway

• Final recommendations now issued to BWO Fleet

Global footprint

Crew centers

Offices

Units

Sendje Berge

Yùum K’ak’Náab

Belokamenka

Petroleo Nautipa Azurite Abo

Espoir Ivoirien

Cidade de São Mateus

Polvo

Umuroa

Berge Helene

BW Cidade de Sáo Vicente

BW Pioneer

BW Athena

BW Joko Tole

* Operation & Maintenance

P-63*

Peregrino*

15 April 2015 5

BW Opal

Catcher

75%

77%

79%

81%

83%

85%

87%

89%

91%

93%

95%

97%

99%

Q1

10

Q2

10

Q3

10

Q4

10

Q1

'11

Q2

'11

Q3

'11

Q4

'11

Q1

'12

Q2

'12

Q3

'12

Q4

'12

Q1

'13

Q2

'13

Q3

'13

Q4

'13

Q1

'14

Q2

'14

Q3

'14

Q4

'14

HSE and uptime

HSE records Per million man.hours

15 April 2015 6

0,0

0,5

1,0

1,5

2,0

2,5

3,0

3,5

4,0

4,5

5,0

Q1

'11

Q2

'11

Q3

'11

Q4

'11

Q1

'12

Q2

'12

Q3

'12

Q4

'12

Q1

'13

Q2

'13

Q3

'13

Q4

'13

Q1

'14

Q2

'14

Q3

'14

Q4

'14

TRI HRI LTI

Uptime Percent

LTI 0.6 per million man-hours

5-year average production uptime of 98.5%

Clients

15 April 2015 7

Logos from web BW Offshore has additional financial security packages for certain clients

Central versus local management & control

15 April 2015 8

Local

• Adaption to local conditions

• Flexibility

• Efficient

• “Hands-on”

• Motivation

Central

• Management control

• The BWO Way

• Increase structure

• Bureaucratic

• Reporting

• Time consuming

• Global optimization

• Best practice

• Lessons learnt

• The Operation Manager has total

responsibility for:

• Operation performance

• Communication with the client

• Communication with local authorities

• The FPSO OIM is the BW Offshore

representative onboard and overall in

charge of the FPSO

Fleet Organization

15 April 2015 10

Fleet Organization

FLEET

Fleet West Africa

Oslo

Fleet Americas

& Europe

Oslo

Fleet Brazil

Rio de Janeiro

Fleet Oceanic

Singapore

15 April 2015 11

Regional Fleet Organization - Typical

SVP FLEET

Operation Manager

FPSO 3

Operation Manager

FPSO 2

Operation Manager

FPSO 1

Operation Manager

FPSO 4

Offshore HR

15 April 2015 12

Operation Manager

Purchaser Warehouse

Keeper Maintenance

Engineer

HSEQ

Supervisor

Offshore HR

Crew Change Executive

OIM

Administrative

Assistant

Local Operation Team Organization

Planner

Local Operation Team

can be from 4 to 20 persons

HSSEQ

Quality Management

15 April 2015 14

BWO Preference in connection with Operations Procedures:

BWO utilizes our own operating procedures and quality management systems:

■ These systems are then integrated with Client needs.

■ Basic uniform requirements:

■ All units meet requirements from

■ Bermuda or Panama flag

■ DNV or ABS class

■ National authorities

■ Operator /clients

■ BW Offshore internal standard

■ International standards

■ BW Offshore has obtained certification towards four Management System standards

■ ISO 9001 – Quality Management

■ ISO 14001 – Environmental Management

■ OHSAS18001 – Occupational Health and Safety Management

■ ISM Code – Safety Management and Pollution prevention

HSEQ Systems

15 April 2015 15

Uniformed operations are an essential part of the BWO model and are secured by the Management System,

■ Management System is the keystone for Operations and is available to all onshore and offshore personnel

■ The HSEQ systems ensure safe and uniformed operations

■ Synergi is used for reporting of incidents, near accidents and non-conformities and also as a tool for improvements

■ Environmental performance Management is maintained to ISO 14001:2009

■ Sypol is used for to safely manage work with hazardous substances

■ Safety Case, 9 of our 15 facilities have safety cases developed to UK standards

■ Permit to Work, a common PTW system is used across the fleet to ensure a uniformed approach and a common standard

HSEQ Systems

Management System

Synergi

Environmental

Performance

Sypol

Safety Case

Permit to Work

Personnel

0

500

1000

1500

2000

2500

3000

2009 2010 2011 2012 2013 2014

Onshore Offshore Consultants

Organisation

Total number of internal employees ~2,400 Global organisation

15 April 2015 17

Offshore Norway Singapore Brazil Other

28% onshore

72% offshore

15 April 2015 18

BWO PERSONNEL OFFSHORE Expats & Nationals 2004 – December 2014

0

200

400

600

800

1000

1200

EXPATS

NATIONALS

15 April 2015 19

PEOPLE – Crewing Offices

■ Global crew

■ BW Offshore Singapore

■ BW Shipping Philippines Inc

■ OCS Services (India) Pte Ltd

■ LAPA Ltd in Riga (cover Latvia and Eastern Europe)

■ LAPA Saint Petersburg Ltd in Russia

■ BW Offshore Norway AS (covers Norway, European and African nations.

■ Local crew

■ BW Offshore do Brasil Ltda

■ BW Offshore TSB Invest (Indonesian)

■ PPS Cote d’Ivoire

■ Bergesen Worldwide Mexico

■ BW Offshore UK Ltd

■ BW Offshore Management Inc. (USA)

OCS HR, the BWO Personnel System

OCS HR used Worldwide in BW Offshore

15 April 2015

■ In use in BWO since 2001.

■ Personnel Management of 2475 employees

■ Competence Managemet for 1500 Offshore

■ Payroll for 600 expatriates

■ Offshore access for 240 HOD’s & OIM’s

20

OCS HR used by BWO Manning offices

Supply Chain

3 June 2015 22

Supplier Relations

•Workshop

•Clarifications

•Negotiations

•Audit

•Kick off

•E-sourcing

•Category Mng / Board

•Global FA team

•Contract Mng.

•Workshops/review meetings

•Synergi

•Compliance

•Training

•Feedback to supplier

•New Vendor presentations

•Segmentation

•Prequalification/Portal

•Due diligence

•Approved Makers list

•Gather performance information

•Review audit reports

•Run requalification exercise

•Feed back – improvement targets

•KPI - dashboards

Performance evaluation /

re-qualification

Pre-Qualification

Qualification through

Tender/re-tender

Contract / Execution

Supply Chain Improvement Initiatives

15 April 2015 23

No 1 Frame Agreements / Standardization

No 2 Standard Goods Catalogues

No 3 IFS Maintenance and Inventory Roll-Out

No 4 Inventory Management

No 5 Budget for Resources

No 6 Procure To Pay Process

No 7 Review and try to simplify SC Fleet Procedures

No 8 Logistics / Warehouse

No 9 How to Capture Service Cost?

No 10 Supplier Pre-Qualification

Technical &

Maintenance Support

15 April 2015 25

Technical & Maintenance Support (TMS)

■ 24 x 7 In-house global Support by major hubs in Singapore, Norway and Brazil

■ Single point of contact; phone and E-mail

■ Unit specific online support on Intranet

■ Roving team for Major Maintenance, Inspection, Back Log Management support,

■ Remote Monitoring and Support

■ Pull on Engineering resource pool in Singapore and Oslo

■ Monthly KPI reporting and review

■ Annual Asset Integrity Review on each FPSO

15 April 2015 26

Technical & maintenance Support

Systems ■ Maintenance management system (STAR, MAXIMO, IFS) with the objective

to establish safe and reliable operations

■ Preventive Maintenance based on Risk Based Inspection (RBI) and

Condition Monitoring

■ Technical Quarries (TQ) system

■ Shut-down / Break-down reports - Root Cause Analysis

■ Management of change (MOC) procedure to ensure all

changes are carried out in a controlled manner

■ Lessons Learned

15 April 2015 27

■ Lessons Learned assist in BWO’s philosophy of Continuous Development

Technical Queries

Operational

Procedures

Incident Reports

(Synergi)

Shutdown /

Breakdown

Reports

Lessons Learned

Register

Deviation

Requests /

Management of

Change Reports

e-mails

(last resort)

Technical Alerts

Maintenance

Regimes (CMMS)

Supply Chain

Vendor /

Manufacturers

Qualifications Engineering

Specifications

LESSONS LEARNED

Summary

Producing

700,000 boepd

Operating

16 FPSOs

99% uptime

LTI 0.58 per million

man-hours

USD 10 billion backlog

Delivered

38 projects

Total assets

USD 3.7 billion

15 April 2015 30