Quarterly Presentation Q2 2017

DOF Subsea Group

DOF Subsea highlights

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Attractive long-term market fundamentals supporting continued demand for subsea offshore solutions

A true global subsea IMR operator with strong project and execution capabilities

Unique strategic position providing integrated life-of-field subsea services

State-of-the-art subsea vessels, the world’s 4th largest ROV fleet and 1 288 subsea employees

Strong order intake through the down cycle securing tangible near-term growth and highly attractive financial profile

Resilient backlog as backbone for stable operating model – PLSV contracts in Brazil cementing strategic position

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DOF Subsea

DOF Subsea Group at a glance

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2005DOF Subseaestablished

NOK 1.2bn1)

RevenuesQ2’17

1 2882)

Subsea employeesworldwide Q2’17

NOK 17.7bnFirm backlog

Q2’17

263)

Subsea vessels714)

ROVsModern

State-of-the-art asset base

IntegratedSupplier of subsea offshore services

1) Note: According to management reporting2) Note: Excluding marine crew3) Note: Including newbuilds Skandi Olinda and Skandi Recife and chartered-in vessels Harvey Deep Sea and Skandi Chieftain

4) Note: Including 2 AUVs and 2 ROVs on orderDOF Subsea

11 1113

1618

2124 25 26 27

2421

24

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q2 2017

Owned vessels Chartered-in vessels Total

337553 563

8971014

12461492

1354

16671858

1566

1278 1288

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q2 2017

Focus on consolidation and streamlining of business operations to improve efficiency and

competitiveness in weak market

DOF Subsea established following the acquisition of Geoconsult. The Company was

listed second half 2005.

First Reserve acquires 49% of DOF Subsea, which in the following is delisted from the Oslo

Stock Exchange

Expanding organisation on the back of several large contract awards. Number of employees

and vessels peaking at 1,858 and 27, respectively

Delivery of two newbuilds entering into long-term contracts

Large and global organisation following multiple acquisitions from 2005-2010

2010 Century SubseaCovus SubseaCSL

2005

More than a decade of structural growth and consolidation

DOF Subsea 4

2008

2014

2016

2017

Development in # of Subsea Employees1)

Development in # of vessels in operation2)

# of vessels

# of FTEs

SEMAR

Awarded four PLSV long-term contracts in conjunction with TechnipFMC

2013

SWG Offshore

1) Note: Newbuilds not included2) Note: Marine crew not included

Global footprint

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ATLANTIC

NORTH AMERICA

BRAZILASIA PACIFIC

MacaéRio de Janeiro

BuenosAires

Houston

St John’s

Aberdeen

Bergen

Luanda

Singapore

Manila

Melbourne

Jakarta

BruneiKuala Lumpur

Darwin

Perth

3118

4528

2284

2974

DOF Subsea1) Note: Number of employees as at Q2’17, excluding marine crew2) Note: Vessels in operation, including 2 chartered-in vessels (not including newbuilds)

Several major and attractive contracts to commence in 2017

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ENI Angola

Jan 2017

• IMR contract offshore Angola

• 16 months + 3x4 months options

• Scope comprising project management, engineering, supply of vessels and ROVs

• Long-term charter with Petrobras• 18 months + 18 months options• On contract with Petrobras since

2010• Vessel co-owned on a 50% basis

through joint venture with TechnipFMC

• First-pipe lay vessel built in Brazil

• Long-term charter with Petrobras

• 8 years + 8 years options• Vessel co-owned on a 50%

basis through joint venture with TechnipFMC

• Built in Norway

• Long-term IMR contract offshore Eastern Canada

• 10 years + 10 years options• IMR scope comprising supply

of new well intervention vessel, two work class ROVs and personnel

• High strategic importance through strengthened presence in the Canadian market

• Long-term FLNG IMR contract awarded in Australia with Shell

• 5 years + 4 years options• Scope comprising

underwater services and Multi-Purpose Vessel (MSVP) services spanning project management, engineering and supply of vessel and ROVs

Skandi Vitoria

Jan 2017

Skandi Buzios

Apr 2017Husky Energy

Jul 2017

Prelude FLNG

Oct 2017

DOF Subsea

Two business segments

DOF Subsea 7

DOF Subsea Group

Long-term Chartering1)

Revenues Q2’172)

NOK 331 millionEBITDA Q2’173)

NOK 273 million~82% margin

Firm backlog4)

NOK 13.4bn

1) Note: Long-term chartering comprises 5 PLSVs in operation, 2 PLSVs under construction, SkandiAcergy and Skandi Patagonia

2) Note: According to management reporting

3) Note: According to management reporting, and excluding gains from sales of assets4) Note: Firm backlog as at end of Q2’17 5) Note: Including 2 chartered-in vessels

2 newbuilds Q2’17

7 vessels in operation Q2’17

Long-term charters

Vessel capabilities

Capexspending

Subsea IMR Projects

Revenues Q2’172)

NOK 868 millionEBITDA3) Q2’17NOK 127 million

~15% margin

Firm backlog4)

NOK 4.3bn

1 288 Employees Q2’17

15 vessels in operation5) Q2’17

Engineering capabilities

Framework agreements

Opexspending

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Numerous projects completed worldwideBuilt a leading subsea projects division for over a decade• Subsea project activity established with a global footprint in all key offshore regions• High quality asset base leveraging unrivaled subsea and vessel operating competence

A clear action plan to pursue further opportunities• Continue to increase the scope and complexity of operations

− Strengthen presence in selected geographies− Further build project backlog with core focus on IMR projects

Subsea IMR Projects

Selected Mooring projects – Last 5 yearsSelected IMR projects – Last 5 years

Goliat Field support ENI (2016) Saipem CRX/Nene (2014) Call-off for Light Construction Services and Seabed

Survey Services Statoil (2012-2015) Technip Frame agreement (2012-2015) ConocoPhillips ROV Services (2012 and onwards) Freeport McMoran IMR support (2013-2016) Saipem JSM Export Line support (2014-2015) ROV Support vessel Petrobras (2011 and onwards)

Yinson OCTP FPSO Field Dev. (2016-2017) Bongkot Mooring Replacement PTTEP (2017) Raroa Mooring OMV (2016-2017) Gina Krog TMRS Teekay (2016) Catcher Mooring Installation BWO (2016) Goliat FPSO Marine Installation ENI (2011-2015) Lam Son Mooring Installation PTSC (2014) Knarr Mooring Project Teekay (2013-2014) Banff Re-instatement Project Teekay (2013-2014)

DOF Subsea

Selected contracts in backlog

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Location Client Scope Commencement Duration

Angola ENI Angola IMR 2017 16 months + 12 months

Eastern Canada Husky Energy IMR 2017 10 years + 10 years

Prelude Australia 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

North Sea Conoco Phillips IMR 2011 8 years + 13 years

Subsea IMR Projects

North America

Gradually built up the region, becoming a top three supplier of IMR services in the GoM

Brazil

Strong position being one of the major suppliers of

IMR services

North Sea / Atlantic

Leading supplier of mooring services in the

North Sea and West Africa

Asia Pacific

Leading supplier of IMR services in the region

DOF Subsea

DOF Subsea holds a leading position in the subsea IMR market through its global presence and integrated solutions offering

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Positioning DOF Subsea

• Improved competitive position for DOF Subsea when market normalises − multiple competitors have scaled down

operations or entered financial distress

• Favourable competitive dynamics in tendering for mid-sized subsea IMR projects− Larger EPCI providers typically invited to

tender, however less capable and willing to meet specific project requirements due to relatively small project size

− Vessel suppliers typically not invited to tenders due to lack of engineering capabilities

• DOF Subsea benefits from offering an integrated engineering and vessel solution

Loca

lM

ulti-

regi

onal

Glo

bal

Dayrate / Support services Small to medium EPCI contracts Larger EPCI contracts

Source: ABGSC

= Chapter 11 / financial distress

Geographies

Capabilities

Illustrative

DOF Subsea

DOF Subsea provides state-of-the-art vessels to leading players

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Skandi Acergy Skandi Acu Skandi Africa

Skandi Niteroi Skandi Patagonia Skandi Vitoria

Skandi Buzios Skandi Recife Skandi Olinda

Day-rate basedRemuneration

Strong long-term contract coverageContracts

High-end vessels operating advanced subsea projects for third party EPCI contractors

Operations

Selected clients

Construction support vessel

Construction & pipe laying vessel

Construction & pipe laying vessel

Construction & pipe laying vessel

Construction & pipe laying vessel

Construction & pipe laying vessel

Construction & pipe laying vessel

Dive support vessel

Construction & pipe laying vessel

7 vessels inoperation

2contractednewbuilds

NOK 13.4bnfirm backlog

per Q2’17

Long-term Chartering

DOF Subsea

15,5 1617

21,5

18,9

2012 2013 2014 2015 2016

Key financials1)

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Revenue EBITDA2) Backlog (excl. options)

5 249

6 579

7 422 7 251

5 426

2012 2013 2014 2015 2016

1 799

1 949

2 0972 041

1 733

2012 2013 2014 2015 2016

NOK million NOK million NOK billion

1) Note: Figures according to management reporting2) Note: EBITDA excl. profit from sale of non-current assetsDOF Subsea

2nd Quarter 2017

Highlights Q2 2017

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• The Norwegian-built PLSV Skandi Buzios, owned by JV with TechnipFMC, commenced her long-term charter contract with Petrobras on 13 April 2017

• In April, DOF Subsea purchased the remaining shares in Canadian Subsea Shipping Company AS, and in May, Canadian Subsea Shipping Company AS took delivery of a newbuild vessel, Skandi Vinland. The vessel commenced a 12-year bareboat charter contract with DOF Subsea Canada in July, and the vessel will be utilised on a 10-year IMR contract with Husky Energy off the East Coast of Canada

• In the North America region, DOF Subsea extended the charter party for chartered-in Jones Act compliant MPSV Harvey Deep Sea until the end of 2018, plus two one-year extension options

• The North America region was awarded for Harvey Deep Sea securing 70% contract coverage and NOK 150 million in backlog for the vessel through Q1 2018• Skandi Chieftain was awarded a 5-month contract in Canada with commencement in June 2017• The Asia Pacific region was awarded a diving contract, securing utilisation for Skandi Singapore• Skandi Skansen was awarded contracts on the UKSC and in the Norwegian Sea securing utilisation through most of Q3 2017• Geosund was awarded contracts to take part in a series of campaigns for a major operator undertaking trenching and survey support activities in the Norwegian Sea region,

securing 50 days’ utilisation until mid-August 2017• DOF subsea was awarded a contract in the Mediterranean by TMPC to undertake the pipeline inspection on the TMPC's Pipeline System in Q3 2017. DOF Subsea will deploy the

survey vessel Geosund• DOF Subsea was awarded a subsea oil field support project offshore Newfoundland for a Canadian operator. Skandi Neptune will be utilised on the project• DOF Subsea has been awarded a contract for Skandi Constructor by Siemens on the Galloper Offshore Wind Farm Project in the North Sea. The contract secures utilisation until

the end of the year• DOF Subsea announced that Fugro has extended the firm period of hire for the Skandi Carla time charter contract until end of October 2019• In Brazil, Petrobras has extended the contract for Skandi Salvador by 6 months from August 2017• In Asia Pacific and Atlantic, DOF Subsea has been awarded several contracts and work under existing frame agreements, securing utilisation of the vessels Skandi Singapore,

Skandi Hercules and Skandi Neptune in Q3 and into Q4 2017.• In the North America region, DOF Subsea has been awarded several contracts for the Diving Support Vessel Skandi Achiever in the Gulf of Mexico and Trinidad and Tobago. The

contracts secure utilisation of the vessel until mid October 2017

Subsea IMR Projects

Long-term Chartering

• The shareholders have concluded to await an improvement in stock market conditions before initiating an IPO• During the quarter, DOF Subsea secured financing and took delivery of the newbuild Skandi Vinland

Financing

DOF Subsea

Condensed Profit & Loss1)

DOF Subsea 151) Note: Financial statement according to IFRS. Condensed financial statement according to management reporting is included in the DOF Subsea Quarterly Financial Report

Condensed Balance Sheet1)

DOF Subsea 161) Note: Financial statement according to IFRS. Condensed financial statement according to management reporting is included in the DOF Subsea Quarterly Financial Report

Quarterly performance1)

DOF Subsea 171) Note: Figures according to management reporting, and excluding profit from sale of non-current assets

0%

5%

10%

15%

20%

25%

30%

35%

40%

-

500

1 000

1 500

2 000

2 500

Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017

EBIT

DA

mar

gin

NO

K m

illio

n

Operating income EBITDA EBITDA margin

NOK million Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017Operating income 1 679 1 804 1 871 1 530 1 963 1 904 2 025 1 656 1 962 1 991 1 642 1 406 1 660 1 232 1 128 982 1 199 EBITDA 471 595 550 502 543 552 502 458 515 553 516 456 510 447 320 279 400 EBITDA margin 28,1% 33,0% 29,4% 32,8% 27,7% 29,0% 24,8% 27,7% 26,2% 27,8% 31,4% 32,4% 30,7% 36,3% 28,4% 28,4% 33,4%

Current assets 3 319 3 119 3 470 3 247 3 252 2 998 4 223 3 414 3 414 3 674 3 752 2 900 3 010 2 742 2 483 2 808 2 595 Non-current assets 16 344 16 330 16 340 16 012 16 151 16 215 15 796 16 726 16 578 16 447 16 818 17 652 18 206 18 514 18 043 18 087 18 428

Total assets 19 663 19 450 19 810 19 258 19 403 19 213 20 019 20 140 19 992 20 121 20 570 20 552 21 216 21 256 20 526 20 896 21 023

Current liabilities 2 805 2 808 3 167 3 470 3 741 3 607 4 505 4 139 4 577 4 492 3 650 2 991 3 022 2 645 2 478 2 444 3 010 Non-current liabilities 11 862 11 474 11 427 10 126 9 701 9 668 9 402 9 924 9 009 9 988 11 228 11 482 11 864 12 174 11 993 12 503 11 942 Equity 4 996 5 167 5 216 5 662 5 962 5 938 6 112 6 077 6 405 5 641 5 692 6 078 6 330 6 437 6 055 5 948 6 071

Total equity and liablilites 19 663 19 449 19 810 19 258 19 404 19 213 20 019 20 140 19 991 20 121 20 570 20 551 21 216 21 256 20 526 20 896 21 023

Debt maturity profile

DOF Subsea 18

Debt maturity profile, 2017E – 2021E

-

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

2017E 2018E 2019E 2020E 2021E ThereafterBond Loan Bank Debt Balloons

The figures reflect amortisation and balloon payments on outstanding debt

Backlog1)

DOF Subsea 19

As at 30 June 2017, the Group’s firm contract backlog was NOK 17.7 billion

2017 2018 2019 2020 2021 ThereafterOption 0,3 0,8 0,9 0,7 0,8 15,9Firm 1,7 2,5 2,6 2,4 2,0 6,5Total 2,0 3,3 3,5 3,0 2,8 22,4

2,0 3,3 3,5 3,0 2,8

22,4

-

5,0

10,0

15,0

20,0

25,0

NO

K b

illio

n

1) Note: Figures based on remaining backlog as at end of Q2’172) Note: Contract backlog excludes master service agreements (MSAs) within the Subsea IMR Projects segment – only confirmed POs are included in the backlog

Modern high-end fleet

Majority of the fleet delivered from 2007 and onwardsModern fleet with a value adjusted average fleet age of 6.0 yearsHigh-end vessels, capable of a wide scope of worldwide operations

DOF Subsea 20

Skandi Africa, Ship of the Year 2015

Skandi Acu, PLSV built 2016

Skandi Buzios, PLSV built 2017

Newbuilds8 %

2007-201567 %

2000-200625 %

Year of delivery DOF Subsea fleet

-

1,0

2,0

3,0

4,0

5,0

6,0

7,0

8,0

9,0

Year

s

Fleet age

Average fleet ageValue adjusted average fleet age

Thank you!