Quarterly Presentation Q3 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 1 287 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 Subsea

established

NOK 3.3bn1)

Revenues

YTD’17

1 2872)

Subsea employees

worldwide Q3’17

NOK 16.3bnFirm backlog

Q3’17

263)

Subsea vessels714)

ROVs

ModernState-of-the-art

asset base

IntegratedSupplier of subsea

offshore services

1) Note: According to management reporting

2) Note: Excluding marine crew

3) Note: Including newbuilds Skandi Olinda and Skandi Recife and chartered-in vessels Harvey Deep Sea and Skandi Chieftain

4) Note: Including 2 AUVs

DOF Subsea

11 1113

1618

21

24 25 26 27

24

21

24

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q3 2017

Owned vessels Chartered-in vessels Total

337

553 563

8971014

1246

14921354

1667

1858

1566

1278 1287

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q3 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

2010Century SubseaCovus Subsea

CSL

2005

More than a decade of structural growth and consolidation

DOF Subsea 4

2008

2014

2016

2017

Development in number of Subsea Employees1)

Development in number of vessels in operation2)

SEMAR

Awarded four PLSV long-term contracts in joint

venture with TechnipFMC

2013

SWG Offshore

1) Note: Marine crew not included

2) Note: Newbuilds not included

3) Note: Year-end numbers

Global footprint

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ATLANTIC

NORTH AMERICA

BRAZILASIA PACIFIC

Macaé

Rio de Janeiro

Buenos

Aires

Houston

St John’s

Aberdeen

Bergen

Luanda

Singapore

Manila

Melbourne

Jakarta

BruneiKuala Lumpur

Darwin

Perth

3127

4189

2454

3124

DOF Subsea1) Note: Number of employees as at end of Q3’17, excluding marine crew

2) Note: Vessels in operation as at end of Q3’17, including 2 chartered-in vessels (not including newbuilds)

Several major and attractive contracts commencing in 2017

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ENI Angola

Jan 2017

• IMR contract offshore Angola

• 16 months + 3x4 months

options

• Scope comprising project

management, engineering,

vessels and ROV services

• Long-term contract with Petrobras

• 18 months + 18 months options

• On contract with Petrobras since

2010

• Vessel owned in joint venture with

TechnipFMC

• First-pipe lay vessel built in Brazil

• Long-term contract with

Petrobras

• 8 years + 8 years options

• Vessel owned in joint venture

with TechnipFMC

• Built in Norway with 650t VLS

• Long-term IMR contract

offshore Eastern Canada

• 10 years + 10 years options

• IMR scope comprising project

management, engineering,

vessel and ROV services

• 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

• IMR scope comprising project

management, engineering,

logistics, vessel and ROV

services

Skandi Vitoria

Jan 2017

Skandi Buzios

Apr 2017Husky Energy

Jul 2017

Prelude FLNG

Nov 2017

DOF Subsea

Two business segments

DOF Subsea 7

DOF Subsea Group

Long-term Chartering1)

Revenues YTD2)

NOK 1 025 million

EBITDA YTD3)

NOK 784 million

~77% margin

Firm backlog4)

NOK 12.4bn

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

Acergy and Skandi Patagonia

2) Note: According to management reporting

3) Note: According to management reporting

4) Note: Firm backlog as at end of Q3’17

5) Note: Including 2 chartered-in vessels

2 newbuilds

Q3’17

7 vessels in

operation Q3’17

Long-term

charters

Vessel

capabilitiesCapex

spending

Subsea IMR Projects

Revenues YTD2)

NOK 2 250 million

EBITDA YTD3)

NOK 221 million

~10% margin

Firm backlog4)

NOK 3.9bn

1 287 Employees

Q3’17

17 vessels in

operation5) Q3’17

Engineering

capabilities

Framework

agreements

Opex

spending

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Numerous projects completed worldwide

Built 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 included 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 2011 6.5 years + 4 years

North Sea Conoco PhillipsIMR

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 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 in

operation

2

contracted

newbuilds

NOK 12.4bn

firm backlog

per Q3’17

Long-term Chartering

DOF Subsea

15,516

17

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 4227 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 reporting

2) Note: EBITDA excl. profit from sale of non-current assetsDOF Subsea

3rd Quarter 2017

Highlights Q3 2017

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• Raymond P. Semple was appointed as Chief Operating Officer (COO) in October 2017

• The Atlantic region was awarded a contract on an offshore wind farm, securing 60 days of utilisation for Skandi Neptune in Q4

• The North America region was awarded a contract for the provision of survey, ROV and vessel services in the Gulf of Mexico, securing 135 days

of vessel utilisation in Q4 2017 and Q1 2018 for Harvey Deep Sea and Skandi Achiever

• Skandi Darwin commenced its charter contract with the Asia Pacific region, and she will commence the Shell Prelude IMR contract ultimo

November

• In July, Skandi Vinland commenced the 10-year IMR contract with Husky Energy off the East Coast of Canada

• Skandi Constructor was awarded a contract by Siemens on the Galloper Offshore Wind Farm Project in the North Sea. The contract secures

utilisation for the vessel until the end of the year

• Fugro extended the time charter contract for Skandi Carla until end of October 2019

• Petrobras extended the contract for Skandi Salvador by 6 months from August 2017

• The Asia Pacific region and the Atlantic region were awarded several contracts and work under existing frame agreements, securing utilisation for

the vessels Skandi Singapore, Skandi Hercules and Skandi Neptune in Q3 and into Q4 2017

• Skandi Skansen was awarded a 90-day contract in the Mediterranean with commencement in Q4 2017

Subsea IMR Projects

Events after balance date

DOF Subsea

Subsea IMR Projects performance

Weak project performance and low vessel utilisation for Harvey Deep

Sea, Skandi Achiever and Skandi Chieftain in the North America region

YTD 2017

Backlog and contract coverage for the rest of 2017 indicate improved

performance for the rest of the year:

• Charter extension at renegotiated rate and >70% contract coverage

through Q1 2018 for chartered-in JAC vessel Harvey Deep Sea

• Start-up of 10-year IMR contract with Husky Energy off the East Coast

of Canada

• Contract award for the provision of survey, ROV and vessel services in

the Gulf of Mexico, securing utilisation for Harvey Deep Sea and

Skandi Achiever in Q4 2017 and Q1 2018

Weak project performance and low vessel utilisation for Skandi Hercules,

Skandi Singapore and Geoholm in the APAC region during Q3 2017

Contract awards and project start-ups indicate improved performance for

the rest of the year:

• Award of several call-offs and work under existing frame agreements,

securing utilisation for Skandi Singapore and Skandi Hercules in Q4

2017

• Higher utilisation for Geoholm in Q4 2017

• Skandi Darwin on contract mid-October and will commence Shell

Prelude IMR contract ultimo November

DOF Subsea 14

APAC regionNorth America region

Harvey Deep Sea Skandi Achiever Skandi Chieftain Skandi Singapore GeoholmSkandi Hercules

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

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 Q3 2017

EBIT

DA

mar

gin

NO

K m

illio

n

Operating income EBITDA EBITDA margin

NOK million 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 Q3 2017

Operating income 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 1 093

EBITDA 595 550 502 543 552 502 458 515 553 516 456 510 447 320 279 400 332

EBITDA margin 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% 30,4%

Current assets 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 2 501

Non-current assets 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 17 926

Total assets 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 20 427

Current liabilities 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 3 051

Non-current liabilities 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 11 221

Equity 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 6 156

Total equity and liablilites 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 20 427

Debt maturity profile1)

DOF Subsea 18

Debt maturity profile, 2017E – 2021E

The figures reflect amortisation and balloon payments on outstanding debt

-

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

2017E 2018E 2019E 2020E 2021E Thereafter

NO

K m

illio

n

Bond Loan Bank Debt Balloons

1) Note: Figures according to management reporting and based on exchange rates as at end of Q3’17

Backlog1)

DOF Subsea 19

As at 30 September 2017, the Group’s firm contract backlog was NOK 16.3 billion

1) Note: Figures based on remaining backlog as at end of Q3’17 and exchange rates as at end of Q3’17

2) Note: Contract backlog excludes master service agreements (MSAs) within the Subsea IMR Projects segment – only confirmed POs are included in the backlog

2017 2018 2019 2020 2021 Thereafter

Options 0,1 0,7 0,8 0,5 0,8 15,2

Firm 1,0 2,5 2,5 2,2 1,9 6,2

0,0

5,0

10,0

15,0

20,0

NO

K b

illi

on

Modern high-end fleet

• Majority of the fleet delivered from 2007 and onwards

• Modern fleet with a value adjusted average fleet age of 6.2 years

• High-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

1) Note: Excluding newbuilds under construction and chartered-in vessels

2) Note: Figures as at end of Q3’17

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

Years

Fleet age1)

Average fleet ageValue adjusted average fleet age

Thank you!