DORIS ENGINEERINGACTIVITY REPORT

2014

11

GEnERAl InfORmATIOn

2 /3 Subsidiar ies, Aff i l iates3 Capital Share3 Board of Directors3 Company Management3 Auditors

REPORT On ThE ACTIVITY Of ThE COmPAnY

5 The Company’s Activities during the Past Year 11 Subsidiaries, Affiliates, Joint Ventures, New Developments15 Future outlook16 Important events after the closing of the accounts

ACCOUnTS

(see appendix)

S U M M A R YACTIVITY REPORT 2014

DORIS Engineering58 A, rue du Dessous des Berges - 75013 PARIS

Société Anonyme au capital de 3.571.440 € - Siret 338 274 491 00012 - Code APE 7112 B

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ANGOlADORIS Engenharia Angola LdaEdificio IRCA - 5° andarAvenida Amilcar Cabral N°211 Ingombotas - LUANDAPhone: +244 222 33 21 20

ARGENtINADORISARTalcahuano 758 Piso 2e B1013 BUENOS AIRESPhone: +54 (11) 4 373 83 65Fax: +54 (11) 4 373 03 29

AUStRAlIADORIS Engineering Australia Pty LtdLevel 1, 10 Kings Park Road West Perth WA 6005Phone: +61 8 1350 6055

BRAZIl DORIS Engenharia LtdaAv. Almirante Barroso, n°139 Sala 801Centro - RIO DE JANEIRO - RJ CP : 20031-002Phone: +55 21 2232 5011Fax: +55 21 2232 4482

CANADADORIS DEVELOPMENT CANADAP.O. Box 29119ST JOHN’S - NL A1E 3T9Phone: +1 (709) 570 5244

DORIS CONPRO Ltd16 Waterford Heights SouthST JOHN’S - NL A1E 1G4Phone: +1 (709) 749 1193

UNItED StAtESDORIS Inc.Three Memorial City Plaza840 Gessner, Suite 400HOUSTON, TX 77024Phone: +1 (713) 973 2520Fax: +1 (713) 973 2578

STAT Marine LLC10777 Westheimer, suite 830HOUSTON, TX 77042Phone: +1 (713) 782 0122Fax: +1 (713) 782 0312

FRANCEGÉODYNAMIQUE & STRUCTURE157, rue des Blains92220 BAGNEUXPhone: +33 (0) 1 46 65 00 11Fax: +33 (0) 1 46 65 58 54

OCÉANIDEPort de Brégaillon - B.P. n° 6383502 LA SEYNE-SUR-MER cedexPhone: +33 (0) 4 94 10 97 40Fax: +33 (0) 4 94 94 42 27

SEA TANK Co58A, rue du Dessous des Berges75013 PARISPhone: +33 (0) 1 44 06 10 00Fax: +33 (0) 1 45 70 87 38

STAT Marine SASCentre Atria5, Boulevard de Prague30000 NÎMESPhone: +33 (0) 4 66 36 65 65Fax: +33 (0) 4 66 36 65 66

STAT Services SASBât. First - Z.I. du Port de Brégaillon83511 LA SEYNE-SUR-MER cedexPhone: +33 (0) 4 94 10 80 04Fax: +33 (0) 4 94 10 80 05

S U B S I D I A R I E SA F F I l I At E S

D O R I SE N G I N E E R I N G

CAPItAl SHARE

DORIS PERSONNEL 34%

VINCI Construction 20%

GRAAVEN Holding SAS 20%

CM-CIC Investissement 16%

PONTICELLI Frères 10%

BOARD OF DIRECtORS

Mr Loïc des DÉSERTSChairman

Mrs Pauline BÉRAUD (FCPE DORIS Actionnariat)

Mr Jean-Baptiste CHAMPEAU

(FCPE DORIS Actionnariat)

VINCI ConstructionMr Richard FRANCIOLI

(Permanent Representative)

Mr Jean-Michel LANG (VINCI Group)

GRAAVEN Holding SAS Mr Benoît LECINQ

(Permanent Representative)

CM-CIC InvestissementMr Alain BÉNISTY

(Permanent Representative)

PONTICELLI FrèresMr Jean-Jacques LESTRADE

(Permanent Representative)

COMPANY MANAGEMENt

Mr Loïc des DÉSERTSChairman

Mr Nicolas PARSLOEChief Executive Officer

Mr Pierre-Yves BURBANVice-President Sales & Marketing

Mr Michel CAPLAINAdministration & Finance Manager

Mr Francis CARMIGNIANIVice-President Engineering

Mr Cyrille SAILLYCompany Secretary

Mr François THIÉBAUDVice-President Operations

AUDItORSARPÈGE

BM&A

UNItED StAtESDORIS Inc.Three Memorial City Plaza840 Gessner, Suite 400HOUSTON, TX 77024Phone: +1 (713) 973 2520Fax: +1 (713) 973 2578

STAT Marine LLC10777 Westheimer, suite 830HOUSTON, TX 77042Phone: +1 (713) 782 0122Fax: +1 (713) 782 0312

FRANCEGÉODYNAMIQUE & STRUCTURE157, rue des Blains92220 BAGNEUXPhone: +33 (0) 1 46 65 00 11Fax: +33 (0) 1 46 65 58 54

OCÉANIDEPort de Brégaillon - B.P. n° 6383502 LA SEYNE-SUR-MER cedexPhone: +33 (0) 4 94 10 97 40Fax: +33 (0) 4 94 94 42 27

SEA TANK Co58A, rue du Dessous des Berges75013 PARISPhone: +33 (0) 1 44 06 10 00Fax: +33 (0) 1 45 70 87 38

STAT Marine SASCentre Atria5, Boulevard de Prague30000 NÎMESPhone: +33 (0) 4 66 36 65 65Fax: +33 (0) 4 66 36 65 66

STAT Services SASBât. First - Z.I. du Port de Brégaillon83511 LA SEYNE-SUR-MER cedexPhone: +33 (0) 4 94 10 80 04Fax: +33 (0) 4 94 10 80 05

UNItED KINGDOM ODE(Offshore Design Engineering)St. George’s House, 5 St. George’s RoadWimbledon, London,SW19 4DRPhone: +44 (0) 20 8481 1190Fax: +44 (0) 20 8546 4346

STAT Marine LtdInnovation House, Innovation Way, Sandwich, KENT, CT13 9FFPhone: +44 (0) 122 776 4300Fax: +44 (0) 122 776 4301

INDONESIAPT.SINGGAR-DORISPo. Box 13Wisma GKBI JI. Jendral Sudirman No 28 JAKARTA 10210

NIGERIASTAT Marine Nigeria Ltd94 Awolowo Road, Ikoyi,LAGOSPhone: +234 1 4615636 - 4630183 - +234 803 4695621

S U B S I D I A R I E SA F F I l I At E S

D O R I SE N G I N E E R I N G

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fInAnCIAlYEAR 2014

ACTIVITY REPORT

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GENERAlThe activity of DORIS Engineering and the Company’s subsidiaries was maintained at a high level throughout 2014. The Company’s accounts show a pre-tax turnover of 67.6 M€ (-22.1% on the previous year). Consolidated, the turnover was 270.7 M€ (+22.4 %). Considering a constant consolidation perimeter (excluding the acquisition of 50% of the British subsidiary ODE), the increase in consolidated annual turnover would have been +12.3%.

The consolidated turnover for 2014 is, once more, a new high record for the DORIS Group.

The year 2014 was an unusual one for the energy sector. The (Brent) oil price per barrel, averaged across the whole year, remained high (99 USD, lower by 8.8% when compared to 2013); the year was split into two periods: until August 2014, the price per barrel maintained a level above 100 USD (with a high at more than 115 USD in June); it then fell abruptly, notably from October 2014 to reach a level of 64 USD in December 2014, a drop of approximately 40% in four months. It should be noted that this fall continued at the start of 2015, with a lowest price reached in January 2015, below the symbolic level of 50 USD (an average of 47.7 USD in January 2015). The operators, who had already launched cost reduction measures during 2014, accelerated the process at the end of the accounting period: certain projects were suspended or delayed and others, quite simply, cancelled.

In this very specific set of circumstances, the DORIS Group experienced a sustained work load with a contrast in the effects on the head office compared to the subsidiaries: the head office work load reduced a great deal (in comparison with the previous year which, it should be emphasised, was a record). On the other hand, the subsidiaries increased their turnover during this accounting period; in total their activity made up 75% of the Group turnover, and this with a profitable result for every entity. This evolution over the long term is illustrated in the graphic below.

The head office of the Company has led large projects, mobilizing most of its teams executing FEEDs and Basic Engineering and/or Detailed Engineering projects with a high added value.

In parallel, a large number of studies, generally smaller in scale and highly technical, have been executed for concept selection studies or feasibility studies. These have drawn on the skills of a large proportion of very experienced engineers and specialists.

1 / ThE COmPAnY’S ACTIVITIES DURInG ThE PAST YEAR

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50

100

150

200

250

300

DORIS Engineering Revenues Subsidiaries Revenues Consolidated Revenues

Million Euros

DORIS Engineering Board of Directors meeting 11 June 2015

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BASIC ENGINEERING AND CONCEPtUAl StUDIES FOR OIl COMPANIES AND OtHER HYDROCARBON ClIENtSDORIS Engineering has continued to assist its oil company clients in the development of offshore hydrocarbon fields for both oil and gas.

Our Company has also carried out additional studies for the North Sea Edradour field for TOTAL in Great Britain in order to incorporate the Glenlivet field. This gas field is situated in 450 metres water depth 90 km North-West of Shetland, in the North Sea, only 17 km from Edradour. The objective of these studies has been to optimise the tie-in of Edradour and Glenlivet to the subsea section of the Laggan Tormore development. Note that the Laggan Tormore field was itself the subject of a FEED carried out by the Company in 2009.

DORIS also carried out the FEED and various optimisation studies for Zinia. Zinia is one of the developments of Pazflor, for TOTAL E&P Angola. Situated 150 km from the Angolan coast, Pazflor exploits four reservoirs in water depths from 600 to 1,200 m. The reservoirs consist of two types of oil with different characteristics which are treated at the surface on board the Pazflor FPSO. This FEED studied the modification of existing equipment to optimise the recovery from the new resources discovered in this additional development in Block 17. It should be underlined that DORIS has been involved in this key project from its conceptual phase. This project is also of particular significance because it was successfully carried out in consortium with the Company’s Angolan subsidiary DORIS Engenharia Angola Lda (DEAL) in order to respect the “Angolan Content” required by the local authorities.

Our Company has also carried out studies on the Block 15/06 (West Hub and East Hub) operated by ENI in Angola. The field is situated 130 km from the Angolan coast (near Soyo) in deep water with water depths reaching 1,500m. The East Hub section (Cabaça) was the subject of conceptual studies of subsea tie-backs of new reservoirs to the existing FPSO. For the West Hub (notably Mpungi and Vandumbu), the Company carried out optimisation studies on the subsea equipment required to recover oil for processing on the

N'Goma FPSO. This project mobilised a full team in Paris for the whole year to execute these projects for the Italian operator and will continue for a part of 2015.

DORIS intends to maintain its pre-eminence in the activity of basic engineering, the true heart of the business, because this allows the development of know-how and skills of the company’s teams and over the longer term to be integrated into these projects from the earliest stages. The Company can then follow through the life of these projects either in assisting the clients, or by working with contractors, taking responsibility for detailed engineering and procurement. This model, based on our unique know-how, continues to be exported through our subsidiaries with success.

In parallel, in basic engineering, DORIS has continued its collaboration within the ADC consortium which is composed of SONANGOL and DORIS. Three subjects studied in 2013 were completed in 2014: the abandonment of deepwater offshore fields, the collection of metocean data in real time and the collection of feedback experience from the monitoring of subsea pipelines.

From mid 2014, studies on three new subjects have been initiated, namely: the management of sand in the riser system during oil extraction, the management of naturally radioactive waste produced during hydrocarbon production, NORM management (“Naturally Occurring Radioactive Material management”) and lastly a study called “Standardization” for which the objective is the optimisation of the development of deepwater offshore fields.

The participants in these studies are BP, CHEVRON, ENI, EXXONMOBIL, PETROBRAS, TOTAL and, of course, SONANGOL.

These studies, selected by SONANGOL, allow DORIS to work on key subjects, and at the same time to deepen our footing in Angola in parallel with our subsidiary DEAL, and to collaborate with the best specialists within the principal world-leading international oil companies.

We note the increasing frequency of requests for our Company to step in at a very early stage alongside operators at the “conceptual” level, at the “pre-project” stage or for “feasibility studies”. This is notable in the following cases: FLNG strategic studies, where the clients wish to remain confidential, the pre-FEED of Bonaparte for GDF-SUEZ in Australia which has generated a need for personnel

General 3D view of Glenlivet field (TOTAL E&P UK - UK)

The N’Goma FPSO during construction phase survey (ENI Angola - Angola)

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to be sent to assist the client operating team, the ADC studies mentioned above and the project Falcão, detailed below, carried out by the Company for SONAGAS.

DORIS has effectively completed the FEED for Falcão on behalf of SONAGAS, the subsidiary which specializes in gas for the Angolan operator SONANGOL. ALNG (Angola Liquefied Natural Gas), a consortium led by CHEVRON, has developed a LNG plant near Soyo, in the north of Angola, for gas export. A part of the gas will be distributed locally via a plant. Falcão is the name of the gas distribution system (the GRDU – “Gas Reception and Distribution Unit”) for which SONAGAS is responsible, situated between the LNG plant and the gas distribution unit at Soyo. The objective of the study is to permit SONAGAS to determine the characteristics of the GRDU. This study followed two preliminary studies carried out in previous years for SONAGAS (DPG FEED in 2011 and GRDU FEED in 2011/2012) could lead onto other studies (FEED, Detailed) in the near future.

The DORIS process teams are capable of studying production equipment for fields producing several hundred thousand barrels per day, or the equivalent in gas. The Company has competence and references in this domain, having acquired a well-respected know-how for construction engineering and procurement of oilfield equipment. DORIS has established its position as a reference for the highly technical studies of HIPS (High Integrity Protection Systems), and continues with studies in this domain, notably those for TOTAL in Nigeria, in Myanmar and in Congo. The mastery of “flow assurance” is now solidly anchored within the technology portfolio of the Company and DORIS Engineering is globally recognised as an expert in this domain. The American subsidiary DORIS Inc is also recognised as a top level player in this domain.

The Company has also gained references “onshore” since its execution of the FEED for Timimoun in Algeria (the Timimoun project was carried out for the Groupement TIMIMOUN during 2009/2012) and in Peru (Block 67 project for PERENCO in 2011) and in Gabon (FEED for the redevelopment of the Coucal and Avocette fields 2012 – 2013). The Falcão study (see above) and the follow-on of the Yucal Placer project in Venezuela, which will be detailed later (§ Detailed Engineering) demonstrate the capacity of our teams to deliver studies of this type with high added value.

DEtAIlED ENGINEERINGIn parallel with its engineering work for oil company operators, DORIS carries out detailed engineering work for contractors or directly for operators.

The 2014 period is characterised by a strong growth in the number of detailed engineering projects thanks to which the Company had a high level of activity over the whole of this period.

Firstly, the Company has been working on the Yucal Placer project, mentioned above, carried out for YPERGAS, a JV operated by TOTAL’s subsidiary in Venezuela. This onshore gas field is 120 km southeast of Caracas. This complex field (high temperature, H2S and CO2) was discovered in 1948. Following the basic engineering executed in 2013, the Company completed the detailed engineering in mid 2014. This project is in its last phase with activities in follow-up of procurement being carried out by the American subsidiary DORIS Inc. under subcontract. The technical complexity of this project has

been amplified by the need to execute it in Caracas. At the start of the detailed engineering phase the project effectively moved to be carried out from the offices of INELECTRA/OTEPI subcontractor in Venezuela, a country which is now close to revolution. This project has now been stopped by the operator and DORIS has no personnel in the country.

Our Company executed the engineering of the modification of existing structures on OFON 2 in collaboration with PONTICELLI who held the EPCI contract from TOTAL in Nigeria. The objective of this project is to use the gas, which previously had been burnt, and to increase the production capacity of the field which has been operated since 1997 by TOTAL E&P Nigeria. This “brownfield” study work was started in 2012 and continued throughout 2014. The offshore operations have been a great success.

As mentioned in the introduction, the principal new contracts for the Company in the 2014 period consisted of detailed engineering studies, mainly for contractors.

Firstly, the detailed engineering for modules MO8A and MO6 under subcontract to DSME (DAEWOO Shipbuilding and Marine Engineering Co. Ltd.) for the Ichthys field operated by the Japanese company INPEX; the detailed description of these works is presented below (§Project Management/Turnkey Contracts). This project mobilised a large team during the whole of this reporting period and this will continue during the first quarter of 2015.

Secondly the Egina FPSO project, as subcontractor to the Korean shipyard SAMSUNG HEAVY INDUSTRIES (SHI) for TOTAL Upstream Nigeria. The Egina field is 200 miles from the Nigerian coast in a water depth of 1,550 m. The project consists of follow-up of the detailed design of the topsides. This occupies two teams, one based in Paris and the other in Lagos, integrated into the SHI teams.

In addition our company has carried out detailed engineering of the subsea integration of the N’Kossa field into the network NKF2, for TOTAL E&P Congo. NKF2 collects gas coming from the existing fields in Moho (Phase 1E) and future supplies (Phase 1Bis and Moho Nord). N’Kossa is 25 km from the Moho Bilondo FPU (Floating Platform Unit) and 50 km from the Djeno terminal. The Company has also assisted the client in following up the procurement of equipment necessary for the execution of this project. It should be

OFON 2 field 3D model of OFD1 platform (TOTAL E&P Nigeria/PONTICELLI – Nigeria)

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recalled that DORIS has participated, over a number of years, in all the TOTAL developments in Congo.

Finally, DORIS has carried out the detailed engineering of the modifications of the platforms on the Yadana field, as subcontractor to the Indonesian company PT GUNANUSA UTAMA FABRICATORS. Yadana is operated by TOTAL E & P Myanmar and is 60 km from the coast in a water depth of 45 m in a zone subject to significant seismic activity (Andaman Sea). Certain equipment, notably the bridges linking the different platforms, needed to be reviewed and subsequently strengthened to comply with the new seismic security criteria, taking into account the data observed during the most recent significant earthquake which occurred in 2011. It should be recalled that the Company has, in the past, carried out numerous complex studies for the operator, notably linked to subsidence phenomena.

PROjECt MANAGEMENt /tURNKEY CONtRACtSWithin the framework of the IPMS contract (Integrated Project Management Services) for the Ichthys project, where the contract is held by the Australian subsidiary DORIS Engineering Australia Proprietary (DEAP described below), since August 2011, the Mother-Company has continued to mobilize a complete project management team. This team has been assisting in the engineering and construction of two vessels: a CPF (Central Processing Facility) to lift the gas and condensate and an FPSO to process and store

the fluid hydrocarbons. Operated by the Japanese organisation

INPEX, this gas field is off the North West Australian coast, more than

800 km from Darwin. This giant project, for which initial investment

is estimated to exceed 30-35 billion dollars, foresees, in addition to

the construction of the two vessels, a 42” export pipeline of over

885 km to a land-based liquefaction plant (LNG) at Darwin with a

capacity of 8.4 million tonnes per year. The teams follow each phase of the construction of the vessels (end of the FEED in London, detailed engineering in Houston for one and in Kuala Lumpur for the other, followed by fabrication in Korean shipyards). During 2014 the teams were essentially based in Singapore and Korea.

The contract is held by a JV (50/50) between our Australian subsidiary DEAP and local partner CLOUGH; it has an initial value of250 MAUD (170M€) and a six year duration.

The Company also carried out follow-up work to a project management assistance contract for the Avant-Port de la Condamine for the client Service de Travaux Publics of the Principality of Monaco. After the initial risk analysis study on the maintenance of the ball joint of the jetty executed in 2013, DORIS has carried out a study producing budget estimates for the most important tasks to be carried out in 2014 and the cost of assistance to the entity managing the works.

The Company did not execute any turnkey contracts in 2014.

tECHNICAl ASSIStANCEDue to the high technical expertise of its engineers in a wide range of specialities, during the year the Company has seconded significant numbers of its engineers to its clients for specific projects. The specialities covered include process, rotating equipment, structures, procurement and project management.

The principal clients for these services in 2014 have been: TOTAL in France or abroad, PONTICELLI in Nigeria, GDF-SUEZ in France and of course INPEX for the Ichthys contract executed in JV by the Australian subsidiary DEAP and their local partner CLOUGH. The Company has also seconded personnel for the follow-up and local support on the contracts for which studies have been carried out at an earlier stage, as for example the Moho Nord FPU (Floating Production Unit) at the HYUNDAI HEAVY INDUSTRIES (HHI) yard in

The N’Kossa floating platform during marine operations (TOTAL E&P Congo - Congo)

3D view of the M8A Module of the Ichthys FPSO (INPEX/DSME - Australia)

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Korea, or at DSME for the Ichthys contract. This was also the case for the Egina contract carried out as subcontractor to SHI: one part of the team was mobilized to work with the SHI engineering team in Lagos, another part worked with the Melbourne-based Australian subcontractor (WORLEY PARSONS) and another group in the SHI Korean yard at Geoje.

RESEARCH AND DEvElOPMENtOur Company has continued to devote a significant part of its activity to research and development. This has been, from the outset, the key to DORIS’s profitability and its development.

This research can take different forms:

• Research and development for oil company operators, forexample works on an autonomous subsea installation;

• Workco-financedbyCITEPH(Concertationpourl’InnovationTechnologique dans l’Exploration et Production des Hydrocarbures). It is within the framework of this programme that DORIS participates in these works and/or co-finances them. New research subjects have been developed in 2014: vibrations of pipework induced by turbulent flow, aerodynamic coefficients for complex structures; “VIV Reynolds 2” or improvement of the understanding and predictive analytic tools for risers in vibration induced by vortices at high Reynolds numbers and, in addition, the fluid/structure interaction around a riser… DORIS has taken an active part in setting up the CITEPH, acting simultaneously as a partner and as a financier;

• Work onOffshoreWind Farms in water depths equal to orgreater than 50m;

• Finally,anumberofstrategicallyimportantworkswereentirelyself-financed, such as LNG terminals, the adaptation of new materials for use offshore, and different production systems for great water depths.

It should be noted that, wherever possible, these innovative concepts are protected by patents, sometimes in co-ownership with our clients or partners.

COAStAl ENGINEERINGOur Company has not carried out any coastal engineering studies in 2014.

DIvERSIFICAtIONEven though the majority of the Company’s activity is linked to offshore hydrocarbon developments, DORIS has established the value of its expertise in other sectors requiring the engineering and management of complex systems in difficult areas. This is the case for the contracts for onshore projects in Algeria, in Peru, in Gabon or in Venezuela and in Angola mentioned above (in remote locations and in the desert), with renewable energy (offshore wind turbines for several clients) as well as specific marine operations and equipment or on completely different subjects (as for example with studies for the CNES – Centre National des Etudes Spatiales) where new opportunities present themselves, thanks to the reputation of the Company.

Articulated Wind Column (AWC) model testing in OCÉANIDE facilities on behalf of MARINE ENGINEERING ENERGY SOLUTION (MEES)

and DORIS Engineering

Horne & Wren Platform, decommissioning and removal followed by ODE (TULLOW OIL - UK)

3D view of the Yombo field FPSO (PERENCO - Congo)

Representatives from DORIS Group

subsidiaries

3D view of the M06 Moduleof the Ichthys FPSO (INPEX/DSME - Australia)

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SUBSIDIARIES

ODE (100%)

On 7th March 2014 DORIS became 100% owner of ODE (United Kingdom) following the purchase of the shareholding held by SAIPEM in this company.

ODE has developed an important flow of work in the field of new energy sources, with several large projects for offshore wind farms, which today represent nearly 30% of its turnover. The company has a satellite in the Middle East (ODENA in Egypt).

In 2014 the activity of this subsidiary based in London, Great Yarmouth and in Cairo (Egypt) has decreased a little due to the slowdown of the engineering activities in London. This reduction in activity level was particularly related to the end of the FEED

for Solan, carried out initially as subcontractor to BURNTISLAND FABRICATIONS (BiFab), and then under direct contract from the operator PREMIER OIL. In contrast, the activity level of the Great Yarmouth office has remained at a high level thanks to multiyear contracts for RWE and E.ON, and for offshore wind farms with IBERDROLA.

SEA TANK CO (100%)

This company is reactivated from time to time, primarily in connection with service contracts.

DORIS DEVELOPMENT CANADA (100%)

DORIS Development Canada (DDC) was established in St. John’s, Newfoundland to meet the needs of the Hibernia contract. Following this project, DDC served as a support for DORIS’s participation via DORIS-CONPRO, in the Terra Nova contract. This subsidiary remains dormant but is ready to be reactivated in the event of the re-launch of projects in Canada.

DORIS-CONPRO (100%)

It is through this company structure, in liaison with DDC that DORIS will develop their activities in Newfoundland. This company has been made dormant; it will be reactivated in case of new local developments.

It will be recalled that DORIS became, directly and indirectly (via DDC), the 100% shareholder of DORIS-CONPRO at the beginning of 2012.

DORISAR (75%)

This Argentinian subsidiary has executed works for TOTAL Austral in the past, but is currently dormant.

DORIS Inc. (100%)

DORIS Inc. is a 100% DORIS-owned subsidiary, based in Houston to carry out project work alongside clients based in the United States. Created in 2000, DORIS Inc. is today an engineering company with a solid reputation with American clients, in particular CHEVRON, MAERSK, ADDAX, CONOCOPHILLIPS, COBALT, EXXONMOBIL and others such as PEMEX the Mexican operator.

It will be recalled that 2013 was a year of transition for DORIS Inc.: the Mother-Company installed an interim President during the major part of the year, before nominating a new President at the end of the year. It was also the year in which the company was restored to profitable activity after three loss-making years.

In 2014 DORIS Inc. achieved an excellent result. On the one hand thanks to ongoing work on contracts underway in the Gulf of Mexico, with projects in Mexico (PEMEX), in West Africa in Nigeria (CHEVRON) and in Cameroon (ADDAX). In addition, DORIS Inc. obtained the FEED for Malange, a field operated by CHEVRON in Angola. This very important project was carried out under subcontract from the Angolan subsidiary DEAL, the main contractor.

2 / SUBSIDIARIES, AffIlIATES, JOInT VEnTURES, nEw DEVElOPmEnTS

Disouq CPF – Engineering & construction support performed by ODENA( Egyptian ODE subsidiary) (DEA Egypt - Egypt)

Solan platform topsides installation with HEEREMA Thialf heavy lift vessel (PREMIER OIL - North Sea)

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This FEED, started in May 2014, created a strong increase in its activity level, notably in the 2nd half of the year. The work continues in the first half of 2015.

STAT MARINE (70%)

Since 2008, DORIS has held 70% of the STAT MARINE group, with its employees owning the balance. This group, based in Nîmes, Sandwich, Houston and Lagos, specialises in technical assistance (90% of turnover) and engineering (the balance) and totals more than 200 personnel.

DORIS ENGENHARIA LIMITADA (100%)

This Brazilian subsidiary was created in 2006 with the objective of developing the group’s engineering activities in Brazil. Initially it was held in JV with UNICONTROL. In 2011 DORIS bought the shares held by UNICONTROL and today holds 100% of the capital of DORIS Engenharia Ltda (DEL).

The year 2014 has seen several major events which more or less paralyzed the country: the large strikes which preceded the football World Cup in June – July; the presidential elections in October – November, with uncertainty to the very end, saw the re-election of Dilma Rousseff; and finally the corruption scandals which hit PETROBRAS at the highest level as well as most of the local contractors. Added to that there is a stall in growth in Brazil coupled to badly managed inflation.

In these extremely hostile circumstances the execution of the212 MUSD contract over seven years, with PETROBRAS, signed in 2010 for the engineering and construction follow-up of eight FPSOs for the “Pré-Sal”, has permitted DEL to maintain its activity level over the whole year, where its competitors have found themselves in difficulties. During 2014 this project is in the phase of detailed engineering and support for the construction at the shipyard.

In parallel DEL has developed a solid base-load of work, notably with the operators installed in Brazil: BG, REPSOL, TOTAL and STATOIL as well as with the local contractors: ODEBRECHT, OAS, UTC, QUEIROZ GALVÃO, ….

PT SINGGAR-DORIS (50%)

The company PT SINGGAR-DORIS (PTSD), co-owned with our Indonesian Partner PT SINGAR MULIA (PTSM) was made dormant on 31st December 2009. This is due to the lack of opportunities offered by clients based in Jakarta.

DORIS ENGINEERING AUSTRALIA PTY LIMITED (100%)

DORIS Engineering Australia Pty Ltd (DEAP) was created in 2011 to hold the contract IPMS (Integrated Project Management Services detailed above) for the Ichthys project for INPEX in Australia. DEAP is co-holder (in 50/ 50 JV) alongside the Australian company CLOUGH of the IPMS contract which has an initial value of250 MAUD over its six year duration. This subsidiary could in the future become involved in new projects in Australia.

AFFIlIAtES

OCÉANIDE (37.5%)

This company, initially created to work on coastal engineering problems, is also the operator of Basin de Génie Océanique First. Through this role OCÉANIDE participates in the testing of numerous prototype structures destined for the “deep offshore”.

DORIS is the principal shareholder of OCÉANIDE with 37.5% of the equity alongside the other shareholders TECHNIP, DAHER and the Principality of Monaco and is the operator of the company.

GÉODYNAMIQUE ET STRUCTURE (48.8%)

DORIS holds 48.8% of this engineering company which specialises in soil mechanics, in particular problems related to seismic phenomena, and nuclear engineering.

This company has been DORIS’s long-term partner for work where these phenomena affect the structures that DORIS designs. This has been the case with concrete structures for LNG projects, offshore wind turbines and harbour structures.

3D view of the Presalt FPSO’s compression module M01 designed by DEL (Brazil)

3D view of the Presalt FPSOs compression module M04 designed by DEL (Brazil)

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DORIS ENGENHARIA ANGOLA LIMITADA (49%)

DORIS Engenharia Angola Limitada (DEAL), acquired in 2008, serves as a vehicle for several members of the group (DORIS Engineering, DORIS Inc. and STAT) to carry out work in Angola.

Historically active in the provision of technical assistance, DEAL has developed its own engineering activities: since 2011 DEAL has executed in Luanda a five year contract for TOTAL E&P Angola (“jumpers” for Pazflor). Since 2013 the engineering activity has developed strongly as DEAL represents the “local content” part of several important projects developed in cooperation with different companies of the group. Angolan engineers recruited locally are sent to the head office (Paris) or in other subsidiaries (Houston) in order to gain induction to working practices and training. Once they are trained in the company methods they execute engineering work locally under supervision and management of staff expatriated by the Mother-Company.

Using these methods DEAL has won several major projects in Angola in 2014, notably the Malange project for CHEVRON, subcontracting a part to DORIS Inc. in Houston. DEAL has also signed a frame agreement with CHEVRON to execute engineering on Blocks 0 and 14. Elsewhere, in technical assistance, DEAL has built up a significant level of business with ENI for the supply of personnel through a PMS (Project Management Services) type of contract. DEAL is also active with local operators and notably with SONANGOL P&P and SONAGAS.

However, the commercial success of DEAL is penalized by the difficulty in operating in a country like Angola: control of currency exchange by the central bank, risk of depreciation on the currency of payment (Kwanza), establishment of new taxes (notably unannounced increase on withholding tax levels). Taking into account these operating problems the Angolan affiliate executeda year with a balanced result.

VIA MARINA (16.7%)

DORIS, holds 16.7% of this company equally with its partners VINCI Construction Grands Projects (VCGP) and GEOCEAN. The balance of the capital (49.9%) is held by four individuals via the company BBLM.

This company has been created to execute engineering works for the transport of fresh water by flexible subsea pipelines. A contract was executed for EDF in France during 2014 and negotiations are still underway with the Public Works Ministry of Chile.

jOINt vENtUREADC (Angolan Deepwater Consortium)

This association, which links the national Angolan oil company (SONANGOL) and DORIS, aims to develop concepts that are suited to Angolan conditions and to encourage sustainable developments supporting the growth of national industry. Three new subjects will be studied in 2015, these are: the management of sand in the riser system during oil extraction, the management of naturally radioactive waste produced during hydrocarbon production, NORM management (Naturally Occurring Radioactive Material Management) and lastly a study called “Standardization” for which the objective is the optimisation of the development of deepwater offshore fields.

These studies are carried out for the Angolan operators: BP, CHEVRON, ENI, EXXONMOBIL, PETROBRAS, TOTAL and, of course, SONANGOL; it should be noted that this has been going on since 2001. It should also be noted that CONOCOPHILLIPS has expressed the wish to join ADC.

NEw DEvElOPMENtSDORIS has not created any new subsidiaries during the last three accounting periods.

CLOV well jumper PJ 1011 during installation phase supervisedby DEAL Engineers (TOTAL E&P Angola - Angola)

Malange field 3D view (CABGOC - Angola)

The Moho Nord FPU during construction at Ulsan yard (Korea) (TOTAL/HHI - Congo)

Moho Nord TLP topsides installation by HYUNDAI HD-10000 heavy lift vessel on HHI’s yardin Ulsan (Korea) (TOTAL/HHI - Congo)

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3 / fUTURE OUTlOOkThe year 2015 has all the characteristics of a complicated year for the whole economy and particularly for the energy sector, which until recently had avoided most problems. After a record annual high of 115.6 USD on 19th June 2014 the oil price per barrel (Brent) sank by 61% over seven months to reach a low of 45.2 USD on 13th January 2015. Since the beginning of the year the price of the barrel has oscillated between 50 and 60 USD. Analysts forecast that the price will remain at a low level (with respect to the last few years when the price has almost each year broken historic records) for an extended period. Some of them anticipate a fall to around 40 USD.

Several macro-economic factors corroborate this evaluation: supply exceeds demand, there is a reduction in economic growth in Asia and a massive increase in production from America, notably in hydrocarbons from shale... The macro-economic analysis is reinforced by the reading of the geopolitical situation of this, the primary industry in the world: the refusal of OPEC members, led by Saudi Arabia, to reduce their production quotas to counterbalance the increase in production from America, the application of pressure on Russia in problems with the Ukrainian crisis...

To these macroeconomic factors are added local phenomena which amplify the risks to the development of the Company: the appropriation of decision-making power by the NOCs (National Oil Companies) from the IOCs (International Oil Companies), observed over the last years. Projects are often delayed, blocked or cancelled by national decision-making bodies (Nigeria, Angola, Brazil ...) without forgetting the additional costs coming from the inevitable requirement for “local content”, occurring in a context of downward pressure on prices.

In this context, the year 2015 could be seen as very difficult for the Company and its subsidiaries, after three record years. As mentioned in the introduction certain projects have been delayed and others, quite simply cancelled.

It is therefore necessary to analyse the outlook for the DORIS Group taking into account the projects in hand and the order book for each of the entities in the group.

The order book for the head office DORIS Engineering was boosted at the very start of 2015 by an important contract with a four year duration (detailed below in section § Important Events after the Closing of the Accounts); this brought a medium term clarity of view into this uncertain period. This contract, to be executed in Paris and in Angola, also helps the local subsidiary (DEAL) to be confident of a part of its work load over the same duration.

In addition, certain subsidiaries have multiyear contracts; this is the case for DEAP in Australia for the Ichthys contract and DEL in Brazil for the contract of the “Replicantes” for PETROBRAS, who also therefore have a well-filled order book. It should also be noted that DEL in Brazil benefits from its strength and reputation to sign up new contracts, where its more fragile competitors are currently not able to execute these contracts.

On the other hand, the outlook is less encouraging in other geographic areas. DORIS Inc. in the USA concentrates its commercial efforts in the Gulf of Mexico but the projects are slow to be launched. The engineering teams in ODE, London suffer from the shortage of North Sea projects; the base load of its activity is supported by the multiyear contracts based in Great Yarmouth.

Lastly the organisation dedicated to provision of technical support, STAT, will execute the 2015 period with the extension of the previous year’s works but the outlook in the medium term is much more pessimistic; the operators are making cost reductions and certain projects have been stopped. This heavy readjustment risks to cut more adjustable variable costs, such as the spending with service providers such as STAT.

The recognised expertise of DORIS, its portfolio of innovative products, the broadening of its spectrum of activities (notably onshore), its presence on five continents, its prudent management and its flexible and independent structure, should allow the Company to overcome the problems presented during this next uncertain period.

DORIS booth at the Offshore Technology Conference in Houston, May 2015

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4 / ImPORTAnT EVEnTS AfTER ThE ClOSInGOf ThE ACCOUnTS

A. As mentioned above in § Future Outlook, DORIS Engineering (and its Angolan subsidiary DEAL) have signed an important contract at the beginning of February 2015: the Dalia Debottlenecking project (DBN). This brownfield engineering project on the Dalia FPSO operated by TOTAL E&P Angola consists of a complete set of services: a FEED, followed by detailed engineering then procurement services. This project, with a duration of four years (of which approximately two on the engineering phase), gives DORIS a certain visibility of the future in this period of uncertainty for all the profession. It should be noted that the number of prospects for engineering companies is currently relatively limited.

B. The project DBN provides activity for the Angolan subsidiary, following 2014, a very busy year, particularly with the Malange project for CHEVRON. It is to be noted that the Angolan subsidiary DEAL has had significant commercial success, following its first success in engineering and the resulting positive feedback from its Clients concerning the local content achieved (notably TOTAL and SUBSEA 7). DEAL has become a significant actor in the Angolan market and replies to all the CHEVRON tenders (via a frame agreement), TOTAL of course, HEEREMA (as subcontractor for the installation engineering), ENI (in engineering for technical assistance for which a PMS contract is underway). DEAL also frequently has direct contact with SONANGOL and SONAGAS. DEAL is an important contributor for the DORIS Group in bringing business.

Nevertheless this good news is tempered by the risks inherent in this difficult country: delays to projects, permanent fiscal risks, difficulties in paying suppliers outside the country which are linked to the exchange rate controls which have become tougher again this year, local payments in Angolan Kwanza with a risk of depreciation.

C. For the Brazilian subsidiary (DEL), the phases of technical assistance for the detailed engineering, completed by construction assistance to the shipyard, will continue in 2015. The contract for PETROBRAS has now reached the “plateau”. It is important to note that the current phases of this highly important contract are reimbursable over the three years remaining to run (ending in 2018) on this seven year contract (212 MUSD in total). This contract has a very strong local content. It is to be noted that in a Brazilian atmosphere which is very subdued (growth slowed down, government weakened by the crisis in the giant PETROBRAS, restructuring of the whole management of PETROBRAS, principal operator in the country), the Brazilian subsidiary has held its position very well and, as in 2014, will make a positive contribution to the Group’s results in 2015.

D. The IPMS contract, dedicated to the project Ichthys and held by DEAP which remained on “plateau” for two years (2013 and 2014), will start to wind down. The main part of the project has now moved to Korea at the shipyards of SHI and DSME for the construction phase of the two vessels. This project, with an initial value of 250 MAUD over six years, mobilizes teams from the whole Group: DORIS Engineering, DORIS Inc., ODE as well as the STAT group and contributes significantly to the results of the Group.

E. As mentioned above the prospects for the American subsidiary DORIS Inc. (in Houston) and in England for ODE (London and Great Yarmouth, now held 100% by DORIS) are more mixed. Their respective markets are particularly competitive and are weakened by the current circumstances. The year 2015 will be a year of consolidation characterised by restructuring of the teams and searches for new opportunities in their respective markets.

F. In this difficult international context, difficult for both oil companies and their supporting contracting infrastructure, the Company will continue to invest (notably Research and Development using working capital) and search outside its current working regions to find new potential markets in promising areas, for example in the Middle East or East Africa (Mozambique).

Clipper South Platform, asset management performed by ODE (DEA - UK)

DORIS Engineering58 A, rue du Dessous des Berges - 75013 PARIS - France

Phone: +33 1 44 06 10 00 - Fax: +33 1 45 70 87 38www.doris-engineering.com