Capital Markets Day 31st of May

DOF Group Brazil

Index
DOF ASA 2
III. Challenges in Brazil
IV. Present/Future outlook
II. Brazilian Offshore Market
I. DOF in Brazil
DOF Group Brazil
DOF ASA
Group structure in Brazil...
DOF ASA 4
Skandi Leblon
Skandi Salvador
SK Niteri/SK Vittria
Skandi Rio
5 PSVs
10 AHTSs
7 CSVs/RSVs
2 PLSV
High end offshore solutions
DOF Brazil
DOF Subsea Brasil
290 employees
99,3% local labour
Norskan
922 employees
98% local labour
4 NEWBUILDS
(AHTSs)
Skandi Iguau
Strategically located to support BR offshore market ...
DOF ASA 5
Macae base
Rio de Janeiro
office
DOF ASA 6
Experienced
and qualified
management
team and
employees
Experienced
and committed
founding
shareholders
Long-term
relationship
with shipyards
and suppliers
Access to
attractive long-
term financing
Long-term
contract
coverage with
first class
clients
Strong Brazilian
local presence
Large and
diversified state
of the art fleet
Leading
position in
Offshore
Subsea and
Support Vessels
Skandi Rio Skandi Salvador ROV launching
Providing support, construction vessels, offshore and subsea support services to the Brazilian offshore
oil and gas industry
A leading operator in the region...
With a state-of-art fleet...
SKANDI
IGUAU/AMAZONAS

Largest AHTS ordered
in Brazil.
Customized to meet
the extreme
requirements
demanded by Pre-Salt
Environmentally
friendly
SKANDI
NITERI/VITRIA

The first 2 PLSVs built
in Brazil.
JV with Technip
Both in a long-term
contract with Petrobras
SKANDI SALVADOR

The first CSV built in
Brazil.
Support Chevron to
develop Frade field
Main task: x-mas tree
installation
SKANDI SANTOS

In long-term contract
with Petrobras
Scope of work x-tree
installation
Petrobras ranks SK
Santos as the best
vessel in their
subsea fleet
DOF ASA 7
Unique solutions for offshore subsea market
DOF ASA 8
Capacity to delivery full package solutions
for subsea operations.
Provides specialized survey, subsea
construction and inspection repair and
maintenance (IRM)
Flexible fleet of modern subsea
construction and survey vessels.
Vessel Fleet equipped with high
technology equipment (AHC Cranes, AHC
winchs, high end ROV fleet and Survey
equipment) to meet increasing deepwater
challenges in Brazilian market.
Strong expertise on delivering ROV and
survey services during anchor-handling
operations.
12 Work Class ROVs (4 to come), 4
Observation ROVs, full spread of survey
equipment, 7 vessels from DOF Subsea
fleet currently operating in Brazil.


Skandi Salvador: Chevron Brasil
Vessel Spread support all offshore Installation and IMR activities to
expand and maintain the subsea field
Project : FRADE
Water depth: 1,300m
Contract Term: 3+1+1 year
Survey
Tree Installation and Intervention
J umper & FLs Installation
Routine Inspection and Maintenance
DOF ASA 9
Contract coverage
FIRM CONTRACTS UNDER CONSTRUCTION OPTIONAL PERIOD DOF SUPPLY DOF SUBSEA
NORSKAN
Focus on long-term relationship with clients and suppliers...
DOF ASA 10
Key E&P Clients
Key Subsea Engineering Clients
Key Suppliers
Brazilian offshore
market
DOF ASA
Brazil is a booming upstream market...
DOF ASA 12
Growth particularly in deep-and ultra-deepwater

Target of 6.000 bpd by 2020 vs. 2.200 bpd today

OSV demand is expected undertake an
expressive growth until 2020. The current fleet in
Brazil of 433 vessels (176 Brazilian flagged and
257 foreign flagged).

Petrobras has announced the construction of146
new vessels (Prorefam/PB OSV Renovation fleet
program 2008-2014).

Demand excludes pre-salt needs. Other
estimates say there will be a 200-vessel demand
within the next 10 years

Strong strategic commitment by Brazilian
government and Petrobras to ensure high
Brazilian content. (priority to BR flagged vessels)

OSV demand shifting towards larger and more
sophisticated vessels

DOF ASA 13
Pre-salt depths demand more sophisticated OSVs...
Pre-salt oil reservoirs are located in water depths as deep as 7,000 meters
2.629m
1977
1.825m
1983
3.318m
1988
2.930m
1992 3.230m
1994
3.167m
1997
3.759m
1999
4.343m
2003
7.000m
2007
Santos Basin (Tupi)
1.000m
2.000m
3.000m
4.000m
5.000m
6.000m
7.000m
7
0
9
m

Enchova Marimb Marlim Marlim
Sul
Marlim
Sul
Roncador Roncador Tupi
Technological challenges
Distance: approximately 300km
from the coast. Pre-salt reservoir
measures 800km in length and
200km in width

Depth: long path to cover to
reach the oil. It is necessary to
go through 2 km of water and to
drill through 1 km of pre-salt
layer rocks

Thickness: it is also necessary to
drill through 2 km of salt
High impact on specification
of vessels (type, size, speed)
as well as shift to floating
production system
Harsh conditions demand a greater number of technologically-advanced and larger offshore support vessels
DOF ASA 14
Petrobras E&P
Investments in bi US$
(2011-2015)
Pre-salt Post-salt
Petrobras is the top investment source...
3 main offshore basins in Brazil:
Santos, Campos and Espirito Santo
So
Paulo Rio de
J aneiro
Espirito
Santo
64,3 bi
USD
53,4 bi
USD
Source: Petrobras Business plan 2011-2015
DOF ASA 15
76; 90
%
8; 10 %
Production phase
30; 81
%
7; 19 %
Development phase
121; 67
%
59; 33
%
Exploration phase
IOCs are increasing their roles in E&P activities...
IOCs Petrobras
TOP 8 non-Petrobras operators
Source: ANP statistic review/end of 2010
IOCs own 8
blocks in
production
phase
IOCs own 7
blocks in
development
phase
IOCs own 59
blocks in
exploration
phase
Overview of the Brazilian fleet
59 %
41 %
BRA OSV fleet
Foreign flag (257)
BRA flag (176)
44%
25%
13%
6%
5%
3%
2%
1%
1%
PSV
AHTS
LH/SV
DSV/RSV
CREW/FSV
PLSV
ORSV
WSV
MPSV
0% 10% 20% 30% 40% 50%
BRA OSV fleet sorted by
vessel type
DOF ASA 16
Source: ABEAM 2012
DOF ASA 17
0 10 20 30 40 50 60
EDISON CHOUEST/BRAM
ASTROMARTIMA
BRAZBUNKER/S MIGUEL
NORSKAN / DOF
MAERSK
MAR ALTA
BOURBON
CBO
SEACOR
W.SONS
FARSTAD
BRA FLAG FOREIGN FLAG
Top 4 in the brazilian market
Source: ABEAM 2012
Challenges
DOF ASA
Regulation reinforces protectionist rules...
DOF ASA 19
25%
42%
28%
39%
79%
86%
74%
69%
79%
27%
48%
40%
54%
86%
89%
81%
77%
84%
1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th
Exploration Phase Development Phase
ANP (National Agency for Oil and Biofuels) bidding rounds
Source: ANP
Note: 8
th
ANP bidding round auction is still under discussion
Special Brazilian Regime (REB) Local Content Requirement Circularization (Res. 192/04)
Circularization gives priority to
Brazilian-flagged vessels over foreign
vessels
Foreign vessels operating in Brazil
need to undergo circularization
each year, where contracts will be
taken over by Brazilian-flagged
vessels if available
For each vessel ton built in Brazil by a Brazilian
shipping company, 0.5x additional tons are
allowed to be imported, with the privilege of a
Brazilian flag (ex. Skandi YARE)
For each vessel ton under construction, twice the
vessel tonnage of the same type is temporarily
allowed to be imported with the privilege of a
Brazilian flag
Fleet in Operation
The Brazilian government is committed to developing Brazil through local content and
instituting favorable policies for those who commit to the countrys growth
Obs. ANP has been very strict to
ensure high levels of local
content with alloperators


DOF ASA 20
Industry framework...
Cost in Brazil (hot market)
Lack of personnel
Lack of reliable
suppliers/spare
parts/quality
Shipyards for
repair/docking
Contract
structure...
Long term contracts
(typical 5 +5 year)
Risk of penalties
Others
Cultural differences
Complex tax regime
Bureuacracy
Incipient spot market
Challenging environment...
Present/Future
outlook
DOF ASA
DOF ASA 22
We are positioned to capitalize BR opportunities...
High Growth Brazilian Oil & Gas Market
Offshore Supply Vessel Shortage
Need for a High Tech Fleet
Key Regulation in the Brazilian Sector
Leading position in offshore subsea and
support vessels
Long-term relationship with shipyards and
suppliers
Large and Diversified
State-of-the-art Fleet
Strong Brazilian local presence
With competitive advantages
DOF ASA 23
One of the youngest fleets
in the industry
Unique best-in-class Brazilian-
flagged vessels
One of the largest tonnage
capacities in the Brazilian offshore
industry to benefit from REB
regime
Capacity to import 6 to 8
additional high-end vessels
(through REB)
Providing services to a large
number of highly-active clients
Strong Brazilian local presence
Working on 7 focus points...
Safety
Improve safety awareness
Company
culture
Ensure key elements of company culture in order to
promote loyalty and ensure low turnover
Leader
Ensure right quality of leaders in all positions offshore
and onshore
Project
oriented
Implement a project oriented structure to ensure
control of contractual deliveries
Synergy
Take advantage of all possible synergies between the
two companies
Group align
Align operation and procedures to rest of group to
ensure DOF group standardization
Result
orient
Find smarter ways to work and ensure high focus on
maximizing earnings and keeping cost within budget
DOF ASA 24
Safety
Culture
Company
culture
Leadership
Project
oriented
Max
synergies
Group
alignment
Result
oriented
DOF Brazil key targets....
Strong focus on International Oil
Companies
Develop subsea engineering
capabilities
Increase presence in survey
services
Consolidate position in anchor-
handling (vessel+ROV+Survey)
services in order to meet Pre-sal
requiments

DOF ASA 25
DOF ASA 26
Pre-salt will have high impact on specification of vessels (type, size and speed)
driving up the demand for OSV. Deepwater subsea projects will bring
significant technological and logistic challenges.

11th ANP round is expected to bid 174 new O&G blocks from which 87 are
located offshore.

The main player in the Non-Petrobras market is OGX which had in 2011 6
drilling rigs and 11 OSV under term charter. Other main players are Shell, BP
and Statoil. Sonangol and Repsol are expected to undertake a major growth in
the next years.

Several tenders out from Petrobras, OGX and other IOCs.


Opportunities
Thank you