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DOF Subsea Group Q1 2019 Highlights

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DOF Subsea Group Q1 2019 Highlights Quarterly Presentation Q1 2019 DOF Subsea Group Q1 2019 highlights • The operating revenue for the quarter was NOK 1 103 million1), EBITDA was NOK 365 million1) and overall vessel utilisation was 67% As a result of the continued challenging market situation, the Group have experienced that • The joint venture with TechnipFMC took delivery of regular rollover (or refinancing) of existing loan the newbuild Skandi Olinda and the vessel facilities is very challenging. This new situation is commenced the 8-year contract with Petrobras. likely to result in the Group being in breach of its The delivery of Skandi Olinda marks the successful financial covenants in the near future and the conclusion of the JV’s and DOF Subsea Group’s Group being unable to repay (or rollover) certain of its existing loans when they fall due. The newbuild program management will commence a dialogue with the • Geoholm and Skandi Neptune have mobilised on involved parties and believes it is possible to reach agreements to solve the expected new contracts in the Red Sea and Guyana challenging situation for the Group, although no respectively assurance can be given that the Group will be • A continuing weak market has increased the successful in this respect. The effects of such breach is further described in note 6 Net interest- liquidity risk for the Group bearing debt to the quarterly accounts. • Increased refinancing and financial risk 1) Note: Figures according to management reporting DOF Subsea 2 DOF Subsea Group at a glance 2005 NOK 1.1bn1) NOK 14.7bn 1 1702) DOF Subsea Revenues Firm backlog Subsea employees established Q1’19 Q1’19 worldwide Q1’19 Integrated Modern 273) 73 Supplier of subsea State-of-the-art Subsea vessels ROVs offshore services asset base 1) Note: According to management reporting DOF Subsea 2) Note: Excluding marine crew 3) Note: Including chartered-in vessels Harvey Deep-Sea, Harvey Subsea, Skandi Chieftain and Skandi Darwin 3 Global footprint Bergen 3 259 Aberdeen NORTH AMERICA St John’s 10 331 Houston ATLANTIC Manila Brunei Kuala Lumpur Singapore Jakarta Luanda Darwin Macaé Rio de Janeiro 5 206 BRAZIL Perth Buenos ASIA PACIFIC Melbourne Aires 9 374 Local operating model ensuring on-the-ground responsiveness towards clients’ needs 1) Note: Number of employees as at end of Q1’19 (excluding marine crew). DOF Subsea 2) Note: Vessels in operation as at end of Q1’19, including 4 chartered-in vessels (excluding newbuild under construction). 4 More than a decade of structural growth and consolidation DOF Subsea established following the Development in number of DOF Subsea Employees1) acquisition of Geoconsult. The Company was 1858 listed second half 2005. 1667 2005 1566 1492 First Reserve acquires 49% of DOF Subsea, 1354 1311 1246 1278 which in the following is delisted from the Oslo 1214 1170 2008 Stock Exchange 1014 897 Large and global organisation following multiple acquisitions from 2005-2010 553 563 Covus Subsea Century Subsea 2010 SWG Offshore CSL SEMAR 337 Awarded four PLSV long-term contracts in joint venture with TechnipFMC 2013 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q1 2019 Expanding organisation on the back of several Development in number of vessels in operation2) large contract awards. Number of employees 27 27 27 and vessels peaking at 1 858 and 27, 26 25 25 2014 respectively 24 24 21 21 Focus on consolidation and streamlining of business operations to improve efficiency and 18 16 competitiveness in weak market 2016 13 11 11 Delivery of two newbuilds entering into long-term contracts and commencement of two long-term 2017 IMR contracts Delivery of one JV newbuild entering into long- term contract and award of several long-term contracts within both business segments and start 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q1 2018 rebuilding the organization Owned vessels Chartered-in vessels Total 2019 1) Note: Marine crew not included DOF Subsea 2) Note: Newbuild not included 3) Note: Period-end numbers 5 Key financials1) Revenue EBITDA2) Firm backlog NOK million NOK million EBITDA margin NOK billion 8 000 2 500 40% 25 7 000 35% 2 000 20 6 000 30% 5 000 25% 1 500 15 4 000 20% 10 1 000 3 000 15% 2 000 10% 5 500 1 000 5% - - - 0% 2012 2013 2014 2015 2016 2017 2018 Q1 2012 2013 2014 2015 2016 2017 2018 LTM 2012 2013 2014 2015 2016 2017 2018 LTM 2019 1) Note: Figures according to management reporting DOF Subsea 2) Note: EBITDA excl. profit from sale of non-current assets 6 Segment highlights Two business segments DOF Subsea Group Subsea / IMR Projects Long-term Chartering1) Framework Engineering Opex Long-term Vessel Capex agreements capabilities spending charters capabilities spending Revenues Q1’192) EBITDA Q1’193) Firm backlog4) Revenues Q1’192) EBITDA Q1’193) Firm backlog4) NOK 662 million NOK 38 million NOK 3.9bn NOK 441 million NOK 328 million NOK 10.7bn ~6% margin ~74% margin 1 170 Employees 18 vessels in 9 vessels in No newbuilds Q1’19 operation5) Q1’19 operation Q1’19 as of Q1’19 1) Note: Long-term Chartering comprises 7 PLSVs in operation, plus Skandi Acergy and Skandi Patagonia 4) Note: Firm backlog as at end of Q1’19 DOF Subsea 2) Note: According to management reporting 5) Note: Including 3 chartered-in vessels 3) Note: According to management reporting 8 Subsea/IMR Projects Numerous projects completed and ongoing 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 unrivalled 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 Selected IMR projects – Last 5 years Selected Mooring projects – Last 5 years Petrobras DSV Contract (2018-2021) Egina FPSO Hook-up (2018) Petrobras RSV Contract (2018-2020) Lam Son Mooring Replacement (2017) ENI Angola IMR Contract (2017-2019) Bergading FPSO Pre-Tensioning (2017) Husky Energy IMR Contract (2017-2027) Yinson OCTP FPSO Field Dev. (2016-2017) Shell Prelude IMR Contract (2017-2022) Bongkot Mooring Replacement PTTEP (2017) Goliat Field Support ENI (2016) Raroa Mooring OMV (2016-2017) Chevron Gorgon IMR Contract (2015-2019) Gina Krog TMRS Teekay (2016) Shell Malampaya IMR Contract (2014-2021) Catcher Mooring Installation BWO (2016) ConocoPhillips ROV Services (2012 and onwards) Goliat FPSO Marine Installation ENI (2011-2015) ROV Support Vessel Petrobras (2011 and onwards) Lam Son Mooring Installation PTSC (2014) DOF Subsea 9 Long-term Chartering DOF Subsea provides state-of-the-art vessels to leading players Skandi Acergy Skandi Acu Skandi Africa 9 No NOK 10.7bn vessels in contracted firm backlog operation newbuild per Q1’19 Construction Construction & pipe Construction & pipe support vessel laying vessel laying vessel High-end vessels operating advanced Skandi Niteroi Skandi Patagonia Skandi Vitoria Operations subsea projects for third party EPCI contractors Contracts Strong long-term contract coverage Construction & pipe Dive support Construction & pipe laying vessel vessel laying vessel Skandi Buzios Skandi Recife Skandi Olinda Remuneration Day-rate based Selected clients Construction & pipe Construction & pipe Construction & pipe laying vessel laying vessel laying vessel DOF Subsea 10 Selected long-term contracts Feb 2019 • Long-term contract with Petrobras • Long-term FLNG IMR contract • 8 years + 8 years options Sep 2018 awarded in Australia with • Vessel owned in joint venture Shell with TechnipFMC • 5 years + 4 years options • Built in Brazil with 300t VLS Skandi Olinda • IMR scope comprising project management, engineering, logistics, vessel and ROV Aug 2018 services • Utilising Skandi Darwin Skandi Achiever Jun 2018 • Long-term contract with Petrobras Skandi Salvador • 8 years + 8 years options • Vessel owned in joint venture with TechnipFMC Nov 2017 • Built in Brazil with 300t VLS Skandi Recife • Long-term DSV contract with Petrobras • 3 years + 2 years options • ROV and diving services • Long-term contract with Prelude FLNG • Partnered up with diving Petrobras in Brazil partner in Brazil • Vessel and ROV services DOF Subsea 11 1st quarter 2019 Quarterly performance1) 2 500 40% 35% 2 000 30% 25% 1 500 20% 1 000 NOK million 15% EBITDAmargin 10% 500 5% 0 0% Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Operating revenue EBITDA EBITDA margin NOK million Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Operating revenue 1 656 1 962 1 991 1 642 1 406 1 660 1 232 1 128 982 1 199 1 093 1 275 1 053 1 203 1 184 1 166 1 103 EBITDA 458 515 553 516 456 510 447 320 279 400 332 402 310 372 376 342 365 EBITDA margin 27,7 % 26,2 % 27,8 % 31,4 % 32,4 % 30,7 % 36,3 % 28,4 % 28,4 % 33,4 % 30,4 % 31,5 % 29,4 % 30,9 % 31,8 % 29,3 % 33,1 % Current assets 3 414 3 414 3 674 3 752 2 900 3 010 2 742 2 483 2 808 2 595 2 501 2 607 2 399 2 474 2 320 2 532 2 317 Non-current assets 16 726 16 578 16 447 16 818 17 652 18 206 18 514 18 043 18 087 18 428 17 926 17 829 16 881 17 684 17 523 17 818 18 840 Total assets 20 140 19 992 20 121 20 570 20 552 21 216 21 256 20 526 20 896 21 023 20 427 20 436 19 280 20 158 19 843 20 350 21 156 Current liabilities 4 139 4 577 4 492 3 650 2 991 3 022 2 645 2 478 2
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