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DOF Subsea ASA Company Structure

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DOF Subsea ASA Company Structure CAPITAL MARKET DAY DOF Subsea ASA CEO Mons S. Aase October 19th 2007 Agenda 1. Overview of DOF Subsea ASA 2. Highlights 1st half year 2007 1 DOF Subsea ASA Company Structure DOF Subsea ASA DOF Subsea DOF Subsea Dof subsea Shipowning DOF Subsea Century UK AKOFS (25%) Brasil UK Norway AS Companies Singapore RESCOM - DOF Subsea CSL DOF (50%) Asia/Pacific Century Century US DOF Subsea CAN DOF Subsea Angola Australia Company history Geoconsult AS founded 1979 Established 50/50 Joint Venture in Brunei DOF ASA acquired Geoconsult AS in May August 2006 2005 and Acquired 50% of engineering company established Geo ASA SEMAR AS in Private placement of shares of NOK 715 mill January 2007 in June 2005 Offered to acquire all outstanding shares in Listed on Oslo Stock Exchange in November DOFCON ASA 2005 January 2007 Acquired Century Subsea Ltd in November Acquisition of Skandi Achiever February 2005 2007 Established Geo Subsea in November 2005 Establishment of Aker Oilfield Services Directed share issue of NOK 276,5 mill in March 2007 January 2006 Name change to DOF Subsea ASA March Acquired Covus Corp. in February 2006 2007 (merged with Geo Subsea) Acquisition of CSL Set up Geo do Brazil in May 2006 Merger of Management company with DOF Management AS 2 DOF Subsea Group Assets DOF Subsea Group Assets 2007 Total DOF Subsea Vessels Geofjord, Geosea, Geobay, Geosund, Geoholm, Geosounder, Geo Challenger, Skandi Bergen, Geo Brasil (Aker ROV06) , Geograph, Skandi Inspector,Skandi 16 Carla, Skandi Patagonia, Skandi Singapore DSV06 (FMV - Geo Subsea), Skandi Achiever (DSV06), Geocat (nearshore) DOFCON Vessels Aker OSCV 03 (1), Aker OSCV 03 (2), Aker OSCV 06 (1), Aker OSCV 06 (2), Aker OSCV 06L (1), Aker OSCV 06L (2), Aker OSCV06L (3), 7 Total number of vessels 23 ROVs XL14 - XL37- T12, UHD 1,2, 3, 4 - XLS 11,12, 16, 18, 23, 31, 32 - XLX 5, 6, 7, 8 - MRV4 - Scorpion - T1 Tiger Comanche - Mohican x 2 25 AUV 1 Diving Spreads Air diving 9 Saturation diving 2 Markets DOF and DOF Subsea Offices Geographical Focus Areas 3 Newbuilding fleet Design: Aker ROV 06 LOA 106m No. of Vessels: 2 Skandi Bergen Design: Aker DSV 06 LOA 106m No. of Vessels: 2 Skandi Achiever Newbuilding fleet Skandi Seven Design: Aker OSCV 03 LOA 120m No. of Vessels: 2 Design: Aker OSCV 06 LOA 140m No. of Vessels: 2 4 Newbuilding fleet Design: Aker OSCV 06L LOA 160m No. of Vessels: 2 Design: Aker OSCV 06L DSV LOA 160m No. of Vessels: 1 Newbuilding fleet Skandi Acergy 5 Newbuilding fleet Design: Fjellstrand AS LOA 70m No. of Vessels: 1 Geograph Contract status newbuild fleet jan.07 jan.08 jan.09 jan.10 Skandi Bergen 3 years Geograph Skandi Achiever 8 years Skandi Acergy 8 years Geo TBN Brazil 3 years Skandi Seven 5 years Skandi Brazil 5 years Aker DSV06 TBN Dofcon/Technip JV 8 years Dofcon #4 Brazil Dofcon #5 Brattvåg 5 years Dofcon #7 Aukra 5 years Construction Firm contract 6 Fleet Contract overview jan.07 jan.08 jan.09 jan.10 jan.11 ORIGINAL GEO Towing Configuration Geosounder Ocean going Geofjord* Geobay* Geosea Geosund* Skandi Carla Skandi Inspector Geoholm Geo Challenger Skandi Patagonia Skandi NEWBUILDS Skandi Neptune Skandi Bergen Anchor turnedGeograph MIV ready loweredSkandi anchor Achiever to seabed Geo TBN Brazil Aker DSV06 TBN DOFCON Skandi Acergy Skandi Seven* Skandi Brazil Dofcon/Technip JV Dofcon #4 Brazil Dofcon #5 Brattvåg Dofcon #7 Aukra Construction Firm contract Option Agenda 1. Overview of DOF Subsea ASA 2. Highlights 1st half year 2007 7 Highlights 1st half year 2007 Acquisition of CSL, SEMAR and DOFCON DOFCON fleet -> DOFSubsea Joint Venture Aker Oilfield Services Strong increase in newbuilding prices Sale of Geowave Master Merger of Ship Management Company and DOF Management AS Joint venture with 000 Rescom Russia Profit and loss Q2 YTD Year End Actuals Actuals Actuals All figures in NOK thousands Towing01.04-30.06 Configuration 01.04-30.06 01.01-30.06 01.01-30.06 01.01-31.12 Ocean2007 going 2006 2007 2006 2006 Operating income 665 755 437 238 1 039 346 803 584 1 888 481 Operating expenses before depreciation 433 324 278 331 726 768 526 954 1 142 278 EBITDA 232 431 158 908 312 579 276 630 746 203 Depreciation 46 477 48 230 91 349 82 900 195 479 EBIT 185 954 110 678 221 230 193 730 550 724 Net Financial items (24 804) (10 108) (32 769) (12 655) (76 712) Profit before taxes 161 150 100 570 188 461 181 076 474 012 Taxes (20 331) (24 859) (20 252) (38 167) (54 415) Profit from continuing operations 140 819 75 711 168 208 142 909 419 597 Profit from discontinued operations 21 702 - 21 702 - - Profit after taxes 162 521 75 711 189 910 142 909 419 597 8 Balance sheet Actuals Actuals Actuals All figures in NOK thousandsTowing Configuration30.06.2007 30.06.2006 31.12.2006 Ocean going Fixed assets 5 439 846 3 304 511 3 217 063 Current assets 1 061 029 692 024 861 438 Total assets 6 500 875 3 996 535 4 078 500 Equity 3 318 786 1 400 543 1 721 428 Long term liabilities 2 530 808 2 103 192 1 814 479 Short term liabilities 651 281 492 799 542 594 Total Equity and liabilities 6 500 875 3 996 535 4 078 500 Key figures Towing Configuration Ocean going Q2 YTD Year End Actuals Actuals Actuals 01.04-30.06 01.04-30.06 01.01-30.06 01.01-30.06 01.01-31.12 2007 2006 2007 2006 2006 EBITDA-margin 34,9 % 36,3 % 30,1 % 34,4 % 39,5 % EBIT-margin 27,9 % 25,3 % 21,3 % 24,1 % 29,2 % Anchor turned MIV ready Equitylowered ratio anchor to seabed 51,1 % 35,0 % 51,1 % 35,0 % 42,2 % Net interest bearing debt 2 006 732 2 041 119 2 006 732 2 041 119 1 660 663 Earnings per share 1,44 0,89 1,91 1,67 4,89 9 DOF Subsea awarded contract with Chevron Brazil Ltda DOF Subsea Brazil Ltda is awarded a 3 year contract with Chevron Brazil Ltda regarding supply of Vessel, ROV-/survey- and Marine engineering services for the Frade field outside the coast of Brazil. The contract value is estimated in the range of USD 90 110 millions, depending on the final scope. The contract has 2 x 1 year options Vessel tbn Skandi Salvadore under construction at Aker Promar SA, delivery Q3 2008 DOF Subsea - Concluding remarks 12 newbuilds for delivery in 2nd half 2007, 2008 and 2009 Tender activity historical high Market conditions are favourable and we expect high activity going forward Control of the worlds largest offshore- construction fleet Global presence 10 Thank you! 11.
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