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!