DOF ASA Q3 2011 CEO - Mons S. Aase CFO - Hilde Drønen - DOF Group
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DOF ASA Q3 2011 CEO – Mons S. Aase CFO – Hilde Drønen
Agenda
Summary
Highlights Q3
Overview Group
Q3 Financials
Outlook Skandi Skansen
www.dof.no
DOF ASA
Presentation 2011 - 2
Summary
Minimal risk in funding of remaining newbuilding program. Only for three
vessels, all with 7 years charter contracts, a binding agreement has yet to
be signed.
No maturity on any significant bank loans before 2nd half 2013.
Based on own prognoses and consensus estimates we expect to go cash
positive in 2012 (*after CAPEX, installments etc.).
Expect stronger market in 2012 vs 2011, especially for AHTS. Well
positioned for this expected upswing with 7 modern AHTS coming off
charter within the next 6 months. Skandi Skansen
NOK 597 million EBITDA in Q3, including NOK 36,5 mill in profit from sale
of vessel.
A pre tax profit before unrealized currency loss and market instruments in
Q3 of NOK 148 mill.
www.dof.no
DOF ASA
Presentation 2011 - 3
Highlights Q3
Contracts:
Several contracts for DOF Subsea project fleet
6 months extension with OGX for Skandi Møgster
Skandi Singapore and Skandi Hercules – secured several contracts in
Asia and Australia
Skandi Botafogo 2 years firm for Petrobras
Skandi Yare’s contract with Petrobras extended until November 2012
Skandi Fjord, extended contract with Halliburton until October 2014
Skandi Flamengo 4 years firm contract with Petrobras from November
Skandi Constructor secured 3 + 2 months contract with DONG during
winter season
Skandi Pacific three months in Vietnam for BP
www.dof.no
DOF ASA
Presentation 2011 - 4
Highlights Q3
Fleet:
Skandi Skansen delivered in July
The newbuilding Cochin 081 delivered and sold in July
Skandi Saigon delivered in August
Skandi Leblon onhire on new contract for Petrobras from August
Skandi Singapore delivered in September
Skandi Botafogo onhire on new contract for Petrobras from
September
Skandi Niteroi onhire to Petrobras early October
Geosea transferred to Norway for rebuild to RSV
Skandi Pacific delivered to Aker DOF Deepwater in November
Finance:
Share issue of NOK 600 mill in DOF ASA in September
www.dof.no
DOF ASA
Presentation 2011 - 5
Company overview
DOF ASA
Norskan Ltda DOF Subsea Holding Ship owning company
Modern fleet Modern fleet
17 AHTS’s 3 AHTS’s
7 PSV’s DOF Subsea 17 PSV’s
2 CSV’s 3 CSV
Modern fleet & Equipment
21 CSV/ROV vessels
44 ROV’s + 1 AUV
Leading Subsea Contractor
DOF Installer
3 state of the art
installation CSV vessels
www.dof.no
DOF ASA
Presentation 2011 - 6
The fleet market segments
PSV AHTS ROV/OCSV/DSV/ Total fleet
No. of vessels SEISMIC VESSELS
DOF ASA 17 3 3 23
NORSKAN OFFSHORE 7 12 2 21
DOF SUBSEA AS 0 0 21 21
DOF INSTALLER ASA 0 0 3 3
AKER DOF DEEPWATER AS 0 5 0 5
Total fleet 24 20 29 73
Contract coverage 11* 89 % 91 % 94 % 91 %
Contract coverage 12* 70 % 72 % 71 % 71 %
* no options included
www.dof.no
DOF ASA
Presentation 2011 - 7
Global Player
28
Austevoll
Bergen
Moscow
Aberdeen
St. Johns
Houston Cairo
2 Manila
Singapore Brunei
Angola Jakarta
Macae
1
Rio de Janeiro Perth
5
25
Buenos Aires
GEOGRAPHICAL FOCUS AREAS
www.dof.no
DOF ASA
Presentation 2011 - 8
Long Term Contracted Cash Flows…
DOF group has solid cash flow visibility over the next 3-5 years
By 30 September 2011 the total back-log (incl. options) was approx NOK 36 bn
Firm contract counts for NOK 19 bn
Options count for NOK 17 bn
Backlog Development DOF Group
Note: Includes extension options on long-term contracts.
Backlog development DOF Group
40 000 36 281
34 758
35 000
30 001
30 000
25 674
25 000 21 953
Million NOK
18 867
20 000 16 102
15 000 13 713
10 000
5 000
-
2011 2012 2013 2014 2015 2016 2017 2018
www.dof.no
DOF ASA
Presentation 2011 - 9
Cash positive based on Ebitda estimates
MNOK
EBITDA 2012 (Consensus analysts) 2 900
Amortization loans -1 500
Interest (est) -1 000
Capex new-builds, docking etc -3 440
Drawdown 3 400
Surplus 360
In addition the company plans to refinance some long term loans on
low leveraged vessels in 2012
www.dof.no
DOF ASA
Presentation 2011 - 10Update on remaining newbuilding program
September 2011 and onwards
Vessel Yard Delivery Type Contract Comment
Skandi Singapore St Marine 7 Sept 11 DSV Several projects Earnings from early Nov
2011
Skandi Pacific STX Vietnam 10 Nov 11 AHTS 192 t BP BP Vietnam 3 Onhire 20 Nov
months
Skandi Feistein STX Norway 30 Nov 11 PSV 4900 dwt 6 years Expect onhire early Dec
ConocoPhillips 11
Norway
Skandi Amazonas STX Brazil Early Dec 11 AHTS 324 t BP 8 years Petrobras Expect onhire towards
end Dec 11
Skandi Hawk Cochin India Early Feb 12 PSV, 4900 dwt Uncommited
Skandi Kvitsøy STX Norway March 12 PSV 4900 dwt 6 years Expect onhire March 12
ConocoPhillips
Norway
Skandi Iguacu STX Brazil June 12 AHTS 325 t BP 8 years Petrobras
Skandi Pacific Skandi Feistein Skandi Amazonas Skandi Hawk
www.dof.no
DOF ASA
Presentation 2011 - 11Update on remaining newbuilding program
September 2011 and onwards
Vessel Yard Delivery Type Contract Comment
Skandi Nova STX Norway Oct 12 MRV 05 7 years
ConocoPhillips N
Skandi Angra STX Brazil Nov 12 AHTS, 23 000 bhp 8 years
Petrobras
Skandi Marøy STX Norway Nov 12 MRV 05 7 years
ConocoPhillips N
Skandi Hugen STX Norway Dec 12 MRV 05 ROV 7 years
ConocoPhillips N
Skandi Urca STX Brazil Jun 13 AHTS 8 years
Petrobras
Skandi Parati STX Brazil Nov 13 AHTS Uncommited
Skandi Nova, Marøy and Hugen Skandi Angra, Urca and Parati
www.dof.no
DOF ASA
Presentation 2011 - 12Financials
www.dof.no
DOF ASA
Presentation 2011 - 13Financial/Operational Highlights Q3 2011
Utilization Subsea fleet (87 %)
- One vessel in transit
- Two more vessels in operation part of the quarter (Skansen & Constructor)
- Good utilization in Brazil and Asia
- Low utilization vessels in the North Sea
Utilization Supply fleet (95 %)
- Good performance in the North Sea, good rates spot market
- Vessel dockings in Brazil and mobilization for new contracts
New vessels in 3rd quarter
- Skandi Skansen (July), Skandi Saigon (August), Skandi Singapore (September)
- Cochin (no 081) sold
Finance
- Share issue of NOK 600 mill
- Three new loans drawn on deliveries of newbuilds
- BNDES loan drawn on Skandi Niteroi
Strong USD end September, negative impact on finance costs
www.dof.no
DOF ASA
Presentation 2011 - 14Result Q3 2011
ALL FIGURES IN NOK MILLION
Q3 2011 Q3 2010 Acc Q3 2011 Acc Q3 2010 2010
Operating income 1 710 1 237 4 677 3 888 5 462
operating expenses vessels 1 113 805 3 210 2 632 3 753
Operating profit before depreciation EBITDA 597 433 1 467 1 256 1 709
Depreciation 230 301 771 825 1 166
Write-down -0 - 7 - -
Operating profit - EBIT 368 132 688 431 543
Net profit from associated companies 0 -8 2 -7 -5
Financial income 26 21 63 57 75
Financial costs -321 -338 -878 -636 -952
Net realized gain/loss on currencies 75 55 27 95 38
Net unrealized gain/ loss on currencies -613 223 -421 -39 97
Net changes in fair value of financial instruments -131 116 -166 38 3
Net financial costs -964 68 -1 374 -492 -743
Pre-tax profit -596 200 -686 -61 -200
Taxes -126 26 -150 46 15
Result -470 174 -536 -107 -215
Profit attributable to
Non- controlling interest -99 33 -155 -53 -75
Controlling interest -371 142 -381 -54 -140
www.dof.no
DOF ASA
Presentation 2011 - 15Financial results Q3 2011
ALL FIGURES IN NOK MILLION
ALL FIGURES IN NOK MILLION
Financial items Q3 2011 Acc Q3 2011 Q3 2010 Acc Q3 2010
Share of loss profit from associated 2 -8 -7
Interest reveneue 26 63 21 57
Interest costs -297 -803 -232 -554
Realized currency gain/loss long debt 1 -5 -3 40
Realized currency gain/loss on forex instruments 48 72 -9 -8
Realized operational currency gain/loss (-) 25 -41 66 63
Other financial expenses -23 -75 -106 -82
Total financial items -220 -787 -271 -491
Unrealized profit/loss on currencies
Unrealized currency gain/loss on long debt -613 -421 223 -39
Unrealized currency gain/loss on forex instruments -131 -166 116 38
Total unrealized profit/loss on currencies -744 -587 339 -1
Total financial items -964 -1 374 68 -492
www.dof.no
DOF ASA
Presentation 2011 - 16P&L Q3 2011 Supply and Subsea
ALL FIGURES IN NOK MILLION
DOF ASA DOF SUBSEA Total DOF ASA DOF SUBSEA Total
Q3 2011 Q3 2011 Q3 2011 Acc Q3 2011 Acc Q3 2011 Acc Q3 2011
Operating income 607 1 103 1 710 1 663 3 014 4 677
Total operating income 607 1 103 1 710 1 663 3 014 4 677
Operating expenses 371 742 1 113 1 096 2 114 3 210
Total operating expenses 371 742 1 113 1 096 2 114 3 210
Operating profit before depreciation 236 361 597 567 900 1 467
Ebitda margin 39 % 33 % 35 % 34 % 30 % 31 %
www.dof.no
DOF ASA
Presentation 2011 - 17Results - Business Segments
ALL FIGURES IN NOK MILLION
EBITDA Q3 2011 EBITDA (MNOK)
Q3 2011 Q3 2010
12 % PSV 72 68
AHTS 154 86
26 %
62 % CSV 371 279
Total 597 433
EBITDA Q3 2010
16 %
20 %
64 %
* Installer vessels included in the CSV segment
www.dof.no
DOF ASA
Presentation 2011 - 18Balance Q3 2011
ALL FIGURES IN NOK MILLION
30.09.2011 30.09.2010 31.12.2010
ASSETS
Intangible assets 501 457 506
Vessel and other tangible assets 22 269 16 763 19 707
Newbuildings 1 627 3 428 1 925
Financial assets 376 255 285
Non-currents assets 24 772 20 904 22 423
Receivables 2 021 2 175 1 984
Cash and cash equivalents 2 091 2 143 2 645
Current assets 4 113 4 317 4 629
Total assets 28 884 25 221 27 053
EQUITY AND LIABILITIES
Subscribted equity 1 451 860 860
Retained equity 2 472 3 048 3 118
Non-controlling equity 2 516 2 736 2 750
Equity 6 439 6 645 6 728
Provisions for commitments 349 513 493
Other non-current liabilities 18 311 13 149 16 438
Non-current liabilities 18 660 13 662 16 931
Debt to credit institutions 1 895 3 366 1 876
Other current liabilities 1 891 1 549 1 517
Current liabilities 3 785 4 914 3 393
Total equity and liabllities 28 884 25 221 27 053
www.dof.no
DOF ASA
Presentation 2011 - 19Key figures Q3 2011
FINANCIAL RESULT Q3 2011 Q3 2010 Acc Q3 2011 Acc Q3 2010 2010
EBITDA margin 35 % 35 % 31 % 32 % 31 %
EBIT margin 21 % 11 % 15 % 11 % 10 %
Cashflow per share 3,48 1,89 7,54 9,02 11,91
Profit per share ex. non-controlling interest 1) -4,00 1,56 -4,16 -0,59 -1,53
Profit per share ex. unrealized loss/gain 2) 2,96 -1,81 0,56 -1,16 -3,46
No of shares 92 559 714 91 037 975 91 550 796 91 037 975 91 037 975
Outstanding number of shares 111 037 975 91 037 975 111 037 975 91 037 975 91 037 975
Face value per share 2 2 2 2 2
*) Diluted number of share is the same as number of shares
BALANCE
Return on net capital -7 % 3% -8 %
Equity ratio 22 % 26 % 25 %
Value adjusted equity 41 % 43 % 44 %
Net interest bearing debt (MNOK) 17 999 14 154 15 469
Net interest bearing debt ex. unemployed capital (MNOK) 16 372 10 726 13 544
1) Net profit excl. non controlling interest/average no of shares
2) Net profit excl.unrealized currencyoss on debt and market instruments/average no of shares
www.dof.no
DOF ASA
Presentation 2011 - 20Net interest bearing debt
ALL FIGURES IN NOK MILLION
30.09.2011 30.09.2010 31.12.2010
Bond loan 2 802 1 437 2 754
- Current part of bond loan 356 999 647
Debt to credit institutions 15 036 11 143 13 085
- Current part of other non-current liabilites 1 539 2 367 1 229
Other non-current liabilities 247 260 268
Other current liabilities 110 91 131
Totat net interest bearing liabilites 20 090 16 297 18 114
Cash and cash equivalents 2 091 2 143 2 645
Net interest bearing liabilities (NIBD) 17 999 14 154 15 469
Uemployed capital 1 627 3 428 1 925
NIBD excl uemployed capital 16 372 10 726 13 544
www.dof.no
DOF ASA
Presentation 2011 - 21Debt maturity profile
DOF Supply
No balloon payments in 2012
2 500 2 342
2 061
2 000
1 701
Total debt amortization
Baloon payments MNOK 206 in
1 500 1295
Bond
2013 are related to low
1 000
924 leveraged vessels all on long
Balloon payments
534 505
600 term charter contracts
500 242
- -
-
2012 2013 2014 2015 After
DOF Subsea
4 000 3 502 Bond loan MNOK 355 matures in
July 2012
3 000
2 000
1 362
922 902 878 750
1 000 678 755
535 550
356 368
- - 110 -
-
2012E 2013E 2014E 2015E 2016E After
Total debt amortization Bond Balloons Payments
www.dof.no
DOF ASA
Presentation 2011 - 22Remaining newbuild capex and financing
New Builds DOF 08.11.2011 NOK 000
REMAINING
Vessel Name owner Delivery CAPEX FINANCING EQUITY Charter Contracts
Skandi Hawk* Norskan 1) feb. 12 230.000 224.000 6.000 uncommitted
Skandi Amazonas BN 26 ** Dof Naveg 2) dec.11 796.000 845.000 -101.000 8 yrs Petrobras
Skandi Iguazu BN 27 Dof Naveg 2) June 12 800.000 845.000 -100.000 8 yrs Petrobras
Skandi Atlantic (50%) Aker /DOF 3) March 12 263.000 250.000 13.000 uncomitted
Skandi Urca hull nr 30 Dof Naveg 4) nov. 12 708.000 580.800 127.200 8 yrs Petrobras
Skandi Angra hull nr 31 Dof Naveg 4) May 13 708.000 580.800 127.200 8 yrs Petrobras
Skandi Paraty hull nr 32 Dof Naveg 4) Dec 13 708.000 580.800 127.200 uncomitted
Skandi Feistein, hull 752 PSV Invest 1 5) nov. 11 281.000 260.000 21.000 6 yrs Conoco
Skandi Kvitsøy , hull 759 PSV Invest 1 5) mar. 12 293.000 260.000 33.000 6 yrs Conoco
Skandi Nova, hull 778 DOF Rederi 6) sep.12 306.000 250.000 56.000 7 yrs Cococo
Skandi Marøy, hull 779 DOF Rederi 6) okt.12 300.000 250.000 50.000 7 yrs Cococo
Skandi Hugen, hull 780 DOF Rederi 6) nov.12 325.000 250.000 75.000 7 yrs Cococo
Sum New Builds DOF ASA Group 5.611.000 5.176.400 434.600
Relative share New Builds DOF ASA Group 5.288.020 4.781.000 400.020
DOF Rederi (100%) 931.000 750.000 181.000
Norskan (100%) 3.950.000 3.656.400 186.600
Aker DOF Deepwater (JV 50 %) 131.500 125.000 6.500 Capex include project management,
PSV INVEST AS (48%) 275.520 249.600 25.920 spares and mobilzation
1) Financing secured commercial bank
2) Financing secured BNDES 80%
3) Financing secured via commercial bank and GIEK
4) Financing secured via FMM/BNDES of 60%, work in progress to secure remaining 20%
5) Financing secured via commercial bank/GIEK and EF (CIRR)
6) In progress to secure financing with commercial banks (CIRR secured)
www.dof.no
DOF ASA
Presentation 2011 - 23DOF asset values
Fair market value of the DOF fleet has been stable and slightly increasing since 2007
Total fair market value of fleet (incl. newbuilds): NOK 37 bn (on 100 % basis)
‐ PSV: NOK 7 bn
‐ AHTS: NOK 11 bn*
‐ CSV: NOK 19 bn
Total fair market value fleet in operation: NOK 26,5 bn
Market value vessel - split on segment
Valuations PSV: MT 6000, AHTS: UT 722, CSV: OSV 03
800 000
T
700 000
H
O 600 000
U
S 500 000
PSV
A
400 000 AHTS
N
CSV
D 300 000
N 200 000
O 100 000
K
-
Q4 - Q1 - Q2 - Q3 - Q4 - Q1 - Q2 - Q3 - Q4 - Q1 - Q2 - Q3 - Q4 - Q1 - Q2 - Q3 - Q4 -
2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011
QUARTER
www.dof.no
* AHTS fleet is partly valued in USD
DOF ASA
Presentation 2011 - 24OUTLOOK
www.dof.no
DOF ASA
Presentation 2011 - 25Short term AHTS exposure
Name BHP BP Uncommitted from
Skandi Skansen 34 776 349 t January 2012
Skandi Skolten 34 776 361 t May 2012
Skandi Saigon 16 300 196 t In spot
Skandi Emerald 16 300 201 t March 2012
Skandi Møgster 16 000 192 t March 2012
Skandi Pacific 16 300 196 t February 2012
Skandi Atlantic 16 300 196 t March 2012
Expect a strong AHTS market in 2012
Increased spot exposure in North Sea or renewals at increased rates?
www.dof.no
DOF ASA
Presentation 2011 - 26Short term PSV exposure
Name Deck area Uncommitted from
Skandi Sotra 900 m2 In North Sea spot market
Skandi Falcon 850 m2 In North Sea spot market
Skandi Foula 900 m2 April 2012
Skandi Rona 900 m2 April 2012
Skandi Hawk 1 000 m2 February 2012
Skandi Waveney 680 m2 January 2012
Expect a good PSV market in 2012
www.dof.no
DOF ASA
Presentation 2011 - 27DOF Subsea - contract coverage (Vessels)
2011 2012 2013 2014 2015 2016
J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M
Geograph
Ocean Protector
Skandi Seven
Skandi Salvadore
Skandi Vitoria
Skandi Aker
Skandi Santos
Skandi Patagonia
Skandi Carla
Skandi Neptune
Skandi Achiever
Skandi Acergy
Skandi Arctic
Skandi Niteroi
Geosea
Skandi Skansen (H723)
FIRM CONTRACTS
Skandi Singapore (H621)
Skandi Inspector
OPTIONAL PERIOD
Skandi Hercules (H722)
Skandi Skolten
UNDER CONSTRUCTION
Geobay
Geosund
Geoholm
Skandi Constructor
www.dof.no
DOF ASA
Presentation 2011 - 28Short term outlook (Q4)
Supply:
Good rates for Skandi Falcon, Skandi Emerald and Skandi Sotra in
October and first week of November. Expect a soft market in
December
Skandi Saigon arrived North Sea spot in October
Skandi Pacific onhire in Vietnam in November
New and higher rates for Skandi Leblon, Skandi Botafogo and
Skandi Flamengo in Brazil
Subsea/CSV:
Good utilization and rates for the North Sea project fleet in
October and November
Skandi Niteroi onhire early October
Skandi Singapore started full operations first week of November
Geosea out of operation due to upgrade for RSV contract in Brazil
Expect Q4 to be in line or slightly better than Q3
www.dof.no
DOF ASA
Presentation 2011 - 29Thank you This presentation and webcast is available at: www.dof.no
DISCLAIMER
This presentation by DOF ASA designed to provide a high level overview of aspects of the operations of the DOF ASA
Group.
The material set out in the presentation is current as at 17 November, 2011.
This presentation contains forward-looking statements relating to operations of the DOF ASA Group that are based
on management’s own current expectations, estimates and projections about matters relevant to DOF ASA‘s future
financial performance. Words such as “likely”, “aims”, “looking forward”, “potential”, “anticipates”, “expects”,
“predicts”, “plans”, “targets”, “believes” and “estimates” and similar expressions are intended to identify forward-
looking statements.
References in the presentation to assumptions, estimates and outcomes and forward-looking statements about
assumptions, estimates and outcomes, which are based on internal business data and external sources, are
uncertain given the nature of the industry, business risks, and other factors. Also, they may be affected by internal
and external factors that may have a material effect on future business performance and results.
No assurance or guarantee is, or should be taken to be, given in relation to the future business performance or
results of the DOF ASA Group or the likelihood that the assumptions, estimates or outcomes will be achieved.
While management has taken every effort to ensure the accuracy of the material in the presentation, the
presentation is provided for information only. DOF ASA , its officers and management exclude and disclaim any
liability in respect of anything done in reliance on the presentation.
All forward-looking statements made in this presentation are based on information presently available to
management and DOF ASA assumes no obligation to update any forward looking- statements. Nothing in this
presentation constitutes investment advice and this presentation shall not constitute an offer to sell or the
solicitation of any offer to buy any securities or otherwise engage in any investment activity.
You should make your own enquiries and take your own advice (including financial and legal advice) before making
an investment in the company's shares or in making a decision to hold or sell your shares.
www.dof.no
DOF ASA
Presentation 2011 - 31Appendix
www.dof.no
DOF ASA
Presentation 2011 - 32DOF Subsea – contract coverage (ROV & Others)
2011 2012 2013
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Skandi Botafogo P etro bras
Norskan Skandi Fluminence P etro bras
Skandi Chieftain P etro bras
Skandi Aker A KOFS
DOFCON
Skandi Seven Subsea 7
Skandi Vega Stato il
DOF Skandi Hugen Co no co P hillips
Skandi Commander P etro bras
Subsea IRM contract Shell P hilippines M alampaya
Region Asia
Gorgon Upstream HDD Marine Monitoring Chevro n A ustralia
Darwin operations M ultiple
Supply of Buckle Initiator Chevro n A ustralia
Smartwire Metrology Husky Energy
Survey support services Encana
Ross Survey Support Subsea 7 USA
Survey support EZRA /A M C
Region Atlantic
Survey on 3rd party vsl Exxo n
AUV B P A merica
ROV & Survey support B P A merica
Survey support B P A ngo la
Vessel support SHL
Frame Agreement Co no co P hillips
Survey support HM C
FIRM CONTRACTS OPTIONAL PERIOD
www.dof.no
DOF ASA
Presentation 2011 - 33DOF – contract coverage
2011 2012 2013 2014 2015
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D
PSV
1 Skandi Falcon M OG
2 Skandi Marstein SHELL UK Opt Nov 2016
3 Skandi Foula SHELL UK
4 Skandi Rona SHELL UK
5 Skandi Buchan TOTAL
6 Skandi Sotra STATOIL
7 Skandi Caledonia M OG
8 Skandi Barra TOTAL
9 Skandi Texel Pet erson Supplylink Opt Jan 2016
10 Skandi Mongstad STATOIL Fir m Aug 2016 / Opt Aug 2021
11 Skandi Flora STATOIL Opt Feb 2017
12 Skandi Gamma (LNG) STATOIL Fir m Mar 2016/ Opt Mar 2019
13 Skandi Haw k (PSV09 CD)
14 Skandi Feistein (PSV09 CD) ConocoPhillips Fir m Nov 2017/ Opt Nov 2023
15 Skandi Kvitsøy (PSV09 CD) ConocoPhillips Fir m Apr 2018/ Opt Nov 2024
16 Skandi Nova (MRV 05) ConocoPhillips Fir m Oct 2019
17 Skandi Marøy (MRV 05) ConocoPhillips Fir m Nov 2019
18 Skandi Hugen (MRV 05 ROV) ConocoPhillips Fir m Dec 2019
AHTS
19 Skandi Stord STATOIL
20 Skandi Admiral (Brazil) PETROBRAS
21 Skandi Vega STATOIL Opt May 2018
CSV
22 Skandi Fjord Halliburton Opt Oct 2017
23 Skandi Olympia Fugro
FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION
www.dof.no
DOF ASA
Presentation 2011 - 34Aker DOF Deepwater – contract coverage
Aker DOF Deepwater AS - 50% DOF
Vessel Name 2011 2012 2013 2014 2015
J FM AM J J A S ON D J FM AM J J A S ON D J FM AM J J A S ON D J FM AM J J A S ON D J FM AM J J A S ON D
1 Skandi P eregrino (VN) STATOIL
2 Skandi Emerald OGX
3 Skandi Saigo n SPOT
4 Skandi P acific BP
5 Skandi A tlantic Vietnam # 6
FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION
ADD founded in 2007 and ordered 6 AHTS newbuilds at STX Vietnam
First vessel delivered in 2010 and sold
Additional four vessels delivered – two vessels operating in Brazil, one in the North Sea and
one in Vietnam
50 / 50 owned by Norskan and Aker Solutions
Market opportunities/strategies:
‐ Long term contracts in Brazil
‐ Spot- and short term market in the North Sea
‐ Short- and long term contracts in Australia / South East Asia
www.dof.no
DOF ASA
Presentation 2011 - 35DOF / Norskan /DOF Subsea - contracts in Brazil
2 0 11 2 0 12 2 0 13 2 0 14 2 0 15
Vessel Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D
1 Skandi Leblon SHE LL P E T ROB RA S Opt M ai 2019
2 Skandi Flamengo P E T ROB RA S
3 Skandi Waveney ST A T OI L
4 Skandi St olmen P E T ROB RA S
5 Skandi Capt ain P E T ROB RA S
6 Skandi Yare P E T ROB RA S Opt J an 2016
7 Skandi Hav P E T ROB RA S Opt Sep 2019
8 Skandi Copacabana P E T ROB RA S
9 Skandi Bot af ogo P E T ROB RA S
10 Skandi Rio P E T ROB RA S
11 Skandi Fluminense P E T ROB RA S
12 Skandi Giant P E T ROB RA S
13 Skandi Admiral * P E T ROB RA S
14
18
Skandi M øgst er OGX
15 Skandi Ipanema OGX
16 Skandi Peregrino ST A T OI L
17 Skandi Amazonas P E T ROB RA S 8 y r s f i r m c ont r ac t Fi r m J an 2020 / Opt J an 2028
18 Skandi Iguaçu P E T ROB RA S 8 y r s f i r m c ont r ac t Fi r m J un 2020 / Opt J un 2028
19 Skandi Angra STX AH 11 P E T ROB RA S 8 y r s f i r m c ont r ac t Fi r m Nov 2020 / Opt Nov 2028
20
19
Skandi Urca STX AH 11 P E T ROB RA S 8 y r s f i r m c ont r ac t Fi r m M ay 2021 / Opt M ay 2029
21
19
Skandi Parat i STX AH 11
22 Skandi Chief t ain P E T ROB RA S
23 Skandi Emerald OGX
24 Skandi Hawk (PSV 09 CD)
25
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Skandi Salvador** CHE V RON
26
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Skandi Sant os** P E T ROB RA S Opt Nov 2020
27 Skandi Vit ória** P E T ROB RA S Opt Dec 2017
28 Skandi Nit erói** P E T ROB RA S Opt Sep 2019
29 Geograph** P E T ROB RA S 5 y r s f r i m c ont r ac t
30 Skandi Commander* P E T ROB RA S 5 y r s f r i m c ont r ac t
31 Geosea ** P E T ROB RA S 5 y r s f r i m c ont r ac t
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FIRM CONTRACTS OPTIONAL PERIOD UNDER CONSTRUCTION * DOF SUPPLY ** DOF SUBSEA DOF ASA
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