Q1 Financial Presentation 2018 DOF ASA

Q1 Financial Presentation 2018 DOF ASA

Highlights Group 2

Highlights EBITDA Q1 MNOK 520 (excl hedge accounting) Average utilisation Group fleet 72% in Q1 Improved markets and signs of higher activity in certain regions Several contract awards during March and April Repair issue of NOK 202 million completed in February All numbers based on management reporting 3

Contract Highlights New contracts in Asia Pacific DOF Subsea awarded various short-term contracts in the Subsea IMR project segment New contracts in the Atlantic region Skandi Captain (PSV) awarded 1-year contract with Peterson, commencement in February Skandi Vega (AHTS) secured a 1-year Framework Agreement with Statoil, commencement in May Skandi Foula (PSV), Skandi Rona (PSV) and Skandi Feistein (PSV) awarded 60-day, 120-day and 180-day contracts respectively, supporting drilling campaigns for UK operators DOF and Nexen have entered into a 18-month Frame Agreement for anchor handling vessels to support pre-lay and hook up operations of the COSL Pioneer utilising 4-6 vessels Skandi Barra (PSV) awarded 18-month contract with Nexen, commencement in April DOF Subsea awarded various short-term contracts in the Subsea IMR project segment New contracts in Brazil Skandi Admiral (AHTS) contract extended 265 days from June 2018 Skandi Botafogo (AHTS) awarded a 1-year contract with Petrobras, commencement in June Skandi Commander (Subsea) awarded 150-day contract with Petrobras DOF Subsea awarded 3-year firm contract with 2-year extension option with Petrobras for the provision of DSV Skandi Achiever, and ROV- and diving-services. Two ROV contracts with Petrobras, to be installed onboard Skandi Angra (AHTS) and Skandi Paraty (AHTS) and extension two ROV contracts on Skandi Iguazu (AHTS) and Skandi Urca (AHTS) DOF Subsea awarded various short-term contracts in the Subsea IMR project segment New contract in North America Skandi Chieftain (Subsea) secured 120-day seismic support in Eastern Canada DOF Subsea awarded various short-term contracts in the Subsea IMR project segment 4

Recently commenced and commencing long-term contracts in DOF Subsea Long-term IMR contract offshore Eastern Canada 10 years + 10 years options IMR scope comprising project management, engineering, vessel and ROV services High strategic importance through strengthened presence in the Canadian market Long-term FLNG IMR contract awarded in Australia with Shell 5 years + 4 years options IMR scope comprising project management, engineering, logistics, vessel and ROV services Utilising Skandi Darwin Jun 2018 Long-term DSV contract with Petrobras 3 years + 2 years options ROV and diving services Partnered up with diving partner in Brazil Sep 2018 Skandi Achiever Feb 2019 Skandi Olinda Jul 2017 Nov 2017 Prelude FLNG Skandi Recife Long-term contract with Petrobras 8 years + 8 years options Vessel owned in joint venture with TechnipFMC Built in Brazil with 300t VLS Husky Energy Long-term contract with Petrobras 8 years + 8 years options Vessel owned in joint venture with TechnipFMC Built in Brazil with 300t VLS 5

This is DOF ASA DOF ASA Norskan DOF Subsea DOF Rederi / DOF Management The Brazilian OSV and marine management activities 13 vessels mainly high-end AHTS vessels Brazilian built tonnage with local privileges and blocking rights Subsea contractor A flexible business model Subsea IMR Projects and Long-term Chartering 25 vessels The international OSV and marine management activities 29 vessels mainly PSV and AHTS Long track-record within the OSV market 6

DOF ASA, a global player Our vessels and subsea equipment Subsea 31 AHTS 20 PSV 16 Total fleet 67 ROV / AUV 71 22 billion backlog ~3 700 employees 67 vessels Positioned globally Head office in Norway Operating from 6 continents 20 offices near key O&G markets 67 vessels globally Total of 3 718 employees Subsea employees 1 108 Supply employees 2 610 7

DOF Group overview Contract backlog and debt Firm contracts: NOK 22 billion Options: NOK 32 billion **per 31.03.2018 Global organisation Head office in Norway Regional offices in Australia, Singapore, UK, USA, Canada, Angola, Argentina and Brazil Total ~ 3 700 employees Subsea employees: 1 100 Marine personnel: 2 600 Fleet Group fleet of 67 vessels (including 2 JV newbuilds, 1 chartered-in vessel and 3 management vessels) Total fair market value of owned vessels in operation NOK ~ 30 billion based on ship broker valuations Average age fleet of 10 years (value adjusted average age of 7 years) Assets 67 vessels 71 ROVs 16 20 30 Split fair market value vessels 70 % 1 24 % 6 % Subsea AHTS PSV Chartered Subsea Vessels AHTS PSV Subsea 8

A value-driven organisation Safe the RITE way enhances our behaviour-based programme, integrating three main elements: Values, Safe Behaviours and Rules, processes and procedures. Sustainable operations DOF released its annual stand-alone Sustainability report according to the GRI guideline. The DOF Sustainability Report for 2017 is available at: www.dof.com/sustainability A code to work by, globally DOF has in 2017 released a refreshed Code of Business conduct. Everywhere the DOF Group does business we act responsibly and ethically. See our new Code of business conduct on our website: www.dof.com/thecode 9

Positioned to deliver Group backlog at 31.03.2018 Backlog DOF Supply / DOF Subsea at 31.03.2018 9 000 8 000 7 000 NOK million 6 000 5 000 4 000 3 000 2 000 1 000 0 2018 2019 2020 2021 Thereafter Option 615 1 378 1 609 2 066 26 238 Firm 4 084 4 405 3 365 2 647 7 467 Total value backlog (firm & options) from 2020 and onwards is MNOK 43 393 (As per 31.03.2018) 10

Two newbuildings remaining with 8-year contracts Co-owned 50/50 with TechnipFMC Vessel Yard Delivery Type Contract Financing Skandi Recife Vard Brazil Q2 2018 PLSV 8 years Petrobras Loan agreement signed with BNDES Skandi Olinda Vard Brazil Q1 2019 PLSV 8 years Petrobras Loan agreement signed with BNDES 11

Financials Management Reporting 12

Main Financial Highlights EBITDA Q1 MNOK 520 (excl hedge) Average utilisation total fleet 72% in Q1 76% PSV segment 68% AHTS segment 72% Subsea segment (project fleet 64%) EBITDA ex Hedge Q1 2018 EBITDA ex Hedge Q1 2017 40 % 52 % 60 % 48 % DOF Supply DOF Supply DOF Subsea DOF Subsea Comments to highlights Performance DOF Subsea EBITDA: NOK 313 million DOF Supply EBITDA: NOK 207 million Operations Avg. utilisation of DOF Subsea fleet: 71% Avg. utilisation of DOF Supply fleet: 72% Four vessels in lay-up end March Variable utilisation Subsea IRM fleet and the vessels in the short term&spot market Stable utilisation TC vessels All numbers based on management reporting DOF Supply is DOF Rederi and Norskan consolidated 13

Profit & Loss Q1 2018 All figures in NOK million Q1 2018 Q1 2017 Operating income 1 731 1 724 Operating expenses -1 209-1 197 Net profit/loss from TS and JV -2 5 Net gain on sale of vessel 1-2 EBITDA before hedge 520 530 Hedge operating income -41-47 Operating profit before depr - EBITDA 479 483 Depreciation -310-284 Impairment -180-302 Operating profit- EBIT -11-102 Financial income 8 18 Financial costs -240-259 Net realised currency gain/loss -51-83 Net profit/loss before unrealised currency -294-426 Net unrealised currency gain/loss 195 137 Net unrealised gain/loss on market instr. 153 29 Profit/loss before tax 54-260 Tax -7-43 Net profit/loss 47-303 According to management reporting Main events in Q1 Operational performance: PSV: Good utilisation but variable earnings Three vessels partly idle due to conversion to new contracts and class dockings One vessel in lay-up AHTS: Stable utilisation fleet in Brazil One vessel idle between contracts Two vessels partly idle due to conversion new contracts Subsea: Variable utilisation Subsea IRM fleet Improved activity in the Atlantic region Reduced activity in the Asia Pacific, North America and Brazil region Stable utilisation long term chartering fleet Others Impairment reduced Q&Q due to reduced drop in FMV of he fleet Strengthened NOK and BRL to USD 14

Segment reporting Q1 2018 PSV AHTS Subsea Total Amounts in NOK million Q1 2018 Q1 2017 Q1 2018 Q1 2017 Q1 2018 Q1 2017 Q1 2018 Q1 2017 Operating income 159 181 339 373 1 191 1 123 1 690 1 677 Gain on sale of tangible assets - - - - - - - - Operating result before depreciation and impairment (EBITDA) 5 36 138 155 336 291 479 483 Depreciation 31 33 92 76 186 175 310 284 Impairment 44 107 41 54 96 140 180 302 Operating result (EBIT) -70-104 5 25 54-24 -11-102 EBITDA margin 3 % 20 % 41 % 42 % 28 % 26 % 28 % 29 % EBIT margin -44 % -57 % 1 % 7 % 5 % -2 % -1 % -6 % According to management reporting EBITDA Q1 2018 EBITDA Q1 2017 70 % 1 % 29 % 60 % 8 % 32 % PSV AHTS Subsea PSV AHTS Subsea 15

Balance as of 31.03.2018 Amounts in NOK million 31.03.2018 31.12.2017 31.03.2017 ASSETS Tangible assets 24 835 25 793 27 340 Goodwill 319 324 334 Deferred taxes 716 779 958 Investment in associated and joint ventures 70 71 83 Other non-current receivables 160 635 624 Non-current assets 26 101 27 604 29 338 Receivables 2 062 2 165 2 035 Cash and cash equivalents 2 007 2 434 2 640 Current assets 4 070 4 599 4 675 Total assets 30 170 32 203 34 013 EQUITY AND LIABILITIES Subscripted equity 3 595 3 393 2 804 Retained equity 1 349 1 444 1 719 Non-controlling equity 2 546 2 505 3 472 Equity 7 491 7 342 7 994 Non-current interest bearing debt 19 001 20 596 22 219 Other non-current liabilities 131 173 151 Non-current liabilities 19 133 20 769 22 370 Current part of interest bearing debt 2 231 2 558 2 147 Other current liabilities 1 315 1 534 1 503 Current liabilities 3 547 4 092 3 649 Total equity and liabilities 30 170 32 203 34 013 According to management reporting Main events balance sheet YTD Non current assets: No major events in Q1 Current assets: Operating cash flow MNOK 207 (MNOK 207) Investments MNOK -117 (MNOK -339) Financing activity MNOK -502 (MNOK 408) Equity: Convertible bond loan MNOK 276 by end Q1 Repair issue ofmnok 202 in February Non current liabilities: Amortisation MNOK -402 Current liabilities: Short term IBD include Amortisation MNOK 1,912 (next 12 months), credit facilities drawn and accrued interest No balloons before 2019 16

DOF Group is reducing net debt quarter by quarter NOK million 13 000 12 500 12 000 11 500 11 000 10 500 10 000 9 500 9 000 8 500 8 000 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 DOF Supply DOF Subsea (ex deliveries) DOF Subsea newbuilds w/contract DOF Supply has reduced net debt by ~ NOK 4,2 billion since post the restructuring in Q2 16 and by ~ NOK 0,3 billion during Q1 18 DOF Subsea has reduced net debt by ~NOK 1,5 billion since Q2 16 including new debt drawn on delivery of 3 new vessels and 1 vessel sold. In Q1 18 net debt is reduced by ~ NOK 1,1 billion All numbers based on management reporting DOF Supply is DOF Rederi and Norskan consolidated 17

Outlook No change in guidance for 2018 (MNOK 2 400 MNOK 2 800) Ebitda Q2 expected to be slightly better than Q1 Skandi Recife expected to be on-hire in June Increased tendering activity Mixed activity in the regions 18

Thank you Presented by Mons Aase - CEO Hilde Drønen - CFO

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 9 May 2018. 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. 20