BOA Offshore – History & Company Milestones 1975:Founded in Trondheim, Norway as Taubåtkompaniet AS (tugs) 1980:Expanded into offshore supply from late 1980s 1998: Sold 6 offshore vessels to Havila Supply 1999: Ordered 2+2 AHTS and 11 barges from China 2001: Joint ownership with Aker Solutions, purchase of 40% stake in Aker Marine Contractors AS 2004: Delivery of the OCV ”BOA DEEP C” 2007: Delivery of the OCV ”BOA SUB C” Original new building program consisted of: -2 SBL vessels for EMGS (delivered) - 4 Rampart tugs (delivered) - 2 hull for MPSV (under construction) - 2 hull AHTS (1 under construction) 2008:Sale of 40% stake in Aker Marine Contractors for gross proceeds of approx. NOK 720 million 2009: Established Boa Marine Services Inc. in Houston for executing Projects and operations 2010: Sale of BOA ROVER and Boabarge 7, 17 and :Larger refinancing. Sale of Boa Fortune, Boa Mighty and Boa Magnitor. Recruitment of new CEO. Start up Sweden. Final exit from Ro-Ro. Re-start of new building program (parts). Name change of Taubåtkompaniet AS to Boa Offshore AS.

BOA office Geographical presence Houston, USA Trondheim, Norway Site offices, China Gdynia, Poland OCVs on contract in USGOM and West Africa Tugs located in North Europe Two heavy lift, semi submersible barges in GOM, one in NS Two large heavy lift, semi submersible barges in Australia SBL vessels Brazil & GOM Two 3 rd party OCV’s on contract in GoM through Boa Marine Services BOA Offshore – Global Operations

Tugs Barges Offshore Vessels 1 voith escort tug 4 ASD escort tugs 4 harbour / towage tugs 2 harbour tugs Mid Norway and North Sea West Coast Sweden 8 semisubmersible barges 8 deck cargo barges 4 other barges New building program of up to 10 barges World wide operations OCV – Boa Sub C OCV – Boa Deep C 2 SBLV New building program World wide operations Tugs has been the primary business of Boa since its inception. Revitalization of this business segment with a substantial commitment in Sweden during 2011 Leading player in the global market for heavy lift (semisubmersible barges). A continuous new building program since 1999 (China). Ongoing modernization for the fleet and focus area for the future for Boa. Successfully owns and operates two of the most high spec OCVs. Tonnage provider, but solution / project provider for: Salvage operations Turn key towage / transport / handling operations. Tonnage provider, but also solution / project provider for: All engineering related to barges. In house design. Turn key transportation projects Load out and launching Dry docking operations Float over Tonnage provider, but also solution / project provider for: SURF (subsea, umbilicals, risers and flowlines) IRM (inspection, repair and maintenance) of subsea structures and platforms Floater moves and installations Also use of 3 rd party vessels BOA Offshore – Business Segments

TUGBuilt YearBP [T] Boa Heimdal * Boa Brage * Boa Balder * Boa Tyr Boa Loke Boa Hårek Boa Siw Boa Sund Tambur Chief Current fleet of tugs The Company’s business was initially based on tugs and are again becoming an increasingly larger part of the business The Group currently operates 10 tugs of various sizes. Participates in harbor operations, pilot services and salvage operations The tugs represented NOK 73 million in revenues in 2011 BOA Shipping AS and TBK AS * In Taubåtkompaniet AS (TBK AS) BOA Offshore – Built It’s Business on Tugs

BOA Construction BOA Group has recently focused on the increasing production of subsea installations The construction division of BOA consists of two top modern specialized offshore construction vessels:  BOA DEEP C (2004)  BOA SUB C (2007) Both DEEP C and SUB C are on long term charters to EMAS The vessels have proved operational excellence with close to full utilization Boa is the preferred supplier of offshore vessels to EMAS The OCV fleet represented NOK 370 million in revenues in 2011 BOA Offshore – Modern Construction Vessels Boa Deep C Boa Sub C

Constructed two modern Seabed Logging vessels in BOAS SBL fleet:  Boa Thalassa (2008)  Boa Galatea (2009) Both vessels are on long term charters to EMGS The vessels have proved operational excellence with close to full utilization The SBL fleet represented NOK 116 million in revenues in 2011 BOA SBL BOA Offshore – Seabed Logging

Barge fleet list Barge / YearTypeDimensions [m] BB 33 / 2011Heavy lift, semi sub.140,00 x 36,00 x 8,54 BB 34 / 2013Heavy lift, semi sub.140,00 x 36,00 x 8,54 BB 29 / 2007Heavy lift, semi sub.124,00 x 31,50 x 7,60 BB 30 / 2008Heavy lift, semi sub.124,00 x 31,50 x 7,60 BB 35 / 2009Heavy lift, semi sub.124,00 x 31,50 x 7,60 BB 36 / 2010Heavy lift, semi sub.124,00 x 31,50 x 7,60 BB 21 / 2001Heavy lift, semi sub.92,00 x 31,50 x 6,70 BB 22 / 2001Heavy lift, semi sub.92,00 x 31,50 x 6,70 BB 43 *Flat top, heavy deck91,00 x 30,40 x 6,09 BB 44 *Flat top, heavy deck91,00 x 30,40 x 6,09 BB 37 *Heavy lift, semi sub.150,00 x 38,00 x 9,15 BB 38 **Heavy lift, semi sub.150,00 x 38,00 x 9,15 BB 47 **Flat top, heavy deck91,00 x 30,40 x 6,09 BB 48 **Flat top, heavy deck91,00 x 30,40 x 6,09 * NewbuildsDelivery Q4 2013/ 14Under construction ** ProjectsDelivery – Not decided BOA is a dominant player within the worldwide barge market The fleet of barges consists of heavy lift semi-submersible, deck cargo, crane-, split hopper and dredging barges. BOA has an extensive new building program going on in China, and will take delivery of a new barge every half year going forward. The barges represented NOK 91 million in revenues in 2011 BOA Barges AS BOA Barges – Dominates the Competition

BOA Barges – Global Barge Leader BOA has since 1998 had continuous new building program for barges in China. Built up an in-house engineering capacity that is unique in the industry. As from 2002 BOA developed its own in house design, giving substantial cost savings for our barges. Boa is offering additional services to “the steel”: delivery and chartering.  Total turn key projects for transportation or dry docking operations by barges  All engineering services related to barges  Hydrostatics & Hydrodynamics  Structural & Operational

BOA Barges - Cotemar Iolair Drydocking GoM-Veracruz, Mexico operations:  Positioning of BB29 & BB30 at site  Parallel grounding of BB29 & BB30  Positioning and securing of Iolair  Transport to Veracruz repair yard.

BOA Barges - Petrosucre

BOA Barges - Leighton-Chevron (BB33 & BB35)

BOA Barges – The Deep Panuke Project Abu Dhabi operations: Platform loading and ”Out of dock” Transit to loading site Loading BB36 with the Deep Panuke Platform onto Dockwise transport vessel Nova Scotia operations: BB 36 float-off Transport to offshore site and platform installation 13

BOA Barges – ACA Project BB 35 & The new British Navy Flagship Loudout of Aircraft Carrier bow section in Portsmout. Transport to Rosyth, Scotland. Float-off at Rosyth. 14

Boa Engineering Group - Standards Developed a set of procedures and guidelines for engineering practice A strict QA/QC system is set- up for engineering work including discipline & cross discipline checking Boa engineers are dedicated to high work quality of to meet industry regulatory standards

Boa Engineering Group – Experienced & Competent Boa Engineers are highly educated with solid engineering background in areas such as naval architecture, marine engineering, structural engineering Continuous training covering software, advanced technology, industry development have been arranged both internally & externally Boa Engineers promote team work and utilize group education and experience to respond to all engineering supporting needs Key engineers have vast experience working on major projects

Boa Engineering Group – Provide Full Engineering Support The engineering team can provide:  Methodology & operation procedure development  Stability analysis & ballasting plan  Hydrodynamic analysis and motion simulation  Structural analysis & design  Anchor pile design and mooring system analysis  SURF installation analysis & simulation  Mechanical engineering analysis & design such as LMU & DSV  And more ……

Boa Engineering Group – Naval Architects & Hydrodynamists Naval architects and hydrodynamist carry out stability analysis, ballast planning, hydrodynamic analysis, motion simulation, etc. DNV software HydroD, DeepC and Marintek software Shipshape are the tools for modeling and analysis. Either frequency domain or time domain analysis can be performed corresponding to engineering needs.

Boa Engineering Group – Structural Analysis & Design Structural engineering tasks covers the range from concept design, analysis, code checking to detailed design for fabrication DNV software suite SESAM is used for modeling, analysis, code checking and report preparation Engineers provides on-site support with quick estimates using internal tools or hand calculation

Boa Engineering Group – Operations BOA engineers participates actively or leads parts of marine operations Engineers follow up of own engineering on site or in field Result is a team of engineers with both thorough theoretical competence and operational experience

BOA Pir II 13A Kai 9, N-7010 Trondheim Norway Phone: Fax: