Presentation Q3-2003

Agenda 1 Introduction 2 Financial Performance 3 Status and outlook 4 Summary

Present from CorrOcean Diderik Schnitler, Chairman of the Board Øystein L. Narvhus, President/CEO Roar Østbø, Vice President/CFO

Discontinued operations Key events Q3-2003 Continued operations Financial performance in continued operations better than predicted in Q2-presentation, operating profit in Q3 Cost savings and restructuring previously advised have been completed in Q3 Sales achievements good. Backlog satisfactory. Several large and important subsea orders received from repeat customers. Growth potential documented Discontinued operations Defocusing has hit throughput and margins in divisions that are being sold Sale of part of AIS division to Force completed in November Sale of SRM division completed in Q3 Expect to close sale of remaining part of AIS the last half of November

Agenda 1 Introduction 2 Financial Performance 3 Status and outlook 4 Summary

MOT P/L Q3-2003 (continued operations) NOK mill. Q3-03 Per. Q3-03 Per. Q3-02 2002 Revenues 22.5 66.6 79.1 105.2 EBITDA 1.0 (11.2) 1.5 (5.5) Operating profit 0.6 (12.4) (0,1) (15.3) Pretax profit (0.7) (13.4) (9.0) (31.6) New orders received 29.9 86.0 74.7 107.7 Backlog 41.3 20.0 27.0 Operating profit after restructuring and cost cutting. Better than predicted in Q2 presentation 3.4 MNOK form accruals have been used for restructuring in Q3 to cover costs directly attributable to surplus personnel. Remaining accrual 4.6 MNOK New orders document growth opportunities

AIS - P/L Q3-2003 (SOLD IN Q4-2003) NOK mill. Per. Q3-03 Per. Q3-02 2002 Revenues 104.5 127.5 187.6 EBITDA (8.1) 13.0 21.0 Operating profit (12.5) 8.7 14.5 Pretax profit (13.7) 4.5 7.1 New orders received 126.6 168.1 Backlog 112.7 94.1 Divesting process and restructuring have detracted focus so far in 2003 and contributed to unsatisfactory financial performance Activity is sold with effect Q4

SRM - P/L Q3-2003 (SOLD IN Q3-2003) NOK mill. Per. Q3-03 Per. Q3-02 2002 Revenues 26.5 42.0 57.3 EBITDA (1.4) (0.3) (3.5) Operating profit (3.1) (1.9) (27.2) Pretax profit (4.5) (2.1) (27.8) New orders received 31.0 41.5 Backlog 15.8 11.1 Divesting process and restructuring have detracted focus so far in 2003 and contributed to unsatisfactory financial performance SRM-division sold during Q3-2003, loss after related expenses 0.8 MNOK

CORROCEAN ASA (ALL DIVISIONS) P/L Q3-2003 NOK mill. Per. Q3-03 Per Q3-02 2002 Revenues 197.6 248.7 350.1 EBITDA (20.8) 14.2 11.9 Operating profit (28.1) 6.7 (28.0) Pretax profit (31.5) (6.7) (52.3) New orders received 232.3 317.3 Backlog 148.5 132.1

Predicted balance sheet 2003/2004

Agenda 1 Introduction 2 Financial Performance 3 Status and outlook 4 Summary

Cost structure Active downsizing with some 20 people since april Administration Engineering Present break-even point around NOK 90 million Proven by Q3 operating result More complete outsourcing to be implemented Planned completion around New Year Significant reduction in manpower in Logistics and Production Further lowering of break-even point Lower risk Higher flexibility Better delivery precision Further savings in overhead possible New break-even point Q2 2004 around NOK 75 – 80 million

The restructured CorrOcean Trondheim Jan. 2003 Adm & MOT Present Houston Administration 14 9 3 MOT 1/1-03 69 Sales 2 Topside 8 Subsea Non Intrusive (FSM) Logistics 5 Production 13 Customer Support 4 Leave Total 83 57 Total Trondheim and Houston 66

Further action Complete outsourcing Become more cost competitive in all business areas Further cost cutting to complete resizing of the company and further lower break even point Increased focus on sale to ensure generic growth and full usage of present potential Cooperation with iicor Ltd (formerly CorrOcean Ltd, Aberdeen) Develop representative network in selected areas Focused CSM price and sales strategy Increase market share in business areas and geographical areas

Sales Q3 / Q4 2003 and 2004 Sales in 2003 to date is more than NOK 90 million Orders in immediate pipeline for NOK 10 million Target for 2003 still stands at NOK 120 million Backlog after Q3 NOK 41 million Backlog at the beginning of 2003 NOK 27 million Estimate for 2004 not revised NOK 150 million

Guidance Q4 2003/2004 Q4 – Break even or better 2004 - Profit

Agenda 1 Introduction 2 Financial Performance 3 Status and outlook 4 Summary

CorrOcean will return to profit in 2004 Take away points Cost cutting and restructuring of continued operations has lowered the break even point and returned CorrOcean to operating profit in Q3 Backlog is growing, providing a good foundation for 2004 and documenting growth potential The divestment of the SRM division has been completed The divestment of the AIS division will be completed in November CorrOcean will return to profit in 2004 Generic growth towards NOK 200 million possible with the present market situation