Mosvold Supply Plc. Pareto Oil & Offshore Conference August 30, 2007 CEO John G. Bernander Confidential

2 Mosvold Supply business opportunity Confidential  Mosvold with opportunistic approach to high-end AHTS market  Mosvold Supply Plc. (Cyprus) initiated and backed by Mosvold with substantial experience and track record from offshore drilling, supply and shipping  Pure and leveraged play on high-end, large AHTS vessels  Based on attractive turnkey newbuild contracts and proven Vik Sandvik design  2x AHTS (Vik Sandvik 491 Clean Design) with total USD m 167 all-in delivered price (Oct-09/Jun-10 delivery) vs approx USDm 217 quotes from western European yards  2x individual options for similar vessels (USD m 82.5/84.5 with calls 19 Sep 2007 and 19 Jan 2008, respectively). Expected delivery late 2010 and mid 2011  Robust market outlook  High-end AHTS order book balanced by strong demand (rig/FPSO/field developments), stricter safety rules and environmental issues  Attractive payment schedule and contract terms justifying leveraged capital structure  USDm 32 equity and USD m 30 bond secured through Pareto Securities. USD m 112 take-out financing  Financing of optional vessels with optimal capital structure  Significant equity value potential  Equity replacement value approx USD m 75 based on current newbuild quotes  3-yr historical average AHTS day rates yielding P/E 1.2x and EV/EBITDA 3.9x (2 vessels)  Additional value from 2x attractive newbuild options  Alternative strategies to be actively pursued by Mosvold

3 Strong equity return potential  Current asset replacement cost estimated at NOKm 640 per vessel (delivered price)  Implying USDm 217 (2x AHTS)  Ignoring value of 2x Mosvold options  Mosvold equity worth USDm 76 on asset replacement values  + 117% on initial USDm 35 market cap  Mosvold equity worth USDm 106 on asset replacement values incl. 2x options 1)  >USDm 120 equity value potential based on 3-yr average earnings scenario  EBITDA USDm 46  Assuming target EV/EBITDA 5.5x  Implying P/E 3.8x on target valuation  3.5x initial equity valuation Confidential Source: Pareto Securities ASA 1) 1) Options assumed to be USD 15m in the money vs. alternative quotes

4 Mosvold – an experienced shipping and offshore services group  The Mosvold family has continuously been active in shipping since 1910  First investment in offshore: Part ownership of semi early 80ies  Acquired 3 modern J/Us from Keyes Offshore in 1989  Mosvold Shipping was IPO‘d on the Oslo Stock Exchange in 1990  Acquired 100% of Dual Drilling Co in Dual was a Dallas based worldwide drilling contractor owning 3 J/Us and 10 platform rigs  Through Dual, acquired further 3 J/Us in 1993 combined with raising new equity and listing of Dual on NASDAQ (Mosvold Shipping retained 60% of Dual)  Dual merged with Ensco in 1996 with payment in shares. All shares distributed to Mosvold shareholders  Mosvold initiated a J/U project 1H 2004 to build 2 J/U (with 4 options) at PPL Shipyard and Keppel FELS in Singapore. The entire project sold to Awilco in 2004 and is the now the foundation of Awilco Offshore  Mosvold is managing the construction of two semi-submersible baredecks at the Russian yard Sevmash. Baredecks sold to Saipem and Sea Dragon Offshore with forward delivery  Mosvold founded Mosvold Drilling Ltd. in 2005 (2x Ultra Deep Water Drillships on order with Samsung, acquired by Sea Drill)  Mosvold founded Mosvold Jackup Ltd. in 2006 (2x 300 ft Jackups on order at MIS), sold to Sea Wolf  Mosvold with innovative approach taking advantage of yard market potential, eg. MIS and Sevmash Confidential

5 VS 491 CD: high capacity AHTS - State-of-the art workhorses Main features  Design:Vik Sandvik  Overall length:91 m  Breadth moulded:22 m  Deadweight (7.9 m draft):4,000 t  Speed at 6.0 m draft:17 knots  Total horsepower:28,080  Min. bollard pull:270 t  DP class:II  Towing/anchor handling winch:500 t  Crane capacity:1x 5t, 1x 6t and 1x 10t  Fuel consumption:13.5 t diesel per day  Accommodation:60 persons  Prepared for ROV hangar Well reputed equipment suppliers  Diesel engines:MAK  Thrusters:Brunvoll  Towing winches:Hatlapa  DP:Kongsberg

6 Mosvold to meet future requirements New requirements  MARPOL Annex 1 Reg. 12a requires double hull protection of fuel tanks  Applicable to all vessels/newbuilding with fuel tanks of total capacity of at least 600 m 3 which are ordered after Aug 2007 and delivered from Aug 2010  Oil companies starting to ask for ROV capability during critical anchoring  NOX tax: NOK 15 per kilo emission. Norwegian charterers expected to require modern tonnage with catalyzer, which may reduce emissions with 90-95%  Possible requirement for contingency tension testing of anchors up to 300 tons in the North Sea Mosvold well in advance to meet new requirements  Double hull construction (DnV Clean Design notation)  Safeguarding the environment from possible leakage  Ships prepared for ROV with heave compensator  Vessels with great stability and large towing and pulling capacity  Vessels with light construction work capabilities  Cost efficient fuel economy  Reduces emissions of greenhouse gases  Cost effective solution for charterers  HYBRID propulsion system  Straight shaft technology when steaming  Diesel electric principles when the vessel is holding position ►The industry realized, only to late, that CD and larger vessels would be the consequence of the new requirements Source: R. S. Platou

7 Large AHTS to be preferred going forward - Meeting new and stricter requirements from clients and authorities Mosvold Supply VS 491 CD  22 m breadth  500 t  7º tilting Conventional / older vessel  17 m breadth  400 t  19º tilting

8 Mosvold Supply AHTS with high-end specifications Mosvold SupplySiemHavilaFarstadOlympic DesignVS 491 CD Havyard 845UT 731 CDAker AH05 Loa Breadth BHP (horse power) Bollard Pull Winch500t Winch DrumTriple Na Deck Accommodation Max Speed Economical Speed Na DP22222 Shark Jaws2 x 350t Na Stern RollerSWL 600tSWL 750SWL 600Na Stern Roller Dimentionø4m,length 8mø4m, length 8m.ø4.5m, length 6mNa Towing Pins4 x 350t 2x300Na Deadweight Fuel Fresh Water Mud Dry Bulk Rig Chain Oilrec Na FIFIPrep.IIII Na DeliveryOct 09/Jun 10May.09 Apr.09 Source: Mosvold and Pareto Securities

9 Mosvold Supply construction program  Favorable payment structure securing commitment from Batamec Shipyard  20% at contract signing  10% at key equipment delivery  70% at final delivery  Turnkey construction contract with parent company Otto Offshore Ltd., Labuan, Malaysia  Contract price USDm 153  All-in delivered price USDm 167 (incl. project development, supervision & interest)  Refund guarantee from Bangkok Bank (BBB+) USDm 80 - to be adjusted acc. to chg. on critical equipment, callable 15 Sep 2007 with estimated delivery late 2010 USDm 82 - to be adjusted acc. to chg. on critical equipment, callable 30 Jan 2008 with estimated delivery late 2010 / early 2011 USD 82.5m – price adj. to reflect key equipment cost – exercise by mid Sep 07, expected delivery late 2010 USD 84.5m – price adj. to reflect key equipment cost – exercise by mid Jan 08, expected delivery mid 2011

10 Batamec Shipyard with relevant expertise  PT Batamec Shipyard wholly owned subsidiary of Otto Marine Pte Ltd  Otto Marine Ptd Ltd started operations in 1979  Principal activities:  Shipbuilding  Ship repair & conversion  Offshore structural engineering  Batamec is strategically located at Batam Island, Indonesia  Management comprises over 45 qualified and experienced engineers, primarily from PPL and Keppel Fels  Total workforce: 2,200  Certified to ISO 9001:2000 with Lloyds Register Quality Assurance as at 25 April 2005  6 vessels successfully delivered since embarking on shipbuilding strategy  Order book of 30 vessels with deliveries until 2010  Of which 10x 10,000HP AHTS  Major clients:  Tidewater  ESNAAD  Seatrucks  PETRA  RK Offshore  Marine Subsea (Africa Offshore Services)

11 Recent fixtures Highland Courage $65,000 (Pareto 3Q07E: $65,000)* Far Sound at $65,000 (Pareto 3Q07E: $65,000)* Sea Lynx at $55,000 (Pareto 3Q07E: $60,000)* Olympic Hercules at $76,000 (Pareto 3Q07E: $85,000)* Far Scout at $66,000 (Pareto 3Q07E: $65,000)* Large AHTS rates holding up at record levels - avg spot rates YTD 2007 approx USD 95,000/d  90% spot utilization (80%) *Term rates and Pareto estimates are effective day rates; total rev./no. of days Source: Johan G. Olsen Shipbrokers, Pareto estimates

12 Total AHTS fleet is old – 21 years avg age - Larger and more capable vessels will replace older vessels Source: Clarksons / Pareto estimates

13 Drilling and field development driving AHTS demand - Boost in drilling activity and growing number of FPSO installations going forward - Deepwater field development boosting AHTS vessel usage General floater activityFPSO units Source: ODS Petrodata, Infield, Pareto estimates Annual growth vs # units %

14 Company set up  Mosvold Supply Plc. has been established and registered in Cyprus  No direct employees in Mosvold Supply  Corporate governance in accordance with public company guidelines (incl. 30% mandatory offer threshold prior to listing)  No corporate tax (pay only local tonnage tax) Mosvold Supply Plc. Est.: Cyprus, June 2007 Mosvold Supply I Ltd Cyprus Mosvold Supply II Ltd Cyprus 100% Corporate set-up: 22.9% Mosvold Shipping Holding Ltd. Est.: Cyprus, June 2007

15 Board, management and largest shareholders Confidential Board of Directors  Roy T. Mosvold – Chairman  Vasilios Trikoupis  Magne Kristiansen  Eleni Georgiades  Irene Sarvvides Management  John G. Bernander – CEO  Per Tønnesen – Technical Director  Marianne Andreassen – Controller

16 Pro forma Mosvold Supply key figures (2x AHTS)  EV USDm 176 fully invested  Ignoring value of 2x newbuild options  Post-deal market cap USDm 35  Incl. pre-money value USDm 3  Approx 23% Mosvold ownership  P/E 4.0x on current Pareto 09E estimates for similar vessels (NOK 275k/d)  EV/EBITDA 7.1x  P/E 1.2x on 3-yr historical average of NOK 450k/d  EV/EBITDA 3.9x  P/E 0.8x assuming day rates at 2007E levels  EV/EBITDA 3.1x Confidential

17 Consolidation opportunities ahead - Fragmented market creates room for consolidation - New, large AHTS in favor Source: Petrodata / Platou / Farstad