1. Presentation Q3-2003

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

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

4. 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

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

6. 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

7. 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

8. 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

9. 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

10. Predicted balance sheet 2003/2004

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

12. 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 Q around NOK 75 – 80 million

13. 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

14. 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

15. Sales Q3 / Q 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 NOK 27 million
Estimate for 2004 not revised NOK 150 million

16. Guidance Q4 2003/2004
Q4 – Break even or better
Profit

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

18. 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