1. A brief Overview of the ME Offshore Market Time to invest? Dubai 7 March 2012 Geir Sjurseth, Managing Director, DVB Bank SE

2. Page 2 DVB Global Offshore Support Group Introducing DVB DVB Overview European Company (SE), listed on the Frankfurt Stock Exchange 95% owned by DZ Group (largest co-operative banking group in Germany) Over 500 professionals, all specialising in transport finance Over 500 clients worldwide, all active in the transport sector Global Presence Through 13 OfficesMarket Approach AviationShippingLand Transport Structured Asset Financing Advisory and M&A Asset Management Risk Distribution Loan Participations Asset & Market Research EUR 1.16bn Market Capitalisation $ 27.3bn / EUR 20.7bn Total Loan Book EUR 84.6m / 98.0m Net Profit Sep. 2011 / Sep. 2010 19.3% Basel II Core Capital Ratio A+ Long Term Debt (Standard & Poor’s) A-1 Short Term Debt (Standard & Poor’s) Key Facts AMERICA EUROPEASIA / PACIFIC New York Curaçao Singapore Tokyo Hamburg Frankfurt/Main Zurich Bergen/Oslo Piraeus Rotterdam Cardiff London

3. Page 3 DVB Global Offshore Support Group 1 Offshore Support Group (AHTS, PSV, subsea, diving and heavy lift vessels, others) DVB Shipping Finance Division - Seven Global Sector Groups Crude Oil & LNG Tanker Group (crude oil and Liquefied Natural Gas tankers)3 Chemical, LPG and Product Tanker Group (chemical, specialist, Liquefied Petroleum Gas, product and asphalt/bitumen tankers)4 Dry Bulk Group (barges, dry cargo, combination and bulk carriers)5 2 Offshore Drilling and Production Group (jack-ups, drill ships, semi-subs, FPSO, FSO, FPU) Container Business Group (container vessels, container boxes, car carriers, reefers) 6 Cruise & Ferry Group (ferries, yachts, ocean/river cruise, RoRo’s)7

4. Page 4 DVB Global Offshore Support Group Overview of the Offshore Support Sector Offshore Support Segments Crew Accommodation Jack-up Platforms Semisubmersible Platforms Mono-hull Vessels Accommodation Barges Hybrids Accommodation Transport Float on / Float off (Flo / Flo) Lift on / Lift off (Lo / Lo) Roll on / Roll off (Ro / Ro) Semi-submersible Heavy Lift Barge Heavy Lift Seabed Installation Diving Support Vessel (DSV) Lay Support Vessel ROV Support Vessel Lay Barge Reel Lay Vessel Well Intervention Vessels Derrick Barge Pipe Carrier Subsea & Construction Hydrocarbon Exploration Seismic Survey Vessel (SSV) Electro Magnetic Survey Vessel Seismic Supply & Anchor Handling Supply Anchor Handling Tug (AHT) Anchor Handling, Tug & Supply (AHTS) Platform Supply Vessel (PSV) Crew Boat Stand-by Vessel Emergency Response Rescue Vessel (ERRV) Utility Vessel

5. Page 5 DVB Global Offshore Support Group Restructuring Financing Ability to finance Mexican and Brazilian flag vessels S&P and Newbuild Finance Sale & Leasebacks, Acquisition Finance and Mezzanine Finance Advisory and M&A Ship Sale & Purchase Mergers & Acquisitions (M&A) Debt & Equity Capital Raisings Shipping / Offshore Investment Fund Structured Equity and Mezzanine Finance Equity Investments Sale & Leasebacks DVB’s Offshore Support Group Offshore Support Group

6. Page 6 DVB Global Offshore Support Group Agenda 1A Brief Overview of the OSV Market 2Time to Invest?

7. Page 7 DVB Global Offshore Support Group Global Offshore Market Overview Oil Prices & Energy Demand E&P CapexRig MarketOSV Demand USD bn Crude Oil PricesGlobal E&P Capital Expenditure OSV Market Demand Chain: Key demand drivers remain in place...

8. Page 8 DVB Global Offshore Support Group Delivery Schedule PSV Delivery Schedule (December 2011)AHTS Delivery Schedule (December 2011) The orderbook for PSVs represents 30% of the existing fleet in dwt term Most PSV orders are placed for vessels greater than 2,000 dwt (85%) Delivery of 26 PSVs >4,000 dwt of total 56 in 2011, compared to 14 of total 82 in 2010 The orderbook for AHTS represents 13% of the existing fleet in bhp terms Particularly in the small size categories the orderbook seems too large Delivery of 23 AHTSs >10,000bhp of total 176 in 2011, compared to 17 of total 261 in 2010 … but recent deliveries and remaining orderbook will continue to put pressure on utilisation

9. Page 9 DVB Global Offshore Support Group Source: DVB Research and Strategic Planning Global Outlook 2012+ Prospects By Region and Vessel Type PSV (dwt)AHTS (bhp) Current market expectations favor sophisticated vessels

10. Page 10 DVB Global Offshore Support Group Agenda 1Brief Outlook & Why Sector is Attractive for Investors & Consolidation 2Time to invest?

11. Page 11 DVB Global Offshore Support Group What we’re seeing in the BANK market Operator/corporate - 2nd hand/NB contracting KSs - On the road againPIs – PE/equity raise Strategic purchases of specialised vessels Rush to contract large PSV NBs – is next thing AHTSs again? Attractive yard terms with limited equity up front Many new OSV players popping up going for 5150 AHTS and mid sized PSVs Driven by perceived good investment returns, PSVs asset play In many cases no industry sponsor Look for 50-60% debt, good yard terms Clearly speculative – to the detriment of industry operators May not get financing Driven by perceived good investment returns – low point in cycle, no employment. Some time new entrants with colourful business plans Can document large NB haircuts v market.. Look for post del fin and sometimes also LC for pre del. May not get financing

12. Page 12 DVB Global Offshore Support Group  Company cash flow/vessel mortgage capacity Options and availability of funding to OSV owners  Bank debt  Capital markets  Private equity  ECAs  Chinese banks.. Means of CAPEX OutlookComment Applies only to a few Very selective Under utilised but peak is passed If local content Still under pressure

13. Page 13 DVB Global Offshore Support Group Oslo Stock Exchange Indicators Indexes Since 2006 – the trough is behind us but..

14. Page 14 DVB Global Offshore Support Group Some regional companies C.S. Offshore DMC Conventional & local/ regional Specialised & regional/ global

15. Page 15 DVB Global Offshore Support Group The Middle East OSV industry Key headlines or headaches?  World wide oversupply still a problem – more than 430 OSV NBs to be delivered by 2015  Middle East - 314 AHTSs and very few AHTS NB orders (5- 7000bhp)  74 vessels >30 years, the world’s 2 nd largest old vintage fraction..  Still downward pressure on utilisation and rates – contrary to rest of world  IRAN – a big headache  Many players and no consolidation  Recourse and vessel employment is critical to banks #Utilisation RIGs12084% AHTSs39672% PSVs13368% IHS/Maersk Jan 2012

16. Page 16 DVB Global Offshore Support Group Consolidation Prospects Fragmented OSV Universe OSV GrowthPrivate Equity Interest & Pricing NBs & resales only Sales of older vessels at profits Relatively & surprisingly few M&A deals to spur scale Growing number of investors attracted to an energy sustainable industry But are they prepared? >150 companies - 25% listed – Market Cap of [$30m - $2.5bn] Many are controlled by founding families CAPEX needs, positive energy market outlook US companies’ interest in high tech Norwegian companies Driven by cash flow multiple pricing in rising markets Attractive returns are achievable GrowthNew MarketsScale Bargaining Power Access to employment in cabotage markets Reduced OPEX / Crew costs though operational mobility Reduced cost of funds Access to right tonnageImpact on rates Offshore Support Industry Characteristics Traditional Consolidation Drivers Unlikely

17. Page 17 DVB Global Offshore Support Group Some Response to Consolidation Drivers... DriversExamplesProspects  Fleet Growth / New Tonnage  Strengthen Regional Position  Enter Offshore  Private Equity Fleet acquisitions or newbuilds often a cleaner way to grow than corporate acquisitions. Acquisition to get access to new/young fleet Jones Act /modern fleet Restis Group Makes sense in regions with regulatory barriers such as Brazil Also a way of acquiring people in target regions Increasingly seen as a good diversification from conventional shipping sectors which are experiencing tough times Typically do not like asset heavy companies Liquid assets with contracts / listable companies are of interest

18. Page 18 DVB Global Offshore Support Group And further fragmentation of the OSV industry New kids on the block... Winning contracts with oil majors 10+ new OSV players entered the market during 2011, most with limited or no track record Long term contracts with oil majors such as Petrobras Lack of Barriers to Entry Little age limitation on vessels imposed by charterers Oil majors encouraging more competition by awarding contract to new entrants Is industry, or part of, getting commoditized? Newbuild over Acquisition Owners prefer newbuildings over corporate acquisitions Ignore Benefits of Consolidation How will next downturn impact the industry?

19. Page 19 DVB Global Offshore Support Group Summary  MARKET - While the cycle trough is behind us – it’s a fragile recovery  STRATEGY - ME seems to be for the ME – less prone to regionalisation/globalisation  OPERATORS – many and fragmented, easy rate target for the charterers  RISK – vulnerable to weaker prospects  Local industry needs equity to secure current operations and CAPEX  More “dynamic” strategy/consolidation discussions need to take place  ME owners need to find ways to better integrate, take advantage of the greater market  Recovery is on – timing is now!

20. Page 20 DVB Global Offshore Support Group Thank you for your attention! geir.sjurseth@dvbbank.com