1. DSND Inc. PRESENTATION 1 Quarter 2003 14 May 2003

2. 2 Profit and Loss Account 1Q03 – DSND Inc.

3. 3 Balance sheet 1Q03 – DSND Inc.

4. 4 DSND – debt per May 2003 Convertible Bond: - NOK 300 million - Duration 3 years from 1/2003 - Strike: NOK 20,00 per DSND share - Conversion: At pre-determined date each month for the entire period - Interest: 8% coupon BNDES (Brazil), Two loans: - USD 8,3 million (until 2012) - USD 1,7 million (until 2008) Financial lease on Buccaneer: - USD 4,3 million (until 2005)

5. 5 Profit and Loss Account 1Q03 – Subsea 7

6. 6 Balance sheet 1Q03 – Subsea 7

7. 7 Backlog 1Q03 – Subsea 7 Subsea 7 had at the end of 1Q a worldwide order book of approx USD 790 million Geographical split of Backlog UKUSD 333 million NorwayUSD 218 million BrazilUSD 104 million GOMUSD 86 million Asia PacUSD 49 million TotalUSD 790 million USD 70 million new contracts awarded during April

8. 8 Main reasons for weak 1Q results in Subsea 7 Seasonal variances North Sea Extensive program for maintenance, repair and dry-dockings Cost overrun on a couple of projects Slightly lower activity than forecasted in the GOM and AsiaPac

9. 9 Main reasons for weak 1Q results in Subsea 7 (cont.) Overview of vessels: Maintenance and repair Dry - docking K3000XX LochnagarXX PelicanXX AquamarineXX KSS 2000XX Rockwater 1X Skandi NavicaX

10. 10 Subsea 7 – comments to each region Norway  Activities performed according to plan  JV with Stolt Offshore awarded two-year extension from Statoil on construction framework contract UK  Results affected by cost overrun on one bundle project  Serveral new contracts secured Brazil  Overall market activities remain strong  Technical difficulties on two vessels resulting in significant periods of downtime in 1Q Asia Pacific  Results affected by reduced profit from one project, project still profitable GoM  Lower activity than expected during 1Q, but several new contracts awarded West-Africa  Efforts with targeting entry the market given high priority

11. 11 DSND – Non Subsea 7 assets Olympic Princess  Cable repair and maintenance  Contract to ACMA, an umbrella organization for 21 cable companies, until yearend 2003 plus options  The vessel is on lease from Olympic Shipping for the same period as its current contract Buccaneer  Well service  The vessel Dry-docked in March  Short- and long term possibilities for the vessel actively pursued Joides Resolution  Ocean Drilling Program to September 2003 (research project/program)  New possibilities for the vessels actively pursued  50/50 owned with Transocean

12. 12 DSND – Non Subsea 7 assets Big Orange  Well maintenance  Contract to Dowell Schlumberger to August 2009 (certain rights to cancel from 2005)  41% owned Supply fleet Brazil through DSND Consub  10 owned supply-/crew vessels  3 supply vessels on management  The fleet achieved a utilization ratio of 97% during 1q  All vessels on contracts to Petrobras Atria, Helder and Taurus  Currently laid-up Modfrag  Development of Combat Management System for Brazilian Navy until 2005  Another development contract for one Corvette received in November last year

13. 13 20 Largest shareholders pr. 13 May 2003

14. 14 Outlooks 2003 General market activity should remain strong Oil price above USD 20 per barrel Substantial number of offshore projects committed or in the early stages of production Subsea activities continues to grow Development of satellite and marginal fields Increased tieback activities Growth in deep-water areas Market view Financial view Significant improvement in results expected for 2Q and 3Q compared with 1Q High utilisation (89%) of vessel fleet committed for 2Q and 3Q