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Published on April 24, 2008

Author: Renzo

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Mosvold Supply Plc Company presentation, London, November 7th.2007:  Mosvold Supply Plc Company presentation, London, November 7th.2007 Roy Mosvold, Chairman, Magne Kristiansen, John Bernander Content:  Content Introduction The assets The market Company set-up Key financials Summary Investment case:  Investment case 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 Mosvold with proven track record on opportunistic approach and shareholder value creation MOSU with attractive turnkey newbuild contracts and proven Vik Sandvik design 4x AHTS (Vik Sandvik 491 Clean Design) with total USDm 358 all-in delivered price (Oct 09, Jun 10, Des 10 and Jul 11 delivery) vs approx USDm 440 quotes from western European yards First right of refusal on 2 additional similar vessels 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 Fully funded to 2009, approx 30% of capex program funded post transaction (USDm 52 equity, USDm 21 convertible, NOKm 185 bonds) New financing in place through fully underwritten equity issue and new convertible loan fully subscribed by companies controlled by Arne Blystad Significant value potential (4 vessels) Equity replacement value approx NOK 25 per share based on current newbuild quotes (fully diluted) Asset replacement quotes suggesting >100% equity return 3-yr historical average AHTS day rates yielding P/E 1.3x (fully diluted) and EV/EBITDA 3.7x VS 491 CD: high capacity AHTS - State-of-the art workhorses :  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: 2x 6t 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 Mosvold Supply AHTS with high-end specifications:  Mosvold Supply AHTS with high-end specifications Source: Mosvold and Pareto Securities Mosvold Supply to meet future requirements :  Mosvold Supply to meet future requirements New requirements focusing on environment, capacity and safety 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 m3 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 Supply VS 491 CD Double hull construction (DnV Clean Design notation) Safeguarding the environment from possible leakage Ships prepared for ROV 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 Mosvold Supply Construction program:  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 for 2 additional vessels Contract price USDm 167 All-in delivered price USDm 189 (incl. project development, supervision & interest) Refund guarantee from Bangkok Bank (BBB+) Batamec Shipyard with relevant expertise:  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) 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 :  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 activity FPSO units Source: ODS Petrodata, Infield, Pareto estimates Annual growth 2000-2005 vs. 2006-2010 # units # units % +35% +100% Historical number of AHTS per rig:  Historical number of AHTS per rig Sources: DnB NOR Markets estimates, Clarckson and ODS - Petrodata The number of vessels per rig is increasing due to: Other demand, for instance FPSO and construction related work More activity on deeper water – longer distances to tow the rigs High day-rates for rigs: Important that lack of vessels does not slow mob/demob Need for more vessels per rig Large AHTS to be preferred going forward - Meeting new and stricter requirements from clients and authorities:  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 World AHTS fleet is old (22 years avg age) - New vessels substantially larger and more capable than older vessels:  World AHTS fleet is old (22 years avg age) - New vessels substantially larger and more capable than older vessels Source: Clarksons / JGO Shipbrokers / Pareto estimates Number of newbuilds Rates in the AHTS market:  Rates in the AHTS market 18,000+ bhp AHTS spot rates Sources: DnB NOR Markets estimates, Clarckson and ODS - Petrodata 15,000+ bhp AHTS spot rates Day-rates are improving after a slow summer season Quoted fixtures this week up to GBP 100,000 Day-rates below are for vessel with average size of approx 16,000 bhp vs Mosvold Supply's 28,000 bhp: Significant premium is fair However, vessels in the spot market has significantly lower utilization, ~65%, than those on term contracts. We expect MOSU to achieve 90% utilization Oil companies have been willing to fix new-build of the MOSU design on term contract @ ~ GBP/day 35,000 Estimated day-rates for the MOSU fleet: GBP/day 28,000 Consolidation opportunities ahead - Fragmented market creates room for consolidation - New, large AHTS in favor:  Consolidation opportunities ahead - Fragmented market creates room for consolidation - New, large AHTS in favor Source: Petrodata / Platou / Farstad / Pareto Investor friendly and cost-effective company set up:  Investor friendly and cost-effective company set up Mosvold Shipping Holding owned by founders, which owns 22.9% of Mosvold Supply No 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) Management agreement with Mosvold Management (100% owned by Mosvold Shipping Holding ) Fixed price mgmt contract (G&A/accounting/reporting) of USD 42,500 per vessel per month 12 months cancellation period Mosvold management responsible for construction and building supervision at estimated cost of USDm 1.2 per vessel (may be subcontracted to reputable technical manager) Post-delivery commercial vessel fixture commission of 1.25% USDm 2 project development costs first 2 vessels + 1% commission on shipbuilding contracts 1% commission on sale of vessel(s) or change of control in Mosvold Supply (> 30%) 100% 100% Corporate set-up: 22.9% Mosvold Shipping Holding Limited Cyprus Mosvold – an experienced shipping and offshore services group:  Mosvold – an experienced shipping and offshore services group The Mosvold family has continuously been active in shipping since 1910 .Has owned and operated vessels in many segments (tankers,dry bulk, reefers and passenger ferries. 7 VLCCs contracted late 90 ties were successfully sold to Frontline 2001. 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 1990. 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 Mosvold with proven track record demonstrating opportunistic approach and shareholder value creation Confidential Mosvold Supply capex and funding):  Mosvold Supply capex and funding) USDm 358 all-in/ready to operate cost Incl. capitalised interest costs Total funding requirement of USDm 369 Incl. G&A, fees and financing costs USDm 52 of paid-in equity USDm 32 from June 2007 USDm 20 Sep 07 USDm 21 convertible bond issue (Sep 07) Fully subscribed by companies controlled by Arne Blystad NOKm 185 bond issue (June 07) USDm 30 additional bond financing assumed in 2009 USDm 230 of take-out debt assumed upon delivery Take-out representing approx 62% of all-in cost Source: Mosvold Supply Plc Pro forma Mosvold Supply key figures (4x AHTS):  Pro forma Mosvold Supply key figures (4x AHTS) EV USDm 350 fully invested 2010E balance sheet Post-deal market cap USDm 59 Approx 23% Mosvold ownership P/E 4.3x on current Pareto 2011E estimates for similar vessels NOK 275k/d EV/EBITDA 6.9x P/E 1.0x on 3-yr AHTS historical average NOK 450k/d EV/EBITDA 3.7x Confidential Significant equity and convertible return potential:  Significant equity and convertible return potential Current asset replacement cost estimated at NOKm 640 per vessel All-in delivered price based on recent quotes Vs. approx NOKm 525 (avg) MOSU all-in delivered cost Mosvold fully diluted equity worth NOK 24/share on asset replacement quotes ~2x current share price >NOK 40 share price potential based on 3-yr average earnings scenario EBITDA USDm 94/yr on NOK 450k/d Target EV/EBITDA 5.5x Implying P/E 3.9x on target NOK 40/share valuation USDm 21 convertible with approx 21% ownership post conversion 5-yr, 7.0% coupon, 30% conversion premium Confidential Source: Pareto Securities ASA 1) Assumption: fully diluted # of shares Mosvold Supply – most leveraged play in town:  Mosvold Supply – most leveraged play in town Mosvold Supply strongly leveraged 14% equity vs. committed capex 20% equity/convertible vs. committed capex 29% of committed capex financed post transaction (equity/convertible/bond) Capital structure justified based on favourable yard payment terms and Mosvold’s proven access to additional capital MOSU fully financed to 2009 post transactions Mosvold Supply the only pure play on high-end, large AHTS Newbuild prices still on an upward trend (squeeze on equipment suppliers) Source: Pareto Securities ASA Confidential Investment case:  Investment case 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 Mosvold with proven track record on opportunistic approach and shareholder value creation MOSU with attractive turnkey newbuild contracts and proven Vik Sandvik design 4x AHTS (Vik Sandvik 491 Clean Design) with total USDm 358 all-in delivered price (Oct 09, Jun 10, Des 10 and Jul 11 delivery) vs approx USDm 440 quotes from western European yards First right of refusal on 2 additional similar vessels 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 Fully funded to 2009, approx 30% of capex program funded post transaction (USDm 52 equity, USDm 21 convertible, USDm 30 bonds) New financing in place through fully underwritten equity issue and new convertible loan fully subscribed by companies controlled by Arne Blystad, conversion price 130% of NOK 12,75 Significant value potential (4 vessels) Equity replacement value approx NOK 25 per share based on current newbuild quotes (fully diluted) Asset replacement quotes suggesting >100% equity return 3-yr historical average AHTS day rates yielding P/E 1.3x (fully diluted) and EV/EBITDA 3.7x

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