Deep Sea Supply Investordagen Kristiansand

DEEP SEA SUPPLY PLC Corporate Presentation, September 2014

2 CORPORATE PRESENTATION SEPT 2014

- Owns and manages a fleet of 40 Offshore Supply Vessels

- Operating worldwide

- Hemen Holding Limited (35,1%) – Main shareholder

- Market Capitalisation approx. USD 390M

Deep Sea Supply – In brief

Main clients

Top 10 Shareholders

DEEP SEA SUPPLY PLC

SHAREHOLDER % OWNERSHIP

HEMEN HOLDING LIMITED 35,1%

SKAGEN KON-TIKI 6,6%

JP MORGAN CLEARING CORP. 3,3%

UBS AG 2,3%

MORGAN STANLEY & CO 1,8%

DNB NOR MARKETS 1,8%

VPF NORDEA NORGE 1,8%

EUROCLEAR BANK S.A. 1,7%

FIRST GENERATOR 1,6%

KLP ALFA GLOBAL 1,5%

AHTS PSV

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Key events

2005: DESS established – NOK 426M new equity. - Aquisition of six AHTS vessels - Listed on Oslo Stock Exchange in Sept. 05

2006: NOK 1.100M raised at NOK 13,60 per share - Acquisition of 22 newbuild contracts from Seatankers - Hemen Holding becoming main shareholder

2006 - 2008: Dividend payments equivalent to NOK 11,48 per share

2009 - 2011: Focus on: - Entering new markets - Establishing inhouse Ship & Crew management - Sale of 5 vessels at attractive prices

2010/2011: Ordering 16 PSV newbuilds

2013: Sale of 50% of Brazilian operations to BTG Pactual - Acquisition of 6 PSV newbuilds - Strategic

2014: USD 200M private placement. - Aquisition of 10 newbuild PSVs

2014: Re-introduction of quarterly dividend – 2Q ‘14

Deep Sea Supply – In brief

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DEEP SEA SUPPLY PLC

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DEEP SEA SUPPLY PLC

Deep Sea Supply – Organisation

Board of DirectorsChairman:Harald Thorstein

Director:Frixos Savvides

Director:Hans Petter Aas

Alternate DirectorKathrine Fredriksen

Key Management PositionsChief Executive Officer: Finn Amund Norbye

Chief Financial Officer: Anders Hall Jomaas

Chartering & Marketing Director:Tallak Strandenæs

Technical Director: Jon Are Gummedal

Chartering , Technical and Crew management

Group Accounting services and Insurance

Deep Sea Supply Plc – Holding Company

Chartering , Technical and Crew management

Chartering, Finance, Technical and Projects

When building ships

Taking advantage of cycles Large series / Price / Payment termsNorwegian design / equipmentStrong supervision teams / QualityBuilt in Asia

When operating ships

Lean and mean Close monitoring of costsStandardisation – sister vesselsStrive towards excellence in difficult markets

Low and sustainable breakeven rates

Low/medium gearing on new projects Strong balance sheet

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Creating Shareholder Value

Dividend payments

Excess cash paid out to shareholders

Long term contracts

Vessels operating worldwide

Opportunistic

Acquisition / sale of vesselsAcquisition / sale of companies

DEEP SEA SUPPLY PLC

• Deck area: 1,025 m2• 4,600 dwt• Yard: Sinopacific Shipyard• Average broker value: USD 45.9M

• Deck area: 810 m2• 4,100 dwt• Yard: Cochin Shipyard• Average broker value: USD 35.9M

16 newbuild PSVs

- Norwegian ship design and top specification – for worldwide operations - All vessels with Clean Design and DP2. Fuel efficient engines and hulls, and diesel electric propulsion - Individually fitted, delivered vessels with i.a. FiFi-1 and oil recovery

- Reputable yards with solid track records, well known to Deep Sea Supply- Vessels delivered are very well recognised by charterers

12x Ulstein PX 105 – Large PSV 4x STX 05L - Large PSV

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DEEP SEA SUPPLY PLC

Office PSV AHTS PSV DESS BTG AHTS DESS BTGWorld Wide operations

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DEEP SEA SUPPLY PLC

Income Statement 1H 2014

(Unaudited figures in USD 1,000) 1H 2014 1H 2013

Operating revenue (100% basis *) 112 348 80 398

Vessel operating expenses (100% basis *) (49 847) (39 574)

(Unaudited figures in USD 1,000) 1H 2014 1H 2013

Operating revenue 75 028 76 503

Vessel operating expenses (32 726) (37 160)

Other operating expenses (5 631) (7 104)

Other gains/(losses) 864 225

Gain on sale 1 302 83 708

EBITDA 38 837 116 172

Depreciation (16 041) (7 692)

EBIT 22 795 108 480

Financial income 232 201

Financial expenses (14 307) (13 199)

Net currency items (592) (4 622)

Change in value of financial derivatives 0 147

Net financial items (14 667) (17 473)

Pre-tax result 8 128 91 007

Taxes (49) (250)

Profit for the period/year 8 079 90 757

* After sale of 50% of the Brazilian business to BTG Pactual, (and the establishment of DESS BTG), the result from the Brazilian operation has been incorporated 50% line by line in the income statements. The table below presents comparable underlying performance based on 100% of the freight revenue and operating expenses for all vessels:

DEEP SEA SUPPLY PLC

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Key figures

All figures in USD 30.06.2014

Total Assets: 990M

Cash and Cash equivalents: 79M

Borrowings: 449M

Shareholders Equity: 462M 46,7%

Value Adjusted Equity: 564M 53,9%

Solid Balance Sheet

DEEP SEA SUPPLY PLC

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Deep Sea Supply PLCHolding Company (Cyprus)

DESS PLC

PSVs: 13 vesselsAHTS: 6 vessels

DESS BTG

PSVs: 12 vesselsAHTS: 9 vessels

100% 50%

Operational set-up

DEEP SEA SUPPLY PLC

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Overview

DESS BTG

- 31 May 2013; Sale of 50% of the Brazilian operations to BTG Pactual – Creating ‘DESS BTG’

- BTG Pactual: One of the largest investment banks in Latin America – Strong local partner

- DESS BTG acquired 6 Newbuild PSV’s

- Main trading area of DESS BTG is Brazil. Newbuild PSVs are currently operating outside Brazil

- Management companies in Rio de Janeiro and Macae

DESS BTG

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DESS BTG: Fleet list & charter status as per August 2014

DESS BTG

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2014 2015

Vessel Type Bhp/Dwt Year Built Trading Area Q2 Q3 Q4 Q1

AHTS Vessels

Sea Tiger KMAR 404 15.000 BHP 1999 Brazil

Sea Panther KMAR 404 15.000 BHP 1999 Brazil

Sea Leopard KMAR 404 15.000 BHP 1998 Brazil

Sea Cheetah Khiam Chuan 15.000 BHP 2007 Brazil

Sea Jaguar Khiam Chuan 15.000 BHP 2007 Brazil

Sea Fox Seatech P-729 6.800 BHP 2011 Brazil

Sea Jackal Seatech P-729 6.800 BHP 2011 Brazil

Sea Vixen Seatech P-729 6.800 BHP 2011 Brazil

Sea Stoat Seatech P-729 6.800 BHP 2011 Brazil

PSVs

Sea Halibut PSV UT 755 L 3.250 DWT 2007 Brazil

Sea Pike PSV UT 755 L 3.250 DWT 2007 Brazil

Sea Bass PSV UT 755 L 3.250 DWT 2008 Brazil

Sea Pollock PSV UT 755 L 3.250 DWT 2008 Brazil

Sea Turbot PSV UT 755 L 3.250 DWT 2008 Brazil

Sea Brasil STX 09CD 4.700 DWT 2012 Brazil

Sea Forth Ulstein PX 105 4.700 DWT 2013 North Sea

Sea Frost Ulstein PX 105 4.700 DWT 2013 Australia

Sea Spark Ulstein PX 105 4.700 DWT 2013 Asia

Sea Spear Ulstein PX 105 4.700 DWT 2014 East Africa

Sea Spider Ulstein PX 105 4.700 DWT 2014 Asia/ Mediterr.

Sea Springer* Ulstein PX 105 4.700 DWT 2014 Asia

Firm Option Spot

* Sea Springer delivered from yard in April 2014

DESS PLC

Overview

- Main markets; Asia, Africa and North Europe

- Management companies in Cyprus, Norway and Singapore

- Recent events:

- Purchased 10 newbuilding vessels at total price of USD 366M in June 2014 from a company affiliated with main shareholder

- Financed by a USD 200M private placement

- Bank financing secured for all 10 vessels

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DEEP SEA SUPPLY PLC

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Modern Fleet with Attractive breakeven

DEEP SEA SUPPLY PLC

6 x Ulstein PX 105 – Large PSV 4 x STX 05L - Large PSV

Cash Margin (Rate / Breakeven): Cash Margin (Rate / Breakeven):

Delivery: 2013 / 2014 Delivery: 2013 / 2014

Purchase price USD 366M vs Broker value USD 419M | Implied discount to market values: USD 53M | Purchase price: USD 40.1M (PX 105) and USD 31.3M (STX – 05L)

Deep Sea Supply: Fleet list & charter status as per August 2014

DEEP SEA SUPPLY PLC

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2014 2015

Vessel Type Bhp/Dwt Year Built Trading Area Q2 Q3 Q4 Q1

AHTS Vessels

Sea Lynx KMAR 404 15.000 BHP 1999 North Sea

Sea Bear KMAR 404 15.000 BHP 1999 Mediterranean

Sea Ocelot Khiam Chuan 10.800 BHP 2007 Asia

Sea Eagle I Khiam Chuan 12.000 BHP 2009 Malaysia

Sea Weasel* Seatech P-729 6.500 BHP 2009 Malaysia

Sea Badger Seatech P-729 6.800 BHP 2011 Asia

PSVs

Sea Trout VS 470MK II 3.250 DWT 2008 North Sea

Sea Angler PSV UT 755 L 3.250 DWT 2007 W.Africa

Sea Witch PSV UT 755 L 3.250 DWT 2008 W.Africa

Sea Falcon Ulstein PX 105 4.700 DWT 2013 North Sea

Sea Flyer Ulstein PX 105 4.700 DWT 2013 North Sea

Sea Tantalus STX 05-L CD 4.100 DWT 2013 North Sea

Sea Titus STX 05-L CD 4.100 DWT 2014 Asia

Sea Tortuga STX 05-L CD 4.100 DWT 2014 E. Africa

Sea Supra** Ulstein PX 105 4.700 DWT 2014 Mediterranean

Sea Surfer** Ulstein PX 105 4.700 DWT 2014 Asia

Sea Swan** Ulstein PX 105 4.700 DWT 2014 Asia

Sea Swift Ulstein PX 105 4.700 DWT 2014 N/A

Sea Triumph STX 05-L CD 4.100 DWT 2014 N/A

Under construction

Under construction

Firm Option Spot

*Sea Weasel owned 25% through Malaysian JV** Sea Supra, Sea Surfer and Sea Swan delivered from yard in June, July and September 2014’

Servicing the offshore oil and gas industry

DEEP SEA SUPPLY PLC

• OSV - Offshore Support Vessels support drilling rigs and fixed installations offshore, consist mainly of AHTS’ and PSVs

• AHTS - Anchor Handling Tug Supply vessels provide anchor handling and towing for offshore rigs

• PSV - Platform Supply Vessels provide cargo and transportation services to and from offshore platforms

• Deep Sea Supply is present in all the major markets

• More deepwater drilling and exploration and an increasing number of offshore installations has led to high demand for OSVs

North Sea, Brazil and Asia Pacific are the largest regions for high-end offshore support vessels*

*High end OSVs defined as AHTS >15,000 BHP and PSV>3,000 dwtSource: Pareto Research, IHS, Quest 16 CORPORATE PRESENTATION SEPT 2014

Source: ODS Petrodata 17 CORPORATE PRESENTATION SEPT 2014

AHTSVessel < 20 years: 24,1% of total fleet Vessel < 30 years: 16,9 % of total fleet

PSVVessel < 20 years: 16,8 % of total fleetVessel < 30 years: 13,0 % of total fleet

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Many deliveries next two years ...

DEEP SEA SUPPLY PLC

Deliveries of OSV’s in 2014 vs 2013

1) 1) YTD August 2013 total number of delivered vessels was: 105 (PSV: 72 / AHTS: 33)

Full year 2013 delivery of vessels was: 225 (PSV: 146 /AHTS: 79)

2) YTD May 2014 total number of delivered vessels was: 106 (PSV: 76 / AHTS: 30)

Est. Number of delivered vessels in 2014 based on 2013 ratio: 226 (PSV: 154 / AHTS: 72)

Vessel term utilization

- PSV (>3.000 DWT) currently 87% utilization globally vs 89% in August 2013

- AHTS (>10.000 BHP) currently 80% utilization globally vs 78% in August 2013

Supply vessels Total fleet AHTS PSV

Existing fleet 2961 1625 1336

Orderbook 543 18% 161 10% 382 29%

Average age 12,3 13,0 11,5

Rig market Total fleet Semis/drillships Jackups

Existing fleet 854 325 529

Orderbook 237 28% 96 30% 141 27%

Orderbook in % of fleet, OSV (PSV/AHTS) and offshore rigs (floaters/JUs)

Source: ODS Petrodata and Swedbank Research 18 CORPORATE PRESENTATION SEPT 2014

However, rig deliveries outpace OSV deliveries

DEEP SEA SUPPLY PLC

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Q1 07 Q1 08 Q1 09 Q1 10 Q1 11 Q1 12 Q1 13 Q1 14

OSV Offshore rigs

Delayed deliveries of OSV newbuilds

Current OSV activity – Key regions

Europe

Mediterranean

West Africa

East Africa

Australia

SE Asia

Brazil

Mexico

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DEEP SEA SUPPLY PLC

COMPANY ADDRESSES

CyprusDeep Sea Supply PlcJohn Kennedy Ave., Iris House, 7th Floor, Office no.740BLimassol 3100Cyprus

Deep Sea Supply Management (Cyprus) LtdP.O.Box 53340CY-3302 LimassolCyprus

NorwayDeep Sea Supply Management ASStorgaten 4N-4876 GrimstadNorway

SingaporeDeep Sea Supply Management (Singapore) Pte.Ltd.10 Hoe Chiang Rd#19-03/04/05 Keppel TowerSingapore 089315

BrazilDeep Sea Supply Servicos Maritimos LTDAAvenida Republica do Chile230, 22o andar, 20031-170Centro, Rio de JaneiroRJ Brazil

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www.deepseasupply.no