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DOF Group 3
DOF ASA in briefFleet
69 vessels (wholly and partly owned)
(19 PSV, 20 AHTS, 30 Subsea)
• 61 owned vessels in operation
2 owned less than 50%
• 6 newbuildings; 1 AHTS, 5 Subsea
5 Subsea vessels chartered in from
external owners
58 ROVs, 9 ROVs on order
NOK 31 bn in market value owned
vessel in operation* (100% basis)
Average age 8.8 years, value adjusted
fleet age of 6.6 years
Back log*
Total NOK 64.5 bn
• Firm contracts : NOK 30.6 bn
• Options: NOK 33.9 bn
Global organisation
Head office in Norway
Regional offices in Australia, Angola,
Singapore, UK, USA, Canada,
Argentina and Brazil
Total of 5 167 employees*
Subsea employees: 1 758
Marine personnel: 3 409
30
20
19
5 Subsea
AHTS
PSV
Chartered SubseaVessels
Vessels
DOF Group 4
DOF ASA timelineDOF fleet evolution DOF Group employees
0
5000
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80
2008 2009 2010 2011 2012 2013 2014 H1 2015
MN
OK
No
. O
f V
essels
No. of operated Vessels MV of Fleet
0
1000
2000
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5000
6000
2008 2009 2010 2011 2012 2013 2014 H1 2015
No. Of employees
2007 – 2008 2009 – 2010 2011 – 2012 2013 – 2014 H1 2015
Fleet: 45 vessels Fleet: 56 vessels Fleet: 69 vessels Fleet: 70 vessels Fleet: 63 vessels
• DOF Installer founded
• DOFCON merged with DOF Subsea
• DOF Deepwater (ex Aker DOF Deepwater) founded, a JV with Aker Solutions
• Partnered with First Reserve to purchase DOF Subsea ASA and the company was taken private
• Delivery of 9 new-builds from yard (2 PSVs, 1 AHTS and 6 subsea vessels)
• 3 vessels sold
• Delivery and acquisition of 10 vessels(2 PSV, 2 AHTS and 6 subsea vessels)
• DOF Subsea established 2 joint-ventures with Technip in Norway and in Brazil
• 1 vessel sold
• Acquired more engineering capacity in Australia
• Delivery of 12 new-builds from yards (4 PSVs, 3 AHTS, and 5 subsea vessels)
• Purchased Skandi Constructor (subsea)
• 1 vessel sold
• 1 new-build (subsea vessel) sold
• Delivery of 2 vessels (PSV and subsea vessel)
• DOF Subsea &Technip JV won a USD 1,7 bn contract with Petrobras for 4 PLSVs
• Signed newbuild contracts for 4 PLSVs
• Extensive growth in subsea project activity
• Chartered four external subsea vessels (incl. 3 Jones Act vessels) for the project activity
• 2 subsea vessels sold
• Signed new-build contract for one largesubsea construction vessel
• Delivery of Skandi Angra (AHTS)
• Delivery of Skandi Africa (Subsea)
• 5 vessels sold in Brazil
• Skandi Aker (subsea) sold
• Skandi Falcon (PSV) sold
• Skandi Arctic sold (50% share)
• Skandi Fjord sold
6
A global player
6
FOCUS AREAS
PerthRio de Janeiro
Buenos Aires
Singapore
Houston
St. Johns
Aberdeen
Cairo
Brunei
Macaé
Jakarta
Manila
Luanda
Moscow
Austevoll
Malaysia
34
3
23
8
3
Norway Brazil US/Canada UK Asia Pacific Angola Argentina Marine Crew Total
DOF employees 453 566 275 330 427 16 8 3 092 5 167
US Market background
• Jones Act is probably most well known of laws governing national
maritime trade
• Requires that maritime transportation between 2 points in US is limited
to Jones Act compliant vessels
• Subsea wells and facilities anchored to seabed are considered US
points under Jones Act
• Jones Act compliance is enforced by the US coastguard
DOF Group 7
DOF Group 8
US Market operational challenges
• Offshore Marine Service Association aggressively challenges alleged
breaches of the Jones Act
• Supply, towing, construction and well intervention activities all need to
comply with Act
• Increased scrutiny has led Oil Majors to exclude foreign flag vessels at
tender stage in order to avoid ‘hassle’ of potential Jones Act violations
• Vast support for the Act from US Government, military and maritime
organisations who see this as a key strategic defence concern
DOF Group 9
Brazilian Market operational challenges
• Excessive bureaucracy with regulation not stable or predictable
• Frequent changes to legislation with heavy penalties for non-compliance
• Brazilian flagged vessels able to ‘block’ foreign flagged vessels from
contracts
• Extremely complex tax regime
• Local content requirements – must use Brazilian nationals
DOF Group 10
• Strong unions with unrealistic demands
• Local content requirements – must use local crew
• Crew are extremely expensive with ‘special’ qualifications
• Safety risk due to industry focus on temporary 3rd party crews – no
continuity onboard
• Lack of experienced local crew in New Zealand – higher rates of pay in
Australia
Australian / New Zealand Market operational challenges
DOF Group 11
Asian Market operational challenges
• Taxation of seafarers in local country rather than home country
• Complex tax regimes
• Local ownership requirements in many countries
• Local flag requirements not acceptable to many European banks
• Local content requirements for crew
DOF Group 12
Conclusion
• Protectionist legislation is prevalent on a global basis not just in US
• Local content requirements in many regions increase risk and costs
• Complex tax regimes and / or fines for ‘violation’ of legislation can turn
profitable operationss into a loss making operation with no forewarning
• Increased uncertainty for Shipowners and Seafarers