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Information package – August 2006

Information package – August 2006. Schat-Harding The world’s largest manufacturer of maritime life saving systems/lifeboats, davits and winches. Dates back to 1928, when Schat Davits patented the first skates to launch a lifeboat from a listing ship.

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Information package – August 2006

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  1. Information package – August 2006

  2. Schat-HardingThe world’s largest manufacturer of maritime life saving systems/lifeboats, davits and winches • Dates back to 1928, when Schat Davits patented the first skates to launch a lifeboat from a listing ship. • Since then developed to be the worlds largest manufacturer of maritime life saving systems/lifeboats, davits and winches • Unique installed base • More than 10,000 ships and oil rigs relay on Schat-Harding for emergency evacuation • This family of trusted brands has made Schat-Harding the first supplier to offer fully integrated packages of lifeboats, davits, hooks, winches, cruise tenders, and rescue boats, backed up by global service and after-sales • Hundred of years of accumulated experience in maritime safety schat-harding 30.8.01 pkt. 1 Page 1

  3. Schat-HardingGeograpic presence America: 2 agents Europe: 15 agents Asia: 22 agents S. KOREA Norway Canada Germany United Kingdom JAPAN Osaka Czech Republic The Netherlands China USA SPAIN PORTUGAL GIBRALTAR GREECE S-H OFFICES: MEXICO Singapore UAE / BAHRAIN SERVICE PARTNERS: INDIA AUSTRALIA Perth Melbourne Sydney Active 40 employees 372 employees 96 employees

  4. Schat-HardingCompany structure Production Sales& Marketing After Sales & Service Ølve Rosendal Rosendal Europe UK UK Slany Netherlands Netherlands Germany Germany Americas US US US Asia Pacific Qingdao Singapore Singapore

  5. Schat-HardingOrganizational Chart

  6. Schat-HardingLegal Chart

  7. Schat-HardingProduct range Schat-Harding has one of the most extensive product ranges in the industry, and is currently in process of developing new products and services that will provide further revenue growth opportunities for Schat-Harding

  8. Schat-HardingMarket segments Cruise Merchant Offshore After Sales • World leader. • Delivers complete systems, including Cruise Tenders and Partially Enclosed Lifeboats (PELB) • Approximate market share*: • Life boats: +50% • Davits: +40% • Offers totally enclosed lifeboats and davits, conventional lifeboat systems and freefall lifeboats • Approximate market share*: 6-7% • Totally enclosed lifeboats and davits for platforms, as well as freefall and conventional systems • Approximate market share*: 25% • Global leader in the high-margin AS & S market • Estimated 3x larger revenues than no. 2 in the market • USH has the largest and most extensive service network within its product niche *Source: Schat-Harding estimates

  9. Schat-HardingMarket drivers Cruise Merchant Offshore After Sales • Newbuilding activity • Sailing fleet/offshore units in production • Demolition rate. High rate increases the newbuilding activity D R I V E R S • The world • economy • Economic • development in • America • Increased time • for vacation • Focus on safety • in the industry • Freight markets • Oil price • New safety and • environmental • regulations • Ageing fleet • Oil price • USD level • Demand for rigs • New investments • New safety and • environmental • regulations • Sailing vessels • with USH equip. • New safety and • environmental • regulations • Ageing fleet • Freight markets • Oil price • Change of flag

  10. Schat-HardingExtensive product and services range for the important after market Products installed on more than 10,000 oil rigs and vessels should give strong after sales customer base for this business

  11. Solas/IMO regulations • New regulation in IMO* to prevent accidents with LSA systems • New Amendments to Sola’s Chapt. III Adopted in MSC.78 for training, servicing and maintenance of LSA • All inspections (ex. Weekly and monthly inspections), servicing and repairs should be conducted by the OEM*’s representative, or a person appropriately trained and certified by the OEM for the work to be done • Compulsory annual and five-yearly inspections, servicing and testing will require trained and authorised personnel by the OEM • Entered into force 1st July 2006 New Solas/IMO regulations will increase demand strongly for OEM’s products and services *IMO: International Maritime Organisation. OEM: Original Equipment Manufacture

  12. Schat-HardingProfit & Loss* *Consolidated, unaudited Umoe Schat-Harding Group figures. 2004 and 2005 figures are based on audited accounts for the respective Schat-Harding companies.

  13. Schat-HardingBalance Sheet* Comments Schat-Harding balance sheet – will be refinanced after completion of acquisition, and debt to Umoe Industrier repaid (NOK 39 million) Schat-Harding has no undrawn committed or uncommitted credit facilities from any financial institutions Bank guaranties of approximately NOK 63.5 million outstanding as per 30.06.06 *Consolidated, unaudited Umoe Schat-Harding Group figures. 2004 and 2005 figures are based on audited accounts for the respective Schat-Harding companies.

  14. Schat-HardingStrong order backlog (excluding options*) *Options related to existing orders sums up to approximately 14 million euro. Contracts will become effective if end customers exercises its options with the yards.

  15. www.schat-harding.com Address: Head Office: Seimsfoss 5450, Rosendal, Norway. Org. number:Umoe Schat-Harding AS: 937989202:

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