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Confidential. Company presentation Mosvold Supply Ltd. USDm 32 private placement 16m shares at USD 2.0. Pareto Securities ASA June 20, 2007. Solely for review in connection with the Private Placement of the Equity Private Placement – not for reproduction or distribution

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Company presentation mosvold supply ltd l.jpg

Confidential

Company presentationMosvold Supply Ltd.

USDm 32 private placement

16m shares at USD 2.0

  • Pareto Securities ASA

  • June 20, 2007

Solely for review in connection with the Private Placement of the Equity Private Placement – not for reproduction or distribution

The information contained herein may be subject to change without prior notice. Please note that this is not an offering document nor a research analysis of Mosvold Supply Ltd.


Disclaimer l.jpg

Confidential

Disclaimer

This Presentation has been produced by Mosvold Supply Ltd. (the “Company” or “Mosvold Supply”) with assistance from Pareto Securities ASA, solely for use at the presentation to investors held in connection with the proposed offering of shares by the Company and may not be reproduced or redistributed, in whole or in part, to any other person. This presentation contains information obtained from third parties. Such information has been accurately reproduced and, as far as the Company is aware and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information to be inaccurate or misleading.

This document contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or Pareto Securities or any of their parent or subsidiary undertakings or any such person’s officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results.

AN INVESTMENT IN THE COMPANY INVOLVES RISK, AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION, INCLUDING, AMONG OTHERS, RISKS OR UNCERTAINTIES ASSOCIATED WITH THE COMPANY’S BUSINESS, SEGMENTS, DEVELOPMENT, GROWTH MANAGEMENT, FINANCING, MARKET ACCEPTANCE AND RELATIONS WITH CUSTOMERS, AND, MORE GENERALLY, GENERAL ECONOMIC AND BUSINESS CONDITIONS, CHANGES IN DOMESTIC AND FOREIGN LAWS AND REGULATIONS, TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE RATES AND INTEREST RATES AND OTHER FACTORS.

SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS PRESENTATION. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT THE INFORMATION INCLUDED IN THIS PRESENTATION.

No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of the Company or Pareto Securities ASA or any of their parent or subsidiary undertakings or any such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.

By attending or receiving this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company’s business.

This Presentation is confidential and is being communicated in the United Kingdom to persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (such persons being referred to as “investment professionals"). This presentation is only directed at qualified investors and investment professionals and other persons should not rely on or act upon this presentation or any of its contents. Any investment or investment activity to which this communication relates is only available to and will only be engaged in with investment professionals. This Presentation (or any part of it) is not to be reproduced, distributed, passed on, or the contents otherwise divulged, directly or indirectly, to any other person (excluding an investment professional’s advisers) without the prior written consent of Pareto Securities or the Company.

This Presentation and the information contained herein do not constitute an offer of securities for sale in the United States and are not for publication or distribution to U.S. persons (within the meaning of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”)). The securities proposed to be offered in the Company have not been and will not be registered under the Securities Act and may not be offered or sold in the United States or to U.S. persons except pursuant to an exemption from the registration requirements of the Securities Act.

This Presentation speaks as of 20 June 2007. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date.


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Content

  • Introduction

  • The assets

  • The market

  • Company set-up

  • Key financials

  • Summary


Investment case l.jpg

Confidential

Investment case

  • Mosvold with opportunistic approach to high-end AHTS market

    • Mosvold Supply Ltd (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

  • Based on attractive turnkey newbuild contracts and proven Vik Sandvik design

    • 2x AHTS (Vik Sandvik 491 Clean Design) with total USDm 167 all-in delivered price (Oct-09/Jun-10 delivery) vs approx USDm 208 quotes from western European yards

    • 2x individual options for similar vessels (USDm 80/82 1) with calls 15 Sep 2007 and 30 Jan 2008, respectively). Expected delivery late 2010 and late 2010/early 2011

  • 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

    • USDm 32 equity, USDm 30 bond and USDm 112 take-out financing

  • Significant equity value potential

    • Equity replacement value approx USDm 70 based on current newbuild quotes

    • 3-yr historical average AHTS day rates yielding P/E 1.2x and EV/EBITDA 4x (2 vessels)

    • Additional value from 2x attractive newbuild options

  • Alternative strategies to be actively pursued by Mosvold

1) Will be adjusted acc. to price changes on critical equipment


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Confidential

Strong equity return potential

  • Current asset replacement cost estimated at NOKm 625 per vessel (delivered price)

    • Implying USDm 208 (2x AHTS)

    • Ignoring value of 2x Mosvold options

  • Mosvold equity worth USDm 66 on asset replacement values

    • + 90% on initial USDm 35 market cap

  • Mosvold equity worth USDm 86 on asset replacement values incl. 2x options 1)

  • >USDm 100 equity value potential based on 3-yr average earnings scenario

    • EBITDA USDm 44

    • Assuming target EV/EBITDA 5.5x

    • Implying P/E 3.6x on target valuation

    • 3x initial equity valuation

1)

1) Options assumed to be USD 10m in the money vs. alternative quotes

Source: Pareto Securities ASA


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Timetable & key conditions

Private placement

Confidential

Transaction terms

  • USDm 32 through 16 million new shares at USD 2.0 per share, each with USD 0.01 nominal value

  • 1.5 million shares currently outstanding, equal to a pre-money valuation of USDm 3

  • Companies affiliated with Mosvold have pre-subscribed and will be allocated up to USDm 7 of the new issue

  • Mosvold with 12 months lock-up on their approx. 30% holding post transaction

  • Use of proceeds: To finance the construction of 2 large AHTS vessels. All-in delivered project price USDm 167

  • Investor requirement: Institutional and professional investors / US 144A (QIBs)

  • The private placement is subject to a bond issue of USDm 30

  • Manager: Pareto Securities ASA

  • Subscription period: 20 June 2007

  • Earliest closing at 17:00 Norwegian time. Subscription period may be extended

  • Minimum subscription: USD 80,000 (equivalent to 40,000 shares)

  • Allocation on or about 21 June

  • Payment on or about 26 June

  • Delivery of shares on or about 5 July

  • Listing: Immediate OTC listing. Subsequent listing on Oslo Axess to be evaluated

  • Documentation: Investor presentation, term sheet and terms of application


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Content

  • Introduction

  • The assets

  • The market

  • Company set-up

  • Key financials

  • Summary


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VS 491 CD: High capacity AHTS - State-of-the art workhorses meeting future requirements

Environmental friendly design

  • Double hull construction (DnV Clean Design notation)

    • Safeguarding the environment from possible leakage

  • Unmatched 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

      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 (ROV w/heave comp.):1x 5t, 1x 6t and 1x 12t

  • Fuel consumption:13.5 t diesel per day

  • Accommodation:60 persons

    Well reputed equipment suppliers

  • Diesel engines:MAK

  • Thrusters:Brunvoll

  • Towing winches:Hatlapa

  • DP:Kongsberg


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Mosvold Supply AHTS with high-end specifications

Source: Mosvold and Pareto Securities


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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

    • Contract price USDm 154

    • All-in delivered price USDm 167 (incl. project development, supervision & interest)

  • Refund guarantee from Bangkok Bank (BBB+)

USDm 80 - to be adjusted acc. to chg. on critical equipment , callable 15 Sep 2007 with estimated delivery late 2010

USD 80m – price adj. to reflect key equipment cost – exercise by mid-Sep 07, expected delivery late 2010

USDm 82 - to be adjusted acc. to chg. on critical equipment , callable 30 Jan 2008 with estimated delivery late 2010 / early 2011

USD 82m – price adj. to reflect key equipment cost – exercise by late-Jan 08, expected delivery late 2010/early 2011


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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)


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Content

  • Introduction

  • The assets

  • The market

  • Company set-up

  • Key financials

  • Summary


Large ahts rates holding up at record levels avg spot rates ytd 2007 approx usd 115 000 d l.jpg

Large AHTS rates holding up at record levels- avg spot rates YTD 2007 approx USD 115,000/d

  • 68% spot utilization (60%)

  • Recent fixtures

  • Island Vanguard at USD 95,000 (Pareto 2Q07E: USD 82,000)*

  • Maersk Detector at USD 90,000 (Pareto 2Q07E: USD 64,000)*

  • Sea Lynx at USD 74,000 (Pareto 2Q07E: USD 64,000)*

  • Highland Valour at USD 100,000 (Pareto 2Q07E: USD 64,000)*

*Term rates and Pareto estimates are effective day rates; total rev./no. of days

Source: Johan G. Olsen Shipbrokers, Pareto estimates


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World AHTS fleet is old (22 years avg age)- Newbuild order book 19% of existing fleet- New vessels substantially larger and more capable than older vessels

Source: Clarksons / JGO Shipbrokers / Pareto estimates


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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 activityFPSO units

# units

# units

%

Annual growth 2000-2005 vs. 2006-2010

Source: ODS Petrodata, Infield, Pareto estimates


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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


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Large AHTS to enjoy high utilization going forward

Source: JGO Shipbrokers


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Consolidation opportunities ahead- Fragmented market creates room for consolidation- New, large AHTS in favor

Source: Petrodata / Platou / Farstad / Pareto


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Content

  • Introduction

  • The assets

  • The market

  • Company set-up

  • Key financials

  • Summary


Investor friendly and cost effective company set up l.jpg

Mosvold Supply Ltd.

Est.: Cyprus, June 2007

AHTS #1 TBN

Cyprus

AHTS #2 TBN

Cyprus

100%

100%

Investor friendly and cost-effective company set up

  • Mosvold Supply Ltd. has been established and registered in Cyprus

  • No direct 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 Ltd. (100% owned by Mosvold Shipping Holding Ltd.)

    • 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 1.7 per vessel (may be subcontracted to reputable technical manager)

    • Post-delivery commercial management fee 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 Ltd. (> 30%)

Corporate set-up:


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Confidential

Board of Directors

  • Roy T. Mosvold (42) – Chairman

    • Experience from New York and London in shipping, investment and trading. Mr. Mosvold serves as Chairman of Mosvold Jackup, Moss Mosvold Platforms and Mosvold Shipping Ltd. Mr. Mosvold holds a B.Sc. major Finance and International business from New York University

  • Vasilios Trikoupis (56)

    • Mr. Vasilios Trikoupis from Cyprus has experience from Montanios & Montanios Law Firm where he has served as Accountant Assistant and Accountant Manager from 1971 to date. Mr. Trikoupis holds a Higher Stage Certificate in Accounting from the London Chamber of Commerce and Industry

  • Magne Kristiansen (52)

    • Degrees from Norwegian School of Economics & Business Administration (NHH) and University of California. Experience from Ernst & Young, investment bank Samuel Montagu, Mosvold Shipping (CFO 1988-1995, CEO 1995-2000), DSND Subsea (renamed Siem Offshore in 2003 and included ownership of Subsea 7 Inc) as EVP & CFO in 2000-2001, CEO from 2002 to 2005


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Confidential

Experienced management team in place

  • John G. Bernander (49) – CEO

    • John G. Bernander is a lawyer educated at the University of Oslo. He has held various managerial positions, lastly as CEO of the Norwegian Broadcasting Corp. 2001 – 06. From 1993 – 2001 he was CEO of the Gard P& I Club and Gard Services AS. Bernander has worked as Corporate Counsel for Sørlandsbanken AS and Johan G. Olsen AS and has served in political offices as Member of Parliament , Deputy Leader of the Conservative Party and as Deputy Minister of Trade and Industry

  • Per Tønnesen (58) – Technical Director

    • Master Mariner with experience as master on tankers, bulkers, containerships and passenger vessels. Fleet Technical manager with Subsea 7 2002 – 2003. Technical Manager /SQ with Mosvold Shipping  1998 – 2002, and before that held the same position with Red Band (Fred Olsen) from 1991 – 1998

  • Marianne Andreassen (30) – Controller

    • Holds a Master Degree in Business Administration from Norwegian School of Economics & Business Administration (NHH), State Authorized Public Accountant. Experience from Ernst & Young Norway (2000 – 2006) and Ernst & Young USA (2003)


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Confidential

Mosvold – an experienced shipping and offshore services group

  • The Mosvold family has continuously been active in shipping since 1910

  • 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 SeaDragon Offshore with forward delivery

  • Mosvold founded Mosvold Drilling Ltd. in 2005 (2x Ultra Deep Water Drillships on order with Samsung, acquired by Seadrill)

  • Mosvold founded Mosvold Jackup Ltd. in 2006 (2x 300 ft Jackups on order at MIS)

  • Mosvold with innovative approach taking advantage of yard market potential, eg. MIS and Sevmash


Content24 l.jpg

Content

  • Introduction

  • The assets

  • The market

  • Company set-up

  • Key financials

  • Summary


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Confidential

Mosvold Supply – a leveraged newbuild play

  • Supported by favourable newbuild contract terms

USDm

USDm 173 Total funding requirement

Bank/

take-out debt

18% of EV


Mosvold supply capex and funding 2 vessels l.jpg

Mosvold Supply capex and funding (2 vessels)

  • USDm 167 all-in/ready to operate cost

    • Incl. capitalised interest costs

  • Total funding requirement of USDm 173

    • Incl. G&A, fees and financing costs

  • USDm 32 of equity (June 2007)

  • USDm 30 bond issue (June 2007)

  • USDm 112 of bank/take-out debt assumed upon delivery

    • Fully funded to delivery from initial equity and bond

    • Take-out representing approx 64% of all-in cost


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Confidential

Pro forma Mosvold Supply key figures (2x AHTS)

  • EV USDm 177 fully invested

    • Ignoring value of 2x newbuild options

  • Post-deal market cap USDm 35

    • Incl. pre-money value USDm 3

    • Approx 30% Mosvold ownership

  • P/E 4.4x on current Pareto 09E estimates for similar vessels (NOK 275k/d)

    • EV/EBITDA 7.4x

  • P/E 1.2x on 3-yr historical average of NOK 450k/d

    • EV/EBITDA 4x

  • P/E 1x assuming day rates at 2007E levels

    • EV/EBITDA 3.5x


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Confidential

Mosvold Supply – most leveraged play in town

  • Mosvold Supply with strong equity upside on rising asset values

  • NAV +55% on 10% increase in asset values

    • Vs. peer group average 30%

    • Ignoring 2x Mosvold Supply options

  • Mosvold Supply the only pure play on high-end, large AHTS

    • Newbuild prices still on an upward trend (squeeze on equipment suppliers)

  • Mosvold Supply with opportunistic approach

    • Chartering/Re-sale/Business combinations/Expansion

Source: Pareto Securities ASA


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Confidential

Long-term scenario: attractive IRR

  • 12% IRR on equity based on Pareto 2009E rate forecast

    • NOK 275k/d

    • Including pre-delivery construction phase

    • Exit 5-yr post delivery (2014E) at depreciated book values

  • 33% IRR on equity assuming rates reflecting 3-yr average

    • NOK 450k/d

    • Including pre-delivery construction phase

    • Exit 5-yr post delivery (2014E) at depreciated book values


Content30 l.jpg

Content

  • Introduction

  • The assets

  • The market

  • Company set-up

  • Key financials

  • Summary


Investment case31 l.jpg

Confidential

Investment case

  • Mosvold with opportunistic approach to high-end AHTS market

    • Mosvold Supply Ltd (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

  • Based on attractive turnkey newbuild contracts and proven Vik Sandvik design

    • 2x AHTS (Vik Sandvik 491 Clean Design) with total USDm 167 all-in delivered price (Oct-09/Jun-10 delivery) vs approx USDm 208 quotes from western European yards

    • 2x individual options for similar vessels (USDm 80/82 1) with calls 15 Sep 2007 and 30 Jan 2008, respectively). Expected delivery late 2010 and late 2010/early 2011

  • 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

    • USDm 32 equity, USDm 30 bond and USDm 112 take-out financing

  • Significant equity value potential

    • Equity replacement value approx USDm 70 based on current newbuild quotes

    • 3-yr historical average AHTS day rates yielding P/E 1.2x and EV/EBITDA 4x (2 vessels)

    • Additional value from 2x attractive newbuild options

  • Alternative strategies to be actively pursued by Mosvold

1) Will be adjusted acc. to price changes on critical equipment


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Confidential

Strong equity return potential

  • Current asset replacement cost estimated at NOKm 625 per vessel (delivered price)

    • Implying USDm 208 (2x AHTS)

    • Ignoring value of 2x Mosvold options

  • Mosvold equity worth USDm 66 on asset replacement values

    • + 90% on initial USDm 35 market cap

  • Mosvold equity worth USDm 86 on asset replacement values incl. 2x options 1)

  • >USDm 100 equity value potential based on 3-yr average earnings scenario

    • EBITDA USDm 44

    • Assuming target EV/EBITDA 5.5x

    • Implying P/E 3.6x on target valuation

    • 3x initial equity valuation

1)

1) Options assumed to be USD 10m in the money vs. alternative quotes

Source: Pareto Securities ASA


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