7th Annual MM Gulf Ship Finance Conference Growing pain in an growing OSV industry? Geir Sjurseth Managing Director D

1. 7th Annual MM Gulf Ship Finance ConferenceGrowing pain in an growing OSV industry? Geir Sjurseth Managing Director DVB Bank SE Dubai 9 March 2011

2. Oslo Bergen London Hamburg Rotterdam Frankfurt Zurich New York Monaco Piraeus Tokyo Curacao Singapore Introducing DVB DVB Facts • European Company (SE), listed on the Frankfurt Stock Exchange, with market capitalisation of c. EUR 1.14bn (Nov 10) • 95% owned by DZ Group, the largest co-operative banking group in Germany • Rated A for long term debt and A1 for short term debt by Standard & Poor’s • Basel II core capital ratio of 15.5% • Over 500 professionals, all specialising in transport finance • Over 500 clients worldwide, all active in the transport sector • EUR 18.4bn (USD 25.1bn) loan book (Sep 2010) • Net profit of EUR 98.0m YTD 2010 vs. EUR 56.9m YTD 2009 • Return on equity before tax of 16.9% Global Presence Through 13 Offices Market Approach Shipping Aviation Land Transport Bergen Oslo Cardiff Hamburg London Frankfurt Rotterdam Zurich New York Piraeus Tokyo Curaçao Structured Asset Financing Advisory and M&A Asset Management Risk Distribution Loan Participations Asset & Market Research Singapore

3. DVB’s Global Offshore Support Group Offshore Support Group Financing Advisory and M&A Shipping / Offshore Investment Fund S&P and Newbuild Finance Mergers & Acquisitions (M&A) Equity Investments Sale & Leasebacks, Acquisition Finance and Mezzanine Finance Debt & Equity Capital Raisings Sale & Leasebacks Ability to finance Mexican and Brazilian flag vessels Valuations & Fairness Opinions Structured Equity and Mezzanine Finance Restructuring

4. Overview of the Offshore Support Sector Offshore Support Market • Anchor Handling Tug (AHT) • Anchor Handling, Tug & Supply (AHTS) • Platform Supply Vessel (PSV) • Crew Boat • Stand-by Vessel • Emergency Response Rescue Vessel (ERRV) • Utility Vessel • Diving Support Vessel (DSV) • Lay Support Vessel • ROV Support Vessel • Lay Barge • Reel Lay Vessel • Well Intervention Vessels • Derrick Barge • Pipe Carrier • Float on / Float off (Flo / Flo) • Lift on / Lift off (Lo / Lo) • Roll on / Roll off (Ro / Ro) • Semi-submersible Heavy Lift Barge • Jack-up Platforms • Semisubmersible Platforms • Mono-hull Vessels • Accommodation Barges • Hybrids • Seismic Survey Vessel (SSV) • Electro Magnetic Survey Vessel Supply Subsea & Construction Heavy Lift Accommodation Seismic Supply & Anchor Handling Seabed Installation Transport Crew Accommodation Hydrocarbon Exploration

5. Right now – still recovering • Cycle trough was Q2 2010, however.. • We’re back on trend but there are leads.. • Above 100 again • Capacity is 40% downbut improving • yes but less so • Always, but things have changed a bit.. • 2011 worse year ever.. • Focus on large PSVs, subsea, seismic, accommodation units – DEEP WATER • OSV Cycle • Growth in E&P spending • Oil price • The banks • Unfunded NB capex? • Is equity available? • Supply • And demand?

6. How’s the public markets doing – an important indicator Any IPOs out there?

7. The Middle East OSV players – keeping track? • Growth is elsewhere • Local focus while market is increasingly regional or global • Age limitations on vessels & equipment • A fragmented market with many small to mid cap companies • Enough capital to replenish old fleet? • IRAN • Or just stay local with aging vessels?

8. NBs, yard terms No debt no equity No employment no debt Debt leverage Equityreturns Vessel CAPEX – current state of affairs Mid size to large PSVs Small to mid size AHTSs Large AHTS, subsea, CVs Accommodation units Attractive: 10/90 or 5X4 + 80: Challenge is LC Most likely Yes Maybe not Yes Max 50%? Max 70%? Higher Lower

9. Fast Expanding OSV players - crisis no obstacle? Middle East Americas Europe Far East

10. Thank you for your attention! geir.sjurseth@dvbbank.com