4Q|11 Deep Sea Supply Plc Presentation 29 Feb 2012 HIGHLIGHTS • Improved financials • Reduced cost due to inhouse technical & crew management • 7 new long term charter contracts and more to come • Growth in Brazil 3 4Q|11 7 LONG TERM CHARTER CONTRACTS AWARDED New contracts Vessels Charterer Term Commencement Sea Cheetah Petrobras 4Y + 4Y option 29th Feb 2012 Sea Jaguar Petrobras 4Y + 4Y option 1st Mar 2012 Sea Brasil BP 3Y + 1+1+1Y July 2012 Sea Fox Petrobras 4Y + 4Y option June 2012 Sea Jackal Petrobras 4Y + 4Y option June 2012 Sea Vixen Petrobras 4Y + 4Y option June 2012 Sea Stoat Petrobras 4Y + 4Y option June 2012 Contract backlog Deep Sea Supply fleet Vessel type Vessels on long term contracts Value AHTS 7 of 14 vessels USD 237 M PSV 7 of 9 vessels USD 154 M Total 14 of 23 vessels USD 391 M 4 4Q|11 GROWTH IN BRAZIL • Recent contract awards for 7 vessels with Petrobras and BP • By end of 2Q 2012, the company will have 15 vessels operating in Brazil, at least 12 on long term contracts • Increased and stable revenues for Deep Sea Supply • Continued good cost control gives foundation for healthy return • Strategic moves to further strenghten the company´s position being explored 5 4Q|11 FLEET LIST & CHARTER STATUS AS PER FEBRUARY 2011 Vessel Type Bhp/Dwt Year Built Trading Area Sea Lynx KMAR 404 15000 BHP 1999 Sea Bear KMAR 404 15000 BHP 1999 North Sea (Mob) Sea Tiger KMAR 404 15000 BHP 1999 W. Africa Sea Panther KMAR 404 15000 BHP 1999 Brazil Statoil Sea Leopard KMAR 404 15000 BHP 1998 Brazil Brazil Sea Cheetah Khiam Chuan 15000 BHP 2007 Brazil Petrobras Sea Jaguar Khiam Chuan 15000 BHP 2007 Brazil Petrobras Sea Ocelot Khiam Chuan 10800 BHP 2007 Asia Sea Eagle I Khiam Chuan 12000 BHP 2009 Asia Murphy Oil Sea Weasel Seatech P-729 6500 BHP 2009 Malaysia Petronas Malaysia Sea Fox Seatech P-729 6800 BHP 2011 Brazil (Mob) Sea Jackal Seatech P-729 6800 BHP 2011 Brazil (Mob) Sea Badger Seatech P-729 6800 BHP 2011 Asia Sea Vixen Seatech P-729 6800 BHP 2011 Brazil (Mob) Petrobras Sea Stoat Seatech P-729 6800 BHP 2011 Brazil (Mob) Petrobras Sea Trout VS 470MK II 3300 DWT 2007 North Sea EnQuest Sea Angler PSV UT 755 L 3250 DWT 2007 W.Africa ENI Congo Sea Halibut PSV UT 755 L 3250 DWT 2007 Brazil Petrobras Sea Pike PSV UT 755 L 3250 DWT 2007 Brazil Petrobras Sea Bass PSV UT 755 L 3250 DWT 2008 Brazil Petrobras Sea Pollock PSV UT 755 L 3250 DWT 2008 Brazil Petrobras Sea Turbot PSV UT 755 L 3250 DWT 2008 Brazil Petrobras Sea Witch PSV UT 755 L 3250 DWT 2008 Asia Sea Brasil STX 09CD 3250 DWT 2012 Brazil AHTS Vessels 2012 Q1 North Sea Q2 2013 Q3 Q4 North Sea Spot North Sea Spot BP Petrobras Petrobras Bluewater PSV’s 6 BP Firm Option Spot 2014 SHARE PRICE DEVELOPMENT AND SHARE TURNOVER Share price and total return since listing Total Return 4,5% 80 35 4,0% 70 30 3,5% Traded shares per month / Average shares outstanding 40 NOK per share 25 20 15 10 5 0 60 3,0% 50 2,5% 40 2,0% 30 1,5% 20 1,0% 10 0,5% 0,0% Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 7 0 Deep Sea Supply PLC DOF ASA Havila Siem Offshore Shipping ASA Inc. Solstad Offshore ASA Farstad Eidesvik Shipping ASA Offshore ASA REM Offshore ASA Average monthly volume in NOK million (red line) Close Price 2011 average monthly volume and turnover velocity 4Q|11 INCOME STATEMENT 4Q 2011 (Unaudited figures in USD 1,000) Operating revenue Vessel operating expenses Operating lease Other gains Gain on sale Other operating expenses Total operating costs 4Q 11 4Q 10 3Q 11 31 615 37 337 33 428 (16 123) (18 807) (16 739) 0 (1 104) 0 59 0 107 1 190 11 441 1 014 (3 147) (2 881) (2 493) (18 022) (11 352) (18 113) EBITDA 13 592 25 984 15 313 Depreciation (8 260) (9 447) (7 049) 5 333 16 537 8 266 130 160 75 Financial expenses (6 182) (7 693) (6 436) Net currency items 255 (960) (364) Change in value of financial derivatives 106 631 11 (5 691) (7 863) (6 715) (358) 8 675 1 551 (12) (2 475) (3) (371) 6 200 1 549 126 997 194 (0,00) (0,00) 0,06 126 863 860 0,05 0,05 0,15 126 997 194 0,01 0,01 0,07 EBIT Financial income Net financial items Pre-tax result Taxes Total comprehensive income Average number of shares Earnings per share Earnings per share diluted Cash flow per share 1) 1) Profit before taxes+depreciation-unrealized gain on currencies 8 4Q|11 INCOME STATEMENT FY 2011 2011 2010 Operating revenue 115 402 132 346 Vessel operating expenses (72 124) (73 681) (1 684) (2 925) (Unaudited figures in USD 1,000) Operating lease Other gains 370 0 Gain on sale 29 017 15 819 Other operating expenses (10 785) (8 710) Total operating costs (55 206) (69 497) EBITDA Depreciation EBIT Financial income 60 196 62 849 (28 826) (36 447) 31 370 26 402 392 337 Financial expenses (25 838) (29 065) Net currency items (4 299) 1 164 129 1 241 (29 617) (26 323) Change in value of financial derivatives Net financial items Pre-tax result Taxes Total comprehensive income Average number of shares Earnings per share Earnings per share diluted Cash flow per share 1) 1) Profit before taxes+depreciation-unrealized gain on currencies 9 1 753 79 (21) (2 617) 1 732 (2 538) 126 997 194 0,01 0,01 0,27 126 863 860 (0,02) (0,02) 0,27 AREA OF CURRENT OPERATION 10 Office PSV AHTS 4Q|11 CASH FLOW STATEMENT 31 Dec 2011 31 Dec 2010 Cash generated from operations 16 725 36 409 Net cash generated from operating activities 16 725 36 409 Acquisitions of vessels and construction contracts (74 410) (20 915) Disposals of vessels and construction contracts 136 860 40 969 62 450 20 054 (26 559) (27 138) (Unaudited figures in USD 1,000) Cash flows from operating activities Cash flows from investing activities Net cash used in investing activities Cash flows from financing activities Interest paid Proceeds from borrowings 72 767 39 482 Repayments of borrowings (126 996) (58 491) (80 788) (46 147) Total changes in liquidity in the period/year (1 613) 10 316 Cash and cash equivalents at beginning of period/year 41 932 31 616 Cash and cash equivalents at end of the period/year 40 318 41 932 Net cash used in financing activities 11 2Q|11 BALANCE SHEET (Unaudited figures in USD 1,000) 31.12.11 31.12.10 Non-current assets (Unaudited figures in USD 1,000) Borrowings Vessels cost Construction contract Equipment Total property, plant and equipment 557 222 603 322 16 435 24 736 643 659 574 300 628 717 403 511 456 497 37 790 43 647 Deferred gain 31 717 36 573 873 1 806 Long term tax liabilities Other long term liabilities Deferred income tax 308 234 Borrowings Other long term receivables 648 455 CIRR loan Investment in associates 594 0 Total non-current assets 37 796 43 693 613 646 673 098 Current assets 5 670 2 909 Other short term receivables 5 968 9 374 11 11 473 902 538 534 38 143 35 768 4 839 4 959 Trade payables 13 245 11 519 Deferred gain 4 655 4 493 Tax payable 881 903 Other short term liabilities 400 529 62 164 58 171 536 066 596 706 Total short term liabilities Inventories CIRR deposit 31.12.10 CIRR loan Total long term liabilities CIRR deposit 31.12.11 Liabilities Total liabilities 4 839 4 959 Freight income not received 29 282 26 017 Share capital, share premium and treasury shares 11 204 10 861 Cash and cash equivalents 40 318 41 932 Retained earnings and currency translation 152 453 150 723 Total current assets 86 077 85 191 Total shareholders equity 163 657 161 584 699 723 758 289 Total equity and liabilities 699 723 758 289 Total assets 12 Shareholders equity 4Q|11 SHAREHOLDERS The largest shareholders as per 20th Feb 2012 registered in VPS Citizen No. of shares: % HEMEN HOLDING LIMITED CYP 44 583 853 35,11% SKAGEN KON-TIKI NOR 12 229 431 9,63% PERESTROIKA AS NOR 6 350 000 5,00% DNB NOR MARKETS NOR 3 782 760 2,98% ORKLA ASA NOR 3 076 935 2,42% SVENSKA HANDELSBANKEN SWE 2 140 043 1,69% UBS AG GBR 1 630 878 1,28% DNB NOR SMB NOR 1 545 000 1,22% UTHALDEN A/S NOR 1 500 000 1,18% PACTUM AS NOR 1 325 000 1,04% CENTRA INVEST AS NOR 1 201 643 0,95% KLAVENESS SHIP INVESTMENTS AS NOR 1 191 859 0,94% VERDIPAPIRFONDET HANDELSBANKEN NOR 1 051 185 0,83% NORDEA BANK NORGE ASA NOR 824 113 0,65% JPMORGAN CHASE BANK DEU 754 200 0,59% MP PENSJON PK NOR 658 800 0,52% TD AMERITRADE CLEARING INC USA 598 851 0,47% CITIBANK N.A. USA 541 112 0,43% VPF NORDEA SMB NOR 534 000 0,42% DANSKE INVEST NORGE VEKST NOR 500 000 0,39% Total 20 largest shareholders: 86 019 663 67,73% Total other shareholders: 40 977 531 32,27% 126 997 194 100,00% Total number of shares: 13 AGE DISTRIBUTION CURRENT FLEET AND ORDER BOOK AHTS PSV Vessel > 20 years: 29% of total fleet Vessel > 30 years: 11% of total fleet Vessel > 20 years: 20% of total fleet Vessel > 30 years: 8,8% of total fleet 300 250 150 100 50 Source: ODS Petrodata 14 20 14 20 15 12 13 20 20 10 20 11 20 08 09 20 20 06 07 20 20 04 05 20 20 02 03 20 00 01 20 20 98 99 20 19 19 96 97 19 19 94 95 19 19 92 93 19 19 90 91 19 19 88 89 19 19 86 87 19 19 84 85 19 19 82 83 19 19 80 81 19 19 78 79 19 19 76 77 19 19 74 75 19 19 72 73 19 19 70 71 19 19 19 68 69 0 19 No of units 200 4Q|11 THE RIG AND SUPPLY MARKET Supply vessels Total fleet Existing fleet 2491 Orderbook 419 Average age 12,3 AHTS PSV 1458 17% 149 270 12,8 11,7 Jackups Rig market Total fleet Semis/drillships Existing fleet 768 289 Orderbook 168 22% 1033 10% 89 26% 479 31% 79 16% Source: ODS Petrodata Some observations; Fewer deliveries of newbuilding than expected; • In February 2011, expected OSV deliveries in 2011 were 270 vessels Actual deliveries were 185 vessels The largest orderbooks in the OSV and Rig segments are linked to ultra deep water activities; • Semis / drillships (31%) and PSVs (26%) The number of OSVs per Rig is currently 3,24. If we include current orderbooks, the number is reduced to 3,11. 15 presis 360 COMPANY ADDRESSES Cyprus Deep Sea Supply Plc John Kennedy Ave., Iris House, 7th Floor, Office no.740B Limassol 3100 Cyprus Deep Sea Supply Management (Cyprus) Ltd P.O.Box 53340 CY-3302 Limassol Cyprus Norway Deep Sea Supply Management AS Tromøyveien 22 N-4841 Arendal Norway Singapore Deep Sea Supply Management (Singapore) Pte.Ltd. 10 Hoe Chiang Rd #19-03/04/05 Keppel Tower Singapore 089315 Brazil Deep Sea Supply Servicos Maritimos LTDA Avenida Presidente Wilson 231, sala 1.403. Cep:20030-021 Rio de Janeiro RJ Brazil www.deepseasupply.no