Mosvold Supply Plc.

Pareto Oil & Offshore ConferenceAugust 30, 2007

CEO John G. Bernander

Confidential

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Mosvold Supply business opportunity

Confidential

Mosvold with opportunistic approach to high-end AHTS market Mosvold Supply Plc. (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 USD m 167 all-in delivered price (Oct-09/Jun-10 delivery)

vs approx USDm 217 quotes from western European yards 2x individual options for similar vessels (USD m 82.5/84.5 with calls 19 Sep 2007 and 19 Jan 2008,

respectively). Expected delivery late 2010 and mid 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 and USD m 30 bond secured through Pareto Securities. USD m 112 take-out financing

Financing of optional vessels with optimal capital structure

Significant equity value potential Equity replacement value approx USD m 75 based on current newbuild quotes

3-yr historical average AHTS day rates yielding P/E 1.2x and EV/EBITDA 3.9x (2 vessels)

Additional value from 2x attractive newbuild options

Alternative strategies to be actively pursued by Mosvold

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Strong equity return potential

Current asset replacement cost estimated at NOKm 640 per vessel (delivered price) Implying USDm 217 (2x AHTS) Ignoring value of 2x Mosvold options

Mosvold equity worth USDm 76 on asset replacement values + 117% on initial USDm 35 market cap

Mosvold equity worth USDm 106 on asset replacement values incl. 2x options 1)

>USDm 120 equity value potential based on 3-yr average earnings scenario EBITDA USDm 46 Assuming target EV/EBITDA 5.5x Implying P/E 3.8x on target valuation 3.5x initial equity valuation

Mosvold Supply Equity Potential

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76

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Initial mkt cap Repl cost Repl cost incloptions

EarningsPotential

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Confidential

Source: Pareto Securities ASA

1)

1) Options assumed to be USD 15m in the money vs. alternative quotes

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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 Sea Dragon Offshore with forward delivery

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

Mosvold founded Mosvold Jackup Ltd. in 2006 (2x 300 ft Jackups on order at MIS), sold to Sea Wolf

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

Confidential

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VS 491 CD: high capacity AHTS - State-of-the art workhorses

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: 1x 5t, 1x 6t and 1x 10t Fuel consumption: 13.5 t diesel per day Accommodation: 60 persons Prepared for ROV hangar

Well reputed equipment suppliers Diesel engines: MAK Thrusters: Brunvoll Towing winches: Hatlapa DP: Kongsberg

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Mosvold to meet future requirements

New requirements MARPOL Annex 1 Reg. 12a requires double hull protection of fuel tanks

Applicable to all vessels/newbuilding with fuel tanks of total capacity of at least 600 m3 which are ordered after Aug 2007 and delivered from Aug 2010

Oil companies starting to ask for ROV capability during critical anchoring NOX tax: NOK 15 per kilo emission. Norwegian charterers expected to require modern tonnage with

catalyzer, which may reduce emissions with 90-95% Possible requirement for contingency tension testing of anchors up to 300 tons in the North Sea

Mosvold well in advance to meet new requirements Double hull construction (DnV Clean Design notation)

Safeguarding the environment from possible leakage Ships prepared for ROV with heave compensator Vessels with great stability and large towing and pulling capacity Vessels with light construction work capabilities Cost efficient 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

►The industry realized, only to late, that CD and larger vessels would be the consequence of the new requirements

Source: R. S. Platou

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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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Mosvold Supply AHTS with high-end specifications

  Mosvold Supply Siem Havila Farstad Olympic

Design VS 491 CD VS 491 CD Havyard 845 UT 731 CD Aker AH05

Loa 91 91 87 87.4 94

Breadth 22 22 22 21 23

BHP (horse power) 28080 28000 23000 25000 26500

Bollard Pull 270 300 250 240 260

Winch 500t 500t 500t 500t 500t

Winch Drum Triple Triple Triple Triple Na

Deck 700 750 675 760 840

Accommodation 60 60 35 40 68

Max Speed 17 18 17 18 17

Economical Speed 13 12 12 13 Na 

DP 2 2 2 2 2

Shark Jaws 2 x 350t 2x350t 2x350t Na Na

Stern Roller SWL 600t SWL 750 SWL 600 Na Na

Stern Roller Dimention ø4m,length 8m ø4m, length 8m. ø4.5m, length 6m Na Na

Towing Pins 4 x 350t 4x350t 2x300 Na Na

Deadweight 4000 4250 4000 3900 4925

Fuel 1550 1450 1550 1100 2800

Fresh Water 1090 1160 500 700 800

Mud 679 670 500 850 660

Dry Bulk 306 300 250 175 180

Rig Chain 670 680 610 670 800

Oilrec 1000 870 1000 1000 Na

FIFI Prep.II II II Na Na

Delivery Oct 09/Jun 10 May.09 May.09 May.09 Apr.09Source: 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 153 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

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

2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10

AHTS TBN 1

AHTS TBN 2

AHTS Opt. 1

AHTS Opt. 2

70% payment20% payment 10% payment

20% payment 10% payment 70% payment

USD 82.5m – price adj. to reflect key equipment cost – exercise by mid Sep 07, expected delivery late 2010

USD 84.5m – price adj. to reflect key equipment cost – exercise by mid Jan 08, expected delivery mid 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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Recent fixtures• Highland Courage $65,000

(Pareto 3Q07E: $65,000)*• Far Sound at $65,000 (Pareto

3Q07E: $65,000)*• Sea Lynx at $55,000 (Pareto

3Q07E: $60,000)*• Olympic Hercules at $76,000

(Pareto 3Q07E: $85,000)*• Far Scout at $66,000 (Pareto

3Q07E: $65,000)*

Large AHTS spot day rates

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2004 2005 2006 2007 Current Spot

Large AHTS rates holding up at record levels- avg spot rates YTD 2007 approx USD 95,000/d

90% spot utilization (80%)

*Term rates and Pareto estimates are effective day rates; total rev./no. of daysSource: Johan G. Olsen Shipbrokers, Pareto estimates

North Sea Spot Rates

(USD/day) Current Prior Week Last Month

AHTS > 12' BHP (rig moves) 92,000 74,000 71,400 57,800 / 96,800

(15,000 BHP / 25,000 BHP)

Spot market

Estimated 2007E effective day rate*

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Total AHTS fleet is old – 21 years avg age - Larger and more capable vessels will replace older vessels

Source: Clarksons / Pareto estimates

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AHTS > 10,000 BHP AHTS > 20,000 BHP

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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

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General floater activity FPSO units

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Annual growth(#)

Source: ODS Petrodata, Infield, Pareto estimates

Annual growth 2000-2005 vs. 2006-2010

# units # units %

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Company set up

Mosvold Supply Plc. 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)

Mosvold Supply Plc.Est.: Cyprus, June 2007

Mosvold Supply I LtdCyprus

Mosvold Supply II LtdCyprus

100%100%

Corporate set-up:

22.9%

Mosvold Shipping Holding Ltd.

Est.: Cyprus, June 2007

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Board, management and largest shareholders

Confidential

Board of Directors Roy T. Mosvold – Chairman

Vasilios Trikoupis

Magne Kristiansen

Eleni Georgiades

Irene Sarvvides

Management John G. Bernander – CEO

Per Tønnesen – Technical Director

Marianne Andreassen – Controller

Shareholder % Type Nation1 MOSVOLD SHIPPING HOLDING LIMITED 22.9% Comp. CYP2 GOLDMAN SACHS INTERNATIONAL 11.5% Nom. GBR3 NORINVEST LTD 9.4% Comp. VGB4 CREDIT SUISSE SECURITIES 7.3% Nom. GBR5 CREDIT SUISSE SECURITIES 6.2% Comp. GBR6 MORGAN STANLEY & CO. INC. 5.6% Nom. GBR7 BJØRGVIN AS 4.3% Comp. NOR8 MORGAN STANLEY & CO. INC. 3.6% Nom. GBR9 CHEYNE GLOBAL CATALYST 2.9% Comp. CYM

10 TEIGEN FRODE 2.8% Priv. NOROTHERS 23.5%

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Pro forma Mosvold Supply key figures (2x AHTS)

EV USDm 176 fully invested Ignoring value of 2x newbuild options

Post-deal market cap USDm 35 Incl. pre-money value USDm 3 Approx 23% Mosvold ownership

P/E 4.0x on current Pareto 09E estimates for similar vessels (NOK 275k/d) EV/EBITDA 7.1x

P/E 1.2x on 3-yr historical average of NOK 450k/d EV/EBITDA 3.9x

P/E 0.8x assuming day rates at 2007E levels EV/EBITDA 3.1x

Confidential

Mosvold Supply Plc Earnings Scenarios (Fully Invested) Pareto 09E 3yr Avg Pareto 07EDay Rates NOK/day 275,000 450,000 550,000

USD/day 46,610 76,271 93,220Utilisation 96% 96% 96%Daily opex incl fixed mgmt fee ($10,000) ($10,000) ($10,000)No of vessels 2.0 2.0 2.0

PROFORMA P&LVessel EBITDA USDm 25 46 58SG&A " (1) (1) (1) EBITDA " 25 46 58Depreciation (25yr) " (6) (6) (6)Operating profit " 19 39 51Net financials fully invested (yr1) " (10) (10) (10)Net Profit (after tax) " 9 29 41

Cash Earnings " 15 36 48Maintenance capex " (1) (1) (1)Free cash flow (pre debt amortisation) " 14 35 47Free cash flow (post debt amortisation) " 3 24 36EPS NOK 2.9 9.9 13.9

Share price NOK 11.8 11.8 11.8No of shares (fully invested) mill 17.5 17.5 17.5Market capitalisation USDm 35 35 35Net debt fully invested " 141 141 141Enterprise Value " 176 176 176EV/EBITDA 7.1 3.9 3.1 P/E 4.0 1.2 0.8 RoE (on mkt cap) 24.9 % 84.3 % 118.2 %FCF yield (post debt amortisation) 10% 25% 33%Net interest bearing debt/EBITDA 5.7x 3.1x 2.5xEBITDA/Net interest 2.5x 4.6x 5.8xSource: Pareto Securities ASA

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

Source: Petrodata / Platou / Farstad