1. Mosvold Supply Plc Company presentation, London, November 7th.2007
Roy Mosvold, Chairman, Magne Kristiansen, John Bernander

2. Content Introduction The assets The market Company set-up
Key financials
Summary

3. Confidential
Investment case
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
Mosvold with proven track record on opportunistic approach and shareholder value creation
MOSU with attractive turnkey newbuild contracts and proven Vik Sandvik design
4x AHTS (Vik Sandvik 491 Clean Design) with total USDm 358 all-in delivered price (Oct 09, Jun 10, Des 10 and Jul 11 delivery) vs approx USDm 440 quotes from western European yards
First right of refusal on 2 additional similar vessels
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
Fully funded to 2009, approx 30% of capex program funded post transaction (USDm 52 equity, USDm 21 convertible, NOKm 185 bonds)
New financing in place through fully underwritten equity issue and new convertible loan fully subscribed by companies controlled by Arne Blystad
Significant value potential (4 vessels)
Equity replacement value approx NOK 25 per share based on current newbuild quotes (fully diluted)
Asset replacement quotes suggesting >100% equity return
3-yr historical average AHTS day rates yielding P/E 1.3x (fully diluted) and EV/EBITDA 3.7x

4. 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: 2x 6t
Fuel consumption: 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

5. Mosvold Supply AHTS with high-end specifications
Mosvold Supply
Siem
Havila
Farstad
Olympic
Design
VS 491 CD
Havyard 845
UT 731 CD
Aker AH05
Loa 91 87
87.4 94
Breadth 22 21 23
BHP (horse power)
28080
28000
23000
25000
26500
Bollard Pull
270
300
250
240
260
Winch
500t
Winch Drum
Triple Na
Deck
700
750
675
760
840
Accommodation 60 35 40 68
Max Speed 17 18
Economical Speed 13 12
Na  DP 2
Shark Jaws
2 x 350t
2x350t
Stern Roller
SWL 600t
SWL 750
SWL 600
Stern Roller Dimention
ø4m,length 8m
ø4m, length 8m.
ø4.5m, length 6m
Towing Pins
4 x 350t
4x350t
2x300
Deadweight
4000
4250
3900
4925
Fuel
1550
1450
1100
2800
Fresh Water
1090
1160
500
800
Mud
679
670
850
660
Dry Bulk
306
175
180
Rig Chain
680
610
Oilrec
1000
870
FIFI
Prep.II II
Delivery
Oct 09/Jun 10
May.09
Apr.09
Source: Mosvold and Pareto Securities

6. Mosvold Supply to meet future requirements
New requirements focusing on environment, capacity and safety
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 Supply VS 491 CD
Double hull construction (DnV Clean Design notation)
Safeguarding the environment from possible leakage
Ships prepared for ROV
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

7. 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 for 2 additional vessels
Contract price USDm 167
All-in delivered price USDm 189 (incl. project development, supervision & interest)
Refund guarantee from Bangkok Bank (BBB+)

8. 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)

9. 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 activity FPSO units
# units
# units %
+100%
+35%
Annual growth vs
Source: ODS Petrodata, Infield, Pareto estimates

10. Historical number of AHTS per rig
The number of vessels per rig is increasing due to:
Other demand, for instance FPSO and construction related work
More activity on deeper water – longer distances to tow the rigs
High day-rates for rigs: Important that lack of vessels does not slow mob/demob
Need for more vessels per rig
Sources: DnB NOR Markets estimates, Clarckson and ODS - Petrodata

11. 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

12. World AHTS fleet is old (22 years avg age) - New vessels substantially larger and more capable than older vessels
Number of newbuilds
Source: Clarksons / JGO Shipbrokers / Pareto estimates

13. Rates in the AHTS market
Day-rates are improving after a slow summer season
Quoted fixtures this week up to GBP 100,000
Day-rates below are for vessel with average size of approx 16,000 bhp vs Mosvold Supply's 28,000 bhp: Significant premium is fair
However, vessels in the spot market has significantly lower utilization, ~65%, than those on term contracts. We expect MOSU to achieve 90% utilization
Oil companies have been willing to fix new-build of the MOSU design on term ~ GBP/day 35,000
18,000+ bhp AHTS spot rates
15,000+ bhp AHTS spot rates
Estimated day-rates for the MOSU fleet: GBP/day 28,000
Sources: DnB NOR Markets estimates, Clarckson and ODS - Petrodata

14. Consolidation opportunities ahead - Fragmented market creates room for consolidation - New, large AHTS in favor
Source: Petrodata / Platou / Farstad / Pareto

15. Investor friendly and cost-effective company set up
Mosvold Shipping Holding owned by founders, which owns 22.9% of Mosvold Supply
No 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 (100% owned by Mosvold Shipping Holding )
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 1.2 per vessel (may be subcontracted to reputable technical manager)
Post-delivery commercial vessel fixture commission of 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 (> 30%)
Corporate set-up:
Mosvold Shipping Holding Limited
Cyprus
22.9%
Mosvold Supply Plc
Cyprus
100%
100%
Mosvold Supply I
Mosvold Supply II
Mosvold Supply III
Mosvold Supply IV

16. Mosvold – an experienced shipping and offshore services group
Confidential
Mosvold – an experienced shipping and offshore services group
The Mosvold family has continuously been active in shipping since Has owned and operated vessels in many segments (tankers,dry bulk, reefers and passenger ferries. 7 VLCCs contracted late 90 ties were successfully sold to Frontline 2001.
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 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
Mosvold with proven track record demonstrating opportunistic approach and shareholder value creation

17. Mosvold Supply capex and funding)
USDm 358 all-in/ready to operate cost
Incl. capitalised interest costs
Total funding requirement of USDm 369
Incl. G&A, fees and financing costs
USDm 52 of paid-in equity
USDm 32 from June 2007
USDm 20 Sep 07
USDm 21 convertible bond issue (Sep 07)
Fully subscribed by companies controlled by Arne Blystad
NOKm 185 bond issue (June 07)
USDm 30 additional bond financing assumed in 2009
USDm 230 of take-out debt assumed upon delivery
Take-out representing approx 62% of all-in cost
Source: Mosvold Supply Plc

18. Pro forma Mosvold Supply key figures (4x AHTS)
Confidential
Pro forma Mosvold Supply key figures (4x AHTS)
EV USDm 350 fully invested
2010E balance sheet
Post-deal market cap USDm 59
Approx 23% Mosvold ownership
P/E 4.3x on current Pareto 2011E estimates for similar vessels
NOK 275k/d
EV/EBITDA 6.9x
P/E 1.0x on 3-yr AHTS historical average
NOK 450k/d
EV/EBITDA 3.7x

19. Significant equity and convertible return potential
Confidential
Significant equity and convertible return potential
Current asset replacement cost estimated at NOKm 640 per vessel
All-in delivered price based on recent quotes
Vs. approx NOKm 525 (avg) MOSU all-in delivered cost
Mosvold fully diluted equity worth NOK 24/share on asset replacement quotes
~2x current share price
>NOK 40 share price potential based on 3-yr average earnings scenario
EBITDA USDm 94/yr on NOK 450k/d
Target EV/EBITDA 5.5x
Implying P/E 3.9x on target NOK 40/share valuation
USDm 21 convertible with approx 21% ownership post conversion
5-yr, 7.0% coupon, 30% conversion premium
1) Assumption: fully diluted # of shares
Source: Pareto Securities ASA

20. Mosvold Supply – most leveraged play in town
Confidential
Mosvold Supply – most leveraged play in town
Mosvold Supply strongly leveraged
14% equity vs. committed capex
20% equity/convertible vs. committed capex
29% of committed capex financed post transaction (equity/convertible/bond)
Capital structure justified based on favourable yard payment terms and Mosvold’s proven access to additional capital
MOSU fully financed to 2009 post transactions
Mosvold Supply the only pure play on high-end, large AHTS
Newbuild prices still on an upward trend (squeeze on equipment suppliers)
Source: Pareto Securities ASA

21. Confidential
Investment case
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
Mosvold with proven track record on opportunistic approach and shareholder value creation
MOSU with attractive turnkey newbuild contracts and proven Vik Sandvik design
4x AHTS (Vik Sandvik 491 Clean Design) with total USDm 358 all-in delivered price (Oct 09, Jun 10, Des 10 and Jul 11 delivery) vs approx USDm 440 quotes from western European yards
First right of refusal on 2 additional similar vessels
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
Fully funded to 2009, approx 30% of capex program funded post transaction (USDm 52 equity, USDm 21 convertible, USDm 30 bonds)
New financing in place through fully underwritten equity issue and new convertible loan fully subscribed by companies controlled by Arne Blystad, conversion price 130% of NOK 12,75
Significant value potential (4 vessels)
Equity replacement value approx NOK 25 per share based on current newbuild quotes (fully diluted)
Asset replacement quotes suggesting >100% equity return
3-yr historical average AHTS day rates yielding P/E 1.3x (fully diluted) and EV/EBITDA 3.7x