1. CorrOcean customers have a competitive edge 1 CorrOcean customers have a competitive edge

2. CorrOcean customers have a competitive edge 2 CorrOcean ASA Presentation of 3.Q 2001 Accounts Friday 2.November 2001 by Roe D Strømmen, Mng Director, and Roar Østbø, Finance Director

3. CorrOcean customers have a competitive edge 3 CorrOceans Vision and Business Mission  CorrOcean - a World Class provider of knowledge based solutions in Monitoring Technology, Asset Integrity and Risk Management.  We are committed to helping our Customers reduce risk, increase safety, improve environmental performance and enhance profits through the application of innovative technical solutions.

4. CorrOcean customers have a competitive edge 4  Share capital: 26.0 million NOK  Number of shares: 26.0 million par value 1 NOK.  Stock options and proxy: ~ 5.9 million  Number of shareholders: 1,749. Largest shareholder, Hubro AS owns 7.7% of the capital, the 10 largest hold 42%  Equity as per 30.09.01: 127.2 million NOK corresponding to 57,6% of total capital CorrOcean ASA

5. CorrOcean customers have a competitive edge 5 CorrOcean Group - Sales and profit in the period 1990 - 2001

6. CorrOcean customers have a competitive edge 6 Highlights 3.Q-01  Operational profit bf.D&A:2.4 mill  Operational profit: 0.2 mill  Net profit before tax: -2.9 mill  Delays in MOT  Finance & disagiocosts3.0 mill  Investm new technology:4.5 mill  (MOT technology for frame agreements)  New orders in 3.Q:114 mill  Backlog at end of 3.Q:172 mill

7. CorrOcean customers have a competitive edge 7 CorrOcean ASA - P/L per 3.Q 2001 Numbers in Mill NOK3.Q-01Per 3.Q-01Per 3.Q-00 2000 Operating Revenue 73.0 204.9 137.6202,3 Op.Profit before D&A 2.4 13.1 (6,0) (2,2) Operating Profit 0.2 7.1(12.4)(10,0) Pretax Profit (2.9) 4.1(10.7) (9,7) New orders booked 114.1 296.0146.4213,4 Backlog (Order reserves) 172.1 81,6 81,0

8. CorrOcean customers have a competitive edge 8 CorrOcean group - Actual Bookings and backlog last 11 Quarters

9. CorrOcean customers have a competitive edge 9 MOT P/L per 3.Q ’01 -Development of new technology expenced by 9.5 mill NOK per 3.Q. Comprise a smart logger for the FSM-IT, and Sand detectors combined with high sensitive P&T sensors, for new projects. -Dealays in booking of new orders -Qualification of the technology for frame agreements -Two persons continually on developing lgoistics procedures & standardised, industrial designs. Spending of 1,8 mill per 3.Q Numbers in Mill NOK 3.Q-01Per 3.Q-01Per 3.Q-00 2000 Operating Revenue 21.5 61.2 38.0 59,7 Op.Profit before D&A (3.0) (2.5) (1.7) (0,7) Operating Profit (3.5) (3.6) (2,6) (1,6) Pretax Profit (4.1) (3.5) (1.4) (2,3) New orders booked 10.8 59,9 40.5 62,2 Backlog (Order reserves) 18.3 22.6 19,6

10. CorrOcean customers have a competitive edge 10 MOT - Monitoring Technology  FSM-IT Work History: New orders per 3.Q of 2001 totals 28 orders. Examples comprise: -Total/Fina/Elf, Girassol, Angola (Repeat sale)  Koch Pipeline, Amisk pipeline, Canada  Purcell Energy, Calgary  Texaco, UK, Pembroke(Repeat sale)  Fortum, OY, Refinery application  Statoil AS, Mongstad(Repeat sale)  Bayer Chemicals, Leverkusen (Test)  Hoechst Chemicals, Germany (Test)  Nerefco Refinery, Netherlands  PDO (Shell), Upstream, Oman(Repeat sale)  Petronas refinery, Malaysia(Repeat sale)  Connoco, Immingham Refinery.(Repeat sale)  BP Texas City refinery, USA  Irwing Oil Ltd, UK  West Coast Energy, Canada  PetroPlus Ltd, UK  Bayer Chemicals (Industrial application) (Repeat sale)  Kvaerner Inc. USA  Anderson Ltd, Canada(Repeat sale)  OMV, Pakistan

11. CorrOcean customers have a competitive edge 11 FSM-IT Work History  Orders 1998 - 2000 (30 orders totally, 14 in 2000)  BP Amoco, UKFina, Italy  Saga, NShell, Nigeria, LNG Gas Supply -Shell, UKBNFL, UK, Sellafield  Chevron, CanadaBP Grangesmouth  Conoco, UKBP, UK, Grangemouth  Fina, ItalyElf, Norway, Frigg  Millenium Chemicals., UKDONG, DK  PDO, OmanICI/Phillips, UK, North Tees  Petronas, MalaysiaShell, N, Draugen  Phillips, NShell, N, Draugen  Shell, CanadaConoco, UK  Elf, FranceUnilever, UK  BP Amoco, UKStatoil, Norway  Texaco, UK  Conoco, UK  Burnt Timber  Shell, UK

12. CorrOcean customers have a competitive edge 12 AIS P/L per 3.Q ’01 Proforma comprising Safetec (TQI&IM) P&L comprise development costs of 1.0 million NOK Numbers in Mill NOK3.Q-01Per 3.Q-01Per 3.Q- 00* 2000* Operating Revenue 37.6 105.0 74.5105,2 Op.Profit before D&A 4.1 11.9 (3.0) (2,5) Operating Profit 2.9 8.4 (7.1) (8,4) Pretax Profit 0.8 5.9 (5.5) (6,3) New orders booked 85.2 174.0 80.7113,7 Backlog (Order reserves) 124.2 52.9 55,2

13. CorrOcean customers have a competitive edge 13 SRM - Safetec P/L per 3.Q ’01 Numbers in Mill NOK3.Q-01Per 3.Q-01Per 3.Q-00 2000 Operating Revenue 13.9 38.7 25.1 37,4 Op.Profit before D&A 1.2 3.8 (1.3) (0,1) Operating Profit 0.6 2.3 (2.8) ( 0) Pretax Profit 0.4 1.7 (3.9) (1,0 ) New orders booked 18.0 62.1 25.2 37,6 Backlog (Order reserves) 29.6 6.0 6,2

14. CorrOcean customers have a competitive edge 14 CORROCEAN ASA Managing Director Roe D. Strømmen Commercial Services Roar Østbø Advanced Integrity Services Henning Arnøy Monitoring Technology Jan Ivar Skjetne Jim Johnston Sales Director Safetec - Risk Management Lars H. Katteland Regional Sales, Middle East Regional Sales Americas Regional Sales UK Regional Sales Nordic Regional Sales Asia Pacific

15. CorrOcean customers have a competitive edge 15 CorrOcean – an International Company SubsidiaryAgent

16. CorrOcean customers have a competitive edge 16 CorrOcean Products and Services:  MOT - Monitoring Technology  Condition Monitoring & Inspection  Corrosion & Erosion Monitoring  Sand detection in oil and gas wells  Pressure and temperature sensors  AIS - Advanced Integrity Services  Integrity Management/Inspection planning, corrosion&materials technology  Inspection and Testing  Technical Qualification & Innovation  SRM – Safetec Risk Management (to be decided)  Risk Assessment  Risk and Safety Management  Project Risk Assesment

17. CorrOcean customers have a competitive edge 17 Petroleum Industry:  Oil companies  Rig owners  Engineering companies  Suppliers Maritime Industry:  Ship owners  Ship yards  Ferry companies Clients

18. CorrOcean customers have a competitive edge 18 Onshore activities (non-Oil&Gas):  Transport og communication  Process industry  Chemical companies  Refineries  Construction Authorities and organisations:  Directorates & Agencies  Ministries  Industry associations Clients

19. CorrOcean customers have a competitive edge 19 CorrOcean Products and Services Strategy:  CorrOcean is a provider of Products and knowledge based solutions that will:  Reduce the risk for catastrophic failure.  Reduce the risk for shut downs, for interruption or stop in production processes.  Reduce the costs for maintenance, repair.  Provides technology to extend the service life of plants and industrial equipment.  Reduce the cost of operation of industrial plants and facilities

20. CorrOcean customers have a competitive edge 20 Accumulated bookings of new orders, CorrOcean ASA, compared with typical expectation by analysts + 10%, till May 2001

21. CorrOcean customers have a competitive edge 21 MOT - Monitoring Technology  Increase in new deepwater projects plus gradually increasing sales of FSM-IT:  MOT bookings for 2001 expected to exceed 100 million NOKs  MOT Market:  SM and P&T Subsea and topsides: 800 mill/yr  FSM Subsea and under ground pl:1.000 mill/yr  FSM-IT, all applications:2.200 mill/yr  Conventional CM: 400 mill/yr  Totals:4.400 mill/yr

22. CorrOcean customers have a competitive edge 22 MOT - Monitoring Technology  Contract forecast, identified Projects for next 15 – 18 months, SM+P/T, FSM Subsea:  Kizomba A, Angola – ExxonMobil:12.0 mill  Abo, Nigeria -Agip: 2.3 ”  Dalia, Angola - TotalFinaElf:42.0 ”  Ehra, Nigeria - ExxonMobil:26.5 ”  Ceiba, W Africa – Triton 9.5 ”  Crazy Horse, GOM - BP Amoco35.0 ”  BP Frame Agreement45.0 ”  White Rose, Can - Huskey16.5 ”  Hebron BenNevis, Can - Chevron/Hydro32.5 ”  Corrib, UK - Enterprise 4.5 ”  Golden Eye, UK - Shell 6.5 ”  Marlin, UK - BP Amoco 6.5 ”  Mandarin, UK - BP Amoco 3.5 ”  (Ringhorne, Norw - ExxonMobile 1.7 ”) 1.8 mill awarded  Kvitebjørn, Norw - Statoil 1.2 ”  Kristin, Norw - Statoil 7.0 ”  Mikkel, Norw - Statoil 5.2 ”  Snøhvit, Norw - Statoil 21.0 ”  Penguin, UK - Shell 6.0 ”  Harding, UK - BP Amoco 6.1 ”  (Juno, UK 4.0 ”) 4 mill awarded  (Misc. 24.0 ”) 5 mill awarded  Totals projects with good probability of success 352 mill

23. CorrOcean customers have a competitive edge 23 MOT - Monitoring Technology  Contracts forecast for next 15 – 18 months, Misc:  Misc small contracts in the Americas, next 12 months: 15 mill  Misc contracts estimated in the UK 20 ”  Misc small contracts, Norway + exports: 25 ”  FSM – IT:  Misc contracts next 12 months 20 ”  Contracts expected from Bayer Chemicals, to make up 60 million NOKs over 4 years, next 12 months: 8 ”  Hoechst Chemicals, expected to make up sales of 75 – 80 mill over next 5 years, next 12 monrhs: 5 ”  Projects, from previous page352  Contracts potential next 12 – 18 months: 445 mill  Forecast is 220 mill or more of these opportunities

24. CorrOcean customers have a competitive edge 24 Advanced Integrity Services Data Management / Corrosion Monitoring Sand Monitoring Material Selection Cathodic Protection (Seacorr) Flexible Pipe Monitoring and inspection Hull Strain Monitoring Response Monitoring, Risk Assessment Pipelines (Corpos) P/T - Flex. Monitoring World Class Provider of Knowledge Based Value Adding Solutions within Integrity Management. AIS provides value adding solutions to Client needs, i.e. solution packages based on a combination of COR products, application of software systems and our knowledge database. Offers opportunity for VALUE BASED PRICING. AIS business areas; l Integrity Management l Inspection & Testing l Technology Qualification & Innovation

25. CorrOcean customers have a competitive edge 25 AIS – Integrity Management  Contracts:  TotalFinaElf, Norway, increased to 10 mill NOK per year, 30 mill in 3 years  Offers testing and supply of new technology, FSM-IT to Girassol  BP in Norway: 6-7 mill per year  Shell Expro UK, Northern, 12 mill NOK (4 mill/year  Shell Expro Mid North sea, UK, 2.5 mill NOK/year  Shell Draugen  Brazil/Petronas (AIS + Safetec), 4 years, potential for expansion  Airport Train Safety Contract: 15 – 18 mill  NSB Signatur Train Inspection Mngment: 26 mill +  maintenance of Quay structures in the UK: + 10 mill  New contracts negotiated presently  Offers new Inspection/monitoring contracts

26. CorrOcean customers have a competitive edge 26 Advanced Integrity Services Contract forecast 2002 (mill.NOK) Facilities in Operation: l Statoil - V&M (11yrs) 22.0 l Statoil - RBI & Inspection 8.0 l TotalFinaElf - Operations & Removal 15.0 l BP - Operations 10.0 l Phillips - Operations 10.0 l Norsk Hydro - Operations 5.0 l Mærsk - Operations 5.0 l PGS - Operations 5.0 l FSM-IT Total Service Contracts US 12.0 l Express Trains - Operations 10.0 l Amerada Hess - Operations 3.0 l Shell - Operations 5.0 ---------------------------------------------------------------- Contracts for facilities in operation 110+

27. CorrOcean customers have a competitive edge 27 Advanced Integrity Services Contract forecast 2002 (mill.NOK) Facilities in Operation: 110+ l Harbour ALWC (Rotterdam) 10.0 l Ad hook inspections 9.0 l CP pipeline surveys 11.0 l Well testing Halliburton 3.0 l Well testing Schlumberger 4.0 l Well testing Expro 3.0 l Coflexip Stena - Flexibles in Oper. ? --------------------------------------------------------------- Contracts for facilities in operation 150+

28. CorrOcean customers have a competitive edge 28 Advanced Integrity Services Contract forecast 2002 (mill.NOK) New Facilities: l BP - Crazy Horse - AIS technology 4.0 l BP - Riser Tension Monitoring for Spars 10.0 l Automotive - Component vendors 3.0 l National Road Admin (N,S, DK) 4.0 l Statoil, Norsk Hydro, BP developments ? ------------------------------------------------------------------ Contracts for new facilities 20+ Contracts for facilities in operation 150+

29. CorrOcean customers have a competitive edge 29 Risk Assessment and Management Systematic Risk Assessment and effective Risk Management reduce the likeli-hood of accidents like these.

30. CorrOcean customers have a competitive edge 30 Safety and HSE Management (1)  Planning, implementation and follow-up of systematic HSE activities in projects and organisations  Safety audits and verification  Accident investigation and analysis of incidents and near accidents

31. CorrOcean customers have a competitive edge 31  Work environment and ergonomics evaluations for control room design and workplace layout Safety and HSE Management (2)  Safety systems and technical safety  Emergency preparedness assessments and planning for management of accidents and crises (EMPAS, EMPREDA)  Safety culture and behavioural safety

32. CorrOcean customers have a competitive edge 32 Risk Assessment Risk Analysis (QRA, HAZOP...) (ORCA) Fire and Explosion Modelling (FLACS...) Escape and Evacuation (EGRESS, LBL) Marine Risk / Ship Traffic (COLLIDE, COAST) Environmental Risk and Sensitivity Mapping (Sea-Net, MEHRAs) Hazard Engineering

33. CorrOcean customers have a competitive edge 33 RAMS / ILS Activities  Reliability and Availability Analysis  SIL and Vulnerability Analysis  Reliability Centred Maintenance (RCM)  Risk Based Inspection (RBI)  Logistics Support Analysis (LSA)  Life Cycle Cost (LCC)  Development and follow-up of R&M/ILS plans  ILS Analysis

34. CorrOcean customers have a competitive edge 34 New possibilities  Some key projects next 6 months Estimated value 20 million NOK:  Iztar, Norwegian Frigate  Norwegian railway proj.  Jernbanetilsynet  Oslo Sporveier  Collision Risk –MCA, COAST Norge, COAST Brasil  BP- Valhall-IP, Valhall Flanke, Update Valhall RA, Skarv  Smedvig Safety Case West Alpha  Statoil: Kristin and Snøhvit

35. CorrOcean customers have a competitive edge 35 SRM – Safetec Risk Management  Contracts forecast:  Offshore Risk assessment:35 mill –Clients: PPCoN, Statoil, Agip, BP-Amoco ExxonMobil, Ekofisk Alliance, Hydro, TotalFinaElf ABB, Kvaerner, Smedvik, DSND, TransOcean CoflexipStena Offshore  Marine Risk assessment:15-20 mill –Izar Offset program, Coast Norge (Trafikk data base for OLF, OD, Sjøfartsdirektoratet) Collide, SW for risk assessment ships collisions, Coast data base for Brasil Campus Basin, Indonesia, Australia

36. CorrOcean customers have a competitive edge 36 SRM – Safetec Risk Management  Contracts forecast next 12 months:  Transportation sector:18 mill –Sporveien Oslo, Jernbanetilsynet Jernbaneverket, same in Sweden and Denmark  Risk assessment Industrial:15-20 mill –Refineries, chemical industries and plants, –misc  From previous page:50 mill +  Totals forecast next 12 months:83 mill