SOLSTAD OFFSHORE ASACompany Presentation19 August 2014

AGENDA

1. KEY HIGHLIGHTS

2. FINANCIALS

3. FLEET AND MARKETS

4. OUTLOOK

2

Segments Current Fleet New buildings

Weighted Average

Age 1)

CSV 19 1 7.3

AHTS 19 9,7

PSV 9 8.9

Total: 47 1 8.2

1) Weighted average age excluding newbuildings based on broker valuations of the vessels as of 30.06.2014

SOLSTAD OFFSHORE IN BRIEF

Founded in 1964. In the offshore segment since 1973

Operations worldwide – North Sea, Brazil, US Gulf, West Africa, Asia etc.

Listed on Oslo Stock Exchange (Ticker: SOFF) since 1997

Main office in Skudeneshavn and branch offices in Aberdeen, Rio de Janeiro, Singapore, Manila and Perth

Total of 1,800 onshore and offshore personnel

Key facts Fleet overview

3

SOLSTAD OFFSHORE - HIGHLIGHTS 30.06.2014

2Q 2014 Financial & Operational Highlights Net revenues NOK 845 mill.

Adjusted EBITDA NOK 385 mill / Adjusted EBITDA margin 43%

Margin influenced by slower than expected spot market in the AHTS and PSV segments

Net revenues 1st half 2014 NOK 1.695 mill and adjusted EBITDA NOK 736 (42%)

2Q 2014 Events Delivery of “Normand Reach” (CSV) in June, commenced 5 year charter with Reach Subsea

Ordered large CSV for delivery 2Q ’16, based on an 8 year contract with industry leading offshore company

Agreement to increase ownership to 100% in CSV “Normand Vision” with effect from delivery from yard primo July ‘14

Issued a NOK 1,000 million unsecured bond loan at favorable terms

Sale of “Nor Supporter” (small AHTS) with positive cash effect

Financing of newbuilds and refinancing of current part of long term debt according to plan

Backlog Contract coverage remaining 2014 of 66% (73% incl. options). 46% (60% incl. options) for 2014

Contract backlog of NOK 8 billion (NOK 12,7 billion incl. options) coming 5 years

4

THE SOLSTAD OFFSHORE FLEET47 VESSELS IN OPERATION AS PER 18. AUGUST 2014

Vessels: 5

Vessels: 9

Vessels: 23Newbuild: 1

Vessels: 5

Vessels: 2

Vessels: 3

Vessels: 1

Perth

Rio de Janeiro

Singapore

SkudeneshavnAberdeen

ManilaKuala Lumpur

Solstad offices

5

AGENDA

1. KEY HIGHLIGHTS

2. FINANCIALS

3. FLEET AND MARKETS

4. OUTLOOK

6

OPERATING REVENUE AND EBITDA(EX. GAIN / LOSS ON SALE OF ASSET / INCL. SHARE IN JV)

7

1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14Opr.rev 556 675 679 707 669 702 822 842 788 878 913 811 842 917 1005 915 873 901EBITDA 202 290 278 202 248 209 346 330 283 397 440 303 299 409 510 346 343 385EBITDA % 36% 43% 41% 29% 37% 30% 42% 39% 36% 45% 48% 37% 36% 45% 51% 38% 39% 43%

0%

10%

20%

30%

40%

50%

60%

0

200

400

600

800

1000

1200

EBIT

DA

%

NO

K m

ill

PROFIT & LOSS ACCOUNTS

(Mill NOK) 2Q2014

2Q2013

1H2014

1H2013

Total 2013

Total Operating Income (1) 845 909 1 696 1 707 3 546

Operating expenses (497) (526) (1 000) (1 018) (2 049)

Ord. Depreciation (109) (109) (209) (217) (431)

Joint Venture & Associated Companies 15 21 36 38 57

Operating Profit 254 328 523 509 1 123

Net Agio (71) (37) (48) (63) (166)

Other fin. items (90) (95) (168) (224) (415)

Result before taxes 93 196 307 223 541

EBITDA (2) 385 408 737 708 1 574

30. June 2014

(1) Including net gain on sale of assets, excluding share in JV’s(2) Excluding net gain of sale of assets, including share in JV’s

BALANCE

(Mill NOK) 201430.06

201330.06

201331.12

Long Term fixed assets 13 137 13 282 12 740

Current assets 2 691 1 904 2 285

Total assets 15 828 15 187 15 025

Equity 5 078 4 700 4 954

Long Term liabilites 8 861 8 262 7 807

Current liabilites (1) 1 888 2 224 2 264

Total equity an liabilites 15 828 15 187 15 025

30. June 2014

Booked equity at 30.06.2014 NOK 132,- pr share

(1) NOK 1.275 million of Current Liabilities per 30.06.14 is current portion of long term debt.

SOLSTAD OFFSHORE ASA - VALUES & DIVIDEND

AGENDA

1. KEY HIGHLIGHTS

2. FINANCIALS

3. FLEET AND MARKETS

4. OUTLOOK

11

THE SOLSTAD FLEET – MARKET SEGMENTS

0%

10%

20%

30%

40%

50%

60%

AHTS PSV CSV

Segments based onVessel Valution

30.06.14 (1)

1)Based broker valuations as of 30.06.2014 with SOFF’s 50% share in “Normand Installer” and “Normand Oceanic excluding “Normand Vision” (delivered 3Q ‘14)

33 %

13 %

54 %

Freight Income YTD 30.06.2014

AHTS PSV CSV

30 %

9 %61 %

EBITDA YTD 30.06.2014

AHTS PSV CSV

General comments

Operational highlights

CSV SEGMENT

High world wide subsea activity Subsea market driven by solid fundamentals The large subsea players have substantial backlog

High tendering activity but some projects are also being postponed

Solstad has a strong position and favorable market exposure 19 CSV’s working for all the main players

1 CSV on order with long term T/C from delivery

Potentially some availability in 4q -14 (Frame Agreements)

Solid contract coverage for the CSV fleet 93 % utilization during 2Q ’14, negatively influenced by mobilization and periodic

maintenance

Increased earning visibility during the quarter

Delivery of “Normand Reach”. Started 5 year firm contract (mid June-14)

Delivery of “Normand Vision”. Started 8 year firm contract (early July-14)

Subsea 7 exercised their option to keep “Normand Subsea” 1 more year

DLB “Norce Endeavour” Some idle time between projects in 2q, but commenced new Seasonal contract with

Chevron in Gulf of Thailand early July.

Continue to show strong operational performance

30 %

9 %61 %

EBITDA YTD 30.06.14% from each segment

AHTS PSV CSV

AHTS SEGMENT

General comments

Operational highlights

Slower than expected marked conditions in the North Sea spot market through 2Q ’14

Positive medium to long term outlook as market balance continues to improve Increased international bidding activity expected, including drilling campaigns in

remote areas with special vessel requirements.

Large number of DW rigs to enter market in coming years

Limited number of larger AHTS’s under construction

Solstad has a substantial AHTS operation with 19 vessels trading worldwide Vessel size ranging from 5,500 to 32,000 bhp

75% utilization in 2Q ’14

“Normand Titan” commenced a new 4 year contract with Petrobras, Brazil

Sale of “Nor Supporter” (8,000 bhp) in June ‘14

Currently 5 - 6 AHTSs of various sizes are trading the spot market in the North Sea and in SE Asia

PSV SEGMENT

General comments

Operational highlights

Slower spot-market in the North Sea than expected. Activity level is high Active tendering activity for medium and long-term work

Several new companies and the total number of vessels, put pressure on dayrates.

Demand will continue to rise as new drilling rigs and production units begin their operations

Still many new vessels under construction, and entry barrier is too low.

82% utilization during 2Q ’14

Currently 3 vessels in the North Sea spot market

AGENDA

1. KEY HIGHLIGHTS

2. FINANCIALS

3. FLEET AND MARKETS

4. OUTLOOK

16

FUTURE OUTLOOK

Demand for CSV’s is expected to continue to be strong as a consequence of high subsea activity

Focus on longer term contracts for our CSV fleet to achieve predictable EBITDA

The combination of long term contracts and spot exposure for the AHTS/PSV fleet will influence on the company’s margins, depending on how the market develops.

Sale of older vessels to continue. Strong focus on keeping cost on a

competitive level

17

100%

COMPANY STRUCTURE*

Solstad Offshore ASA

*As per 18 August 2014 – simplified structure

SOLSTAD SHIPPING AS

SOLSTAD OFFSHORE UK LTD

(GROUP)

OCEAN SOLSTAD AS

NORMAND SKARVEN AS/KS

OCEAN SOLSTAD OPERATIONS AS

SOLSTAD REDERI ASNORMAND DRIFT AS

NISA INC

SOLSTAD OPERATIONS AS

SOLSTAD BRASIL AS

NORMAND OCEANIC AS

NORMAND OCEANIC CHARTERING AS

SOLSTAD OFFSHORE ASIA

PACIFIC LTDSOLSTAD

MANAGEMENT AS

TRYM TITAN AS

NORMAND FLOWER AS

100%100%100%

50%

72.1%

100%

100%

100% 100% 100%

100%

100%

50%

50%NON-SHIPOWNING COMPANIES

SHIPOWNING COMPANIES

NORCE OFFSHORE PTE LTD100%

100%

SOLSTAD OFFSHORE LTDA

100%

9 CSV inc. 1 NB12 AHTS5 PSV

1 CSV

2 CSV

2 CSV1 AHTS2 PSV

1 CSV

2 CSV6 AHTS2 PSV

1 CSV

1 AHTS

1 CSV

1 CSV

19

Vessel name Built HP DWT

CSVNomand Oceanic 2011 26 000 11 300

Normand Pacific 2010 20 560 4 500

Nomand Baltic 2010 12 000 4 100

Normand Subsea 2009 21 000 6 100

Normand Seven 2007 26 000 10 000

Normand Installer 2006 31 500 8 600

Normand Commander 2006 10 197 4 305

Normand Fortress 2006 10 197 4 300

Normand Flower 2002 10 600 4 500

Nomand Mermaid 2002 11 000 4 000

Normand Cutter 2001 22 000 10 000

Normand Clipper 2001 22 000 10 000

Normand Pioneer 1999 27 800 5 000

Normand Progress 1999 27 800 5 000

Nor Australis 2009 5 500 2 500

Nor Valiant 2008 5 500 3 100

Norce Endeavour 2010 N.A. 18 000

Normand Reach 2014 20 944 4 750

Normand Vision 2014 28 200 12 000

TBN 2016 39 600 13 500

2014 2015 2016 2017Q2 Q3 Q4 Q1 Q2 Q3Q2 Q3 Q4 Q1 Q4 Q1 Q2 Q3 Q4

Contracted Charterer’s option Under construction

20Note: HP = horsepower, DWT = deadweight

CSV SEGMENT

Contracted Charterer’s option

Vessel name Built HP DWT

Large AHTSNormand Ranger 2010 28,000 4,250

Normand Prosper 2010 32,000 5,000

Normand Ferking 2007 20,000 5,000

Normand Titan 2007 16,092 2,600

Normand Master 2003 23,500 3,700

Normand Mariner 2002 23,500 3,700

Normand Ivan 2002 20,000 4,140

Normand Borg 2000 16,800 2,873

Normand Atlantic 1997 19,400 4,200

Normand Neptun 1996 19,400 4,200

2014 2015Q4

2016 2017Q2 Q3 Q1 Q2 Q3Q2 Q3 Q4 Q1 Q4 Q1 Q2 Q3 Q4

Smaller AHTSNormand Draupne 1985 18 000 2 500

Normand Jarl 1985 12 000 2 000

Normand Skarven 1986 13 000 2 500

Normand Drott 1984 12 000 2 500

Nor Chief 2008 10 800 2 100

Nor Spring 2008 8 000 2 600

Nor Captain 2007 10 880 2 300

Nor Tigerfish 2007 5 500 1 650

Nor Star 2005 5 500 1 860

21Note: HP = horsepower, DWT = deadweight

AHTS SEGMENT

Contracted Charterer’s option

Vessel name Built HP DWT

PSVNormand Arctic 2011 10 640 4 900

Normand Vibran 2008 5 310 3 240

Normand Corona 2006 8 931 4 100

Normand Trym 2006 5 310 3 240

Normand Aurora 2005 10 000 4 900

Normand Skipper 2005 9 500 6 400

Normand Flipper 2003 9 000 4 500

Normand Vester 1998 10 300 4 590

Normand Carrier 1996 10 300 4 560

Q2 Q3 Q4Q2 Q3 Q4 Q1 Q2 Q32017

Q2 Q3 Q4 Q1 Q4 Q12014 2015 2016

22Note: HP = horsepower, DWT = deadweight

PSV SEGMENT