DOF GROUP IN BRAZIL

CAPITAL MARKET DAY.

NORWAY - JUNE 2008

NORSKAN OFFSHORE

BRAZILIAN MARKET

PETROBRAS Domestic E&P Profile

PETROBRASOil Production

Development and Target

PETROBRAS E & P Investment Plan

65.1 billionTOTAL BRAZIL + INTERNATIONALTOTAL BRAZIL + INTERNATIONAL

6.0 billionProduction Development4.5 billionExploration

10.5 billionINTERNATIONAL

45.3 billionProduction Development9.3 billionExploration

54.6 billionIN BRAZIL

Total Exploration & Production Capex (2008 – 2012)

2008 R&D Investment in E&P: approx. US$ 400 MM

PETROBRASMain Domestic

Oil Production Projects

PETROBRASMain Production Projects

PETROBRAS 2008-2015

Production Development in Campos Basin:

Roncador (P-55), Marlim Sul (P-51, P-56), Papa Terra, Maromba, Jubarte Phase II (P-57), Cachalote, Baleia Franca and Baleia Anã

Production Development in Santos Basin:

Mexilhão, Uruguá-Tambaú, Pirapitanga, Tupi

Production Development in Espírito Santo Basin:

Golfinho and Peroá-Cangoá

PETROBRASMain Production Projects

IOC non Petrobras 2008-2012

IOC’s are developing eleven huge projectsin three different basins: Campos, Santos and Camamú

The foreign companies operating are:

Shell with: Ostra, Abalona, Nautilus, Atlantis, Argonauta and Oliva fields ;

Hydro-Anadarko with Peregrino field ;

Chevron with Frade field ;

Devon with Polvo field ;

El Paso with: Lagosta and Piraú fields for gas production.

PETROBRAS General Data BM – S – 11TUPI AREA

Petrobras (65%), BG (25%), Petrogal – GALP (10%)Heterogeneous layered carbonates – variable reservoir qualityWater Depth about 2,200mSalt layers with thickness till 2,000mReservoir depths between 5,000 and 6,000mReservoir thickness above 80mWell tests indicate potential flow rates of 15-20,000 bopd per wellOil API: 28 – 30o

Oil viscosity around 1cPGOR between 140 and 220 m3 / m3

Initial pressure 580 kgf / cm2

Low TAN (Total Acid Number)CO2 in the associated gas (8 – 18%)Concern with flow assurance due to parafinn deposition in pipes

12DP DRILLSHIPS:

16

01

19

31

18

06

DP SUBMERSIBLES:

MOORED SEMISUBMERSIBLES:

DP DRILLSHIPS:

DP SEMISUBMERSIBLES:

MOORED SEMISUBMERSIBLES:

JACK-UPS:

OFFSHORE RIGS - PETROBRASTOTAL FLEET: 74 UNITS

IN THIS TOTALS WE HAVE UNDER CONSTRUCTIONTO BE DELIVERED UP TO 2012:

DP SEMISUBMERSIBLE – SEDCO 706

MOORED SEMISUBMERSIBLE – CELTIC SEA

DRILLSHIP – WEST POLARIS

MOORED SEMISUBMERSIBLE - SOVEXDP DRILLSHIP – STENA DRILLMAX

DP DRILLSHIP - DEEPWATER MILLENIUM

DP DRILLSHIP - DEEPWATER DISCOVERY

MOORED SEMISUBMERSIBLE - GSF ARTIC I

CHEVRON:

BG:

EXXON:

REPSOL:

ANADARCO:

DEVON:

SHELL:

01

01

01

0101

01

01

01

OFFSHORE RIGS - IOCsTOTAL FLEET: 8 UNITS PERIOD UP TO 2011

* FOR THE IOCS – THE OFFSHORE SUPPORT VESSELS COME WITH THE SPREAD OF THE DRILLING RIG.

4TS1PSV BK41PSV 1.500 & 1.00034PSV 3.000 & 4.500

5AHTS 10.00015AHTS 12.0009AHTS 15.00010AHTS 18.000

1824RSV9CREW BOAT5OSRV

DSVPLSVLH + UTAHTS 7.000

24

309

OFFSHORE VESSELS - PETROBRAS

Brazilian Flag Vessels82Foreigner Flag Vessels100

TOTAL FLEET: 182

PLSV

OSCVLARGE MPSVMPSVAHTSUT 40.000PSV

1

11252

16

OFFSHORE VESSELS UNDER CONSTRUCTION

28 VESSELS UNDER CONSTRUCTION

VESS

ELS

PETROBRAS

PROJECTS ALREADY ANNOUNCED ON AN 8 + 8 YEAR CONTRACTPROJECTS ALREADY ANNOUNCED ON AN 8 + 8 YEAR CONTRACT

146 ships to be built in brazil for production & drilling suportat an estimated cost of us$ 5 billion by 2014.An initial bid is already underway and calls for contracting 24 offshorevessels.Seven bids will be held in six years.Types & quantities of vessels:

28 DP Deepwater semisubmersibles or drilling ships to be built in Brazil.The bids will go out in the second semester.Estimated cost of US$ 28 Billion.

OpportunitiesIncluding Santos Basin Pre-Salt

OSRV 1.000PSV 4.500PSV 3.000

181549

8AHTS 21.00046AHTS 18.00010AHTS 15.000

STATUS

DOF GROUP IN BRAZIL

ACTUAL CONTRACTS

VESSEL BUILT TYPE CLIENT

SKANDI YARE BRAZILIANFLAG 2001 PSV OIL REC - FIFI PETROBRAS

NORSKAN COPACABANA 2005 AHTS 18000 PETROBRAS

NORSKAN BOTAFOGO 2006 AHTS 18000 PETROBRAS

SKANDI FLUMINENSE 2007 AHTS 18000 PETROBRAS

SKANDI RIO 2007 AHTS 18000 PETROBRAS

NORSKAN FLAMENGO 2003 PSV PETROBRAS

SKANDI LEBLON 2005 PSV OIL REC - FIFI SHELL

SKANDI SALVADOR 2008 RSV CHEVRON

SKANDI HAV BRAZILIANFLAG 1983 OSRV PETROBRAS

PRO-23 2009 PLSV PETROBRAS

SKANDI SUBSEA SUPORTER 2010 PLSV PETROBRAS

2008 2009 2010 2011 2012 2013 2014 2015 20202016 2017 2018 2019

EMPLOYEES

22Base - Macaé

309Vessels

414TOTALTOTAL

6Building Team

60DOF Subsea do Brasil

17Office - Rio

GROUP´S STRUCTURE

DOF ASA

NORSKAN AS

NorSkan CopacabanaSkandi RioSkandi Fluminense

CONVENTIONALVESSELS´COMPANY

NorSkan FlamengoSkandi LeblonNorSkan Botafogo

VESSEL´sMANAGEMENT

COMPANY

DOF SUBSEAASA

HULL 22HULL 24

SPECIALVESSELS´COMPANY

RESEARCH&

ENGINEERING´sCOMPANY

DOF NAVEGAÇÃO DOF

NAVEGAÇÃO

DOFCON NAVEGAÇÃO

DOF SUBSEABRASIL

TECHNIP

DOFTECHDOFTECH.

HULL 23

50%

VIII SMS PETROBRAS REWARD2007´s FIRST PLACE

on BEST SUPPLY OF 53 COMPANIES.BACIA DE CAMPOS

INSTITUTO BOLA PRA FRENTE

1. EMPLOYMENT OF AN ENGLISH TEACHER / COORDINATOR IN AUGUST.

2. EIGHTY STUDENTS ATTENDING ENGLISH CLASSES.

3. INAUGURATION OF A BUILDING WITH 7 CLASSROOMS & 2 BATHROOMS IN NOVEMBER.

REALIZED IN 2007

1. INCREASE OF ENGLISH STUDENTS (160).

2. PURCHASE OF NEW EQUIPMENTS FOR THE BUILDING.

3. IMPROVEMENT OF THE EXISTENT IT´s STRUCTURE.

4. SEPT 2008 – BEGIN OF PROFESSIONAL RATING COURSES FOR MERCHANT MARINE.

FUTURE ACTIONS

REALIZED 2007

1. CREATION OF AN OFFSHORE ASSOCIATION (AEPM) ON NOVEMBER, WHICH MEMBERS ARE:

2. NORSKAN / DOF, BOS, NORGES REDERIFORBUND, TEEKAY, BW, BARBER, OSM.

3. EMPLOYMENT OF A COORDINATOR.

4. SELECTION OF 44 CADETS, OF WHICH 6 WILL BE EMPLOYED BY NORSKAN.

5. FOUR TEACHER REPRESENTATIVES OF CIAGA IN ALESUND ON DECEMBER VISITING THE SIMULATOR CENTER.

FUTURE ACTIONS 2008

1. LOBBY WITH POLITICIANS TO INCREASE THE NUMBER OF STUDENTS.

2. COMPLEMENTARY ENGLISH COURSE BEGINNING JAN 08.

3. SIX SPECIALIZED COURSES FOR OFFSHORE VESSELS BEGINNING JULY 08.

4. SELECTION OF 120 STUDENTS TO BE CADETS, OF WHICH 12 WILL BE EMPLOYED BY NORSKAN.

5. STUDY THE POSSIBILITY OF HAVING 50 BRAZILIAN STUDENTS FORMED IN ALESUND.

6. ANALYZE THE FEASIBILITY OF BRINGING AN OFFSHORE SIMULATOR TO CIAGA´S FACILITIES .

CIAGA

BOOK X MARKET VALUE

PSVPSV37,00013,50017,000NorSkan Flamengo37,00015,00018,000NorSkan Leblon

440,000216,500235,000TOTAL

AHTSAHTS80,00041,00046,500NorSkan Copacabana

95,00046,00049,000NorSkan Botafogo91,00048,00050,000Skandi Rio

100,00053,00054,500Skandi Fluminense

BookedValue

MarketValue

PurchaseValue(USD 1,000)

OUR FLEET

NORSKAN OFFSHORE

INSTITUCIONAL VIDEO

DOF GROUP IN BRAZIL

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