Ship Finance International

Transcription

1 Earnings Countdown Quarterly 3Q13 October 2013 Analyst: Anders Bergland Tel: Analyst: David Bhatti Tel: Analyst: Alex Gheorghe Tel: Analyst: Herman Hildan Tel: Analyst: Turner Holm Tel: Analyst: Per Haagensen Tel: Analyst: Jørgen Lande Tel: Analyst: Terje Mauer Tel: Analyst: Frode Mørkedal Tel: Analyst: Thomas Ørner Tel: Analyst: Gøran Andreassen Tel: Ship Finance International L I M I T E D RS PLATOU MARKETS AS Haakon VII s gate 10 P. O. Box 1474 Vika N-0116 Oslo, Norway Tel: Fax: office@platou.com This report has been prepared and provided for information purposes only by RS Platou Markets AS, a foreign brokerdealer that is not registered in the United States, solely for general information purposes to professional investors and in the United States solely to major U.S. Institutional investors in reliance on the exemption from broker-dealer registration provided by Rule 15a-6 of the United States Securities Exchange Act of 1934, as amended. Each professional investor and major U.S. institutional investor that receives a copy of this report by its acceptance thereof represents and agrees that it shall not distribute or provide copies to any other person. The report does not constitute and will not form part of and should not be construed as a solicitation of any offer to buy or sell any security, commodity or instrument or related derivatives or to participate in any trading or investment strategy. The opinions and estimates included herein reflect the views and available information as of the dates specified and may have been and may be subject to change without notice. For additional information and disclaimers, see Disclaimer included at the end of this report.

2 Table of Contents 3Q13 Result preview summary... 3 Peer group valuation... 5 Oil Services... 5 Offshore Contract Drilling... 5 Seismic Services... 5 Oilfield Services... 6 Equipment & Services... 6 Subsea Construction... 6 OSV... 7 FPSO... 7 Other Industries... 7 Shipping... 8 Result previews... 9 Aker... 9 Aker Solutions AP Moller-Maersk Archer Atwood Oceanics Awilco Drilling Awilco LNG Baker Hughes Baltic Trading Capital Product Partners Costamare d Amico International Shipping DHT Holdings Diamond Offshore Diana Shipping DOF Dolphin Group Dryships Ensco Euronav Farstad Shipping Fred. Olsen Energy Frontline Frontline GasLog Genco Shipping Golar LNG Golden Ocean Halliburton Havila Shipping Hoegh LNG Kongsberg Gruppen National Oilwell Varco Neptune Orient Lines Noble Corp Nordic American Tankers North Atlantic Drilling Northern Offshore Norwegian Car Carriers Ocean Rig Odfjell Orkla Pacific Drilling PGS Polarcus Rowan Companies Schlumberger Scorpio Tankers Seabird Exploration Seadrill Sevan Drilling Ship Finance Siem Offshore Solstad Offshore Songa Offshore Subsea Technip Teekay Tankers TGS-Nopec Transocean Wilh. Wilhelmsen ASA Wilh. Wilhelmsen Holding Yara International Disclaimer

3 3Q13 Result preview summary Reporting Revenue (rep. curr.) EBITDA (rep. curr.) EPS (rep. curr.) Company date Rating 3Q13E Chg. YoY 3Q13E Chg. YoY 3Q13E Chg. YoY Euronav 15/10/2013 Neutral 69-26% 28 11% % Baker Hughes 18/10/2013 Buy 5,692 9% % % Noble Corp. 18/10/2013 Buy 1,014 22% % % Schlumberger 18/10/2013 Buy 11,446 8% 3,188 14% % Yara International 18/10/2013 Buy 21,604 4% 3,370-19% % Halliburton 21/10/2013 Buy 7,400 4% 1,144 20% % DHT Holdings 23/10/2013 Buy 14-41% 1-81% % Havila Shipping 23/10/2013 Buy 375 6% % % TGS-Nopec *) 23/10/2013 Buy % 76-25% % Costamare 24/10/2013 Neutral % 72 22% % Diamond Offshore 24/10/2013 Buy 768 8% 329-4% % Siem Offshore 24/10/2013 Buy 98-6% 36-8% % Ensco 25/10/2013 Buy 1,294 17% % % National Oilwell Varco 25/10/2013 Neutral 5,673 7% 1,008-9% % PGS *) 25/10/2013 Buy 398 3% 95-14% % Vantage Drilling Company 25/10/2013 Buy % 88 67% 0.02 n.m. Hercules Offshore 28/10/2013 Neutral % % % Fred. Olsen Energy 29/10/2013 Neutral 1,654 1% 965-3% % Scorpio Tankers 29/10/2013 Buy 54 90% 2 245% % Neptune Orient Lines 30/10/2013 Sell 2,138-7% 73-50% % Orkla 30/10/2013 Neutral 8,200 14% 1,135 4% % Baltic Trading 31/10/2013 Buy 6-16% 0-91% % Capital Product Partners 31/10/2013 Neutral 44 17% 25 6% % Genco Shipping 31/10/2013 Sell 64 17% 21 43% % Kongsberg Gruppen 31/10/2013 Buy 4,000 9% % % Polarcus *) 31/10/2013 Buy % 34-15% % Seabird Exploration *) 31/10/2013 Buy 52 13% 6 36% % Technip 31/10/2013 Buy 2,490 19% % % Transocean 04/11/2013 Buy 2,448 6% 965-7% % Rowan Companies 05/11/2013 Buy 381 8% % % Aker Solutions 06/11/2013 Buy 12,248 10% 1,148 2% % Solstad Offshore 06/11/2013 Buy 932 5% 449 6% % Wilh. Wilhelmsen ASA 06/11/2013 Neutral 657-8% % % Wilh. Wilhelmsen Holding 08/08/2013 Buy 911-3% % % Pacific Drilling 07/11/2013 Buy 167-3% 87 33% 0.08 n.m. Sevan Drilling 07/11/2013 Buy 72 24% 29 23% % Teekay Tankers 09/11/2013 Buy 43-6% 12-28% % Songa Offshore 11/11/2013 Neutral % 58 3% % d'amico International Shipping 12/11/2013 Buy 72-14% % % Farstad Shipping 12/11/2013 Buy 1,058 10% % % AP Moller-Maersk 13/11/2013 Buy 80,955-7% 18,981-2% 1, % Awilco Drilling 13/11/2013 Buy 58 34% 39 61% % D/S Norden 13/11/2013 Buy % 10-56% n.m. Dolphin Group *) 13/11/2013 Buy 81 32% 21 27% % Northern Offshore 13/11/2013 Buy 42-32% 13-62% % Ocean Rig 13/11/2013 Buy 294 3% % % Aker 14/11/2013 Buy Dryships 14/11/2013 Buy % % % Odfjell 14/11/2013 Buy 301 9% % % DOF 15/11/2013 Buy 2,585 24% % % Nordic American Tankers 15/11/2013 Neutral % 1 122% % Subsea 7 18/11/2013 Buy 1,860 7% 344 8% % Hoegh LNG 19/11/2013 Neutral 31-19% 11-13% % Diana Shipping 20/11/2013 Buy 42-27% 14-58% % StealthGas 26/11/2013 Buy 33 9% 16-6% % Atwood Oceanics 28/11/2013 Neutral % 148 7% % Seadrill 28/11/2013 Buy 1,174 11% % % *) EBIT (instead of EBITDA) Source: companies and RS Platou Markets 3

4 Reporting Revenue (rep. curr.) EBITDA (rep. curr.) EPS (rep. curr.) Company date Rating 3Q13E Chg. YoY 3Q13E Chg. YoY 3Q13E Chg. YoY Archer 29/11/2013 Buy 497-4% 14-20% % Frontline 29/11/2013 Sell 115-9% 6 n.m % Frontline /11/2013 Buy 31-24% 8-54% % Golden Ocean 29/11/2013 Buy 69 22% 22-17% % North Atlantic Drilling 29/11/2013 Buy 233-4% 137-7% % Norwegian Car Carriers 29/11/2013 Buy % 65 26% % Ship Finance 29/11/2013 Buy 67-10% 54-62% % Awilco LNG 30/11/2013 Neutral 9-25% 2-61% % Golar LNG 30/11/2013 Buy 20-84% 7-93% % GasLog Buy % % % Avance Gas Buy 38 n.m. 16 n.m n.m. Navios Maritime Acquisition Buy 51 36% 29 26% % Scorpio Bulkers Buy 0 n.m. -1 n.m n.m. *) EBIT (instead of EBITDA) Source: companies and RS Platou Markets 4

5 Peer group valuation Platou Markets - Offshore Contract Drilling coverage _ Price Mrkt. cap. EV 2013E TP Upside EBITDA, adj. (USDm) EPS, adj. (USD) EV/EBITDA, adj. P/E, adj. Yield FCF yield NIBD/ Current Company Ticker (local) (USDm) (USDm) Rating (USD) potential E 2014E E 2014E 2013E 2014E 2013E 2014E 2013E 2013E EBITDA P/NAVEV/Assets Atwood Oceanics ATW US ,665 4,747 Neutral % x 7.5x 10.7x 8.6x 0.0 % n.m. 1.9x 0.9x 0.9x Awilco Drilling AWDR NO Buy % x 3.4x 4.8x 4.2x 21.3 % 24.5% 1.3x 1.0x 1.0x Diamond Offshore DO US ,838 9,743 Buy % 1,337 1,331 1, x 5.7x 12.9x 9.2x 5.5 % 5.6% 0.0x 0.8x 0.8x Discovery Offshore DISC NO Buy % n.m. 6.1x n.m. 4.1x 0.0 % n.m. 14.4x 1.0x 1.0x Ensco ESV US ,614 16,857 Buy % 2,063 2,529 2, x 6.0x 8.2x 7.5x 3.7 % 4.5% 2.1x 1.0x 1.0x Fred. Olsen Energy FOE NO ,931 4,146 Neutral % x 5.5x 8.8x 7.2x 7.5 % n.m. 1.1x 1.1x 1.1x Hercules Offshore HERO US ,169 2,280 Neutral % x 4.3x 25.1x 9.7x 0.0 % n.m. 3.9x 1.0x 1.0x Noble Corp. NE US ,525 15,426 Buy % 1,563 1,860 2, x 6.1x 14.1x 8.5x 2.0 % n.m. 2.8x 0.9x 0.9x North Atlantic Drilling NADL NS ,164 4,786 Buy % x 7.2x 8.6x 6.6x 10.0 % n.m. 4.1x 1.7x 1.2x Northern Offshore NOF NO Buy % x 1.8x 9.3x 3.3x 12.4 % 8.1% -0.2x 0.6x 0.6x Ocean Rig ORIG US ,439 5,741 Buy % x 5.7x 29.3x 6.9x 0.0 % n.m. 7.6x 0.6x 0.8x Pacific Drilling PACD US ,501 4,803 Buy % x 9.5x n.m. 18.4x 0.0 % n.m. 5.2x 1.0x 1.0x Prospector Offshore Drilling PROS NO Buy % n.m. 11.2x n.m. 6.2x 0.0 % n.m x 1.0x Rowan Companies RDC US ,585 6,330 Buy % x 8.0x 16.4x 10.1x 0.0 % n.m. 2.0x 0.6x 0.7x Seadrill SDRL NO ,357 35,639 Buy % 2,407 2,856 3, x 9.8x 13.6x 11.2x 8.1 % n.m. 4.6x 1.6x 1.2x Sevan Drilling SEVDR NO ,798 Buy % x 10.3x n.m. 9.0x 0.0 % n.m. 14.3x 0.8x 1.0x Songa Offshore SONG NO ,097 Neutral % x 7.0x 6.5x 8.1x 0.0 % 200.8% 6.9x 1.0x 1.0x Transocean RIG US ,284 23,514 Buy % 3,597 3,575 4, x 5.2x 11.5x 7.3x 5.0 % n.m. 1.8x 0.7x 0.8x Vantage Drilling Company VTG US ,298 Buy % x 6.4x n.m. 4.8x 0.0 % n.m. 10.4x 1.0x 1.0x Average 25% 8.9x 6.7x 12.9x 7.9x 4.0 % 48.7 % 4.7x 1.0x 1.0x Source: RS Platou Markets Platou Markets - Seismic Services coverage Price Mrkt. cap. EV 2013E TP Upside EBIT, adj. (USDm) EPS, adj. (USD) EV/EBIT, adj. P/E, adj. Dividend yield FCF yield NIBD/ P/Book Company Ticker (local) (USDm) (USDm) Rating (USD) potential E 2014E E 2014E 2013E 2014E 2013E 2014E E 2013E EBITDA 2012 Dolphin Group DOLP NO Buy % x 2.1x 6.0x 2.2x 0.0 % 0.0 % n.m. 0.6x 1.0x PGS PGS NO ,567 3,354 Buy % x 6.1x 10.5x 7.1x 1.1 % 2.3 % n.m. 0.7x 1.2x Polarcus PLCS NO Buy % x 4.2x 7.4x 2.7x 0.0 % 0.0 % 57% 3.8x 0.6x Seabird Exploration SBX NO Buy % x 2.1x 7.6x 1.6x 0.0 % 0.0 % 50% 2.0x 0.7x TGS-Nopec TGS NO ,480 2,304 Buy % x 5.1x 10.0x 8.7x 4.3 % 4.1 % n.m. -0.4x 2.1x Average 56% 6.9x 3.9x 8.3x 4.5x 1.1 % 1.3 % 53% 1.3x 1.1x Source: RS Platou Markets 5

6 Platou Markets - Oilfield Services coverage Price Mrkt. cap. EV 2013E TP (USD/ Upside EBITDA, adj. (loc.curr. mill.) EPS, adj. (loc.curr.) EV/EBITDA, adj. P/E, adj. Yield FCF yield NIBD/ P/Book Company Ticker (local) (USDm) (USDm) Rating local) potential E 2014E E 2014E 2013E 2014E 2013E 2014E 2013E 2013E EBITDA 2013E Archer ARCHER NO ,265 Buy % 1, , x 6.2x n.m. n.m. 0.0 % 41% 5.2x 0.3x Baker Hughes BHI US ,302 26,861 Buy % 3,731 3,796 4, x 5.5x 18.4x 11.6x 2.2 % n.m. 1.2x 1.0x Halliburton HAL US ,464 52,696 Buy % 5,787 5,277 7, x 6.3x 15.8x 11.6x 1.0 % 3% 0.5x 2.0x Schlumberger SLB US , ,482 Buy % 11,055 12,157 13, x 8.7x 17.8x 16.7x 1.2 % 3% 0.5x 2.6x Average 23% 9.0x 6.8x 17.3x 13.3x 1.5 % 3% 0.7x 1.9x Source: RS Platou Markets Platou Markets - Equipment & Services coverage Price Mrkt. cap. EV 2013E TP (USD/ Upside EBITDA, adj. (loc.curr. mill.) EPS, adj. (loc.curr.) EV/EBITDA, adj. P/E, adj. Yield FCF yield NIBD/ P/Book Company Ticker (local) (USDm) (USDm) Rating local) potential E 2014E E 2014E 2013E 2014E 2013E 2014E 2013E 2013E EBITDA 2013E Aker Solutions AKSO NO ,623 4,960 Buy % 4,376 4,252 6, x 4.6x 13.1x 7.7x 5.0 % n.m. 1.4x 1.7x Kongsberg Gruppen KOG NO ,327 2,017 Buy % 2,296 2,116 2, x 5.2x 11.9x 11.1x 3.2 % 9% -0.6x 2.0x National Oilwell Varco NOV US ,711 34,585 Neutral % 4,316 4,077 4, x 6.7x 14.9x 12.2x 1.0 % n.m. 0.0x 1.5x Prosafe PRS NO ,957 2,513 Neutral % x 7.5x 10.0x 7.7x 7.2 % 8% 2.6x 2.8x Average 21% 7.4x 6.0x 12.5x 9.7x 4.1 % 9% 0.8x 2.0x Source: RS Platou Markets Platou Markets - Subsea Construction coverage Price Mrkt. cap. EV 2013E TP (USD; Upside EBITDA, adj. (USDm) EPS, adj. (USD) EV/EBITDA P/E Yield FCF yield NIBD/ P/Book Company Ticker (local) (USDm) (USDm) Rating EUR) potential E 2014E E 2014E 2013E 2014E 2013E 2014E 2013E 2013E EBITDA 2013E Subsea 7 SUBC NO ,945 7,192 Buy % 1,138 1,041 1, % n.m. 0.2x 1.1x Technip TEC FP ,969 12,714 Buy % 1,377 1,579 1, % 2% -0.2x 2.2x Average 23% 7.8x 5.5x 18.3x 10.8x 2.4 % 2% 0.0x 1.7x Source: RS Platou Markets 6

7 Platou Markets - Offshore Support Vessels coverage Price Mrkt. cap. EV 2012E TP Upside EBITDA, adj. (USDm) EPS, adj. (USD) EV/EBITDA, adj. P/E, adj. Yield FCF yield NIBD/ NAV P/NAV Company Ticker (local) (USDm) (USDm) Rating (local) potential E 2013E E 2013E 2012E 2013E 2012E 2013E 2012E 2012E EBITDA (USD) Current DOF DOF NO ,210 Buy % x 8.0x n.m. 50.1x 0.0 % n.m. 7.9x x Farstad Shipping FAR NO ,962 Buy % x 8.6x 16.3x 15.2x 2.2 % n.m. 5.2x x Havila Shipping HAVI NO ,202 Buy % x 9.7x n.m. 11.9x 0.0 % n.m. 11.5x x Siem Offshore SIOFF NO ,261 Buy % x 11.1x n.m. n.m. 0.0 % 20% 6.3x Solstad Offshore SOFF NO ,218 Buy % x 8.2x 10.4x 7.9x 2.5 % 31% 6.7x x Average 25% 10.5x 9.1x 13.3x 21.3x 0.9 % 26% 7.5x 0.4x Source: RS Platou Markets Platou Markets - FPSO coverage Price Mrkt. cap. EV 2013E TP Upside EBITDA, adj. (USDm) EPS, adj. (USD) EV/EBITDA, adj. P/E, adj. Dividend yield FCF yield NIBD/ P/Book Company Ticker (NOK) (USDm) (USDm) Rating (NOK) potential E 2014E E 2014E 2013E 2014E 2013E 2014E E 2013E EBITDA 2013E BW Offshore BWO NO ,367 Buy % x 4.9x 7.2x 7.5x 6.5 % 7.7 % 31% 1.5x 0.8x Fred. Olsen Production FOP NO Buy % x 3.5x 21.8x 22.8x 5.8 % 0.0 % 22% 0.3x 0.8x Average 13% 4.8x 4.2x 14.5x 15.2x 6.2 % 3.8 % 26% 0.9x 0.8x Source: RS Platou Markets Platou Markets - Other Industries coverage Price Mrkt. cap. EV 2013E TP Upside EBIT, adj. (loc.curr. mill.) EPS, adj. (loc.curr. mill.) EV/EBIT, adj. P/E, adj. Yield P/FCPS NIBD/ P/Book Company Ticker (local) (USDm) (USDm) Rating (local) potential E 2014E E 2014E 2013E 2014E 2013E 2014E 2013E 2013E EBITDA 2013E Orkla ORK NO ,455 8,807 Neutral % 1,732 3,159 3, x 14.3x 17.5x 15.9x 5.7 % 4.1x 2.0x 1.4x Aker AKER NO ,261 - Buy % % x Source: RS Platou Markets 7

8 Platou Markets - Shipping coverage Price Mrkt. cap. EV 2013E TP Upside EBITDA, adj. (USDm) EPS, adj. (USD) EV/EBITDA, adj. P/E, adj. Yield FCF yield NIBD/ Current Company (local) (USDm) (USDm) Rating (USD) potential E 2014E E 2014E 2013E 2014E 2013E 2014E 2013E 2013E EBITDA P/NAVEV/Assets AP Moller-Maersk 52,900 41,933 57,174 Buy 11,804 23% 13,240 12,566 13, , x 4.1x 10.9x 8.2x 2.5 % 4.6% 0.4x 0.8x 0.8x Avance Gas Buy % x 8.8x 48.4x 0.0 % n.m. 1.2x 0.8x 0.9x Awilco LNG Neutral % x 6.6x 90.5x 9.1x 0.0 % n.m. 1.4x 1.0x 1.0x Baltic Trading Buy % x 15.8x n.m. n.m. 0.0 % n.m. 0.2x 1.1x 1.1x Capital Product Partners ,470 Neutral % x 11.6x 26.8x 18.7x 10.6 % n.m. 0.7x 1.8x 1.5x Costamare ,320 3,056 Neutral % x 8.3x 14.0x 9.3x 6.1 % n.m. 2.7x 2.2x 1.3x d'amico International Shipping Buy % x 10.9x n.m. 36.7x 0.0 % 2.1% 0.6x 1.0x 1.0x D/S Norden ,736 1,431 Buy % x 12.5x n.m. 73.0x 1.7 % n.m. -0.2x 1.1x 1.2x DHT Holdings Buy % x 11.7x n.m. n.m. 1.7 % 41.0% 0.7x 0.8x 0.9x Diana Shipping ,069 Buy % x 18.5x n.m. n.m. 0.0 % n.m. 0.1x 1.5x 1.4x Dryships ,453 6,058 Buy % , x 5.7x n.m. 20.3x 0.0 % n.m. 1.6x 1.1x 1.0x Euronav ,413 Neutral % x 10.0x n.m. n.m. 0.0 % 13.4% 1.4x 1.6x 1.1x Frontline ,406 Sell % x 36.4x n.m. n.m. 0.0 % n.m x nmf 1.2x Frontline ,716 1,777 Buy % x 28.5x n.m. 58.3x 0.0 % n.m. 0.1x 1.3x 1.2x GasLog ,961 Buy % x 12.4x 20.2x 12.5x 3.1 % n.m. 1.7x 1.3x 1.2x Genco Shipping ,556 Sell % x 11.9x n.m. n.m. 0.0 % n.m. 1.4x nmf 1.4x Golar LNG ,902 3,469 Buy % x 23.6x 66.9x 30.6x 3.7 % n.m. 0.3x 1.1x 1.1x Golden Ocean ,088 Buy % x 7.9x 18.1x 14.4x 0.0 % n.m. 0.7x 1.4x 1.2x Hoegh LNG ,104 Neutral % x 17.0x n.m. n.m. 0.0 % n.m. 1.5x 0.9x 0.9x Navios Maritime Acquisition ,493 Buy % x 10.4x n.m. 27.9x 5.2 % n.m. 2.6x 1.4x 1.1x Neptune Orient Lines ,199 5,812 Sell % x 10.8x n.m. 23.4x 0.0 % n.m. 1.8x 1.0x 1.0x Nordic American Tankers Neutral % n.m. 21.4x n.m. n.m. 7.8 % n.m. 0.2x 1.5x 1.4x Norwegian Car Carriers Buy % x 7.0x 33.9x 11.4x 0.0 % n.m. 2.2x 0.9x 1.0x Odfjell ,728 Buy % x 8.2x n.m. 21.5x 0.0 % 26.9% 1.4x 0.9x 1.0x Orient Overseas ,552 4,757 Buy % x 5.9x 31.2x 9.2x 1.1 % n.m. 0.3x 0.7x 0.7x Pacific Basin ,299 1,792 Buy % x 7.6x 31.9x 12.5x 1.0 % n.m. 0.4x 1.1x 1.1x Scorpio Bulkers Buy % n.m. n.m. n.m. n.m. 0.0 % n.m. -0.6x 1.1x 1.1x Scorpio Tankers ,948 1,882 Buy % x 24.6x n.m. 38.3x 1.3 % n.m. 0.0x 1.2x 1.2x Ship Finance ,460 3,085 Buy % x 8.5x 15.3x 7.6x 7.5 % n.m. 1.4x 0.9x 1.0x StealthGas Buy % x 8.6x 12.7x 10.7x 0.0 % n.m. 0.5x 1.1x 1.0x Stolt-Nielsen ,534 3,343 Neutral % x 7.8x 28.8x 12.4x 3.8 % n.m. 1.2x 0.9x 1.0x Teekay Tankers Buy % x 12.9x n.m. 12.5x 4.4 % 9.0% 2.5x 2.0x 1.1x Wilh. Wilhelmsen ASA ,110 3,191 Neutral % x 7.0x 10.5x 8.3x 7.3 % n.m. 0.7x 0.9x 1.0x Wilh. Wilhelmsen Holding ,458 2,598 Buy % x 4.8x 7.8x 4.9x 3.2 % n.m. 0.6x 0.6x 0.8x Average 21% 22.5x 12.4x 28.0x 21.6x 2.1 % 16% 0.1x 1.2x 1.1x Source: RS Platou Markets 8

9 Norwegian Result Preview Equity Strategy 15-Oct-13 Aker Sector: Industrial Conglomerates Recommendation: BUY (unchanged) Target price (NOK): 215 (unchanged) Analyst: Terje Mauer Tel: Next report date: Disclosure: Company description Aker is an active industrial ownership company with businesses in various sectors and markets, with the main exposure towards the energy development and oil services sectors. Aker develops the companies through operational improvement, organic growth and Share price (NOK) in Aker relative to key indices Oct. 12 Dec. 12 Feb. 13 Apr. 13 Jun. 13 Aug. 13 Aker OSEBX index OSE Energy Oct. 13 Shareholders Shares Votes TRG Holding 67.8 % 67.8 % JPMorgan Chase Bank 3.8 % 3.8 % SE-Banken 2.0 % 2.0 % ODIN Forvaltning 2.1 % 2.1 % Free Float 32.2 % 32.2 % Changes in estimates (NOKm) 2013E New Old Chg. New Old Chg. Oper. revenue EBITDA, adj. EBIT, adj. Net income, adj. EPS, adj. (NOK) Company data (2013E) Share price (NOK) No. of shares (m) 72.3 Market cap. (NOKm) 13,632 Net debt YE (NOKm) 6,573 Enterprise value (NOKm) 20,205 Good cash inflow and new contract The quarterly numbers in Aker ASA are of less interest in the stock market; the main focus is comments from management. At the end of 3Q13, we estimate Aker to hold cash and cash equivalents of around NOK 4.6bn. In 3Q13 some of the news in Aker and companies, in which it has holdings, have been: Trygg Pharma Group, a 50/50 joint venture between Aker BioMarine and private-equity firm Lindsay Golderg, sold its omega-3 production business, Epax, to FMC Corporation at an enterprise value of approx. USD 345m in July. Hence, Aker BioMarine paid back a loan of NOK 300m to Aker. In addition to the above, Aker received close to NOK 300 in total from sale of greenshoe shares in the share offering, payback of loan and dividend from Ocean Yield. Aker Philadelphia Shipyard signed an agreement to build 4 product tankers with deliveries in 2015/16 for Crowley Maritime Corp., and with the option to build 4 additional tankers. The total contract value for the first 4 tankers is approx. USD 500m. The two companies will share the economics of the operation and chartering of the vessels. The share price in Aker roughly reflects the market value of the three assets, Aker Solutions, Det norske oljeselskap and Kværner, while all other assets incl. net CASH - are for free! We reiterate our Buy rating with a TP of NOK 215. Key figures Total revenue (NOKm) 54,392 5,218 6,395 6,262 7,527 4,883 5,952 EBITDA, adj. (NOKm) 4, , EBITA (NOKm) 3, , ,420 EBIT, adj. (NOKm) 3, , ,420 Pre-tax profit, adj. (NOKm) 2, , Net income, adj. (NOKm) 1,735 1, , ,768 1,627 EPS, adj. (NOK) OCFPS (NOK) FCFPS (NOK) BVPS (NOK) Dividend (NOK) EV/Sales (x) EV/EBITDA, adj. (x) 7.1 n.m. n.m. n.m n.m. EV/EBITA, adj. (x) 8.8 n.m. n.m. n.m n.m. EV/EBIT, adj. (x) 9.0 n.m. n.m. n.m n.m. P/E, adj. (x) n.m. n.m P/OCF (x) n.m. EV/FCF (x) n.m. 3.8 n.m. n.m n.m. P/Book (x) Dividend yield (%) Adjustments are made for special operating items, impairment of goodwill, write-downs, agio/disagio and fx hedging derivatives. RS PLATOU MARKETS AS Haakon VII s gate 10 P.O. BOX 1474 Vika N-0116 Oslo, Norway Telephone Telefax office@platou.com NO MVA 9

10 Sum-of-the-Parts valuation 11/10/2013 Share Equity Per Owner- price value share Share of INDUSTRIAL HOLDINGS ship (NOK) (NOKm) (NOK) group EV Aker Solutions 28.2 % , % Det norske oljeselskap 50.0 % , % Kværner 28.7 % % Ocean Yield 74.9 % , % Aker BioMarine % 1, % Aker Seafoods 73.2 % % Total value of Industrial holdings 17, % FINANCIAL INVESTMENTS Total value of financial holdings 2, % OTHER ASSETS & LIABILITIES Tangible and non-tangible fixed assets % Non-interest bearing current assets % Sum other assets % Non-interest bearing liabilities % Parent and holding companies costs -1, % Group enterprise value 18, % Cash and cash equivalents, estimate 4, % Short term int.b.rec., estimate % Interest bearing fixed assets, estimate 1, % Interest bearing debt, estimate -5, % Cash and Net int. bearing receivables, Parent & Holding 1, % Equity value, pre discount 19, % Implicit discount 31% -6, Market cap. / share price 13,

11 Profit and loss (NOKm) Revenue 54,392 5,218 6,395 6,262 7,527 4,883 5,952 Total revenue 54,392 5,218 6,395 6,262 7,527 4,883 5,952 Operating expenses -50,010-5,252-7,276-6,158-5,936-3,933-6,476 EBITDA 4, , EBITDA-margin 8 % -1 % -14 % 2 % 21 % 19 % -9 % Depreciation , EBITA 3, , ,420 - EBITA-margin 7 % -6 % -20 % -13 % 6 % 4 % -24 % Amortization/Write down Adjustments ,337 EBIT 3, ,180-1, ,756 - EBIT-margin 7 % -8 % -18 % -26 % 4 % -2 % -63 % Associated companies 2 1, ,497 1,107 Net interest -1, Other financial Items 548 3,865-1, Pre-tax profit 2,981 4,403-1,528-1, ,941-3,150 - Pre-tax margin 5 % 84 % -24 % -27 % 9 % 40 % -53 % Tax ,967 - Tax rate 25 % -1 % 23 % -31 % 49 % -10 % 94 % Net income ,644-1,046-2, , Result margin -1 % 89 % -16 % -34 % 1 % 34 % -1 % Adjusted net income 1,735 1, , ,768 1,627 Result from discontinued operations/ Other -2, EPS (NOK) EPS, adj. (NOK) Balance sheet (NOKm) Intangible assets 9,985 2,759 3,210 1,966 1,660 8,417 7,802 Fixed assets 9,243 6,927 21,433 18,289 18,794 9,774 12,562 Other fixed assets 5,064 8,439 7,398 14,798 13,684 8,789 9,376 Long term assets 24,292 18,125 32,041 35,053 34,138 26,980 29,740 Other current assets 34,999 2,781 4,403 2,484 1,975 3,732 3,372 Cash and liquid assets 15,823 15,386 10,805 4,385 5,128 5,489 5,499 Current assets 50,822 18,167 15,208 6,869 7,103 9,221 8,871 Total assets 75,114 36,292 47,249 41,922 41,241 36,201 38,611 Shareholders equity 3,214 2,026 2,026 2,026 2,026 2,026 2,001 Other equity 6,015 12,318 12,690 8,424 8,005 8,919 7,535 Equity 9,229 14,344 14,716 10,450 10,031 10,945 9,536 Minorities 11,494 10,270 6,932 6,080 6,295 9,206 9,368 Long term interest bearing debt 9,786 5,280 8,000 15,463 17,545 7,148 11,264 Pension liabilities 1, Other long-term debt 1, ,809 3,881 1,940 4,918 3,408 Long term liabilities 12,704 6,291 10,997 19,504 19,648 12,268 14,879 Short term interest bearing debt 8,809 3,516 6,052 3,953 2,073 2,076 2,291 Other short term liabilities 32,878 1,871 8,552 1,935 3,194 1,706 2,537 Current liabilities 41,687 5,387 14,604 5,888 5,267 3,782 4,828 Total liabilities and equity 75,114 36,292 47,249 41,922 41,241 36,201 38,611 Working capital 2, , ,219 2, Net debt 2,288-7,527 2,493 6,856 8,133 2,338 6,573 Cash flow (NOKm) Pre-tax profit 2,981 4,403-1,528-1, ,941-3,150 - Associated companies -2-1, ,497-1,107 + Depreciation and amortization , Payable tax ,223 +/- Other operating items ,774-1,914 4,655 1 Cash flow from operations 3,402 3,550-1,434 4, ,162-2,138 Change in working capital -2,114 1,211 5,059-4,698 1,768-3,245 1,191 Operating cash flow 1,288 4,761 3, ,062 2, Maintenance capex -2, ,912-13, ,160 Cash flow from investments -2, ,912-13, ,160 Free cash flow ,436-4,287-13,383 1,322 3,342-7,107 Dividend paid ,375-1, Equity increase Cash flow from financing ,375-1, Other items 702 6,754-4,394 9,382-2,020 3,176 3,668 Change in net debt 693-9,815 10,020 4,363 1,277-5,795 4,235 11

12 Result Preview 15-Oct-13 Aker Solutions Sector: Energy Equipment & Services Recommendation: BUY (unchanged) Target price (NOK): 110 (unchanged) Analyst: Gøran Andreassen Tel: Next report date: Disclosure: Company description Aker Solutions is a leading global supplier of engineering services, products and systems for drilling equipment and subsea solutions, as well as life-cycle solutions. Share price (NOK) in Aker Solutions relative to key indices Oct. 12 Dec. 12 Feb. 13 Apr. 13 Jun. 13 Aug. 13 Aker Solutions OSEBX index OSX index Shareholders Shares Votes Aker Holding AS 40.3 % 40.3 % Folketrygdfondet 5.2 % 5.2 % State Street 2.5 % 2.5 % Goldman Sachs & Co 2.0 % 2.0 % Free Float 59.7 % 59.7 % Changes in estimates (NOKm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue 47,568 47,523 0% 53,187 53,187 0% EBITDA, adj. 4,252 4,256 0% 6,015 6,015 0% EBIT, adj. 2,872 2,876 0% 4,615 4,615 0% Net income, adj. 1,667 1,670 0% 2,816 2,816 0% EPS, adj. (NOK) % % Company data (2013E) Share price (NOK) No. of shares (m) Market cap. (NOKm) 21,721 Net debt YE (NOKm) 8,016 Enterprise value (NOKm) 29,737 Recovery in sight Aker Solutions is set to report its 3Q13 result on 06 November, We expect a sequential improvement in EBITDA of 21% to NOK 1,148m, driven by both OMA and Umbilicals getting back in black figures. We expect Aker Solutions to deliver 3Q13 revenue, EBITDA and EPS of NOK 12,248m, NOK 1,148m and NOK 1.70 vs. consensus of NOK 11,907m, NOK 1,131m and NOK We expect the mix to show another strong quarter from Subsea with an estimated EBITDA of NOK 374m, up 4% sequentially and 48% year-over-year. The expected solid sequential improvement in EBITDA is, however, mainly driven by positive developments within OMA and Umbilicals. We expect OMA to deliver a slight positive EBITDA of NOK 20m in 3Q vs. negative NOK 63m in 2Q, resulting from both Skandi Aker and Aker Wayfarer being fully operational through the quarter, but also aided by a few days of operation for Skandi Aker. The order intake for 3Q13 is expected to be NOK 6,7bn, based on NOK 1.2bn in announced orders and NOK 5.5bn unannounced. Aker Solutions result should improve further in 4Q13, as all three AKOFS vessels are on contract, Engineering should start to see some positive effects from optimizing the cost base, while both Drilling Technologies and Subsea are well positioned for gradual margin recovery. We reiterate Buy with a TP of NOK 110. Key figures E 2014E 2015E Total revenue (NOKm) 54,077 46,267 36,474 44,922 47,568 53,187 59,022 EBITDA, adj. (NOKm) 4,368 3,778 2,688 4,376 4,252 6,015 7,036 EBITA (NOKm) 3,458 2,907 2,569 3,535 2,872 4,615 5,636 EBIT, adj. (NOKm) 3,458 2,907 1,812 3,210 2,872 4,615 5,636 Pre-tax profit, adj. (NOKm) 3,208 2,355 1,316 2,599 2,394 4,111 5,200 Net income, adj. (NOKm) 2,260 1,605 1,010 1,890 1,667 2,816 3,568 EPS, adj. (NOK) OCFPS (NOK) FCFPS (NOK) BVPS (NOK) Dividend (NOK) EV/Sales (x) EV/EBITDA, adj. (x) EV/EBITA, adj. (x) EV/EBIT, adj. (x) P/E, adj. (x) P/OCF (x) EV/FCF (x) 75.3 n.m. n.m. n.m. n.m P/Book (x) Dividend yield (%) Adjustments are made for special operating items, impairment of goodwill, write-downs, agio/disagio and fx hedging derivatives. Key Assumptions E 2014E 2015E Order backlog (NOKm) 56,276 50,865 41,449 56,698 Order intake (NOKm) 52,989 47,109 41,327 60,312 Book/bill (x)

13 3Q13 Result preview Aker Solutions (NOKm) 2Q12* 3Q12 4Q12* 1Q13 2Q13 3Q13E Consensus average Platou vs. Cons. Operating revenue Other revenue Total revenue EBITDA adj EBITDA adj. margin 10,2 % 10,1 % 8,9 % 7,8 % 7,9 % 9,4 % 9,5 % -0,1 % Adjustments EBITDA D&A EBIT adj Impairments EBIT Pre-tax profit Net income Net income Adj EPS 2,50 2,04 1,86 1,00 0,44 1,70 1,75-0,05 EPS Adj. 1,89 2,04 1,23 1,00 1,40 1,70 1,75-0,05 Order intake Order backlog Revenues (NOKm) Product Solutions Subsea Umbilicals Drilling Technologies Process systems Mooring & Loading Systems Eliminations Field Life Solutions MMO Well Intervention Services OMA Eliminations Engineering Solutions Corporate Eliminations EBITDA (NOKm) Product Solutions Subsea Umbilicals Drilling Technologies Process systems Mooring & Loading Systems Field Life Solutions MMO Well Intervention Services OMA Engineering Solutions Corporate EBITDA-margin 11,4 % 10,1 % 10,1 % 7,8 % 7,9 % 9,4 % 9,5 % -0,1 % Product Solutions 9,4 % 9,5 % 8,9 % 8,4 % 9,2 % 9,6 % Subsea 7,9 % 8,7 % 8,2 % 10,6 % 10,2 % 10,1 % Umbilicals 5,1 % 1,5 % 7,0 % -15,9 % -3,1 % 5,0 % Drilling Technologies 12,1 % 12,7 % 11,3 % 10,0 % 10,0 % 10,0 % Process systems 7,4 % 5,4 % -1,3 % 7,3 % 6,2 % 6,0 % Mooring & Loading Systems 14,3 % 14,0 % 14,8 % 6,1 % 14,6 % 14,0 % Field Life Solutions 12,1 % 9,8 % 9,7 % 6,4 % 7,2 % 9,5 % MMO 8,8 % 8,1 % 7,9 % 6,6 % 7,0 % 7,2 % Well Intervention Services 19,5 % 17,2 % 16,4 % 16,4 % 21,2 % 20,0 % OMA 24,6 % 12,1 % 15,3 % -51,4 % -52,9 % 20,0 % Engineering Solutions 10,5 % 12,7 % 10,2 % 7,2 % 5,0 % 5,3 % Sources: SME Direkt ( ), RS Platou Markets, Aker Solutions *2Q12 and 4Q12 EBITDA include one-offs accounting gains 13

14 Profit and loss (NOKm) E 2014E 2015E Revenue 54,077 46,267 35,717 44,597 47,568 53,187 59,022 Other revenue Total revenue 54,077 46,267 36,474 44,922 47,568 53,187 59,022 Cost of goods sold -49,709-42,489-33,029-40,221-43,316-47,172-51,986 - Gross margin 8 % 8 % 9 % 10 % 9 % 11 % 12 % Operating expenses EBITDA 4,368 3,778 3,445 4,701 4,252 6,015 7,036 - EBITDA-margin 8 % 8 % 9 % 10 % 9 % 11 % 12 % Depreciation ,166-1,380-1,400-1,400 EBITA 3,458 2,907 2,569 3,535 2,872 4,615 5,636 - EBITA-margin 6 % 6 % 7 % 8 % 6 % 9 % 10 % Amortization/Write down Adjustments EBIT 3,458 2,907 2,569 3,535 2,511 4,615 5,636 - EBIT-margin 6 % 6 % 7 % 8 % 5 % 9 % 10 % Associated companies Net interest Other financial Items Pre-tax profit 3,208 2,355 2,073 2,924 2,033 4,111 5,200 - Pre-tax margin 6 % 5 % 6 % 7 % 4 % 8 % 9 % Tax ,274-1,612 - Tax rate 27 % 30 % 23 % 24 % 30 % 31 % 31 % Minorities Net income 2,260 1,957 5,218 2,225 1,407 2,816 3,568 - Result margin 4 % 4 % 14 % 5 % 3 % 5 % 6 % Adjusted net income 2,260 1,605 1,010 1,890 1,667 2,816 3,568 Result from discontinued operations/ Other , EPS (NOK) EPS, adj. (NOK) Balance sheet (NOKm) E 2014E 2015E Intangible assets 7,915 6,783 6,310 6,884 8,330 8,330 8,330 Fixed assets 6,531 7,494 7,409 10,041 10,779 10,679 10,579 Other fixed assets 1,636 1,609 2,195 2,262 2,275 2,275 2,275 Long term assets 16,082 15,886 15,914 19,187 21,384 21,284 21,184 Other current assets 20,658 20,937 16,890 19,814 22,820 25,098 27,051 Cash and liquid assets 3,186 3,198 1,308 1,214 2,713 4,499 6,895 Current assets 23,844 24,135 18,198 21,028 25,533 29,597 33,947 Total assets 39,926 40,021 34,112 40,215 46,917 50,881 55,131 Shareholders equity Other equity 8,976 10,165 11,148 11,823 12,731 14,467 16,955 Equity 8,976 10,165 11,148 11,823 12,731 14,467 16,955 Minorities Long term interest bearing debt 7,335 7,508 5,371 6,683 8,114 8,114 8,114 Pension liabilities Other long-term debt 1,583 1,582 1,971 2,243 2,429 2,429 2,429 Long term liabilities 9,828 9,737 7,919 9,731 11,383 11,383 11,383 Short term interest bearing debt ,008 3,396 3,396 3,396 Other short term liabilities 20,795 19,214 14,247 17,496 19,238 21,446 23,187 Current liabilities 20,975 19,930 14,876 18,504 22,634 24,842 26,583 Total liabilities and equity 39,926 40,021 34,112 40,215 46,917 50,881 55,131 Working capital , ,829 3,296 3,366 3,578 Net debt 3,608 3,942 3,885 5,737 8,016 6,230 3,834 Cash flow (NOKm) E 2014E 2015E Pre-tax profit 3,208 2,355 2,073 2,924 2,033 4,111 5,200 - Associated companies Depreciation and amortization ,166 1,741 1,400 1,400 - Payable tax ,274-1,612 +/- Other operating items 2, Cash flow from operations 5,558 2,286 3,435 3,343 3,645 4,236 4,988 Change in working capital -1, ,560-1, Operating cash flow 4,245 2,131 3,827 1,783 2,200 4,166 4,776 Maintenance capex -3,927-2,109-4,102-2,961-1, Growth capex Acquisition capex , Sale of assets , Cash flow from investments -3,927-2,109-4,102-1,642-3,190-1,300-1,300 Free cash flow ,866 3,476 Dividend paid ,059-1,087-1,080-1,080 Share buy back Equity increase Cash flow from financing ,059-1,087-1,080-1,080 Other items -1, , Change in net debt 1, ,852 2,279-1,786-2,396 14

15 Result Preview 15-Oct-13 AP Moller-Maersk Sector: Marine Analyst: Frode Mørkedal Tel: Next report date: Disclosure: Company description Danish conglomerate with focus on container shipping, port terminals, offshore drilling and oil & gas activities. Listed at OMX Copenhagen. Share price (DKK) in AP Moller-Maersk relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 AP Moller-Maersk OMX Copenhagen 20 OSE Transportation Shareholders Shares Votes A.P. Møller and Hustru 49.9 % 63.8 % Estate of M. MC-Kinney Møller 3.7 % 6.5 % Den A.P. Møllerske Støttefond 2.9 % 5.9 % Free Float 43.5 % 43.5 % Changes in estimates (DKKm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (DKK) % % Company data (2013E) Share price (DKK) No. of shares (m) 4.4 Market cap. (DKKm) Net debt YE (DKKm) Enterprise value (DKKm) Recommendation: BUY (unchanged) Target price (DKK): (unchanged) Analyst: Herman Hildan Tel: herman.hildan@platou.com Analyst: Alex Gheorghe Tel: ag@platou.com All about unit costs reductions We have Maersk as Top Pick within our shipping space and believe that if the P3 Alliance receives the necessary government approvals, we need to lift our current 2014e EPS from DKK 6,500 to around DKK 7,700. How are unit costs reduced? Essentially, it is all about increasing utilization or the load factor per ship. As an example, a standard 10,000 TEU ship on Asia-Europe which is 85% loaded will have cash break-even of $1200/TEU. If the load factor is increased to 95%, the unit cost is reduced to $1100/TEU simply by spreading fixed costs on more boxes shipped. In absolute terms, continued focus on slow steaming and phase-in of larger ships will also help (the 20 new Triple-E vessels of 18,200 TEU is 50% more efficient than the average Asia-Europe vessel today.) The Company is trimming all cost items, including G&A. The industry average trend is 1-2% lower costs per year. We have factored in 3% decline in unit costs for 2014 which alone lifts Maersk Line EPS contribution by DKK 1,000/share. P3 is a game changer: P3 Alliance, the vessel sharing agreement between the three market leaders Maersk Line, MSC and CMA CGM, would lower unit costs by 8% y-y which we calculate is about $110/TEU. Isolated this would lift EBITDA by USD 1.9bn or DKK 2,500 per share. The alliance is subject to regulatory approvals and has start-up 2Q14. The cost reductions trump weak container freight rates and we see upside potential to estimates if the P3 Alliance is approved. We reiterate BUY with target DKK 65,000/share. Key figures E 2014E 2015E Revenue (DKKm) EBITDA (DKKm) EBITDA, adj. (DKKm) EBIT, adj. (DKKm) Pre-tax profit, adj. (DKKm) Net income, adj. (DKKm) EPS, adj. (DKK) OCFPS (DKK) FCFPS (DKK) BVPS (DKK) Net asset value (NAV) (DKK) Dividend (DKK) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) P/E, adj. (x) n.m P/OCF (x) EV/FCF (x) n.m. 9.6 n.m P/Book (x) P/NAV (x) n.m. n.m n.m. n.m. n.m. Dividend yield (%) Description of adjustments: Sale of assets, agio/disagio and gain/losses on financial instruments. Key Assumptions E 2014E 2015E Oil price (Brent USD/bbl) Asia-Europe spot rates $/TEU Maersk Line achieved box rates $/FEU

16 3Q13 Result preview AP Moller-Maersk (DKK bn) 3Q12 1Q13 2Q13 3Q13 Consensus avg. Platou vs. Cons. TCE Income (1.2) Operating expenses (68) (63) (64) (62) EBITDA excl. one-offs Gain/loss sale of assets Depreciation & amortization (8) (6) (8) (7) (7) EBIT Associated companies Net interest (1) (1) (1) (1) (0) Other financial income - (0) - - Pretax profit Taxes (6) (5) (4) (5) Minorities (0) (0) (0) (0) Net profit Net profit, adjusted EPS EPS, adjusted Currency USD/DKK Net profit per segment Maersk Line Maersk Oil APM Terminals Maersk Drilling Maersk Supply Service Maersk Tankers (1.6) (0.1) (1.6) (0.2) Damco (0.0) 0.0 SVITZER Dansk Supermarked Other/consolidation eliminations 0.6 (1.1) (0.3) (0.3) Total net profit (before minority) Key value drivers Transported volumes (mill FEU) Average container freight rate (USD per FEU) Entitlement oil production (bpd 000) Oil price (USD/bbl) APM Terminals equity throughput (mill TEU) Source: Company, Bloomberg, RS Platou Markets 16

17 Profit and loss (DKKm) E 2014E 2015E Total revenue Voyage expenses & commissions Time-charter equivalent Operating expenses EBITDA, adj Gain/loss sale of assets EBITDA Depreciation Amortization/Write down EBIT EBIT, adj Associated companies Net interest Gains/losses on securities or financial instruments Other financial Items Pre-tax profit Tax Minorities Result from discontinued operations/ Other Net income Adjustments after tax Adjusted net income EPS (DKK) EPS, adj. (DKK) Balance sheet (DKKm) E 2014E 2015E Long-term interest bearing assets Fixed assets Other long-term assets Long-term assets Other current assets Cash and liquid assets Current assets Total assets Equity Minorities Long term interest bearing debt Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (DKKm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Sale of assets Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt

18 Result Preview 15-Oct-13 Archer Sector: Energy Equipment & Services Recommendation: BUY (unchanged) Target price (USD): 1.3 (unchanged) Analyst: Turner Holm Tel: Next report date: Disclosure: RS Platou Markets AS acted as joint lead manager and bookrunner in the USD 250 million equity offering completed in January Company description Archer is a diversified oilfield services company. Archer provides drilling and well services to the oil & gas industry globally. Share price (NOK) in Archer relative to key indices Oct. 12 Dec. 12 Feb. 13 Apr. 13 Jun. 13 Aug. 13 Archer OSEBX index OSX index Shareholders Shares Votes Seadrill Ltd 39.6 % 39.6 % Lime Rock Partners 18.8 % 18.8 % Hemen Holding 4.6 % 4.6 % Skagen AS 4.4 % 4.4 % Free Float 60.4 % 60.4 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue 1,994 1,994 0% 2,063 2,063 0% EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) % % Company data (2013E) Share price (NOK) 6.10 No. of shares (m) Market cap. (USDm) 559 Net debt YE (USDm) 675 Enterprise value (USDm) 1,234 The man with the plan? 3Q will focus on three things: reported results, 4Q guidance and the new CEO s turnaround plan. The stock should continue to creep higher if all three things play out as we envision. We remain at Buy with a $1.25 TP. 3Q results We re in-line with consensus EBITDA of $40m, at the high end of implied guidance of $35-40m. The roll-off of costs in Latin America will drive the majority of QoQ improvement. North Sea should edge higher on additional modular rig revenue, while EM & Tech should benefit from increased oil tools sales and the resumption of activity on several fields shut for maintenance in 2Q. $2m of start-up costs for the 6 th frac fleet will hit NorAm in 3Q. 4Q guidance Perhaps more important than 3Q results, 4Q guidance should imply EBITDA flat with 3Q. Incremental revenue from the start up of 6 th frac fleet should offset seasonality in NorAm, while Latin America ought to maintain normalized results in 4Q. We see North Sea up marginally, while EM & Tech may drift lower on seasonally weaker wireline activity in the US onshore market in 4Q. Turnaround plan With the new CEO on the job since late July, we expect mgmt will enumerate a turnaround plan on the 3Q call. A convincing plan to close the margin gap with peers, especially in North America, could cement investor confidence and send the stock higher. We remain at Buy with a $1.25 TP or ~7.5 NOK. Our target implies 5x 2015 EV/EBITDA, in-line with relevant oilfield services peers. Key figures E 2014E 2015E Total revenue (USDm) ,855 2,191 2,097 2,169 2,333 EBITDA, adj. (USDm) EBITA (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Dividend (USD) EV/Sales (x) EV/EBITDA, adj. (x) EV/EBITA, adj. (x) n.m. n.m. n.m EV/EBIT, adj. (x) n.m P/E, adj. (x) n.m. n.m. n.m P/OCF (x) 4.4 n.m EV/FCF (x) 15.2 n.m. n.m. n.m. 5.3 n.m P/Book (x) Dividend yield (%)

19 3Q13 Result preview Archer (USDm) 3Q12 1Q13 2Q13 3Q13E Consensus average Platou vs. Consensus Total revenues % EBITDA % D&A EBIT nm Adjustments EBIT Adjusted nm Associated companies Net financial items Pre-tax profit nm Minorities & Taxes Net profit, adjusted Exceptionals Net profit, reported nm EPS (USD) nm ADJ EPS (USD) nm EBITDA margin -52% 8% 5% 8% 8% 0% Source: RS Platou Markets, SME Direkt 19

20 Profit and loss (USDm) E 2014E 2015E Revenue ,721 2,072 1,994 2,063 2,219 Other revenue Total revenue ,855 2,191 2,097 2,169 2,333 Cost of goods sold ,505-1,838-1,860-1,875-1,968 - Gross margin 13 % 13 % 19 % 16 % 11 % 14 % 16 % Operating expenses EBITDA EBITDA-margin 13 % 12 % 14 % 10 % 8 % 10 % 12 % Depreciation Impairments of goodwill and intangibles EBITA EBITA-margin 13 % 12 % -1 % -15 % -1 % 2 % 5 % EBIT EBIT-margin 13 % 12 % -1 % -15 % -1 % 2 % 5 % Associated companies Net interest Other financial Items Pre-tax profit Pre-tax margin 10 % 9 % -3 % -17 % -4 % 0 % 3 % Tax Tax rate 15 % 22 % -26 % -4 % -3 % -48 % 27 % Net income Result margin 9 % 7 % -4 % -17 % -4 % 0 % 2 % Adjusted net income EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Goodwill Fixed assets , Other fixed assets Long term assets ,176 1,945 1,638 1,668 1,685 Other current assets Cash and liquid assets Current assets Total assets ,815 2,584 2,301 2,353 2,472 Shareholders equity Other equity Equity , ,072 1,066 1,108 Minorities Long term interest bearing debt Other long-term debt Long term liabilities , Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity ,815 2,584 2,301 2,353 2,472 Working capital Net debt ,036 1, Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax Cash flow from operations Change in working capital Operating cash flow Growth capex Acquisition capex Sale of assets Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt ,

21 Result Preview 15-Oct-13 Atwood Oceanics Sector: Energy Equipment & Services Analyst: Anders Bergland Tel: Recommendation: Analyst: David Bhatti Tel: NEUTRAL (unchanged) Target price (USD): 62 (unchanged) Next report date: Disclosure: Company description Atwood Oceanics is a medium sized contract driller operating 16 offshore drilling units including 6 jack ups, 8 floaters and 1 tender rig. Share price (USD) in Atwood Oceanics relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Atwood Oceanics S&P 500 Index OSX index Shareholders Shares Votes Columbia Wanger 7.9 % 7.9 % The London Company 6.5 % 6.5 % Helmrich & Payne Incorporated 6.3 % 6.3 % Free Float 92.1 % 92.1 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) % % Company data (2013E) Share price (USD) No. of shares (m) 65.7 Market cap. (USDm) Net debt YE (USDm) Enterprise value (USDm) Few near term triggers Although Atwood (ATW) offers above peer average earnings growth from its four UDW newbuilds, we reiterate our Neutral recommendation and USD 62 TP. Above peer group valuation and few near term triggers are the main reasons for this. We expect ATW to report 3Q13 EBITDA and EPS of USD 148m and USD 1.43, a notch below the current consensus. ATW continues to high-grade its fleet through sale of its vintage assets and ordering of newbuilds. Recently they announced sale of its 1976 built JU Vicksburg to Gulf Drilling for a sales price of USD 55.4m or approximately 10% above RSPM fair value. The remaining JU fleet now has an average age of 3 yrs. We expect ATW to continue to pursue sale of its vintage floater fleet with Southern Cross and Hunter as the most likely sales candidates near term With the current attractive newbuild prices, implying a 20% unleveraged cash-on-cash return, we will regard announcement of an additional UDW newbuild as a positive shareprice trigger. With 98% and 78% of all available drillings days for 2013 and 2014 secured combined with about 15% valuation premium (2014 EV/EBITDA) to relevant peers we see few near term triggers to lift valuations from current levels. We reiterate our Neutral recommendation and USD 62 TP reflective of ~8.5x and 10x 2014 EBITDA and P/E Key figures E 2014E 2015E Operating revenues (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Net asset value (NAV) (USD) Dividend (USD) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) P/E, adj. (x) P/OCF (x) EV/FCF (x) n.m n.m. n.m. n.m. n.m P/Book (x) P/NAV (x) Dividend yield (%)

22 3Q13 Result preview Atwood Oceanics (USDm) 3Q12 1Q13 2Q13 3Q13E Consensus average Platou vs. Consensus Operating revenues % EBITDA % D&A EBIT % Adjustments EBIT Adjusted % Other Net financial items Pre-tax profit % Minorities & Taxes Adjusted Net profit % Extraordinary items Net profit % EPS % EPS, adjusted % Sources: Company, Bloomberg and RS Platou Markets 22

23 Profit and loss (USDm) E 2014E 2015E Revenue Gain/loss sale of assets Other revenue Total revenue Operating expenses EBITDA EBITDA-margin 58 % 55 % 58 % 49 % 51 % 54 % 57 % Adjusted EBITDA Adjusted EBITDA-margin 58 % 55 % 58 % 49 % 51 % 54 % 57 % Depreciation EBIT adj EBIT-margin adj. 53 % 49 % 52 % 41 % 40 % 43 % 46 % Write-down on assets EBIT EBIT-margin 53 % 49 % 51 % 41 % 40 % 43 % 46 % Associated companies Net interest Other financial Items Pre-tax profit Tax Tax rate 15 % 20 % 16 % 13 % 13 % 13 % 13 % Minorities Net income Adjustments after tax Adjusted net income Result from discontinued operations/ Other EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Goodwill Fixed assets Other long term assets Long term assets Other current assets Cash and liquid assets Current assets Total assets Shareholders equity Other equity Equity Minorities Long term interest bearing debt Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Cash flow from investments Free cash flow Dividend paid Equity increase Cash flow from financing Other items Change in net debt

24 Result Preview 15-Oct-13 Awilco Drilling Sector: Energy Equipment & Services Analyst: Anders Bergland Tel: Recommendation: BUY (unchanged) Target price (USD): 25 (unchanged) Analyst: David Bhatti Tel: Next report date: Disclosure: Company description Awilco Drilling is a contractor with a fleet of two 3rd generation midwater semis Share price (NOK) in Awilco Drilling relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Awilco Drilling OSEBX index OSX index Shareholders Shares Votes Awilco Drilling AS 48,7 % 48,7 % Deutsche Bank 13,6 % Odin Offshore 5,8 % Free Float 51,3 % 51,3 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) 3,9 4,0-2 % 4,5 4,7-4 % Company data (2013E) Share price (NOK) 112,50 No. of shares (m) 30,0 Market cap. (USDm) 564 Net debt YE (USDm) 50 Enterprise value (USDm) 613 Another $1 dividend expected Trading at 22% dividend yield on USD 4 full year DPS, Awilco Drilling (AWDR) represents the most attractive yield play in our drilling universe. We expect AWDR to report EBITDA and EPS of USD 39m and USD 0.98, in-line with consensus expectations. Dividend for the quarter is expected at USD With ~USD 770m and ~USD 520m in revenue and NPV EBITDA backlog the company has a peer leading NPV adjusted EBITDA backlog to EV of 90%. As a result of this cash visibility and low financial leverage, we expect the company to distribute all excess cash above a minimum cash buffer of USD 35m. Additionally we expect the company to pursue refinancing of its 9% Sellers Credit debt from Transocean. With a tight UK midwater market and strong operational track record we expect AWDR to continue to increase its backlog adding comfort to dividend sustainability. We think AWDR is constantly evaluating options to increase the fleet. This could involve debt refinancing and a contract-backed newbuild, as suitable upgrade projects are limited. We reiterate our Buy recommendation and USD 25 TP reflective of about 16% dividend yield on our USD 4.00 annual DPS. Key figures E 2014E 2015E Operating revenues (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) 0,00 1,00-0,11 1,28 3,89 4,50 4,78 OCFPS (USD) 0,0 1,0 0,2 1,4 4,9 5,0 5,4 FCFPS (USD) 0,0-7,3-0,2 1,1 4,6 4,7 5,0 BVPS (USD) 0,0 4,6 4,6 5,9 6,8 7,3 8,1 Net asset value (NAV) (USD) 8,3 11,8 11,8 Dividend (USD) 0,00 0,00 0,00 0,00 4,00 4,00 4,00 EV/EBITDA, adj. (x) 12,1 6,4 4,0 3,4 3,1 EV/EBIT, adj. (x) 34,3 8,3 4,5 3,8 3,4 P/E, adj. (x) n.m. 9,7 4,8 4,2 3,9 P/OCF (x) 33,2 8,8 3,8 3,7 3,5 EV/FCF (x) n.m. 14,7 4,4 4,2 3,7 P/Book (x) 1,1 2,1 2,8 2,6 2,3 P/NAV (x) 0,6 1,0 1,6 Dividend yield (%) 0,0 0,0 21,3 21,3 21,3 24

25 3Q13 Result preview Awilco Drilling (USDm) 3Q12 1Q13 2Q13 3Q13E Consensus average Platou vs. Consensus Operating revenues % EBITDA % D&A EBIT % Adjustments EBIT Adjusted % Associated companies Net financial items Pre-tax profit % Taxes Adjusted Net profit % Extraordinary items Net profit % EPS % EPS, adjusted % DPS % Sources: Company, Bloomberg and RS Platou Markets 25

26 Profit and loss (USDm) E 2014E 2015E Revenue Gain/loss sale of assets Other revenue Total revenue Operating expenses EBITDA EBITDA-margin n.m. 58 % 30 % 49 % 66 % 68 % 68 % Adjusted EBITDA Adjusted EBITDA-margin n.m. 58 % 30 % 50 % 67 % 69 % 69 % Depreciation EBIT adj EBIT-margin adj. n.m. 58 % 11 % 37 % 58 % 61 % 61 % EBIT EBIT-margin n.m. 58 % 11 % 37 % 58 % 61 % 61 % Associated companies Net interest Other financial Items Pre-tax profit Tax Tax rate n.m. 0 % -4 % 9 % 9 % 9 % 9 % Minorities Net income Adjustments after tax Adjusted net income Result from discontinued operations/ Other EPS (USD) 0,00 1,00-0,11 1,28 3,89 4,50 4,78 EPS, adj. (USD) 0,00 1,00-0,11 1,28 3,89 4,50 4,78 Balance sheet (USDm) E 2014E 2015E Goodwill Fixed assets Other long term assets Long term assets Other current assets Cash and liquid assets Current assets Total assets Shareholders equity Other equity Equity Minorities Long term interest bearing debt Other long-term liabilities 5 Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Cash flow from investments Free cash flow Dividend paid Equity increase Cash flow from financing Other items Change in net debt

27 Result Preview 15-Oct-13 Awilco LNG Sector: Marine Analyst: Frode Mørkedal Tel: Recommendation: Analyst: Herman Hildan Tel: NEUTRAL (unchanged) Target price (USD): 2.7 (unchanged) Next report date: Disclosure: Company description Owns 3 LNG carriers built in and two newbuilds for 2013 delivery marketed for spot and term chartering in the LNG shipping market. Share price (NOK) in Awilco LNG relative to key indices Oct. 12 Dec. 12 Feb. 13 Apr. 13 Jun. 13 Aug. 13 Awilco LNG OSEBX index OSE Transportation Shareholders Shares Votes Awilco AS 33.7 % 33.7 % Home Capital AS 8.2 % 8.2 % Uthalden A/S 7.6 % 7.6 % Astrup Fearnley AS 7.6 % 7.6 % Free Float 66.3 % 66.3 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) % % Company data (2013E) Share price (NOK) No. of shares (m) 67.8 Market cap. (USDm) 155 Net debt YE (USDm) 274 Enterprise value (USDm) 429 Higher rates required to lift target ALNG owns 5 LNG carriers; 3 older vessels built 1983/84 and 2 newbuilds with one delivered and 1 scheduled for November delivery. Given the likely weakening charter market over the next two years and current valuation around NAV we believe the upside is too small to warrant a BUY rating. Fleet update: WilForce was delivered mid-september and has been ballasting to the Mediterranean where it is likely to win a spot cargo to freeze down the tanks. The second newbuild is likely to go down the same path, meaning limited cash flow contribution from the vessels near term. Of the remaining 3 vessels 1 is currently idle, 1 is trading in the short term spot market and the last vessel is contracted until 4Q14. Valuation: Today s share price of NOK 14.9 reflects ~USD 188m newbuild value for the 155,000 cbm vessels and USD 15m scrap value for older vessels plus USD 26m of value from the $78,000/day contract for WilGas on charter to Petrobras. We find this to be fair, as brokers say newbuild prices for 155,000 cbm vessels are around USD 188m. Note that this is the yard s quoting price. Supervision and interest costs add about 3% to give delivered costs of USD 193m. In other words, we find that the stock is trading at current NAV. We reiterate NEUTRAL due to valuation and our market view the next two years. That said, in an improving market ALNG offers high potential based on yield valuation. Key figures E 2014E 2015E Revenue (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Net asset value (NAV) (USD) Dividend (USD) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) n.m P/E, adj. (x) n.m P/OCF (x) EV/FCF (x) n.m. n.m. n.m P/Book (x) P/NAV (x) n.m. n.m. n.m. Dividend yield (%) Description of adjustments: Sale of assets, agio/disagio and gain/losses on financial instruments Key Assumptions E 2014E 2015E Short term t/c LNG (DFDE) 125, , ,000 84,000 85,000 27

28 3Q13 Result preview Source: RS Platou Markets 28

29 Profit and loss (USDm) E 2014E 2015E Total revenue Voyage expenses & commissions Time-charter equivalent Operating expenses EBITDA, adj Gain/loss sale of assets EBITDA Depreciation Amortization/Write down EBIT EBIT, adj Associated companies Net interest Gains/losses on securities or financial instruments Other financial Items -1 0 Pre-tax profit Tax Minorities Result from discontinued operations/ Other Net income Adjustments after tax Adjusted net income EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Long-term interest bearing assets Fixed assets Other long-term assets Long-term assets Other current assets Cash and liquid assets Current assets Total assets Equity Minorities Long term interest bearing debt Finance obligation Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Sale of assets Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt

30 Result Preview 15-Oct-13 Baker Hughes Sector: Energy Equipment & Services Recommendation: BUY (Neutral) Target price (USD): 65 (49) Analyst: Turner Holm Tel: Next report date: Disclosure: Company description Baker Hughes is a diversified global oil services company. The company provides a wide range of products and services to the international petroleum industry. Share price (USD) in Baker Hughes relative to key indices Oct. 12 Dec. 12 Feb. 13 Apr. 13 Jun. 13 Aug. 13 Baker Hughes S&P 500 Index OSX index Shareholders Shares Votes Capital Group 10.4 % 10.4 % Franklin Resources 7.3 % 7.3 % Wellington 6.2 % 6.2 % Dodge & Cox 5.6 % 5.6 % Free Float % % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue 22,176 22,212 0% 24,382 23,619 3% EBITDA, adj. 3,796 3,820-1% 4,814 4,453 8% EBIT, adj. 2,093 2,117-1% 3,043 2,682 13% Net income, adj. 1,218 1,234-1% 1,921 1,676 15% EPS, adj. (USD) 3 3-1% % Company data (2013E) Share price (USD) No. of shares (m) Market cap. (USDm) 21,999 Net debt YE (USDm) 4,559 Enterprise value (USDm) 26,558 The Tide is Turning, Upgrade to Buy Since our initiation at Neutral in Nov 2012, stubbornly low NorAm margins and mishaps in Latin America have resulted in BHI lagging the SPX, OSX and its oilfield services peers. But we re upgrading to Buy on the belief that accelerating EPS growth will drive outperformance. Increasing estimates We re raising our 2014 sales 3% and EPS 15% to $4.33 based on higher revenue in NorAm and increased margins in North America & Latin America. NorAm margin recovery in sight While pressure pumping pricing traction unlikely until 2015/2016, margins should begin a steady climb higher from 3Q. Higher well count, more 24hr ops and increased efficiencies should drive margins to ~14% by YE 2014 versus 8% in 2Q12. LatAm on track The Brazil contract roll-off and Mexico slowdown hit 2Q margins hard, but margins will recover to double digits by 1Q14 from a loss in 2Q. Brazil restructuring is going to plan; 400 people have been laid off according to media reports. Rising activity in onshore and offshore Mexico activity should give revenue a boost. BHI should start operations on the Soledad field in 1Q 14. In-line for $0.77 We expect management to reiterate targets on NorAm margins, NorAm E&P spending, LatAm margins and retain bullish outlook for MEAP & EARC. We are upgrading to BHI to Buy (Neutral) and raising our TP to $65 ($49) to reflect 12x 2015e EPS of $5.39. Key figures E 2014E 2015E Total revenue (USDm) 9,664 14,414 19,831 21,130 22,176 24,382 25,848 EBITDA, adj. (USDm) 1,443 2,486 3,921 3,731 3,796 4,814 5,510 EBITA (USDm) 732 1,417 2,600 2,163 2,093 3,043 3,733 EBIT, adj. (USDm) 750 1,551 2,915 2,163 2,093 3,043 3,733 Pre-tax profit, adj. (USDm) 629 1,416 2,654 1,953 1,841 2,826 3,517 Net income, adj. (USDm) ,743 1,300 1,218 1,921 2,391 EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Dividend (USD) EV/Sales (x) EV/EBITDA, adj. (x) EV/EBITA, adj. (x) EV/EBIT, adj. (x) P/E, adj. (x) P/OCF (x) EV/FCF (x) 48.4 n.m. n.m. n.m. n.m P/Book (x) Dividend yield (%)

31 3Q13 Result preview Baker Hughes (USDm) 3Q12 1Q13 2Q13 3Q13E Consensus average Platou vs. Consensus Total revenues 5,228 5,230 5,487 5,692 5, % EBITDA , % D&A EBIT % Adjustments EBIT Adjusted % Associated companies Net financial items Pre-tax profit % Minorities & Taxes Net profit, reported % EPS (USD) % ADJ EPS (USD) % EBITDA margin 16% 17% 16% 18% 17% 0% 0.6% Source: RS Platou Markets, Bloomberg 31

32 Profit and loss (USDm) E 2014E 2015E Revenue 9,664 14,414 19,831 21,130 22,176 24,382 25,848 Total revenue 9,664 14,414 19,831 21,130 22,176 24,382 25,848 Cost of goods sold -7,397-11,184-15,264-17,175-18,201-19,271-19,815 - Gross margin 23 % 22 % 23 % 19 % 18 % 21 % 23 % Operating expenses -1,535-1,813-1,967-1,792-1,882-2,067-2,300 EBITDA 1,443 2,486 3,921 3,731 3,796 4,814 5,510 - EBITDA-margin 15 % 17 % 20 % 18 % 17 % 20 % 21 % Depreciation ,069-1,321-1,568-1,704-1,770-1,778 EBITA 732 1,417 2,600 2,163 2,093 3,043 3,733 - EBITA-margin 8 % 10 % 13 % 10 % 9 % 12 % 14 % EBIT 732 1,417 2,600 2,163 2,093 3,043 3,733 - EBIT-margin 8 % 10 % 13 % 10 % 9 % 12 % 14 % Net interest Other financial Items Pre-tax profit 611 1,282 2,339 1,953 1,841 2,826 3,517 - Pre-tax margin 6 % 9 % 12 % 9 % 8 % 12 % 14 % Tax ,125 - Tax rate 31 % 36 % 25 % 33 % 34 % 32 % 32 % Net income ,743 1,300 1,218 1,921 2,391 - Result margin 4 % 6 % 9 % 6 % 5 % 8 % 9 % Adjusted net income ,743 1,300 1,218 1,921 2,391 EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Goodwill 1,418 5,869 5,956 5,958 5,954 5,954 5,954 Intangible assets 195 1,569 1, Fixed assets 3,161 6,310 7,415 8,707 8,990 9,420 10,062 Other fixed assets Long term assets 5,214 14,279 15,050 16,272 16,555 16,985 17,627 Other current assets 4,630 7,251 8,747 9,402 10,412 11,304 11,641 Cash and liquid assets 1,595 1,456 1,050 1, ,263 1,312 Current assets 6,225 8,707 9,797 10,417 11,297 12,566 12,952 Total assets 11,439 22,986 24,847 26,689 27,852 29,551 30,580 Shareholders equity Other equity 6,972 13,668 15,309 16,628 17,558 19,213 21,338 Equity 7,284 14,100 15,746 17,069 18,000 19,655 21,780 Minorities Long term interest bearing debt 1,785 3,554 3,845 3,837 3,807 3,619 2,551 Pension liabilities Other long-term debt 378 1, Long term liabilities 2,542 5,561 5,381 5,297 5,181 4,993 3,925 Short term interest bearing debt ,079 1,068 1,068 1,068 Other short term liabilities 1,598 2,808 3,278 3,045 3,378 3,611 3,608 Current liabilities 1,613 3,139 3,502 4,124 4,446 4,679 4,676 Total liabilities and equity 11,439 22,986 24,847 26,689 27,852 29,551 30,580 Working capital 3,032 4,193 5,469 6,357 7,034 7,693 8,033 Net debt 653 2,768 3,723 4,547 4,559 3,992 2,875 Cash flow (USDm) E 2014E 2015E Pre-tax profit 611 1,282 2,339 1,953 1,841 2,826 3,517 + Depreciation and amortization 711 1,069 1,321 1,568 1,704 1,770 1,778 - Payable tax ,125 +/- Other operating items Cash flow from operations 988 1,668 2,921 2,802 2,946 3,692 4,169 Change in working capital , Operating cash flow 1, ,507 1,818 1,981 3,033 3,829 Maintenance capex -1,086-1,491-2,461-2,910-2,041-2,200-2,420 Acquisition capex Sale of assets Cash flow from investments ,376-1,891-2,521-1,862-2,200-2,420 Free cash flow 273-1, ,409 Dividend paid Share buy back Cash flow from financing Other items Change in net debt , ,117 32

33 Result Preview 15-Oct-13 Baltic Trading Sector: Marine Analyst: Frode Mørkedal Tel: Recommendation: BUY (unchanged) Target price (USD): 6.2 (5.0) Analyst: Herman Hildan Tel: Next report date: Disclosure: Company description Drybulk shipping company established in 2010 and based in New York. Listed at NYSE under the ticker BALT US. Share price (USD) in Baltic Trading relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Baltic Trading S&P 500 Index OSE Transportation Shareholders Shares Votes Genco 26.0 % Free Float 74.0 % 74.0 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) % % Company data (2013E) Share price (USD) 4.98 No. of shares (m) 43.4 Market cap. (USDm) 216 Net debt YE (USDm) 53 Enterprise value (USDm) 269 Baltic recovering with growth Baltic Trading is a spot exposed dry bulk Company with solid balance sheet and well positioned for a market recovery. We support their aggressive growth at the low point of the cycle and expect the recent issuance of 13.8m shares to result in another 6 vessels added to the fleet. We reiterate BUY and raise our target to USD 6.2 per share, reflecting mid-cycle earnings valuation and also highlight its dividend policy supporting higher valuation as the market recovers. Equity raise: We estimate USD 62m of net proceeds from the recent raise which could add 6 Supramax vessels (5 year old) or another 6 Handysize vessels (2-3 years old). Valuation: Current NAV of USD 5/sh will grow to USD 7/sh on mid-cycle values according to our estimates. Furthermore, BALT is trading at 7x EV/EBITDA on midcycle earnings slightly above our 2015 expectation. Adding 6 Supramax vessels will lower the mid-cycle multiple to 6.7x. Our USD 6.2/sh target is based on 7.5x EV/EBITDA including growth from the equity raise. Dividends: We estimate USD 20m of mid-cycle dividend from the current fleet, growing to USD 35m with 6 additional vessels. Consequently, dividend potential on mid-cycle rates is between 9-16%, a clear catalyst for the share price as rates improve. At our target price the dividend yield on mid-cycle is 13%, a 10% target yield would give USD 8 share price. We reiterate BUY and raise target to USD 6.2 per share. BALT still offers high upside potential with downside protection from a strong balance sheet and current NAV valuation. Key figures E 2014E 2015E Revenue (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Net asset value (NAV) (USD) Dividend (USD) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) n.m. n.m. n.m P/E, adj. (x) 22.6 n.m. n.m. n.m. n.m P/OCF (x) n.m EV/FCF (x) n.m n.m. n.m P/Book (x) P/NAV (x) n.m. n.m. 0.7 n.m. n.m. n.m. Dividend yield (%) Description of adjustments: Sale of assets, agio/disagio and gain/losses on financial instruments Key Assumptions E 2014E 2015E Capesize spot USD/Day Supramax spot USD/Day Global drybulk fleet utilization (%)

34 3Q13 Result preview Baltic Trading (USDm) 3Q12 1Q13 2Q13 3Q13E Consensu s avg. Platou vs. cons. TCE Income Operating expenses (6) (5.8) (6.0) (6.0) EBITDA excl. one-offs (0) (0.4) (1.0) Gain/loss sale of assets Depreciation & amortization (4) (3.6) (3.7) (3.7) EBIT (4) (4.1) (3.6) (3.6) (3.1) (0.4) Associated companies Net interest (1) (1.0) (1.0) (1.0) Other financial income (0) 0.0 (0.0) (0.0) Pretax profit (5) (5.1) (4.6) (4.6) Taxes Minorities Net profit (5) (5.1) (4.6) (4.6) (4.1) (0.6) Net profit, adjusted (5) (5.1) (4.6) (4.6) (4.1) (0.6) EPS (0.22) (0.23) (0.19) (0.19) (0.15) (0.04) EPS, adjusted (0.22) (0.23) (0.19) (0.19) (0.13) (0.06) Dividend

35 Profit and loss (USDm) E 2014E 2015E Total revenue Voyage expenses & commissions Time-charter equivalent Operating expenses EBITDA, adj Gain/loss sale of assets EBITDA Depreciation Amortization/Write down EBIT EBIT, adj Associated companies Net interest Gains/losses on securities or financial instruments Other financial Items Pre-tax profit Tax Minorities Result from discontinued operations/ Other Net income Adjustments after tax Adjusted net income EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Long-term interest bearing assets Fixed assets Other long-term assets Long-term assets Other current assets Cash and liquid assets Current assets Total assets Equity Minorities Long term interest bearing debt Finance obligation Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Sale of assets Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt

36 Result Preview 15-Oct-13 Capital Product Partners Sector: Marine Analyst: Frode Mørkedal Tel: Recommendation: Analyst: Herman Hildan Tel: NEUTRAL (unchanged) Target price (USD): 10.0 (unchanged) Next report date: Disclosure: Company description The CPLP fleet consists of 30 vessels, mainly trading in the product tanker market. Share price (USD) in Capital Product Partners relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Capital Product Partners OSE Transportation S&P 500 Index Shareholders Shares Votes Capital Maritime 25.6 % 25.6 % Kayne Anderson Capital 12.6 % 12.6 % Crude Carriers 4.7 % Free Float 74.4 % 74.4 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) % % Company data (2013E) Share price (USD) 9.00 No. of shares (m) Market cap. (USDm) 969 Net debt YE (USDm) 501 Enterprise value (USDm) Diversifying into container vessels supports cash distributions CPLP pays quarterly cash distribution of $ per unit which implies 11% yield. We expect yields to close in on 9% and reiterate our price target of USD 10 per unit. Given the limited upside to our target price we maintain Neutral. Container focus: The diversification into container vessels this year has increased the share of long-term charters as the container vessels are fixed to Maersk Line and HMM for average 9 years remaining duration. This provides greater visibility of cash flows and distribution coverage. The most recent acquisition was 3x 5,000 TEU wide beam fuel efficient vessels for USD 195m with 12 year charter duration at $29,350 per day per vessel. The Company raised USD 121m of equity (13.7m new common units) on August 9. CPLP also agreed to enter into a new senior secured credit facility of up to USD 200m of which about USD 75m was immediately used to fund the above mentioned container transaction. The remaining credit facility will be available for funding of up to 50% of the charter free value of modern product tankers and postpanamax container vessels. The facility is non-amortizing until March 2016 with final maturity date in March 2021 at Libor+350 bps. Valuation: We estimate current NAV of USD 4.9/share, increasing to USD 6.2/share on mid-cycle values. However, we believe yield will be the key valuation driver and find yield target of 9.3% fair. We reiterate NEUTRAL with target USD 10 per share. Key figures E 2014E 2015E Revenue (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Net asset value (NAV) (USD) Dividend (USD) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) P/E, adj. (x) n.m. n.m P/OCF (x) EV/FCF (x) 46.4 n.m n.m P/Book (x) P/NAV (x) n.m. n.m n.m. n.m. n.m. Dividend yield (%) Dividend expectation is on a blended basis based on 68m common units and 15.6m Class B converted preferred units in 2012 and assumed conversion in 2013 Key Assumptions E 2014E 2015E MR Clean USD/day

37 3Q13 Result preview Capital Product Partners (USDm) 3Q12 1Q13 2Q13 3Q13E Consensus avgerage Platou vs. Consensus TCE Income (2) Operating expenses (14) (15) (17) (18) (16) (2) EBITDA adj (4) Gain/loss sale of assets Depreciation & amortization (12) (12) (13) (13) (14) 1 EBIT (3) Associated companies Net interest (4) (4) (4) (4) (2) (2) Other financial income (0) Pretax profit (4) Net profit Net profit, adjusted EPS EPS, adjusted Dividend Source: Company, Bloomberg, RS Platou Markets 37

38 Profit and loss (USDm) E 2014E 2015E Total revenue Voyage expenses & commissions Time-charter equivalent Operating expenses EBITDA, adj Gain/loss sale of assets EBITDA Depreciation Amortization/Write down EBIT EBIT, adj Associated companies Net interest Gains/losses on securities or financial instruments Other financial Items Pre-tax profit Tax Minorities Result from discontinued operations/ Other Net income Adjustments after tax Adjusted net income EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Long-term interest bearing assets Fixed assets Other long-term assets Long-term assets Other current assets Cash and liquid assets Current assets Total assets Equity Minorities Long term interest bearing debt Finance obligation Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Sale of assets Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt

39 Result Preview 15-Oct-13 Costamare Sector: Marine Analyst: Frode Mørkedal Tel: Recommendation: Analyst: Herman Hildan Tel: NEUTRAL (unchanged) Target price (USD): 18.0 (17.0) Next report date: Disclosure: Company description Costamare Inc. is a non operating owner of containerships, chartering its vessels to liner companies and listed its common stock on NYSE in late Majority owned by Konstantakopoulos family and operates current fleet of 47 vessels including 10 newbuilds. Share price (USD) in Costamare relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Costamare S&P 500 Index Shareholders Shares Votes Konstantakopoulos Family 64.8 % 64.8 % Free Float 35.2 % 35.2 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) % % Company data (2013E) Share price (USD) No. of shares (m) 74.8 Market cap. (USDm) Net debt YE (USDm) Enterprise value (USDm) Waiting for higher dividends CMRE has a current dividend yield of 6.2% which looks fair, hence we reiterate Neutral. We believe CMRE is well positioned with limited re-chartering risk and growth opportunities to lift the dividend capacity further. Recent growth highly attractive: CMRE holds 49% in the new J/V with York which purchased three container vessels during 2Q13. One vessel, a 2001 built 5,600 TEU vessel was acquired for USD 22m and chartered out for 2 years with estimated annual vessel EBITDA of USD 4.1m, i.e. EV/EBITDA 5.4x or 18.5% cash returns. The Company is likely to continue making selective investments as the J/V has put aside USD 500m of equity to pursue growth. Costamare s strategy has always been returns-oriented and will invest to increase the dividend distribution. Potential returns: With historically low prices for both newbuilds and second-hand vessels, there should be prospective 15% free cash flow returns. Assuming CMRE invests USD 245m of equity that yields 15%, this would potentially lift the dividend with about 12 cents per quarter, or annualized dividend yield of USD 1.6/sh. If priced at 8% dividend yield, this could lift the share price to USD 20/sh. Preferred stock: In July, CMRE raised USD 50m of 7.625% series B preferred stock, which is likely to be used to make further vessel acquisitions. We reiterate Neutral but increase target to USD 18/sh reflecting expectation of higher dividends in However, we see long-term potential of higher valuation if investments at today s prospective returns are carried out as planned. Key figures E 2014E 2015E Revenue (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Net asset value (NAV) (USD) Dividend (USD) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) P/E, adj. (x) P/OCF (x) EV/FCF (x) 17.8 n.m. n.m. n.m P/Book (x) P/NAV (x) n.m. 1.7 Dividend yield (%) Description of adjustments: Sale of assets, agio/disagio and gain/losses on financial instruments 39

40 3Q13 Result preview Costamare Inc (USDm) 3Q12 1Q13 2Q13 3Q13E Consensus avg. Platou vs. cons. TCE Income (1) Operating expenses (33) (33) (34) (39) EBITDA excl. one-offs (4) Gain/loss sale of assets (6) Depreciation & amortization (22) (22) (24) (26) EBIT (2) Associated companies Net interest (19) (17) (16) (24) Other financial income Pretax profit Taxes Minorities Net profit (13) Net profit, adjusted (13) EPS (0.11) EPS, adjusted (0.11) Dividend Source: Company, Bloomberg, RS Platou Markets 40

41 Profit and loss (USDm) E 2014E 2015E Total revenue Voyage expenses & commissions Time-charter equivalent Operating expenses EBITDA, adj Gain/loss sale of assets EBITDA Depreciation Amortization/Write down EBIT EBIT, adj Associated companies Net interest Gains/losses on securities or financial instruments Other financial Items 0 Pre-tax profit Tax Minorities Result from discontinued operations/ Other Net income Adjustments after tax Adjusted net income EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Long-term interest bearing assets Fixed assets Other long-term assets Long-term assets Other current assets Cash and liquid assets Current assets Total assets Equity Minorities Long term interest bearing debt Finance obligation Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Sale of assets Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt

42 Result Preview 15-Oct-13 d'amico International Shipping Recommendation: BUY (unchanged) Target price (EUR): 0.90 (0.70) Sector: Marine Analyst: Frode Mørkedal Tel: Analyst: Herman Hildan Tel: Next report date: Disclosure: Company description Italian pure play product tanker company focused on MRs, current fleet of 21 owned and 8 eco newbuilds. Listed on the Milan Stock Exchange. Share price (EUR) in d'amico International Shipping relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 d'amico International Shipping S&P 500 Index OSE Transportation Shareholders Shares Votes D'AMICO Intl SA 74.9 % 74.9 % Free Float 25.1 % 25.1 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % 9 0 #### EPS, adj. (USD) % #### Company data (2013E) Share price (EUR) 0.57 No. of shares (m) Market cap. (USDm) 332 Net debt YE (USDm) 183 Enterprise value (USDm) 515 Product tankers at NAV d Amico International Shipping (DIS IM) is currently trading slightly below NAV of EUR 0.59/share while product tanker peers trade up to 20% above NAV. We reiterate BUY but lift our price target to EUR 0.90 to account for higher MR rates expectations of $19,000/day in Low financial leverage: Net debt at end 2Q13 averaged USD 10.5m per owned vessel vs. average charter-free vessel value of USD 25m, i.e. 42% net LTV. Additionally, a low operating cash flow break-even of $12,000/day means that DIS generates cash even in most market situations. We estimate around 45% contract coverage in 2014 at average $15,200/day, hence even in a historically low spot market EBITDA will be positive. High operational leverage: EBITDA soars to USD 112m with 20 year average rates in Less interest of USD 11m and USD 55m of debt repayments, the free cash flow to equity is 14% of current market cap. Valuation: We estimate current NAV of EUR 0.59/sh, increasing to EUR 0.89/sh when MR rates average $18,800/day (5 year old MR values of USD 35m). The theoretically fair EV/EBITDA multiple is 7.6x which indicates EUR 1.05 target in 2015 on 20 year average rates of $19,000/day. However, due to low free float and Italy listing a discount seems reasonable, hence our target price of EUR 0.90 per share. DIS is a pure play product tanker company still at NAV. When the cycle recovers, the share price should at least be EUR 0.9, hence we reiterate our BUY rating. Key figures E 2014E 2015E Revenue (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Net asset value (NAV) (USD) Dividend (USD) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) n.m. n.m. n.m. n.m P/E, adj. (x) n.m. n.m. n.m. n.m P/OCF (x) EV/FCF (x) n.m. n.m. n.m n.m P/Book (x) P/NAV (x) n.m. n.m. 0.5 n.m. n.m. n.m. Dividend yield (%) Key Assumptions E 2014E 2015E MR spot rates (USD/day)

43 3Q13 Result preview d'amico Intl Shipping (USDm) 3Q12 1Q13 2Q13 3Q13E Consensus avg. Platou vs. cons. TCE Income (17) Operating expenses (43) (39) (41) (37) EBITDA excl. one-offs Gain/loss sale of assets Depreciation & amortization (10) (8) (8) (7) EBIT (5) (1) Associated companies Net interest (3) (2) (2) (2) Other financial income (1) Pretax profit (10) Taxes (0) (1) (0) (0) Minorities Net profit (10) (4) 8 Net profit, adjusted (8) 1 (2) 0 (4) 4 EPS (0.06) 0.00 (0.00) EPS, adjusted (0.01) (0.01) (0.00) 0.02 (0.01) 0.03 Source: Company, Bloomberg, RS Platou Markets 43

44 Profit and loss (USDm) E 2014E 2015E Total revenue Voyage expenses & commissions Time-charter equivalent Operating expenses EBITDA, adj Gain/loss sale of assets EBITDA Depreciation Amortization/Write down EBIT EBIT, adj Associated companies Net interest Gains/losses on securities or financial instruments Other financial Items 0 0 Pre-tax profit Tax Minorities Result from discontinued operations/ Other Net income Adjustments after tax Adjusted net income EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Long-term interest bearing assets Fixed assets Other long-term assets Long-term assets Other current assets Cash and liquid assets Current assets Total assets Equity Minorities Long term interest bearing debt Finance obligation Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Sale of assets Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt

45 Result Preview 15-Oct-13 DHT Holdings Sector: Marine Analyst: Frode Mørkedal Tel: Recommendation: BUY (unchanged) Target price (USD): 7.0 (unchanged) Analyst: Herman Hildan Tel: Next report date: Disclosure: Company description US Listed tanker company formed in 2005 after spin-off from Overseas Shipholding Group. Owns 4 VLCCs, 2 Suezmax vessels and 2 Aframax vessels with ~12 years average age. Share price (USD) in DHT Holdings relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 DHT Holdings S&P 500 Index OSE Transportation Shareholders Shares Votes Anchorage Capital Group 32.0 % 32.0 % Free Float 68.0 % 68.0 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) % % Company data (2013E) Share price (USD) 4.76 No. of shares (m) 15.5 Market cap. (USDm) 74 Net debt YE (USDm) 112 Enterprise value (USDm) 186 3x upside with crude recovery We sense increased interest among investors for crude tanker investments on the back of the realization that the 2015 orderbook is the lowest in 16 years. With 0-1% fleet growth there is high likelihood of a recovery in rates. DHT has a robust platform with no debt repayments until 2016 and very low cash break-even of $14,000 per day for VLCCs until then. Trading with 25% discount to NAV, we feel DHT is bound for a reprising. We therefore reiterate BUY with target USD 7. However, in a mid-cycle scenario (2016) the stock could go to USD 15 per share. Low cash break-even: With limited debt repayments after 2Q13 and low interest cost we estimate VLCC cash break-even of $13,000/day for the remainder of 2013, increasing marginally to $14,000/day until Low cashburn level reduces balance sheet risk, while every +$10,000/day increase in rates improve cash flow by USD 1.8 per share. We estimate operational cash flow per share to increase from USD 0.42 in 2014 to USD 2.96 per share on mid-cycle rates, or ~66% of current share price. Valuation: We estimate current NAV of USD 5.8/sh, increasing to USD 15/sh on mid-cycle values. Potential growth: The main risk is the high average age of the fleet which means that the tanker market must recover within 2-3 years. Given the new VLCC ship designs offering high eco savings of up to 18 tons per day, we believe DHT would be interested in placing newbuild orders, which would lower the average age and reduce residual risk of the fleet. Key figures E 2014E 2015E Revenue (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Net asset value (NAV) (USD) Dividend (USD) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) n.m. n.m P/E, adj. (x) n.m. 8.0 n.m. n.m P/OCF (x) EV/FCF (x) n.m P/Book (x) P/NAV (x) n.m n.m. n.m. n.m. Dividend yield (%) Description of adjustments: Sale of assets, agio/disagio and gain/losses on financial instruments Key Assumptions E 2014E 2015E VLCC spot USD/Day Suezmax spot USD/Day Aframax spot USD/Day

46 3Q13 Result preview DHT Holdings (USDm) 3Q12 1Q13 2Q13 3Q13E Consensus avg. Platou vs. cons. TCE Income Operating expenses (11) (8) (9) (9) (9) 1 EBITDA excl. one-offs (0) 2 Gain/loss sale of assets - (1) (0) Depreciation & amortization (11) (7) (6) (7) (7) 0 Amortization (93) EBIT adj. (3) (2) (5) (4) (5) 1 Associated companies Net interest (2) (1) (2) (2) (2) 0 Other financial income 1 (0) (0) Pretax profit (97) (4) (8) (6) (7) 1 Taxes (0) - (0) Minorities Net profit (97) (4) (8) (6) (7) 1 Net profit, adjusted (5) (3) (7) (6) (7) 1 EPS (6.27) (0.24) (0.50) (0.40) (0.44) 0.04 EPS, adjusted (0.32) (0.19) (0.48) (0.40) (0.47) 0.07 Dividend Source: Company, Bloomberg, RS Platou Markets 46

47 Profit and loss (USDm) E 2014E 2015E Total revenue Voyage expenses & commissions Time-charter equivalent Operating expenses EBITDA, adj Gain/loss sale of assets EBITDA Depreciation Amortization/Write down EBIT EBIT, adj Associated companies Net interest Gains/losses on securities or financial instruments Other financial Items Pre-tax profit Tax Minorities Result from discontinued operations/ Other Net income Adjustments after tax Adjusted net income EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Long-term interest bearing assets Fixed assets Other long-term assets Long-term assets Other current assets Cash and liquid assets Current assets Total assets Equity Minorities Long term interest bearing debt Finance obligation Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Sale of assets Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt

48 Result Preview 15-Oct-13 Diamond Offshore Sector: Energy Equipment & Services Analyst: Anders Bergland Tel: Recommendation: BUY (unchanged) Target price (USD): 80 (unchanged) Analyst: David Bhatti Tel: Next report date: Disclosure: Company description Diamond Offshore Drilling, Inc., a leading deepwater drilling contractor, owns and operates one of the largest fleets of offshore drilling units in the world. The company's diverse fleet consists of 34 floaters and 6 jack-ups. Share price (USD) in Diamond Offshore relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Diamond Offshore S&P 500 Index OSX index Shareholders Shares Votes Loews Corporation 50.4 % 50.4 % T Rowe Price Associates 4.4 % 4.4 % State Street Corp 2.2 % 2.2 % Vanguard Group 2.1 % 2.1 % Free Float 49.6 % 49.6 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) % % Company data (2013E) Share price (USD) No. of shares (m) Market cap. (USDm) Net debt YE (USDm) 904 Enterprise value (USDm) Focus on SPS and floater bifurcation Since August Diamond Offshore (DO) stock has pulled back ~14%. We believe the reason is an increased focus on the floater bifurcation combined with DO s significant number of units scheduled SPS and maintenance in 2013/14. Trading at 5.6x 2014 P/E, P/NAV of 0.8 and supported by a 6% dividend yield we find the stock attractive at current levels. We expect DO to report EBITDA, EPS and DPS of USD 342m, USD 1.15 and USD 0.88, in-line with consensus. With five floaters and two jack-ups scheduled to undergo SPS or maintenance during 2014 combined with an increasing focus on the floater bifurcation we expect this to be the centre of attention on the upcoming earnings call. DO is perhaps the best in the drilling class when it comes to planning and executing yard stays for older rigs. As a result, we think there is limited risk to our estimates. With two un-contracted newbuilds, we think DO is one of the drillers that stands to benefit the most from continued strong UDW demand. The BlackRhino with mid-2014 delivery is expected to be in particularly high demand and the GoM is emerging as the most likely region for the rig. Changes in our estimates are reflective of changes in latest fleet status report. We reiterate our Buy rating and USD 80 TP, reflective of ~ 7x and 10x 2014 EV/EBITDA and P/E and 1x NAV. Key figures E 2014E 2015E Operating revenues (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Net asset value (NAV) (USD) Dividend (USD) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) P/E, adj. (x) P/OCF (x) EV/FCF (x) n.m P/Book (x) P/NAV (x) Dividend yield (%)

49 3Q13 Result preview Diamond Offshore (USDm) 3Q12 1Q13 2Q13 3Q13E Consensus average Platou vs. Consensus Revenues % EBITDA % D&A EBIT % Adjustments EBIT Adjusted % Other Net financial items Pre-tax profit % Taxes Adjusted net profit % Extra ordinary items Net profit % EPS % EPS, Adjusted % Revenues (USDm) % High Specification floaters Intermediate Floaters Jack-ups Other Dividend % Regular dividend Special dividend Sources: Company, Bloomberg and RS Platou Markets 49

50 Profit and loss (USDm) E 2014E 2015E Revenue Gain/loss sale of assets Other revenue Total revenue Operating expenses EBITDA EBITDA-margin 62 % 54 % 50 % 46 % 44 % 49 % 51 % Adjusted EBITDA Adjusted EBITDA-margin 64 % 55 % 50 % 46 % 45 % 49 % 51 % Depreciation EBIT adj EBIT-margin adj. 52 % 42 % 37 % 31 % 31 % 37 % 38 % Write-down on assets EBIT EBIT-margin 53 % 42 % 38 % 31 % 31 % 37 % 38 % Associated companies Net interest Other financial Items Pre-tax profit Tax Tax rate 26 % 28 % 18 % 21 % 25 % 28 % 28 % Minorities Net income Adjustments after tax Adjusted net income Result from discontinued operations/ Other EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Goodwill Fixed assets Other long term assets Long term assets Other current assets Cash and liquid assets Current assets Total assets Shareholders equity Other equity Equity Minorities Long term interest bearing debt Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Cash flow from investments Free cash flow Dividend paid Equity increase Cash flow from financing Other items Change in net debt

51 Result Preview 15-Oct-13 Diana Shipping Sector: Marine Analyst: Frode Mørkedal Tel: Recommendation: BUY (unchanged) Target price (USD): 15.0 (unchanged) Analyst: Herman Hildan Tel: Next report date: Disclosure: Company description Greek drybulk company listed at NYSE and lead by Simeon P. Palios. Diana operates 11 Capesize and 23 Panamax vessels plus 4 newbuilds for delivery 2013/16. Strategy to charter out long term. Share price (USD) in Diana Shipping relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Diana Shipping S&P 500 Index OSE Transportation Shareholders Shares Votes Symeon Palios 18.1 % 18.1 % Free Float 76.1 % 76.1 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) % % Company data (2013E) Share price (USD) No. of shares (m) 80.9 Market cap. (USDm) 950 Net debt YE (USDm) 119 Enterprise value (USDm) Predictability and strength DSX is one of our preferred investments in a risk-reward perspective. The Company has a strategy of staggered growth until the market recovers, at which point dividends will be implemented when rates allow for it. A continuous renewal of charter contracts means predictable cash-flow, but also earnings lag as rates improve. However, on mid-cycle earnings the Company is trading at 4.9x EV/EBITDA with free cash flow to equity of USD 1.4/sh, before taking into account the ability to add USD 700m of vessels without raising additional equity. We reiterate BUY and $15/sh target. Balance sheet: By 2Q13 the Company has USD 375m of cash and USD 445m gross debt. We estimate trough operational cash flow of USD 53m in 2014, sufficient to cover expected debt repayments. Consequently the Company could potentially use the majority of its cash to continue expanding its fleet. With 50% debt financing ~USD 700m of assets can be acquired. Valuation: We estimate current NAV of USD 9.1/sh, growing to USD 12/sh on mid-cycle values, in line with current share price. Our target reflects 6.5x EV/EBITDA on mid-cycle earnings, at which point the current fleet should generate free cash flow to equity of USD 1.4/sh. A 10% yield target imply USD 14/sh target. The yield potential is likely to grow beyond this with USD 700m of investment capacity. We view DSX risk-reward attractive in light of its strong balance sheet and yield potential on mid-cycle earnings, likely to grow further with additional fleet expansion as the market recover. BUY and $15/sh target reiterated. Key figures E 2014E 2015E Revenue (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Net asset value (NAV) (USD) Dividend (USD) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) n.m. n.m P/E, adj. (x) n.m. n.m P/OCF (x) EV/FCF (x) 14.8 n.m n.m. n.m. n.m P/Book (x) P/NAV (x) n.m. n.m. n.m. Dividend yield (%) Description of adjustments: Sale of assets, agio/disagio, gain/loss securities/financial instruments Key Assumptions E 2014E 2015E Capesize spot USD/Day Panamax spot USD/Day Global drybulk fleet utilization (%)

52 3Q13 Result preview Diana Shipping (USDm) 3Q12 1Q13 2Q13 3Q13E Consensus avg. Platou vs. cons. TCE Income (1) Operating expenses (23) (23) (25) (26) (27) 1 EBITDA excl. one-offs (0) Gain/loss sale of assets Depreciation & amortization (16) (16) (16) (17) (16) (0) EBIT 17 2 (3) (3) (3) (0) Associated companies (2) (3) (1) (0) (0) Net interest Other financial income (2) (2) (2) (2) (1) (0) Pretax profit 12 (3) (5) (5) (4) (1) Taxes Minorities Net profit 12 (3) (5) (5) (4) (1) Net profit, adjusted 12 (3) (6) (5) (4) (1) EPS 0.15 (0.04) (0.06) (0.06) (0.05) (0.01) EPS, adjusted 0.15 (0.04) (0.07) (0.06) (0.06) (0.00) Source: Company, Bloomberg, RS Platou Markets 52

53 Profit and loss (USDm) E 2014E 2015E Total revenue Voyage expenses & commissions Time-charter equivalent Operating expenses EBITDA, adj Gain/loss sale of assets EBITDA Depreciation Amortization/Write down EBIT EBIT, adj Associated companies Net interest Gains/losses on securities or financial instruments Other financial Items Pre-tax profit Tax Minorities Result from discontinued operations/ Other Net income Adjustments after tax Adjusted net income EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Long-term interest bearing assets Fixed assets Other long-term assets Long-term assets Other current assets Cash and liquid assets Current assets Total assets Equity Minorities Long term interest bearing debt Finance obligation Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Sale of assets Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt

54 Result Preview 15-Oct-13 DOF Sector: Energy Equipment & Services Analyst: Terje Mauer Tel: Recommendation: BUY (unchanged) Target price (NOK): 37 (32) Analyst: Turner Holm Tel: Next report date: Disclosure: Company description DOF was founded in 1981 and is today an international group of companies which owns and operates a modern fleet of offshore- /subsea vessels, and owns engineering capacity to service the subsea market. DOF ASA controls around 75 vessels. Share price (NOK) in DOF relative to key indices Oct. 12 Dec. 12 Feb. 13 Apr. 13 Jun. 13 Aug. 13 DOF OSEBX index OSX index Shareholders Shares Votes Møgster Offshore 51.2 % 51.2 % Pareto Forvaltning 8.8 % 8.8 % Skagen Vekst 5.2 % 5.2 % Odin Forvaltning 3.2 % 3.2 % Free Float 48.8 % 48.8 % Changes in estimates (NOKm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue 9,594 8,906 8% 10,612 9,740 9% EBITDA, adj. 3,065 3,067 0% 3,433 3,450 0% EBIT, adj. 1,842 1,860-1% 2,224 2,211 1% Net income, adj % % EPS, adj. (NOK) % % Company data (2013E) Share price (NOK) No. of shares (m) Market cap. (NOKm) 3,109 Net debt YE (NOKm) 21,560 Enterprise value (NOKm) 24,670 Better than ever - again DOF is set to report its 3Q13 results on November 15. We expect the company to deliver another all-time-high EBITDA driven by growth in all segments. The stock has recovered 7% over the last three months due to stronger North Sea spot market and general market speculations on M&A activity. We expect the positive share price momentum to continue. DOF is expected to report revenues and EBITDA of NOK 2.6bn and NOK 857m, respectively. This equals 12% EBITDA growth QoQ. Utilisation for the TC-fleet is expected to be high in all business segments. We estimate the project activity in DOF Subsea to have another strong quarter based on the comments from the CEO on the 2Q13 reporting. The project business is estimated to have generated EBITDA of NOK 184m in 3Q13 versus NOK 171m in 2Q13. In 3Q13 DOF signed an agreement to sell the newbuild Skandi Bergen at an estimated price around NOK 900m. The vessel will be handed over to the buyer before the end of this year. In addition DOF took delivery of Harvey Deep Sea on a 4 year B/B-charter from Harvey Gulf for GoM. Even though we are entering a seasonally slower period in the North Sea we expect the positive trend in the OSV market to continue into Next year DOF is expected to have positive effect of AHTS newbuild deliveries and firming dayrates. We reiterate our Buy rating, but up our target price to NOK 37 (NOK 32), reflective of EV/EBITDA 14E of 7.5x. Key figures E 2014E 2015E Operating revenues (NOKm) 4,259 5,403 6,503 8,136 9,594 10,612 11,389 EBITDA (NOKm) 1,234 1,710 2,048 3,000 3,270 3,433 3,640 EBITDA, adj. (NOKm) 1,165 1,651 2,015 2,790 3,065 3,433 3,640 EBIT, adj. (NOKm) ,118 1,680 1,842 2,224 2,407 Pre-tax profit, adj. (NOKm) Net income, adj. (NOKm) EPS, adj. (NOK) OCFPS (NOK) FCFPS (NOK) BVPS (NOK) Net asset value (NAV) (NOK) Dividend (NOK) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) P/E, adj. (x) 6.0 n.m. n.m. n.m P/OCF (x) EV/FCF (x) n.m. n.m. n.m. n.m. n.m. n.m P/Book (x) P/NAV (x) Dividend yield (%) Adjusted for gains on sale of fixed assets. 54

55 3Q13 Result preview DOF (NOKm) 3Q12 1Q13 2Q13 3Q13E Consensus average Operating revenues 2,087 1,994 2,493 2,585 Gain/loss on assets Other revenues Total revenues 2,087 1,994 2,498 2,585 2, % Operating costs -1,332-1,394-1,728-1,728-1, EBITDA Adjustments EBITDA adj Depreciation EBIT % Associated companies Net interest costs Other financial items Pre-tax profit Taxes/ other Minorities Net profit EPS adj. (NOK) % Sources: company, Bloomberg and RS Platou Markets Operating revenues 2,087 1,994 2,493 2, PSV % AHTS % CSV 1,487 1,387 1,872 1, % EBITDA adj PSV % AHTS % CSV % EBITDA adj.-margin 36.2% 30.1% 30.7% 33.1% 4.4% PSV 41.5% 39.7% 39.6% 43.8% -1.7% AHTS 46.7% 49.0% 42.0% 49.6% 8.5% CSV 32.9% 23.6% 27.3% 27.2% 4.3% Sources: company, Bloomberg and RS Platou Markets Platou vs. Consensus 55

56 Profit and loss (NOKm) E 2014E 2015E Revenue 4,259 5,403 6,503 8,136 9,594 10,612 11,389 Gain/loss sale of assets Total revenue 4,327 5,462 6,536 8,346 9,799 10,612 11,389 Operating expenses -3,094-3,752-4,488-5,346-6,529-7,179-7,749 EBITDA 1,234 1,710 2,048 3,000 3,270 3,433 3,640 - EBITDA-margin 29 % 31 % 31 % 36 % 33 % 32 % 32 % Adjusted EBITDA 1,165 1,651 2,015 2,790 3,065 3,433 3,640 - Adjusted EBITDA-margin 27 % 31 % 31 % 34 % 32 % 32 % 32 % Depreciation , ,110-1,223-1,208-1,233 EBIT adj ,118 1,680 1,842 2,224 2,407 - EBIT-margin adj. 3 % 9 % 17 % 20 % 19 % 21 % 21 % EBIT ,151 1,890 2,047 2,224 2,407 - EBIT-margin 5 % 10 % 18 % 23 % 21 % 21 % 21 % Associated companies Net interest ,120-1,254-1,336-1,412-1,422 Other financial Items 1, Pre-tax profit 1, Tax Tax rate 20 % -7 % 27 % -26 % -13 % 11 % 11 % Minorities Net income Adjustments after tax Adjusted net income Result from discontinued operations/ Other EPS (NOK) EPS, adj. (NOK) Balance sheet (NOKm) E 2014E 2015E Other long term assets 18,958 23,372 27,624 28,588 29,108 29,571 29,821 Long term assets 18,958 23,372 27,624 28,588 29,108 29,571 29,821 Other current assets 1,744 1,984 2,148 1,916 2,614 2,796 3,055 Cash and liquid assets 1,083 1,696 1,056 1,250 1,805 1,283 1,107 Current assets 2,826 3,680 3,204 3,166 4,419 4,079 4,162 Total assets 21,785 27,052 30,828 31,754 33,527 33,650 33,983 Shareholders equity 4,032 3,978 4,036 3,796 4,068 4,862 5,809 Other equity 0 Equity 4,032 3,978 4,036 3,796 4,068 4,862 5,809 Minorities 2,777 2,750 2,633 2,953 2,886 2,826 2,766 Long term interest bearing debt 10,874 15,839 19,195 20,756 21,464 20,699 19,970 Other long-term liabilities 1,099 1, Long term liabilities 11,973 16,931 20,012 21,572 22,185 21,420 20,691 Short term interest bearing debt 2,128 2,007 2,251 2,000 2,705 2,705 2,705 Other short term liabilities 874 1,386 1,896 1,433 1,683 1,838 2,011 Current liabilities 3,002 3,393 4,147 3,433 4,388 4,543 4,716 Total liabilities and equity 21,785 27,052 30,828 31,754 33,527 33,650 33,983 Working capital ,044 Net debt 10,788 15,201 19,406 20,611 21,560 21,407 20,944 Cash flow (NOKm) E 2014E 2015E Pre-tax profit 1, Associated companies Depreciation and amortization 1,016 1, ,110 1,223 1,208 1,233 - Payable tax /- Other operating items Cash flow from operations 1, ,413 1,751 1,930 2,108 Change in working capital Operating cash flow 599 1, ,182 1,303 1,903 2,023 Maintenance capex Growth capex -3,539-5,708-5,367-3,058-2,309-1,400-1,215 Sale of assets Cash flow from investments -3,256-5,248-5,026-2,259-1,519-1,750-1,561 Free cash flow -2,657-4,164-4,104-1, Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt 2,215 4,413 4,205 1,

57 dfdvdv Result Preview 15-Oct-13 Dolphin Group Sector: Energy Equipment & Services Analyst: Jørgen Lande Tel: Recommendation: BUY (unchanged) Target price (USD): 1,2 (1,7) Analyst: Thomas Ørner Tel: Next report date: Disclosure: Company description Dolphin is a newly formed, asset-light marine seismic player providing contract and multi-client services globally with an aim to become the contractor of choice for oil and gas exploration companies. Share price (NOK) in Dolphin Group relative to key indices 8,0 7,5 7,0 6,5 6,0 5,5 5,0 4,5 okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Dolphin Group OSEBX index OSX index Shareholders Shares Votes Ramoo Investment Partners 11,9 % 11,9 % Varma Mutual Pension Insurance 8,2 % 8,2 % Everest Capital 7,4 % 7,4 % MP Pensjon PK 2,3 % 2,3 % Free Float 100,0 % 100,0 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) 0,1 0,2-31 % 0,4 0,4-17 % Company data (2013E) Share price (NOK) 4,90 No. of shares (m) 340,6 Market cap. (USDm) 278 Net debt YE (USDm) 104 Enterprise value (USDm) 382 Q3 switch to more unpaid business We have lowered our expectations ahead of the Dolphin Q3 report owing to weaker prefunding rates and late sales in addition to a stronger switch towards multiclient. We expect total revenues of USD 81m and EBIT of USD 21,3m and we are 12% below current consensus on the EBIT level. Dolphin has some 10-15% booked for Q and full focus expected on outlook and pricing We expect Dolphin to report a solid 89% fleet utilisation in Q3 as the quarter has seen limited steaming in the North Sea. We expect a heavier multi-client footprint q/q, absorbing 23% of fleet capacity. We model 66% utilisation within contract and flat contract rates q/q. Within multi-client we expect Q3 investments of USD 16m but only to carry 60% prefunding. We model late sales of USD 3,5m which might prove aggressive and forecast an amortisation rate of 53% providing a multi-client EBIT margin of 10%. The bulk of our estimate changes relates to a weaker winter season were we model a 10% drop in prices. In addition we have lowered our late sales estimates and expected prefunding rates in Q4 For 2014E we model a 7% increase y/y in day rates which seems unaggressive in the current market. We reiterate our Buy recommendation on Dolphin but lower our TP to USD 1,2 which reflects an attractive 2014E EV/EBIT (lease adj) of 4.7x. Key figures E 2014E 2015E Operating revenues (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) -2,99 0,00-0,01 0,12 0,13 0,35 0,34 OCFPS (USD) -2,5 0,0 0,0 0,1 0,1 0,5 0,6 FCFPS (USD) -2,6 0,0-0,2-0,3-0,3 0,0 0,3 BVPS (USD) 1,2 0,4 0,5 0,6 0,8 1,2 1,5 Net asset value (NAV) (USD) Dividend (USD) 0,00 0,00 0,00 0,00 0,00 0,00 0,00 EV/EBITDA, adj. (x) n.m. n.m. 8,0 5,3 3,4 1,5 1,1 EV/EBIT, adj. (x) n.m. n.m. 36,5 10,4 5,7 2,2 1,8 P/E, adj. (x) n.m. n.m. n.m. 10,1 6,5 2,3 2,4 P/OCF (x) n.m. n.m. n.m. 8,6 5,7 1,6 1,3 EV/FCF (x) n.m. n.m. n.m. n.m. n.m. 40,5 3,5 P/Book (x) 0,3 1,3 1,0 2,0 1,0 0,7 0,5 P/NAV (x) Dividend yield (%) 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Adjustments are made for writedown of assets 57

58 Q313 Result preview Dolphin Group (USDm) Q312 4Q12 1Q13 2Q13 Platou 3Q13E Consensus average Operating revenues Operating expenses EBITDA D&A EBIT Adjusted Net financial items Pre-tax profit Taxes Net profit Net profit Adjusted EPS Adjusted 0,04 0,05 0,03 0,02 0,04 0,04 Segmental revenue Marine contract Multi-client prefunding Multi-client late sales Assumptions Multi-client cash investments Multi-client prefunding rate 67 % 83 % 67 % 81 % 60 % Multi-client amortization rate 50 % 45 % 46 % 46 % 53 % Sources: Bloomberg, RS Platou Markets 58

59 Profit and loss (USDm) E 2014E 2015E Revenue Other revenue Total revenue Cost of goods sold Operating expenses EBITDA EBITDA-margin -259 % -215 % 14 % 37 % 37 % 47 % 46 % Adjusted EBITDA Adjusted EBITDA-margin -253 % -217 % 14 % 37 % 37 % 47 % 46 % Amortization multi-client seismic Depreciation EBIT adj EBIT-margin adj % -262 % 3 % 18 % 22 % 33 % 29 % EBIT EBIT-margin -309 % -262 % 2 % 17 % 21 % 33 % 29 % Associated companies Net interest Other financial Items Pre-tax profit Tax Tax rate 1 % 101 % % 17 % 26 % 25 % 25 % Minorities Net income Adjustments after tax Adjusted net income EPS (USD) -2,99 0,00-0,01 0,12 0,12 0,35 0,33 EPS, adj. (USD) -2,99 0,00-0,01 0,12 0,13 0,35 0,34 Balance sheet (USDm) E 2014E 2015E Goodwill Fixed assets Other long term assets Long term assets Other current assets Cash and liquid assets Current assets Total assets Shareholders equity Other equity Equity Minorities Long term interest bearing debt Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt

60 Result Preview 15-Oct-13 Dryships Sector: Marine Analyst: Frode Mørkedal Tel: Recommendation: BUY (unchanged) Target price (USD): 4.7 (3.5) Analyst: Herman Hildan Tel: Next report date: Disclosure: Company description Greek shipping company owning 36 bulk vessels, 7 tankers plus 10 dry bulk newbuilds and about 59% of Ocean Rig. Listed at NASDAQ under the ticker DRYS. Share price (USD) in Dryships relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Dryships S&P 500 Index OSE Transportation Shareholders Shares Votes Entrepreneurial Spirit HLD 7.2 % 7.2 % Deutsche Bank 3.7 % 3.7 % Fabiana Services 3.5 % 3.5 % Entrepreneurial Spirit FND 2.7 % 2.7 % Free Float 92.8 % 92.8 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) % % Company data (2013E) Share price (USD) 3.42 No. of shares (m) Market cap. (USDm) Net debt YE (USDm) Enterprise value (USDm) Coming out of the woods in 2014? The fundamental DRYS problem is liquidity, not value in our view. The recently announced USD 200m ATM offering should bridge liquidity until the convertible bond matures in December A refinancing should take the Company to 2015 when the ORIG investment finally should generate cash flow. Despite rallying significantly we reiterate BUY and raise target price to $4.7/sh as we believe management will be successful executing the ATM offering and bond refinancing. Liquidity: DRYS had USD 28m/USD 145m of cash and restricted cash by 2Q13, when excluding consolidated ORIG numbers. We estimate Shipping EBITDA of USD 149m until 2014 and DRYS interest cost of USD 154m during the same period. The ATM offering is sufficient to cover USD 125m of Capex. However, DRYS highlights that the yard is delayed which could push instalments. Regardless, DRYS needs to refinance the USD 700m convertible bond maturity and delay parts of USD 210m bank instalments. We believe lenders and bond holders will cooperate as the value of ORIG and ATM offering exceeds the bank and convertible debt. Valuation: We estimate NAV at pre-atm at USD 3.19/sh and post-atm at USD 3.18/sh as DRYS prints shares above NAV. Consequently we view the ATM offering attractive as investors are contributing to solve the liquidity situation, a key reason for the low valuation of ORIG according to our colleagues. With ORIG at USD 28/sh implying USD 750m/rig, DRYS NAV increase to USD 4.7/sh post-atm. We raise our target price to USD 4.7/share and reiterate BUY. Key figures E 2014E 2015E Revenue (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Net asset value (NAV) (USD) Dividend (USD) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) P/E, adj. (x) n.m. n.m P/OCF (x) EV/FCF (x) 28.3 n.m. n.m. n.m. n.m n.m. P/Book (x) P/NAV (x) n.m. n.m. n.m. Dividend yield (%) Description of adjustments: Sale of assets, agio/disagio and gain/losses on financial instruments. Number of shares includes dilution from convertible preferred shares. Key Assumptions E 2014E 2015E Capesize spot USD/Day Panamax spot USD/Day Global drybulk fleet utilization (%)

61 3Q13 Result preview Dryships (USDm) 3Q12 1Q13 2Q13 3Q13E Consensus avg. Platou vs. cons. TCE Income Operating expenses (216) (181) (180) (202) EBITDA excl. one-offs Gain/loss sale of assets 2 (75) (7) - Depreciation & amortization (85) (83) (86) (87) EBIT 37 (45) (2) Associated companies Net interest (52) (57) (56) (59) Other financial income (29) Pretax profit (44) (101) (1) Taxes (11) (14) (10) (15) Minorities 4 (2) (16) (12) Net profit (51) (117) (18) (22) (14) (8) Net profit, adjusted (24) (42) (36) (22) (14) (8) EPS (0.12) (0.27) (0.04) (0.05) (0.05) 0.00 EPS, adjusted (0.06) (0.10) (0.09) (0.05) (0.06) 0.01 EBITDA Shipping Ocean Rig Total Source: Company, Bloomberg, RS Platou Markets 61

62 Profit and loss (USDm) E 2014E 2015E Total revenue Voyage expenses & commissions Time-charter equivalent Operating expenses EBITDA, adj Gain/loss sale of assets EBITDA Depreciation Amortization/Write down EBIT EBIT, adj Associated companies Net interest Gains/losses on securities or financial instruments Other financial Items Pre-tax profit Tax Minorities Result from discontinued operations/ Other Net income Adjustments after tax Adjusted net income EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Long-term interest bearing assets Fixed assets Other long-term assets Long-term assets Other current assets Cash and liquid assets Current assets Total assets Equity Minorities Long term interest bearing debt Finance obligation Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Sale of assets Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt

63 Result Preview 15-Oct-13 Ensco Sector: Energy Equipment & Services Analyst: Anders Bergland Tel: Recommendation: BUY (unchanged) Target price (USD): 74 (unchanged) Analyst: David Bhatti Tel: Next report date: Disclosure: Company description Ensco International is a leading offshore contract drilling comapny operating a fleet of 46 jack-ups and 28 floaters. Share price (USD) in Ensco relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Ensco S&P 500 Index OSX index Shareholders Shares Votes Wellington Management Co LLP 7,6 % 7,6 % FMR 4,8 % 4,8 % Allianz AM 4,0 % 4,0 % State Street 3,9 % 3,9 % Free Float 100,0 % 100,0 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) 6,7 6,5 2 % 7,3 7,1 2 % Company data (2013E) Share price (USD) 54,77 No. of shares (m) 230,3 Market cap. (USDm) Net debt YE (USDm) Enterprise value (USDm) Time to buy We think Ensco (ESV) remains attractively valued, as the company offers above average exposure to the strong industry fundamentals combined with strong cost control and expectation management. We expect ESV to report EBITDA and EPS of USD 636m and USD 1.68, in line with consensus. With 3 UDW rigs available for contracts before YE 2014, and about 40% of available JU days in 2014 open for contracts, ESV offers an attractive mix of exposures to strong fundamentals. The recent pull-back in the ESV share represents a buying opportunity and we find the recent negative focus on ESV s conventional mid- and deepwater fleet and its Brazilian exposure an overreaction. With attractive 3Q and 4Q 2014 deliveries for ESV s DS-8 and DS-9, we believe the company is in a position to secure contracts over the near-term We estimate EPS to well exceed USD 9 before YE 2016, with an average FCF yield per year from of 13%. Combined with a pristine balance sheet, ESV has the ability to raise its dividend and utilize its USD 2bn share buyback program and/or buy rigs. Changes in estimates are reflective of latest fleet status report. We reiterate our Buy rating and USD 74 TP, reflective of about 7.4x and 10x 2014 EV/EBITDA and P/E. Key figures E 2014E 2015E Operating revenues (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) 5,50 3,77 3,25 5,37 6,69 7,29 8,47 OCFPS (USD) 8,7 5,8 3,8 9,6 9,4 10,3 12,0 FCFPS (USD) 2,7 0,8-13,6 2,2 2,4 3,0 6,0 BVPS (USD) 39,1 42,3 47,7 51,5 56,2 61,5 68,0 Net asset value (NAV) (USD) 46,7 57,9 60,0 Dividend (USD) 0,10 1,40 1,43 1,63 2,00 2,00 2,00 EV/EBITDA, adj. (x) 4,1 8,0 12,4 8,7 6,7 6,0 4,9 EV/EBIT, adj. (x) 5,0 10,8 18,7 12,0 8,8 8,1 6,7 P/E, adj. (x) 7,3 14,2 14,5 11,0 8,2 7,5 6,5 P/OCF (x) 4,6 9,1 12,3 6,2 5,8 5,3 4,6 EV/FCF (x) 12,7 62,7 n.m. 36,1 29,9 23,8 11,3 P/Book (x) 1,0 1,3 1,0 1,2 1,0 0,9 0,8 P/NAV (x) 1,0 1,0 0,9 Dividend yield (%) 0,3 2,6 3,0 2,7 3,7 3,7 3,7 63

64 3Q13 Result preview ENSCO International (USDm) 3Q12 1Q13 2Q13 3Q13E Consensus average Platou vs. Consensus Operating revenues % EBITDA % D&A EBIT % Adjustments EBIT Adjusted % Other Net financial items Pre-tax profit % Minorities Taxes Adjusted Net profit % Extraordinary items Net profit % EPS % EPS, adjusted % Revenues (USDm) % Deepwater Midwater Jack-ups Other Sources: Company, Bloomberg and RS Platou Markets 64

65 Profit and loss (USDm) E 2014E 2015E Revenue Gain/loss sale of assets Other revenue Total revenue Operating expenses EBITDA EBITDA-margin 59 % 50 % 44 % 48 % 50 % 50 % 51 % Adjusted EBITDA Adjusted EBITDA-margin 59 % 50 % 44 % 49 % 50 % 50 % 51 % Depreciation EBIT adj EBIT-margin adj. 48 % 37 % 29 % 35 % 37 % 37 % 37 % Write-down on assets EBIT EBIT-margin 48 % 37 % 29 % 35 % 37 % 37 % 37 % Associated companies Net interest Other financial Items Pre-tax profit Tax Tax rate 19 % 15 % 17 % 11 % 12 % 12 % 12 % Minorities Net income Adjustments after tax Adjusted net income Result from discontinued operations/ Other EPS (USD) 5,55 4,11 3,12 5,09 6,69 7,29 8,47 EPS, adj. (USD) 5,50 3,77 3,25 5,37 6,69 7,29 8,47 Balance sheet (USDm) E 2014E 2015E Goodwill Fixed assets Other long term assets Long term assets Other current assets Cash and liquid assets Current assets Total assets Shareholders equity Other equity Equity Minorities Long term interest bearing debt Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Cash flow from investments Free cash flow Dividend paid Equity increase Cash flow from financing Other items Change in net debt

66 Result Preview 15-Oct-13 Euronav Sector: Marine Analyst: Frode Mørkedal Tel: Recommendation: NEUTRAL (Sell) Target price (EUR): 5.0 (2.7) Analyst: Herman Hildan Tel: Next report date: Disclosure: Company description Tanker company operating VLCC and Suezmax crude tankers. Its VLCC vessels are mostly traded spot as part of the Tanker International pool while most of its Suezmax vessels are tied to long term charter agreements. Based in Antwerp and listed at Euronext. Share price (EUR) in Euronav relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Euronav S&P 500 Index OSE Transportation Shareholders Shares Votes Saverco 29.0 % 29.0 % Tanklog 21.0 % 21.0 % Victrix 10.3 % 10.3 % Euronav 3.4 % 3.4 % Free Float 40.0 % 40.0 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) % % Company data (2013E) Share price (EUR) 4.78 No. of shares (m) 50.0 Market cap. (USDm) 324 Net debt YE (USDm) Enterprise value (USDm) Upgrade to Neutral We are changing course on Euronav and have lifted our recommendation to Neutral with TP EUR 5 per share. The Company was able to refinance USD 221m of 2014 maturity in late June and we believe they should continue to refinance maturing term loans later this year and 2014, which means liquidity should be sufficient to avoid dilutive measures. A positive outcome is dependent on freight rates rebounding, however, which means we need to see clearer signs before we can confidently recommend BUY. If they can clear the balance sheet hurdles, we see potential upside towards EUR 25 per share based on mid-cycle rates in Rate forecasts: We factor in VLCC rates of $15,500 per day for 3Q13, increasing to $18,000 per day in 4Q13. For 2014, we have lifted rates from $17,000 to $19,000 per day while we have maintained our 2015 rate assumption of $31,000 per day. Debt maturities: In June, Euronav extended the USD 300m senior secured credit facility that matured next year until April The outstanding amount was USD 221m. The amortization profile remains the same (USD 20m per year). Euronav will draw up on the revolver to repay term loans which means near term debt repayments are lower than previously expected; about USD 41m in 2H13 and USD 128m in In order to have positive cash buffer by end 2014, VLCC rates must be more than $15,000/day. Until the balance sheet hurdles are finally overcome and the tanker market rebounds, we rate Euronav as Neutral. Key figures E 2014E 2015E Revenue (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Net asset value (NAV) (USD) Dividend (USD) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) n.m. n.m. n.m. n.m P/E, adj. (x) n.m n.m. n.m. n.m. n.m P/OCF (x) EV/FCF (x) n.m n.m P/Book (x) P/NAV (x) n.m. n.m. n.m. Dividend yield (%) Description of adjustments: Sale of assets, agio/disagio, gain/loss securities/financial instruments Key Assumptions E 2014E 2015E VLCC spot USD/Day Suezmax spot USD/Day

67 3Q13 Result preview Euronav (USDm) 3Q12 1Q13 2Q13 3Q13E Consensus avg. Platou vs. cons. TCE Income (8) Operating expenses (69) (60) (69) (42) (55) 14 EBITDA excl. one-offs Gain/loss sale of assets Depreciation & amortization (46) (41) (42) (42) (42) (0) EBIT (21) 2 (12) (12) (17) 5 Associated companies Net interest (14) (13) (16) (16) (13) (3) Other financial income Pretax profit (35) (11) (28) (28) (30) 2 Taxes 0 - (0) - - Minorities Net profit (35) (11) (29) (28) (31) 3 Net profit, adjusted (35) (11) (29) (28) (30) 2 EPS (0.70) (0.21) (0.57) (0.57) (0.62) 0.05 EPS, adjusted (0.70) (0.21) (0.57) (0.57) (0.62) 0.05 Source: Company, Inquiry Financials, RS Platou Markets 67

68 Profit and loss (USDm) E 2014E 2015E Total revenue Voyage expenses & commissions Time-charter equivalent Operating expenses EBITDA, adj Gain/loss sale of assets EBITDA Depreciation Amortization/Write down EBIT EBIT, adj Associated companies Net interest Gains/losses on securities or financial instruments Other financial Items Pre-tax profit Tax Minorities Result from discontinued operations/ Other Net income Adjustments after tax Adjusted net income EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Long-term interest bearing assets Fixed assets Other long-term assets Long-term assets Other current assets Cash and liquid assets Current assets Total assets Equity Minorities Long term interest bearing debt Finance obligation Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Sale of assets Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt

69 Result Preview 15-Oct-13 Farstad Shipping Sector: Energy Equipment & Services Analyst: Terje Mauer Tel: Recommendation: BUY (unchanged) Target price (NOK): 145 (unchanged) Analyst: Turner Holm Tel: Next report date: Disclosure: Company description Farstad Shipping is one of the largest owners and operators of large and modern offshore supply tonnage in the world. The company controls 64 vessels (incl. newbuilds). The main owner is the Farstad family in Aalesund, Norway. Share price (NOK) in Farstad Shipping relative to key indices Oct. 12 Dec. 12 Feb. 13 Apr. 13 Jun. 13 Aug. 13 Farstad Shipping OSEBX index OSX index Shareholders Shares Votes Tyrholm & Farstad 40.5 % 40.5 % Pareto Forvaltning 8.9 % 8.9 % Brown Borthers Harriman Fidelity 8.2 % 8.2 % Folketrygdfondet 7.6 % 7.6 % Free Float 59.5 % 59.5 % Changes in estimates (NOKm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue 4,004 3,917 2% 4,488 4,400 2% EBITDA, adj. 1,475 1,352 9% 1,771 1,557 14% EBIT, adj % 1, % Net income, adj % % EPS, adj. (NOK) % % Company data (2013E) Share price (NOK) No. of shares (m) 39.0 Market cap. (NOKm) 4,895 Net debt YE (NOKm) 7,740 Enterprise value (NOKm) 12,635 New vessels and better spot market Farstad Shipping is set to report its 3Q13 results on November 12. We expect the company to deliver EBIT of NOK 248m, or 20% stronger QoQ. The driver is better profits from the AHTS and PSV fleets which had full utilisation of new vessels and enjoyed better spot markets in the North Sea. Despite a stronger OSV sector the stock has corrected down again recently and performed rather flat over the last 6 months. Farstad Shipping is expected to report freight income and EBIT of NOK 1,058m and NOK 248m, respectively. This equals 20% higher EBIT QoQ. Average fleet utilisation is expected to be high, around 90% for the various segments We estimate EBIT for the AHTS fleet to grow 32% QoQ due to higher dayrates in the North Sea, Far Statesman working a full quarter and some weaker NOK-rate. The situation is similar in the PSV segment which enjoyed full operation of Far Starling in the quarter. Farstad Shipping has signed several term charter contracts in 3Q13. Among other Far Senator (AHTS) will leave the North Sea for operation offshore Brazil for 6 months. Farstad is receiving mob. fee and a enjoying good dayrate. Even though we are entering a seasonally slower period in the North Sea we expect the positive trend in the OSV market to continue into In addition, Farstad Shipping will take deliveries of 4 newbuilds next year that will contribute positively to grow earnings. We reiterate our Buy rating and TP of NOK 145. Key figures E 2014E 2015E Operating revenues (NOKm) 3,258 3,357 3,624 3,715 4,004 4,488 4,818 EBITDA (NOKm) 1,736 1,416 1,528 1,307 1,482 1,771 1,915 EBITDA, adj. (NOKm) 1,736 1,414 1,441 1,317 1,475 1,771 1,915 EBIT, adj. (NOKm) 1, ,114 1,236 Pre-tax profit, adj. (NOKm) 1, Net income, adj. (NOKm) 1, EPS, adj. (NOK) OCFPS (NOK) FCFPS (NOK) -1, BVPS (NOK) Net asset value (NAV) (NOK) Dividend (NOK) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) P/E, adj. (x) P/OCF (x) EV/FCF (x) n.m. n.m n.m. n.m. n.m. n.m. P/Book (x) P/NAV (x) Dividend yield (%) Adj. for Gains on sale of assets, Net forex gain/loss, Amortization and write-down 69

70 3Q13 Result preview Farstad Shipping (NOKm) 3Q12 1Q13 2Q13 3Q13E Consensus average Freight income ,058 Gain/loss on assets Other revenues Total revenues ,058 1, % Operating costs EBITDA Adjustments EBITDA adj Depreciations Amortisations EBIT % Associated companies Net interest costs Other financial items Pre-tax profit Taxes/ minorities Net profit EPS adj. (NOK) % Sources: company, Bloomberg and RS Platou Markets Platou vs. Consensus Freight income ,058 AHTS PSV Subsea Other EBIT AHTS PSV Subsea Other EBIT-margin 22.3% 18.6% 20.3% 23.5% EBITDA adj.-margin 25.1% 27.2% 23.2% 28.4% AHTS 17.1% 8.3% 17.7% 20.8% PSV 29.8% 1.6% 18.0% 12.3% Sources: company, Bloomberg and RS Platou Markets 70

71 Profit and loss (NOKm) E 2014E 2015E Revenue 3,258 3,357 3,624 3,715 4,004 4,488 4,818 Gain/loss sale of assets Total revenue 3,258 3,358 3,712 3,704 4,011 4,488 4,818 Operating expenses -1,521-1,943-2,183-2,398-2,528-2,717-2,902 EBITDA 1,736 1,416 1,528 1,307 1,482 1,771 1,915 - EBITDA-margin 53 % 42 % 41 % 35 % 37 % 39 % 40 % Adjusted EBITDA 1,736 1,414 1,441 1,317 1,475 1,771 1,915 - Adjusted EBITDA-margin 53 % 42 % 40 % 35 % 37 % 39 % 40 % Depreciation EBIT adj. 1, ,114 1,236 - EBIT-margin adj. 39 % 27 % 24 % 20 % 21 % 25 % 26 % EBIT 1, ,114 1,236 - EBIT-margin 39 % 27 % 26 % 20 % 21 % 25 % 26 % Associated companies Net interest Other financial Items Pre-tax profit 1, Tax Tax rate -48 % 17 % 0 % 4 % 6 % 2 % 2 % Minorities Net income 1, Adjustments after tax Adjusted net income 1, Result from discontinued operations/ Other EPS (NOK) EPS, adj. (NOK) Balance sheet (NOKm) E 2014E 2015E Other long term assets 10,489 11,612 12,365 13,127 14,587 15,694 16,550 Long term assets 10,489 11,612 12,365 13,127 14,587 15,694 16,550 Other current assets 1, ,062 1,184 1,216 Cash and liquid assets 1,525 2,136 1,342 1,495 1,595 1,466 1,630 Current assets 2,528 2,959 2,227 2,478 2,656 2,650 2,846 Total assets 13,018 14,571 14,592 15,605 17,243 18,343 19,396 Shareholders equity 6,252 6,582 6,820 6,776 6,940 7,453 8,000 Other equity Equity 6,252 6,582 6,820 6,776 6,940 7,453 8,000 Minorities Long term interest bearing debt 5,466 6,287 5,856 6,596 8,184 8,684 9,167 Other long-term liabilities Long term liabilities 5,542 6,359 6,025 6,807 8,396 8,896 9,380 Short term interest bearing debt ,012 1,296 1,151 1,151 1,151 Other short term liabilities Current liabilities 1,224 1,630 1,747 2,023 1,907 1,994 2,017 Total liabilities and equity 13,018 14,571 14,592 15,605 17,243 18,343 19,396 Working capital Net debt 4,713 5,143 5,525 6,396 7,740 8,369 8,688 Cash flow (NOKm) E 2014E 2015E Pre-tax profit 1, Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations 1,753 1,329 1, ,243 1,400 Change in working capital Operating cash flow 1,421 1,364 1, ,234 1,400 Growth capex Acquisition capex -2,517-1, ,627-2,049-1,615-1,403 Sale of assets -67, Cash flow from investments -70,464-1, ,521-2,120-1,764-1,536 Free cash flow -69, , Dividend paid Share buy back Equity increase Cash flow from financing Other items 64, Change in net debt 4, ,

72 Result Preview 15-Oct-13 Fred. Olsen Energy Sector: Energy Equipment & Services Analyst: Anders Bergland Tel: Recommendation: Analyst: David Bhatti Tel: NEUTRAL (unchanged) Target price (NOK): 265 (unchanged) Next report date: Disclosure: Company description Fred. Olsen Energy is an international contract drilling company with nine drilling units, one accomodation unit, one UDW drillship and one HE semi under construction. In addition FOE owns ship repair and maintenance yard Harland & Wolf in Northern Ireland Share price (NOK) in Fred. Olsen Energy relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Fred. Olsen Energy OSEBX index OSX index Shareholders Shares Votes Bonheur 26,0 % 26,0 % Gangerolf 26,0 % 26,0 % JP Morgan Chase 5,6 % 5,6 % State Street Bank 2,5 % 2,5 % Free Float 48,1 % 48,1 % Changes in estimates (NOKm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (NOK) 30,0 29,4 2 % 36,9 38,6-5 % Company data (2013E) Share price (NOK) 265,00 No. of shares (m) 66,3 Market cap. (NOKm) Net debt YE (NOKm) Enterprise value (NOKm) Upcoming SPS to weigh on the stock We remain Neutral on Fred Olsen Energy (FOE) as we think the risk associated with 6 upcoming SPSs more than balance the positive earnings growth and fleet renewal. We expect FOE to report EBITDA and EPS of NOK 965m and NOK 7.97, a notch below consensus estimates of NOK 971m and Focus on the report and presentation is expected to be on SPS cost and duration as well as general market outlook. Through 2014 FOE will have to take 5 rigs through SPS. With tight yard capacity and OEM constrains, we think that there is a risk of these SPSs dragging on estimates and ultimately stock performance. Although we see signs that Petrobras is back in the market for more units, we are uncertain if this will benefit FOE that Borgny Dolphin on contract to September 14. Several midwater units has been early terminated from their contracts lately hence re-contracting of Borgny could be difficult. With current low newbuild prices with implied 20% cashon-cash return we regard additional newbuilds a positive trigger that will add to earnings growth and long term dividend capacity. We reiterate our Neutral rating and NOK 265 TP reflective of ~5x and ~7x 2014 P/E and EV/EBITDA Key figures E 2014E 2015E Operating revenues (NOKm) EBITDA (NOKm) EBITDA, adj. (NOKm) EBIT, adj. (NOKm) Pre-tax profit, adj. (NOKm) Net income, adj. (NOKm) EPS, adj. (NOK) 42,07 28,55 31,66 27,48 29,97 36,88 40,00 OCFPS (NOK) 70,9 39,1 46,5 92,9 34,6 59,0 65,2 FCFPS (NOK) 42,6 13,8 26,9 54,5-22,3 30,4-3,9 BVPS (NOK) 85,7 104,0 120,5 119,1 134,0 150,9 170,9 Net asset value (NAV) (NOK) 206,0 211,4 188,3 Dividend (NOK) 35,00 30,00 20,00 20,00 20,00 20,00 20,00 EV/EBITDA, adj. (x) 4,8 6,2 4,8 5,5 6,8 5,5 5,2 EV/EBIT, adj. (x) 6,4 9,7 7,4 9,0 11,3 8,4 8,0 P/E, adj. (x) 5,3 9,0 6,3 8,8 8,8 7,2 6,6 P/OCF (x) 3,1 6,6 4,3 2,6 7,6 4,5 4,1 EV/FCF (x) 6,9 23,0 9,5 5,4 n.m. 12,0 n.m. P/Book (x) 2,6 2,5 1,7 2,0 2,0 1,8 1,6 P/NAV (x) 1,0 1,1 1,4 Dividend yield (%) 15,8 11,6 10,0 8,3 7,5 7,5 7,5 Adjustments. 72

73 3Q13 Result preview Fred. Olsen Energy (NOKm) 3Q12 1Q13 2Q13 3Q13E Consensus average Platou vs Consensu Operating revenues % EBITDA % D&A EBIT % Adjustments EBIT Adjusted Other Net financial items Pre-tax profit % Taxes Adjusted net profit % Extra ordinary items Net profit % EPS % EPS, adjusted % DPS Operating rev. (NOKm) % Offshore Drilling Engineering and fabrication EBITDA (NOKm) % Offshore Drilling Engineering and fabrication Sources: Company, Bloomberg and RS Platou Markets 73

74 Profit and loss (NOKm) E 2014E 2015E Revenue Other revenue Total revenue Cost of goods sold Operating expenses EBITDA EBITDA-margin 61 % 57 % 55 % 51 % 52 % 56 % 57 % Adjusted EBITDA Adjusted EBITDA-margin 63 % 57 % 59 % 56 % 56 % 60 % 60 % Depreciation EBIT adj EBIT-margin adj. 46 % 36 % 35 % 32 % 32 % 36 % 37 % Write-down on assets EBIT EBIT-margin 46 % 36 % 35 % 32 % 32 % 36 % 37 % Associated companies Net interest Other financial Items Pre-tax profit Tax Tax rate 3 % 7 % 1 % 4 % 5 % 5 % 5 % Minorities Net income Adjustments after tax Adjusted net income Result from discontinued operations/ Other EPS (NOK) 42,07 28,55 31,50 27,48 29,97 36,88 40,00 EPS, adj. (NOK) 42,07 28,55 31,66 27,48 29,97 36,88 40,00 Balance sheet (NOKm) E 2014E 2015E Goodwill Fixed assets Other long term assets Long term assets Other current assets Cash and liquid assets Current assets Total assets Shareholders equity Other equity Equity Minorities Long term interest bearing debt Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (NOKm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Cash flow from investments Free cash flow Dividend paid Equity increase Cash flow from financing Other items Change in net debt

75 Result Preview 15-Oct-13 Frontline Sector: Marine Analyst: Frode Mørkedal Tel: Recommendation: SELL (unchanged) Target price (USD): 1.6 (unchanged) Analyst: Herman Hildan Tel: Next report date: Disclosure: Company description Bermuda based tanker owner operating crude tankers in the VLCC and Suezmax segments. Listed at NYSE and OSE under the ticker FRO. Fourth largest shareholder in U.S listed Overseas Shipholding. Share price (NOK) in Frontline relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Frontline OSEBX index OSE Transportation Shareholders Shares Votes Hemen Holding 33.8 % 33.8 % Wellington Management 4.3 % 4.3 % Allianz Global Investment 3.9 % 3.9 % Free Float 66.2 % 66.2 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) % % Company data (2013E) Share price (NOK) No. of shares (m) Market cap. (USDm) 227 Net debt YE (USDm) Enterprise value (USDm) Liquidity remains the challenge We still believe the liquidity challenges can be bridged until maturity of the bonds in 2015 with the current ATM offering, termination of newbuilds and sale of FRNT shares. However, any refinancing is likely to be significantly dilutive for current shareholders. Hence, we reiterate SELL. Bridging 2014 liquidity: Frontline pays Ship Finance USD 22.9m per quarter which totals USD 160m until maturity of the convertible bond in In 2Q13 the Company had USD 80m of cash, while a USD 40m ATM offering is currently on going meaning that FRO should remain liquid for the next 5 quarters without further liquidity improvements. Liquidity could be further improved by sale of the FRNT shares, USD 90m, and termination of the Suezmax newbuilds which should add another USD 28m. Still, maturity of outstanding USD 190m bonds in April 2015 remains a challenge. Unless rates average $35,000/day in 2015 it seems highly unlikely that the Company will be able to repay the convertible bond. In our scenario the only value in the Company is access to the Ship Finance vessels, which makes it challenging to demand a haircut from SFL as their alternative is full upside from operating the vessels in the spot market. Liquidity remains a concern the next two years, offering high risk for shareholders. Improving liquidity is a key trigger near term. However, fundamentally, the key problem is a weak spot market. We reiterate SELL. Key figures E 2014E 2015E Revenue (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Net asset value (NAV) (USD) Dividend (USD) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) n.m. n.m. n.m. n.m. P/E, adj. (x) n.m. n.m. n.m. n.m. n.m. P/OCF (x) n.m. n.m. n.m. n.m EV/FCF (x) n.m P/Book (x) n.m. n.m. n.m. P/NAV (x) 1.8 n.m. n.m. n.m. n.m. n.m. n.m. Dividend yield (%) Description of adjustments: Sale of assets, agio/disagio, gain/loss securities/financial instruments Key Assumptions E 2014E 2015E VLCC spot USD/Day Suezmax spot USD/Day Tanker demand growth

76 3Q13 Result preview Frontline (USDm) 3Q12 1Q13 2Q13 3Q13E Consensus average Platou vs. cons. TCE Income (9) Operating expenses (64) (39) (40) (38) (45) 7 EBITDA excl. one-offs (1) (2) Gain/loss sale of assets 3 9 (81) - Depreciation & amortization (28) (26) (26) (26) (25) (1) Impairment on vessels EBIT (26) (0) (100) (20) (17) (3) Associated companies (0) 5 2 (0) Net interest (24) (23) (23) (24) (20) (4) Other financial income 0 (0) 0 - Pretax profit (49) (18) (120) (44) (36) (7) Taxes (0) (0) (0) (0) (0) Minorities Net profit (49) (19) (120) (43) (35) (8) Net profit, adjusted (53) (27) (39) (43) (35) (8) EPS (0.63) (0.24) (1.54) (0.52) (0.45) (0.07) EPS, adjusted (0.68) (0.35) (0.50) (0.52) (0.45) (0.07) Source: Company, Bloomberg, RS Platou Markets 76

77 Profit and loss (USDm) E 2014E 2015E Total revenue Voyage expenses & commissions Time-charter equivalent Operating expenses EBITDA, adj Gain/loss sale of assets EBITDA Depreciation Amortization/Write down EBIT EBIT, adj Associated companies Net interest Gains/losses on securities or financial instruments Other financial Items 0 0 Pre-tax profit Tax Minorities Result from discontinued operations/ Other Net income Adjustments after tax Adjusted net income EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Long-term interest bearing assets Fixed assets Other long-term assets Long-term assets Other current assets Cash and liquid assets Current assets Total assets Equity Minorities Long term interest bearing debt Finance obligation Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Sale of assets Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt

78 Result Preview 15-Oct-13 Frontline 2012 Sector: Marine Analyst: Frode Mørkedal Tel: Recommendation: BUY (unchanged) Target price (USD): 10.0 (unchanged) Analyst: Herman Hildan Tel: Next report date: Disclosure: RS Platou Markets acted as Joint Lead Manager and bookrunner in the USD 310 million equity offering conducted in January 2013 Company description Bermuda based tanker owner operating 10 crude tankers and with substantial orderbook of fuel efficient newbuilds within product tankers, dry bulk and LPG. Strategy to become the leading global commodity shipping company within 3 years Share price (NOK) in Frontline 2012 relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Frontline 2012 OSEBX index OSE Transportation Shareholders Shares Votes Hemen Holding 50.0 % 50.0 % Free Float 50.0 % 50.0 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) % % Company data (2013E) Share price (NOK) No. of shares (m) Market cap. (USDm) Net debt YE (USDm) 61 Enterprise value (USDm) US listing with new structures Since its creation in 2012 the Company has ordered 60 fuel efficient vessels at the low point of the cycle, offering low cash break-even and earnings advantage with fuel savings. In September the Company said it will list in the US within 6-10 months. The plan is to split up the Company in three, offering pure play exposure to LPG, dry bulk and tankers. Our USD 10/sh target is based on fully invested 7.5x EV/EBITDA post an expected sale of the VLGC fleet to Avance Gas. Fleet: FRNT currently owns 70 vessels; 30 Capesize, 8 LPG vessels, 22 product tankers and 10 crude tankers. The fleet is all eco-design, except the crude tankers. Valuation: We estimate current NAV of USD 5.4/sh, growing to USD 8.4/sh on mid-cycle values. Current EV/EBITDA of 5.5x fully delivered on mid-cycle earnings excluding VLGC assets and 14 STX Dalian vessels is attractive, 7.5x gives USD 10/sh target price. The remaining fleet should generate USD 224m of FCF-equity on mid-cycle earnings while the VLGC sale should release ~USD 230m of equity. Consequently, we estimate that ~16% of the m.cap can be paid in dividends when adjusting out VLGC equity which may be distributed or used for further growth. We remain very positive on FRNT and recommend BUY with separation of the Company a key trigger ahead. Key figures E 2014E 2015E Revenue (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Net asset value (NAV) (USD) Dividend (USD) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) 49.2 n.m P/E, adj. (x) n.m n.m P/OCF (x) n.m EV/FCF (x) n.m. n.m. n.m. n.m. P/Book (x) P/NAV (x) n.m. 0.9 n.m. n.m. n.m. Dividend yield (%) Description of adjustments: Sale of assets, agio/disagio, gain/loss securities/financial instruments Key Assumptions E 2014E 2015E VLCC spot USD/Day MR spot USD/day

79 3Q13 Result preview Frontline 2012 (USDm) 3Q12 1Q13 2Q13 3Q13E TCE Income Operating expenses (8) (8) (9) (9) EBITDA excl. one-offs Gain/loss sale of assets Depreciation & amortization (6) (6) (6) (6) Impairment on vessels EBIT Associated companies Net interest (3) (3) (2) (2) Other financial income (1) (2) 8 - Pretax profit (1) (5) Taxes Minorities Net profit (1) (5) Net profit, adjusted 0 (3) (1) 1 EPS (0.01) (0.02) EPS, adjusted 0.00 (0.01) (0.00) 0.00 Source: Company, Bloomberg, RS Platou Markets 79

80 Profit and loss (USDm) E 2014E 2015E Total revenue Voyage expenses & commissions Time-charter equivalent Operating expenses EBITDA, adj Gain/loss sale of assets EBITDA Depreciation Amortization/Write down EBIT EBIT, adj Associated companies Net interest Gains/losses on securities or financial instruments Other financial Items 0 Pre-tax profit Tax Minorities Result from discontinued operations/ Other Net income Adjustments after tax Adjusted net income EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Long-term interest bearing assets Fixed assets Other long-term assets Long-term assets Other current assets Cash and liquid assets Current assets Total assets Equity Minorities Long term interest bearing debt Finance obligation Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Sale of assets Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt

81 Result Preview 15-Oct-13 GasLog Sector: Marine Analyst: Frode Mørkedal Tel: Recommendation: BUY (Neutral) Target price (USD): 19.0 (14.0) Analyst: Herman Hildan Tel: Next report date: Disclosure: Company description GLOG currently operate 14 LNG carriers, 2 fully owned, 1 with 25% ownership and 11 vessels owned or leased by BG Group. Additionally GLOG have 8 newbuildings Share price (USD) in GasLog relative to key indices Oct. 12 Dec. 12 Feb. 13 Apr. 13 Jun. 13 Aug. 13 GasLog S&P 500 Index OSE Transportation Shareholders Shares Votes Peter G Livanos 51.0 % 51.0 % John S Radziwill 11.5 % 11.5 % Onassis Foundation 7.2 % 7.2 % Alyeska Investment Group 3.8 % 3.8 % Free Float 49.0 % 49.0 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) % % Company data (2013E) Share price (USD) No. of shares (m) 62.8 Market cap. (USDm) 895 Net debt YE (USDm) 1,066 Enterprise value (USDm) 1,961 Higher earnings and dividends GasLog owns 15 fuel efficient LNG vessels and will see their fleet on the water grow from 4.3 vessels in 2Q13 to 15 vessels in We expect to see higher dividends along with vessel deliveries the coming years, secured with more than 70% contract coverage against BG and Shell. We upgrade to BUY and USD 19/sh target, reflecting 8% target yield on fully delivered fleet discounted back 3 years. Opportunistic: In 4Q13 GLOG acquired GasLog Chelsea for USD 160m from STX Pan Ocean, a similar ship to GasLog Singapore that was just refinanced with USD 160m of debt. We estimate that the 2010 built TFDE vessel will have a very low cash break-even of ~$50,000/day assuming 70% debt financing, while fixing the vessel on $80,000/day would generate unleveraged return of ~15% and free cash-flow to equity above 20%. At $90,000/day unleveraged return is ~30% and FCF-equity just below 30%. In sum, a highly attractive transaction that will add optionality to the GasLog fleet, in our view. Valuation: Contract coverage will slowly decline from 88% in 2014 to 64% in 2017 when all vessels are delivered. We estimate fully delivered EBITDA of USD 335m from 15 vessels with spot rates at $85,000/day. After USD 132m of debt repayment and USD 85m of interest cost around USD 118m should remain available for dividends. In light of the strong counterparts we argue for 8% target yield, which supports USD 23/sh in Discounted back 3 years we conclude on current fair target of USD 19 per share, or ~30% upside. We upgrade to BUY and USD 19 target price. Key figures E 2014E 2015E Revenue (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Net asset value (NAV) (USD) Dividend (USD) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) P/E, adj. (x) P/OCF (x) EV/FCF (x) n.m. n.m. n.m P/Book (x) P/NAV (x) 4.8 n.m. n.m. n.m. Dividend yield (%) Description of adjustments: Sale of assets, agio/disagio and gain/losses on financial instruments Key Assumptions E 2014E 2015E Short term T/C, USD/Day 135, ,000 84,000 85,000 81

82 3Q13 Result preview GasLog (USDm) 3Q12 1Q13 2Q13 3Q13E Cons. avg. 3Q13E PLA vs. Cons. Avg. TCE Income (0) Operating expenses (7) (11) (12) (14) (15) 1 EBITDA Gain/loss sale of assets Depreciation & amortization (3) (4) (6) (8) (8) (0) EBIT Associated companies Net interest (2) (3) (7) (6) (7) 1 Other financial income (2) Pretax profit Taxes Minorities Net profit Net profit, adjusted EPS EPS, adjusted Dividend Source: Bloomberg, RS Platou Markets 82

83 Profit and loss (USDm) E 2014E 2015E Total revenue Voyage expenses & commissions Time-charter equivalent Operating expenses EBITDA, adj Gain/loss sale of assets EBITDA Depreciation Amortization/Write down EBIT EBIT, adj Associated companies Net interest Gains/losses on securities or financial instruments Other financial Items Pre-tax profit Tax Minorities Result from discontinued operations/ Other Net income Adjustments after tax Adjusted net income EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Long-term interest bearing assets Fixed assets ,727 2,003 2,101 Other long-term assets Long-term assets ,769 2,046 2,146 Other current assets Cash and liquid assets Current assets Total assets ,812 2,100 2,244 Equity Minorities Long term interest bearing debt ,059 1,273 1,330 Finance obligation Other long-term liabilities Long term liabilities ,063 1,277 1,334 Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity ,812 2,100 2,244 Working capital Net debt ,066 1,274 1,290 Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex , Acquisition capex Sale of assets Cash flow from investments , Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt ,

84 Result Preview 15-Oct-13 Genco Shipping Sector: Marine Analyst: Frode Mørkedal Tel: Recommendation: SELL (unchanged) Target price (USD): 0.50 (unchanged) Analyst: Herman Hildan Tel: Next report date: Disclosure: Company description Drybulk shipping company founded by Peter C. Georgiopoulos. Operates 53 vessels in all drybulk segments. Established in 2004 and based in New York. Listed at NYSE under the ticker GNK. Share price (USD) in Genco Shipping relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Genco Shipping S&P 500 Index OSE Transportation Shareholders Shares Votes Dimensional Fund Advisors 6.3 % 6.3 % Vermillion Asset Management 4.6 % 4.6 % Nevada Capital 4.5 % 4.5 % Free Float 90.4 % 90.4 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) % % Company data (2013E) Share price (USD) 3.22 No. of shares (m) 44.3 Market cap. (USDm) 143 Net debt YE (USDm) Enterprise value (USDm) A restructuring needed in 6 months Genco Shipping is a pure play dry bulk company, highly leveraged both operationally and financially. The rate rally will result in dramatically improved earnings in 3Q13 while higher asset values have almost cut lenders mark-to-market loss in two since the low point. We estimate marginally positive NAV on mid-cycle values, but struggle to see how the Company can comply with covenants in the foreseeable future without new equity. Consequently we deem the risk to high and reiterate our SELL recommendation with USD 0.5/sh target price as a restructuring is required, in our view. Liquidity: GNK was close to minimum cash covenants by 2Q13. We estimate that the rate recovery should generate sufficient cash flow to cover interest payments and keep cash balance in check during 2H13 on the assumption of limited working capital movements. No debt is due during 2H13 because of amendments and waivers provided by lenders in August 2013, but these expire December 31 st restructuring? We find it highly likely that GNK will be in default with its covenants when the original covenants are reinstated January 1 st We estimate that asset values must increase another 30% before debt is covered by asset values. As a result we expect a restructuring during 1Q14 if not before. Valuation: We estimate mid-cycle NAV of USD 43m vs. current negative NAV of USD 266m. One could support current valuation based on mid-cycle earnings and 7.5x EV/EBITDA, but due to high leverage and cash-breakeven we find it likely that liquidity will run out before the market returns to a sustainable level. We reiterate SELL and USD 0.5/sh target price. Key figures E 2014E 2015E Revenue (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Net asset value (NAV) (USD) Dividend (USD) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) n.m. n.m. n.m P/E, adj. (x) n.m. n.m. n.m. n.m. P/OCF (x) n.m. n.m EV/FCF (x) n.m. n.m n.m. n.m P/Book (x) P/NAV (x) 3.6 n.m. n.m. n.m. n.m. n.m. n.m. Dividend yield (%) Description of adjustments: Sale of assets, agio/disagio and gain/losses on financial instruments Key Assumptions E 2014E 2015E Capesize spot USD/Day Panamax spot USD/Day Global drybulk fleet utilization (%)

85 3Q13 Result preview Genco Shipping (USDm) 3Q12 1Q13 2Q13 3Q13E Consensu s avg. Platou vs. cons. TCE Income Operating expenses (37) (35) (35) (39) (37) EBITDA excl. one-offs Gain/loss sale of assets Depreciation & amortization (35) (34) (35) (30) (35) EBIT (20) (30) (27) (9) (18) 9 Associated companies Net interest (21) (21) (22) (22) (20) Other financial income (0) 0 (0) - Pretax profit (42) (52) (49) (31) (38) 7 Taxes (0) (0) (0) - (3) Minorities Net profit (38) (48) (45) (29) (41) 12 Net profit, adjusted (38) (48) (45) (29) (41) 12 EPS (0.88) (1.09) (1.02) (0.66) (0.91) 0.25 EPS, adjusted (0.88) (1.09) (1.02) (0.66) (0.95) 0.29 Source: Company, Bloomberg, RS Platou Markets 85

86 Profit and loss (USDm) E 2014E 2015E Total revenue Voyage expenses & commissions Time-charter equivalent Operating expenses EBITDA, adj Gain/loss sale of assets EBITDA Depreciation Amortization/Write down EBIT EBIT, adj Associated companies Net interest Gains/losses on securities or financial instruments Other financial Items Pre-tax profit Tax Minorities Result from discontinued operations/ Other Net income Adjustments after tax Adjusted net income EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Long-term interest bearing assets Fixed assets Other long-term assets Long-term assets Other current assets Cash and liquid assets Current assets Total assets Equity Minorities Long term interest bearing debt Finance obligation Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Sale of assets Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt

87 Result Preview 15-Oct-13 Golar LNG Sector: Marine Analyst: Frode Mørkedal Tel: Recommendation: BUY (unchanged) Target price (USD): 44 (unchanged) Analyst: Herman Hildan Tel: Next report date: Disclosure: Company description Bermuda/Oslo based LNG and FSRU operator. Golar LNG will operate short term LNG shipping and LNG cargo trading and develop longterm contracted LNG mid-stream projects to be offered to Golar MLP, its 65% owned dividend vehicle. Listed at OSE and Nasdaq. Share price (USD) in Golar LNG relative to key indices Oct. 12 Dec. 12 Feb. 13 Apr. 13 Jun. 13 Aug. 13 Golar LNG S&P 500 Index Shareholders Shares Votes World Shipholding Limited 45.7 % 45.7 % Steinberg Asset Management 3.8 % 3.8 % Hound Partners 3.6 % White Elm 2.3 % 2.3 % Free Float 54.3 % 54.3 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) % % Company data (2013E) Share price (USD) No. of shares (m) 80.5 Market cap. (USDm) 2,909 Net debt YE (USDm) 567 Enterprise value (USDm) 3,476 The next step approaching Golar LNG is our top pick in the LNG sector, despite our muted view on rates the next two years. The reason is low newbuild cash break-even and secured dividend yield source from GMLP while waiting for a potential major value trigger from entering the liquefaction segment. We expect management to be more vocal about economics at the latest on the 4Q13 conference call, potentially earlier if FID is taken. Liquefaction: GLNG is targeting the last infrastructure piece enabling the Company to reap the benefits of arbitrage in global gas prices. We estimate EV/EBITDA of 2-5x depending on whether the Company will pursue liquefaction economics alone or the full value chain by also taking commodity risk. Clearly, drop-down to GMLP will unlock substantial value from being a first-mover into the small scale liquefaction segment. Projects: The Company is pursuing two paths. Douglas Channel (DC) in Canada is in the process of making concept selection and final investment decision (FID). GLNG and LNG Partners will own 25% of the equity with a major energy company owning the remaining 50%. FID is expected shortly according to management. The second path is converting a LNG carrier into a Floating Liquefaction and Storage Vehicle (FSLV) at Keppel in Singapore. FEED is completed with management saying that economics are on the better side of their expectations. Furthermore, GLNG is discussing with 3-4 counterparties beyond the concept readings. The next step is to order long-lead items, to secure 2015 start-up, management told us. We expect one of the charters to be locked down in 4Q13, triggering FID. We reiterate BUY and USD 44/sh target. Key figures E 2014E 2015E Revenue (USDm) EBITDA (USDm) , EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) , Net income, adj. (USDm) EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Net asset value (NAV) (USD) Dividend (USD) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) n.m P/E, adj. (x) n.m P/OCF (x) n.m EV/FCF (x) n.m n.m. n.m. n.m. n.m P/Book (x) P/NAV (x) 0.9 n.m. n.m. n.m. 1.8 n.m. n.m. Dividend yield (%) Description of adjustments: Sale of assets, agio/disagio and gain/losses on financial instruments Key Assumptions E 2014E 2015E Short term t/c LNG (DFDE), indicative 64,000 69, , , ,000 84,000 85,000 Short term t/c LNG (modern steam) 34,000 38,500 92, ,000 99,000 74,000 75,000 87

88 3Q13 Result preview Golar LNG (USDm) 3Q12 1Q13 2Q13 3Q13E Cons. avg. 3Q13E PLA vs. Cons. avg TCE Income (2) Operating expenses (24) (14) (18) (11) (12) 0 EBITDA adj (2) Gain/loss sale of assets (0) Depreciation & amortization (23) (9) (9) (9) (12) 3 EBIT (0) (2) (4) 2 Associated companies Net interest (8) (2) 1-9 (9) Other financial income (3) (3) 48 - Pretax profit (1) Taxes (2) 1 (1) (1) 4 (5) Minorities (13) Net profit (5) Net profit, adjusted (3) EPS (0.10) EPS, adjusted (0.05) Dividend Source: Bloomberg, RS Platou Markets 88

89 Profit and loss (USDm) E 2014E 2015E Total revenue Voyage expenses & commissions Time-charter equivalent Operating expenses EBITDA, adj Gain/loss sale of assets EBITDA , Depreciation Amortization/Write down EBIT , EBIT, adj Associated companies Net interest Gains/losses on securities or financial instruments Other financial Items Pre-tax profit , Tax Minorities Result from discontinued operations/ Other Net income Adjustments after tax Adjusted net income EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Long-term interest bearing assets Fixed assets 1,646 1,619 1,895 1,009 1,457 2,156 2,193 Other long-term assets ,071 1,106 1,147 Long-term assets 2,310 1,873 2,127 1,974 2,528 3,263 3,340 Other current assets Cash and liquid assets Current assets Total assets 2,492 2,078 2,233 2,414 2,693 3,738 3,859 Equity ,764 1,869 1,803 1,754 Minorities Long term interest bearing debt ,579 1,624 Finance obligation Other long-term liabilities Long term liabilities 1,628 1,232 1, ,768 1,893 Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity 2,492 2,078 2,233 2,414 2,693 3,738 3,859 Working capital Net debt ,340 1,389 Cash flow (USDm) E 2014E 2015E Pre-tax profit , Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex , Acquisition capex Sale of assets Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items , Change in net debt

90 Result Preview 15-Oct-13 Golden Ocean Sector: Marine Analyst: Frode Mørkedal Tel: Recommendation: BUY (unchanged) Target price (USD): 2.0 (unchanged) Analyst: Herman Hildan Tel: Next report date: Disclosure: Company description Bermuda/Oslo based drybulk company operating in the larger segments. A spin off from tanker company Frontline in Feb Restructured in Mar Share price (NOK) in Golden Ocean relative to key indices Oct. 12 Dec. 12 Feb. 13 Apr. 13 Jun. 13 Aug. 13 Golden Ocean OSEBX index OSE Transportation Shareholders Shares Votes Hemen Holding 41.1 % 41.1 % Farahead Investement 15.7 % 15.7 % Clearstream Banking 6.2 % 6.2 % Deutsche Bank AG 5.4 % 5.4 % Free Float 58.9 % 58.9 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) % % Company data (2013E) Share price (NOK) 8.73 No. of shares (m) Market cap. (USDm) 651 Net debt YE (USDm) 437 Enterprise value (USDm) 1,088 20% or higher yield on mid-cycle? GOGL remains one of our top picks despite rallying more than 100% since we turned to BUY. The key reason is substantial upside potential on mid-cycle earnings valuation and NOK 2/sh dividend capacity from current fleet. We also highlight estimated net proceeds of ~USD 160m cash from Jinhaiwan termination which could grow the upside further. We reiterate BUY and USD 2/sh target price. USD 0.5bn additional growth? 9 legacy orders from 2010 at Jinhaiwan at substantially higher prices have been terminated due to yard delays. We estimate that GOGL will be refunded USD 175m of paid capex, an estimate USD 30m of capitalized interest, while USD 43m of related debt leaves a net USD 162m of liquidity to GOGL. We estimate that GOGL is able to add another USD 500m of vessels with the Jinhaiwan proceeds, cash on the balance sheet and leverage. Valuation: We estimate current NAV of NOK 6.6/sh, growing to ~NOK 10/sh on mid-cycle values. More importantly, GOGL is currently valued at EV/EBITDA of 5.8x in 2015 and 4.6x on mid-cycle rates. Fair multiple of 7.5x indicates USD 2/sh on our 2015 estimate and USD 2.7/sh on mid-cycle rates. Furthermore, the current fleet should be able to pay NOK 2/sh in dividends on mid-cycle earnings, with available growth potentially increasing this above NOK 3/sh. Applying yield valuation shows that the upside potential paves way for another doubling of valuation. We reiterate BUY and USD 2/sh target price. Key figures E 2014E 2015E Revenue (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Net asset value (NAV) (USD) Dividend (USD) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) P/E, adj. (x) P/OCF (x) EV/FCF (x) n.m n.m. 3.0 n.m. P/Book (x) P/NAV (x) Dividend yield (%) Description of adjustments: Sale of assets, agio/disagio and gain/losses on financial instruments Key Assumptions E 2014E 2015E Capesize spot USD/Day 42,000 33,100 16,000 9,500 16,000 19,000 27,000 Panamax spot USD/Day 19,000 25,000 14,500 8,500 9,000 12,000 15,000 Global drybulk fleet utilization (%)

91 3Q13 Result preview Golden Ocean (USDm) 2Q12 4Q12 1Q13 2Q13 3Q13E Cons. avg. 3Q13 PLA vs. Cons TCE Income (6) Operating expenses (21) (22) (23) (32) (26) (33) 7 EBITDA excl. one-offs Gain/loss sale of assets (5) (0) Depreciation & amortization (8) (9) (9) (10) (10) EBIT Associated companies Net interest (5) (5) (4) (4) (5) (5) 0 Other financial income (3) (0) (0) 8 - Pretax profit Taxes Minorities (0) (0) 0 (0) (0) Net profit (0) Net profit, adjusted EPS (0.01) EPS, adjusted (0.00) EBITDA overview Core fleet Short term trading 1 (1) - 0 Total EBITDA Source: Bloomberg, RS Platou Markerts 91

92 Profit and loss (USDm) E 2014E 2015E Total revenue Voyage expenses & commissions Time-charter equivalent Operating expenses EBITDA, adj Gain/loss sale of assets EBITDA Depreciation Amortization/Write down EBIT EBIT, adj Associated companies Net interest Gains/losses on securities or financial instruments Other financial Items 0 0 Pre-tax profit Tax Minorities Result from discontinued operations/ Other Net income Adjustments after tax Adjusted net income EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Long-term interest bearing assets Fixed assets , , Other long-term assets Long-term assets 957 1,019 1, , Other current assets Cash and liquid assets Current assets Total assets 1,087 1,227 1,212 1,110 1,191 1,161 1,305 Equity Minorities Long term interest bearing debt Finance obligation Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity 1,087 1,227 1,212 1,110 1,191 1,161 1,305 Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Sale of assets Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt

93 Result Preview 15-Oct-13 Halliburton Sector: Energy Equipment & Services Recommendation: BUY (unchanged) Target price (USD): 60 (54) Analyst: Turner Holm Tel: Next report date: Disclosure: Company description Halliburton is a diversified global oilfield services company. The company offers services and products to customers in the exploration and production of oil and gas. Share price (USD) in Halliburton relative to key indices Oct. 12 Dec. 12 Feb. 13 Apr. 13 Jun. 13 Aug. 13 Halliburton S&P 500 Index OSX index Shareholders Shares Votes Blackrock 5.7 % 5.7 % Vanguard 4.6 % 4.6 % State Street 4.5 % 4.5 % Fidelity 4.0 % 4.0 % Free Float % % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue 29,188 29,287 0% 31,955 32,141-1% EBITDA, adj. 5,277 5,448-3% 7,707 7,902-2% EBIT, adj. 4,390 4,561-4% 5,619 5,814-3% Net income, adj. 2,282 2,452-7% 3,650 3,470 5% EPS, adj. (USD) % % Company data (2013E) Share price (USD) No. of shares (m) Market cap. (USDm) 45,419 Net debt YE (USDm) 6,231 Enterprise value (USDm) 51,650 Maintaining Margin Momentum Rebounding margins in North America and aggressive stock buybacks have driven HAL s outperformance in But with the majority of buybacks behind us, all eyes will turn to NorAm margins, which must continue upwards to sustain the stock s momentum in our view. Underlying progress in 3Q should prove further upside. We retain our Buy rating and raise our TP to $60 ($54). All eyes on North America One-offs will make 3Q messy, but the underlying margin should improve 120bps QoQ when adjusting for ~100bps decrement from the Colorado flooding. Higher service intensity and seasonal D&E recovery in Canada should drive underlying expansion. Going forward well-site, back-office and input cost cuts should boost margins to 20% in We note that if prices fall to historical levels, guar could provide an additional 200bps, providing upside to our 20% estimate. International watch LatAm will be the focus on the int l side given volatile Mexican activity. Sales look flat QoQ but consulting income should boost margins. We see Eastern Hemisphere up 1.5% with 200bps of margin growth. Updating estimates & TP we re raising our 2014 EPS by 11% to reflect the $1.7bn tender offer and share repurchases of $250m/quarter through 4Q 14. Furthermore we re raising our TP to $60 ($54) or 11.5x 2015 EPS, inline with historical T+1 P/E. We retain our Buy rating and raise our TP to $60 ($54) Key figures E 2014E 2015E Total revenue (USDm) 14,675 17,973 24,829 28,503 29,188 31,955 33,888 EBITDA, adj. (USDm) 2,925 4,128 6,096 5,787 5,277 7,707 8,867 EBITA (USDm) 2,925 4,128 6,096 5,787 5,277 7,707 8,867 EBIT, adj. (USDm) 1,994 3,009 4,800 4,511 4,390 5,619 6,495 Pre-tax profit, adj. (USDm) 1,736 2,769 4,562 4,252 4,058 5,141 6,059 Net income, adj. (USDm) 1,208 1,909 3,055 2,655 2,282 3,650 4,241 EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Dividend (USD) EV/Sales (x) EV/EBITDA, adj. (x) EV/EBITA, adj. (x) EV/EBIT, adj. (x) P/E, adj. (x) P/OCF (x) EV/FCF (x) n.m P/Book (x) Dividend yield (%)

94 3Q13 Result preview Halliburton (USDm) 3Q12 1Q13 2Q13 3Q13E Consensus average Platou vs. Consensus Total revenues 7,111 6,974 7,317 7,400 7, % EBITDA 1,360 1,350 1,513 1,619 1, % D&A EBIT ,039 1,144 1, % Adjustments EBIT Adjusted ,039 1,144 1, % Associated companies Net financial items Pre-tax profit ,048 1, % Minorities & Taxes Net income, reported Net income, adjusted % EPS (USD) % ADJ EPS (USD) % EBITDA margin 19% 19% 21% 22% 22% 0% 0.2% Source: RS Platou Markets, Bloomberg 94

95 Profit and loss (USDm) E 2014E 2015E Revenue 14,675 17,973 24,829 28,503 29,188 31,955 33,888 Total revenue 14,675 17,973 24,829 28,503 29,188 31,955 33,888 Cost of goods sold -12,476-14,728-19,693-23,684-27,040-26,736-26,987 - Gross margin 15 % 18 % 21 % 17 % 7 % 16 % 20 % Operating expenses EBITDA 2,925 4,128 6,096 5,787 5,277 7,707 8,867 - EBITDA-margin 20 % 23 % 25 % 20 % 18 % 24 % 26 % Depreciation ,119-1,359-1,628-1,886-2,088-2,373 EBITA 2,925 4,128 6,096 5,787 5,277 7,707 8,867 - EBITA-margin 20 % 23 % 25 % 20 % 18 % 24 % 26 % EBIT 1,994 3,009 4,737 4,159 3,390 5,619 6,495 - EBIT-margin 14 % 17 % 19 % 15 % 12 % 18 % 19 % Net interest Other financial Items Pre-tax profit 1,736 2,769 4,499 3,900 3,058 5,141 6,059 - Pre-tax margin 12 % 15 % 18 % 14 % 10 % 16 % 18 % Tax ,439-1, ,491-1,818 - Tax rate 30 % 31 % 32 % 32 % 25 % 29 % 30 % Minorities Net income 1,199 1,949 2,889 2,713 2,279 3,650 4,241 - Result margin 8 % 11 % 12 % 10 % 8 % 11 % 13 % Adjusted net income 1,208 1,909 3,055 2,655 2,282 3,650 4,241 Result from discontinued operations/ Other EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Goodwill 1,100 1,315 1,776 2,135 2,116 2,116 2,116 Fixed assets 5,759 6,842 8,492 10,257 11,289 12,501 13,758 Other fixed assets 1,041 1,254 1,832 1,932 1,928 1,928 1,555 Long term assets 7,900 9,411 12,100 14,324 15,333 16,545 17,429 Other current assets 6,556 7,488 8,879 10,602 11,279 12,544 12,540 Cash and liquid assets 2,082 1,398 2,698 2,484 1,589 1,451 3,000 Current assets 8,638 8,886 11,577 13,086 12,867 13,995 15,541 Total assets 16,538 18,297 23,677 27,410 28,200 30,539 32,970 Shareholders equity 2,669 2,674 2,683 2,682 2,681 2,681 2,681 Other equity 6,059 7,699 10,515 13,083 10,489 12,533 14,951 Equity 8,728 10,373 13,198 15,765 13,170 15,214 17,632 Minorities Long term interest bearing debt 3,824 3,824 4,820 4,820 7,820 7,820 7,820 Pension liabilities Other long-term debt ,441 1,890 1,890 1,890 Long term liabilities 4,892 5,153 6,340 6,868 10,276 10,276 10,276 Other short term liabilities 2,889 2,757 4,121 4,752 4,726 5,021 5,032 Current liabilities 2,889 2,757 4,121 4,752 4,726 5,021 5,032 Total liabilities and equity 16,538 18,297 23,677 27,410 28,200 30,539 32,970 Working capital 4,417 4,731 4,758 5,850 6,552 7,523 7,509 Net debt 1,126 2,675 3,405 2,643 6,231 6,369 4,820 Cash flow (USDm) E 2014E 2015E Pre-tax profit 1,736 2,769 4,499 3,900 3,058 5,141 6,059 + Depreciation and amortization 931 1,119 1,359 1,628 1,886 2,088 2,373 - Payable tax ,439-1, ,491-1,818 +/- Other operating items , Cash flow from operations 2,015 2,942 4,549 4,700 5,170 5,738 6,614 Change in working capital ,026-1, Operating cash flow 2,469 2,286 3,900 3,674 3,967 4,768 6,628 Maintenance capex -1, ,809-3,363-2,581-3,300-3,257 Acquisition capex Cash flow from investments -1, ,689-3,577-2,581-3,300-3,257 Free cash flow 1,004 1,813 1, ,386 1,468 3,371 Dividend paid Share buy back ,565-1,000-1,000 Cash flow from financing ,012-1,606-1,824 Other items 584-2,708-1, Change in net debt , , ,550 95

96 Result Preview 15-Oct-13 Havila Shipping Sector: Energy Equipment & Services Analyst: Terje Mauer Tel: Next report date: Disclosure: RS Platou Markets acted as joint lead manager in connection with the NOK 100 million bond issue in December Company description Havila Shipping is an offshore shipping company that controls a fleet of 14 PSVs, 9 AHTS vessels, 3 subsea vessels and 1 rescue recovery vessel. The company has one of the youngest fleets in the industry. The main owner is the Sævik family with 51% holding. Share price (NOK) in Havila Shipping relative to key indices Oct. 12 Dec. 12 Feb. 13 Apr. 13 Jun. 13 Aug. 13 Havila Shipping OSEBX index OSX index Shareholders Shares Votes Havila Holding AS 50.5 % 50.5 % Pareto Forvaltning 15.7 % 15.7 % Odin Forvaltning 7.7 % 7.7 % Torghatten 4.1 % 4.1 % Free Float 49.5 % 49.5 % Changes in estimates (NOKm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue 1,436 1,400 3% 1,581 1,513 5% EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (NOK) % % Company data (2013E) Share price (NOK) No. of shares (m) 30.2 Market cap. (NOKm) 1,023 Net debt YE (NOKm) 5,535 Enterprise value (NOKm) 6,558 Recommendation: BUY (unchanged) Target price (NOK): 42 (38) Analyst: Turner Holm Tel: turner.holm@platou.com Good pay off for AHTS in the spot Havila Shipping is set to report its 3Q13 results on October 23. We expect the company to deliver EBITDA adj. of NOK 184m, some stronger QoQ. The key driver is expected to be better profits from the North Sea AHTS spot market. The stock has recovered 40% the last year due to improving North Sea market, and general market speculations on M&A activity. Havila Shipping is expected to report freight income and EBITDA of NOK 375m and NOK 184m, respectively. This equals 5% higher EBITDA QoQ. Average fleet utilisation is expected to be high in all segments. We estimate EBITDA for the AHTS fleet to grow 18% QoQ due to higher dayrates in the North Sea, and partly helped by weaker NOK-rate. The subsea business is also expected to improve slightly due to lower estimated costs. The PSVs are expected to see a decline in EBITDA due to higher cost In July Havila Shipping paid back the bond loan HAVI03, a total amount of NOK 216m. Even though we are entering a seasonally slower period in the North Sea market we expect the positive trend in the OSV market to continue into Next year Havila Shipping will have several PSVs coming off contract which we expect will be turned into higher dayrates. We reiterate our Buy rating, but we up our TP to NOK 42 per share (from NOK 38), reflective of EV/EBITDA (2014E) of 8. Key figures E 2014E 2015E Operating revenues (NOKm) 863 1,025 1,310 1,356 1,436 1,581 1,758 EBITDA (NOKm) EBITDA, adj. (NOKm) EBIT, adj. (NOKm) Pre-tax profit, adj. (NOKm) Net income, adj. (NOKm) EPS, adj. (NOK) OCFPS (NOK) FCFPS (NOK) BVPS (NOK) Net asset value (NAV) (NOK) Dividend (NOK) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) P/E, adj. (x) 10.6 n.m. n.m. n.m P/OCF (x) EV/FCF (x) n.m. n.m. n.m. n.m P/Book (x) P/NAV (x) n.m. n.m. Dividend yield (%) Adj. for Gains on sale of assets, Net forex gain/loss, Amortization and write-down 96

97 3Q13 Result preview Havila Shipping (NOKm) 3Q12 1Q13 2Q13 3Q13E Consensus average Freight income Gain/loss on assets Other revenues Total revenues % Operating costs EBITDA % Adjustments EBITDA adj Depreciations EBIT % Associated companies Net interest costs Other financial items Pre-tax profit Taxes/ other Net profit EPS adj. (NOK) % Freight income PSV AHTS AHTS - ASIA Subsea Rescue fleet Other EBITDA PSV AHTS AHTS - ASIA Subsea Rescue fleet Other opex Platou vs. Consensus EBITDA adj.-margin 39.0% 39.6% 48.7% 49.1% 49.9% -0.8 %p PSV 40.2% 35.7% 39.8% 37.2% AHTS 15.0% 40.1% 56.8% 59.8% AHTS - ASIA 98.2% 97.8% 98.4% 97.5% Subsea 58.4% 57.6% 57.3% 60.6% Rescue fleet 5.2% -61.0% -42.9% -30.9% Sources: company, Bloomberg and RS Platou Markets 97

98 Profit and loss (NOKm) E 2014E 2015E Revenue 863 1,025 1,310 1,356 1,436 1,581 1,758 Gain/loss sale of assets Other revenue Total revenue 1,035 1,209 1,372 1,413 1,448 1,581 1,758 Operating expenses EBITDA EBITDA-margin 56 % 43 % 36 % 42 % 48 % 51 % 55 % Adjusted EBITDA Adjusted EBITDA-margin 47 % 33 % 33 % 40 % 47 % 51 % 55 % Depreciation EBIT adj EBIT-margin adj. 27 % 13 % 17 % 27 % 34 % 40 % 45 % EBIT EBIT-margin 43 % 28 % 21 % 31 % 35 % 40 % 45 % Associated companies Net interest Other financial Items Pre-tax profit Tax Tax rate 11 % 169 % -39 % 43 % 27 % 15 % 15 % Minorities Net income Adjustments after tax Adjusted net income Result from discontinued operations/ Other EPS (NOK) EPS, adj. (NOK) Balance sheet (NOKm) E 2014E 2015E Goodwill Fixed assets 4,695 5,392 6,948 7,660 7,502 7,430 7,351 Other long term assets Long term assets 4,759 5,506 7,161 7,815 7,588 7,520 7,446 Other current assets Cash and liquid assets Current assets 745 1, Total assets 5,504 6,685 7,945 8,685 8,329 8,267 8,319 Shareholders equity Other equity 1,487 1,480 1,542 1,636 1,720 1,951 2,325 Equity 1,687 1,680 1,809 2,008 2,097 2,328 2,703 Minorities Long term interest bearing debt 3,137 3,945 5,309 5,525 4,971 4,657 4,304 Other long-term liabilities Long term liabilities 3,331 4,102 5,514 5,707 5,074 4,764 4,415 Short term interest bearing debt Other short term liabilities ,158 1,175 1,202 Current liabilities ,158 1,175 1,202 Total liabilities and equity 5,504 6,685 7,945 8,685 8,329 8,267 8,319 Working capital Net debt 2,990 3,740 5,238 5,761 5,535 5,243 4,805 Accumulated committed capex 2,149 1, Cash flow (NOKm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Growth capex -1,667-1, Acquisition capex Sale of assets Cash flow from investments -1, Free cash flow -1, Dividend paid Share buy back Equity increase Cash flow from financing Other items , Change in net debt 1, ,

99 Result Preview 15-Oct-13 Hoegh LNG Sector: Marine Analyst: Frode Mørkedal Tel: Recommendation: Analyst: Herman Hildan Tel: NEUTRAL (unchanged) Target price (USD): 9.0 (unchanged) Next report date: Disclosure: Company description Höegh LNG is a fully integrated LNG transportation and services company operating a fleet of 7 LNG carriers including 2 Shuttle and Regasification Vessels (SRVs). The orderbook consists of 3 FSRUs on contract. Share price (NOK) in Hoegh LNG relative to key indices Oct. 12 Dec. 12 Feb. 13 Apr. 13 Jun. 13 Aug. 13 Hoegh LNG OSEBX index OSE Transportation Shareholders Shares Votes Leif Hoegh & Co 44.2 % 44.2 % JP Morgan Clearing 5.0 % 5.0 % Trignis Argeuralph 4.0 % 4.0 % Morgan Stanley 3.6 % 3.6 % Free Float 55.8 % 55.8 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) % % Company data (2013E) Share price (NOK) No. of shares (m) 69.9 Market cap. (USDm) 538 Net debt YE (USDm) 565 Enterprise value (USDm) 1,104 MLP upside but spot market risk HLNG will enter a very interesting Delivery of FSRU newbuilds will grow earnings significantly, but the question remains how much as 2 of 3 vessels will be trading in the spot market until contract commencement. Launch of an MLP could unlock substantial value, but management s ambition of 12x EBITDA appears extended in our view. In light of an unsuccessful FLNG launch, more competition in the FSRU space and spot market risk we conclude on NEUTRAL and reiterate our USD 9/sh target. Fleet and spot exposure: HLNG currently owns 6 vessels, 1 of which is sold for scrap. Additionally 4 FSRU vessels have been ordered, one will commence its contract immediately at delivery in April, 1 delivered in February will trade in the spot market for 8 months according to our estimate while the third 2014 delivery is yet to tie down its contract in Chile. The fourth FSRU with 2015 remains open. Consequently the majority of earnings growth next year will be sourced from the spot LNG market unless short term FSRU contracts can be secured. FSRU contract pipeline: At the CMD in January, management guided on 4 near term FSRU opportunities, the Uruguay contract was lost to Mitsui, Indonesia postponed and India delayed while 13 companies were prequalified for the Lebanon contract. Consequently, if the Lebanon contract is awarded the risk is likely a rate below expectations in our view. We reiterate NEUTRAL and USD 9/share target. Key figures E 2014E 2015E Revenue (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Net asset value (NAV) (USD) Dividend (USD) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) n.m n.m P/E, adj. (x) n.m. n.m. n.m. n.m. 8.5 P/OCF (x) EV/FCF (x) n.m. n.m. n.m. n.m. n.m. P/Book (x) P/NAV (x) n.m. n.m. n.m. Dividend yield (%) Description of adjustments: Sale of assets, agio/disagio and gain/losses on financial instruments Key Assumptions E 2014E 2015E Long term FSRU rate, USD/Day 155, , , ,000 Short term t/c LNG (DFDE) 135, ,000 84,000 85,000 Short term t/c LNG (old steam) 61,000 49,000 38,000 38,000 99

100 3Q13 Result preview Hoegh LNG (USDm) 3Q12 1Q13 2Q13 3Q13E Cons. avg. 3Q13E PLA vs. Cons. avg TCE Income Operating expenses (25) (22) (18) (19) EBITDA excl. one-offs (1) Gain/loss sale of assets Depreciation & amortization (6) (7) (8) (8) (7) (0) EBIT 7 0 (0) 4 5 (2) Associated companies Net interest (6) (8) (6) (6) (8) 2 Other financial income Pretax profit 1 (8) (6) (2) (2) 0 Taxes (0) (0) (0) (0) Minorities Net profit 1 (8) (6) (2) (2) 0 Net profit, adjusted 1 (8) (6) (2) (2) 0 EPS 0.01 (0.11) (0.09) (0.03) (0.03) (0.00) EPS, adjusted 0.01 (0.12) (0.09) (0.03) (0.03) (0.00) Source: Bloomberg, RS Platou Markets 100

101 Profit and loss (USDm) E 2014E 2015E Total revenue Voyage expenses & commissions Time-charter equivalent Operating expenses EBITDA, adj Gain/loss sale of assets EBITDA Depreciation Amortization/Write down EBIT EBIT, adj Associated companies Net interest Gains/losses on securities or financial instruments Other financial Items Pre-tax profit Tax Minorities Result from discontinued operations/ Other Net income Adjustments after tax Adjusted net income EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Long-term interest bearing assets Fixed assets ,303 1,426 Other long-term assets Long-term assets ,510 1,633 Other current assets Cash and liquid assets Current assets Total assets ,072 1,137 1,731 1,950 Equity Minorities Long term interest bearing debt ,167 1,278 Finance obligation Other long-term liabilities Long term liabilities ,262 1,372 Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity ,072 1,137 1,731 1,950 Working capital Net debt ,090 1,136 Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Sale of assets Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt

102 Result Preview 15-Oct-13 Kongsberg Gruppen Sector: Energy Equipment & Services Recommendation: BUY (unchanged) Target price (NOK): 135 (unchanged) Analyst: Terje Mauer Tel: Next report date: Disclosure: Company description Leading global supplier in niche markets within the offshore, maritime and defence sectors. The core competences are in the areas of signal processing, engineering cybernetics, software development services and systems integration. Share price (NOK) in Kongsberg Gruppen relative to key indices Oct. 12 Dec. 12 Feb. 13 Apr. 13 Jun. 13 Aug. 13 Oct. 13 Kongsberg Gruppen OSEBX index OSX index Shareholders Shares Votes Norwegian State 50.0 % 50.0 % Folketrygdfondet 8.6 % 8.6 % Arendals Fossekompani 8.0 % 8.0 % MP Pensjon 4.0 % 4.0 % Free Float 50.0 % 50.0 % Changes in estimates (NOKm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue 16,500 16,700-1% 17,550 17,750-1% EBITDA, adj. 2,116 2,201-4% 2,255 2,405-6% EBIT, adj. 1,640 1,715-4% 1,755 1,870-6% Net income, adj. 1,169 1,223-4% 1,255 1,339-6% EPS, adj. (NOK) % % Company data (2013E) Share price (NOK) No. of shares (m) Market cap. (NOKm) 14,012 Net debt YE (NOKm) -1,861 Enterprise value (NOKm) 12,151 Modest 3Q, but low valuation In 3Q13 we forecast Kongsberg to report 9% YoY revenue growth to NOK 4bn, but 17% lower EBITA to NOK 450m. The latter is due to lower margin compared to extraordinary strong Protech Systems margin in 3Q12. In 3Q13 Kongsberg has announced a reasonably good volume of contracts estimated in the range of NOK 1.2bn. In addition, we expect Kongsberg Maritime to have booked a good volume of unannounced orders in the Maritime area as a result of active ordering for rigs, OSVs, specialised vessels etc. The key focus in the report is expected to be: Kongsberg Maritime is expected to report an increase in EBITA of NOK 23m YoY in 3Q13 due to an estimated 17% higher revenues benefiting from a good order backlog. Protech Systems revenues are expected to drop 12% YoY while EBITA is expected to fall 61% due to a normalized margin of 12.5% vs a stunning margin of 28.3% in 3Q12. Revenue in Defence Systems is expected to be flat while EBITA is expected to increase by 12% due to 1.2%-point increase in EBITA-margin to 10.8%. The order backlog is expected to be NOK 16.4bn at the end of 3Q13, flat QoQ. Although Kongsberg sees a setback this year we still view the 55% EV/EBITDA gap to peers being too high. Hence, our Buy rating and TP of NOK 135 are unchanged Key figures E 2014E 2015E Total revenue (NOKm) 13,816 15,497 15,128 15,652 16,500 17,550 18,400 EBITDA, adj. (NOKm) 1,619 2,485 2,454 2,296 2,116 2,255 2,420 EBITA (NOKm) 1,376 2,216 2,132 1,973 1,770 1,885 2,020 EBIT, adj. (NOKm) 1,263 2,113 2,095 1,854 1,640 1,755 1,890 Pre-tax profit, adj. (NOKm) 1,181 2,105 2,075 1,836 1,617 1,737 1,876 Net income, adj. (NOKm) 829 1,501 1,479 1,327 1,169 1,255 1,356 EPS, adj. (NOK) OCFPS (NOK) FCFPS (NOK) BVPS (NOK) Dividend (NOK) EV/Sales (x) EV/EBITDA, adj. (x) EV/EBITA, adj. (x) EV/EBIT, adj. (x) P/E, adj. (x) P/OCF (x) EV/FCF (x) n.m P/Book (x) Dividend yield (%) Adjustments are made for special operating items, impairment of goodwill, write-downs and agio/disagio. Key Assumptions E 2014E 2015E Order backlog (NOKm) 19,892 17,759 17,839 16,523 16,400 Order intake (NOKm) 17,605 13,584 14,519 14,605 14,870 Book/bill (x)

103 3Q13 Result preview Kongsberg Gruppen (NOKm) 3Q12 1Q13 2Q13 PLA 3Q13E Consensus average Platou vs. Consensus Operating revenues 3,675 4,033 4,097 4,000 3, % EBITDA Depreciations EBITA Goodwill amortization EBIT Net financial items Pre-tax profit Taxes/ minorities Net profit EPS (NOK) % Order backlog 17,084 16,733 16,398 16,400 Operating revenues 3,675 4,033 4,097 4,000 3, Maritime 1,831 2,008 2,105 2,150 Defence Systems , Protech Systems Other/ eliminations EBITA Maritime Defence Systems Protech Systems Other/ eliminations EBITA-margin 15.5% 10.4% 10.5% 11.3% Maritime 13.2% 12.2% 12.0% 12.3% Defence Systems 9.6% 4.4% 7.2% 10.8% Protech Systems 28.3% 16.8% 15.5% 12.5% Other/ eliminations 22.5% -0.8% -0.7% 1.8% Sources: company, Bloomberg and RS Platou Markets 103

104 Profit and loss (NOKm) E 2014E 2015E Revenue 13,816 15,497 15,128 15,652 16,500 17,550 18,400 Other revenue Total revenue 13,816 15,497 15,128 15,652 16,500 17,550 18,400 Cost of goods sold -6,235-6,906-5,609-5,803-6,118-6,507-6,822 - Gross margin 55 % 55 % 63 % 63 % 63 % 63 % 63 % Operating expenses -5,962-6,106-7,125-7,553-8,266-8,788-9,158 EBITDA 1,619 2,485 2,394 2,296 2,116 2,255 2,420 - EBITDA-margin 12 % 16 % 16 % 15 % 13 % 13 % 13 % Depreciation EBITA 1,376 2,216 2,132 1,973 1,770 1,885 2,020 - EBITA-margin 10 % 14 % 14 % 13 % 11 % 11 % 11 % Amortization/Write down Adjustments EBIT 1,263 2,113 2,035 1,842 1,640 1,755 1,890 - EBIT-margin 9 % 14 % 13 % 12 % 10 % 10 % 10 % Associated companies Net interest Other financial Items Pre-tax profit 1,169 2,097 2,008 1,824 1,617 1,737 1,876 - Pre-tax margin 8 % 14 % 13 % 12 % 10 % 10 % 10 % Tax Tax rate 29 % 28 % 29 % 28 % 28 % 28 % 28 % Minorities Net income 820 1,495 1,431 1,318 1,169 1,255 1,356 - Result margin 6 % 10 % 9 % 8 % 7 % 7 % 7 % Adjusted net income 829 1,501 1,479 1,327 1,169 1,255 1,356 EPS (NOK) EPS, adj. (NOK) Balance sheet (NOKm) E 2014E 2015E Goodwill 2,209 2,436 2,744 2,750 3,133 3,003 2,873 Fixed assets 2,029 2,182 2,430 2,602 2,856 3,436 4,036 Other fixed assets Long term assets 4,464 4,848 5,432 5,632 6,269 6,719 7,189 Other current assets 6,439 6,469 7,103 8,133 8,250 8,775 9,200 Cash and liquid assets 1,463 2,660 3,083 2,509 3,172 3,631 4,159 Current assets 7,902 9,129 10,186 10,642 11,422 12,406 13,359 Total assets 12,366 13,977 15,618 16,274 17,691 19,125 20,548 Shareholders equity Other equity 3,554 4,707 5,314 6,113 6,835 7,643 8,522 Equity 3,704 4,857 5,464 6,263 6,985 7,793 8,672 Minorities Long term interest bearing debt ,311 1,311 1,311 1,311 Pension liabilities Other long-term debt ,125 1,257 1,399 1,552 Long term liabilities 1,921 1,924 1,876 2,886 3,018 3,160 3,313 Short term interest bearing debt Other short term liabilities 6,719 7,172 7,936 7,114 7,682 8,171 8,566 Current liabilities 6,719 7,172 8,258 7,114 7,682 8,171 8,566 Total liabilities and equity 12,366 13,977 15,618 16,274 17,691 19,125 20,548 Working capital Net debt ,813-2,191-1,198-1,861-2,320-2,848 Cash flow (NOKm) E 2014E 2015E Pre-tax profit 1,169 2,097 2,008 1,824 1,617 1,737 1,876 - Associated companies Depreciation and amortization Payable tax /- Other operating items 1, Cash flow from operations 2,889 2,211 1,740 2,187 1,772 1,892 2,034 Change in working capital 2, , Operating cash flow 5,173 2,018 1, ,223 1,856 2,005 Maintenance capex ,000 Growth capex Sale of assets 10 4 Cash flow from investments ,000 Free cash flow 4,841 1, , ,005 Dividend paid Share buy back Equity increase Cash flow from financing Other items -2, Change in net debt -2,073-1,

105 Result Preview 15-Oct-13 National Oilwell Varco Sector: Energy Equipment & Services Recommendation: NEUTRAL (Buy) Target price (USD): 84 (unchanged) Analyst: Gøran Andreassen Tel: Next report date: Disclosure: Company description National Oilwell Varco is a US based blue chip oil services company delivering equipment and services towards drilling and oilfield operations. It holds undisputable the position as the global leader on supply of drilling equipment Share price (USD) in National Oilwell Varco relative to key indices Oct. 12 Dec. 12 Feb. 13 Apr. 13 Jun. 13 Aug. 13 National Oilwell Varco S&P 500 Index OSX index Shareholders Shares Votes Vanguard Group Inc 4.1 % 4.1 % State Street Corporation 4.0 % 4.0 % Waddel & Reed Financial Inc. 3.4 % 3.4 % Fidelity Management & Research LLC 2.8 % 2.8 % Free Float 95.9 % 95.9 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue 22,481 22,481 0% 24,592 24,592 0% EBITDA, adj. 4,077 4,077 0% 4,846 4,846 0% EBIT, adj. 3,367 3,367 0% 4,126 4,126 0% Net income, adj. 2,279 2,279 0% 2,783 2,783 0% EPS, adj. (USD) % % Company data (2013E) Share price (USD) No. of shares (m) Market cap. (USDm) 33,711 Net debt YE (USDm) 874 Enterprise value (USDm) 34,585 Flat sequentially National Oilwell Varco is set to report its 3Q13 result on 25 October, We expect EPS adj. to come in at USD 1.31, flat sequentially. The stock has had a strong run over the last couple of months with only 7% upside to our TP of USD 84. We make no changes to our estimates and downgrade to Neutral. We expect 3Q13 revenue, EBIT and EPS adj. of USD 5,673m, USD 805m and USD 1.31 vs. consensus of USD 5,683m, USD 830m and USD Rig Technology is expected to deliver EBIT of USD 570m, down 3% sequentially on flat margin of 20.7%, but 3% lower revenue as expected continued declines in the sale of intervention and stimulation equipment will more than offset continued growth in aftermarket sales. We expect PS&S to deliver 3Q13 EBIT of USD 320m, up 5% sequentially as Canada comes out of break-up and continued momentum in the segments international business. Our estimates for PS&S take into account a relatively flat US land market. Distribution & Transmission is expected to post 3Q13 EBIT of 75m, up 6% from the previous quarter, primarily due to increased activity in Canada following break-up. We expect 3Q13 order intake of USD 3,140m, driven by eight floater packages. We downgrade to Neutral (from Buy) and maintain our TP at USD 84. Key figures E 2014E 2015E Total revenue (USDm) 12,712 12,156 14,658 20,041 22,481 24,592 25,300 EBITDA, adj. (USDm) 3,039 2,972 3,533 4,316 4,077 4,846 5,176 EBITA (USDm) 2,549 2,465 2,978 3,688 3,367 4,126 4,456 EBIT, adj. (USDm) 2,549 2,465 2,978 3,688 3,367 4,126 4,456 Pre-tax profit, adj. (USDm) 2,442 2,442 2,963 3,645 3,327 4,092 4,437 Net income, adj. (USDm) 1,630 1,698 2,022 2,522 2,279 2,783 3,017 EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Dividend (USD) EV/Sales (x) EV/EBITDA, adj. (x) EV/EBITA, adj. (x) EV/EBIT, adj. (x) P/E, adj. (x) P/OCF (x) EV/FCF (x) n.m. n.m P/Book (x) Dividend yield (%) Adjustments. 105

106 3Q13 Result preview National Oilwell Varco (USDm) 3Q12 4Q12 1Q13 2Q13 3Q13E Consensus average Platou vs. Cons Operating revenues EBITDA EBITDA margin 21 % 20 % 19 % 18 % 18 % 18 % 0 % EBIT Adj Adjustments EBIT Pre-tax profit Net Profit adj EPS Adj. 1,52 1,49 1,29 1,33 1,31 1,32-0,01 Net order intake capital equipm Order backlog Revenues (USDm) Rig Technology Petroleum Services & Supplies Distribution & Transmission Other and Eliminations EBIT adj. (USDm) Rig Technology Petroleum Services & Supplies Distribution & Transmission Other and Eliminations EBIT adj.-margin 18 % 17 % 15 % 15 % 15 % Rig Technology 24 % 22 % 21 % 21 % 21 % Petroleum Services & Supplies 22 % 20 % 18 % 17 % 18 % Distribution & Transmission 6 % 6 % 5 % 5 % 6 % Other and Eliminations n.m. n.m. n.m. n.m. n.m. Source: National Oilwell Varco, RS Platou Markets, Bloomberg 106

107 Profit and loss (USDm) E 2014E 2015E Revenue 12,712 12,156 14,658 20,041 22,481 24,592 25,300 Other revenue Total revenue 12,712 12,156 14,658 20,041 22,481 24,592 25,300 Cost of goods sold -8,416-7,799-9,565-14,000-16,451-17,770-18,148 - Gross margin 34 % 36 % 35 % 30 % 27 % 28 % 28 % Operating expenses -1,257-1,385-1,560-1,725-1,953-1,976-1,976 EBITDA 3,039 2,972 3,533 4,316 4,077 4,846 5,176 - EBITDA-margin 24 % 24 % 24 % 22 % 18 % 20 % 20 % Depreciation EBITA 2,549 2,465 2,978 3,688 3,367 4,126 4,456 - EBITA-margin 20 % 20 % 20 % 18 % 15 % 17 % 18 % Amortization/Write down Adjustments EBIT 2,315 2,420 2,937 3,548 3,207 4,126 4,456 - EBIT-margin 18 % 20 % 20 % 18 % 14 % 17 % 18 % Associated companies Net interest Other financial Items Pre-tax profit 2,208 2,397 2,922 3,505 3,167 4,092 4,437 - Pre-tax margin 17 % 20 % 20 % 17 % 14 % 17 % 18 % Tax , ,310-1,420 - Tax rate 33 % 31 % 32 % 29 % 32 % 32 % 32 % Minorities Net income 1,469 1,667 1,994 2,491 2,171 2,783 3,017 - Result margin 12 % 14 % 14 % 12 % 10 % 11 % 12 % Adjusted net income 1,630 1,698 2,022 2,522 2,279 2,783 3,017 EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Goodwill 5,489 5,790 6,151 7,172 8,997 8,997 8,997 Intangible assets 4,052 4,103 4,073 4,743 5,305 5,305 5,305 Fixed assets 1,836 1,840 2,445 2,945 3,164 3,004 2,844 Other fixed assets ,022 Long term assets 11,934 12,515 13,405 15,806 18,356 18,260 18,168 Other current assets 6,976 7,202 8,575 12,359 13,266 13,937 14,372 Cash and liquid assets 2,622 3,333 3,535 3,319 3,246 5,267 7,677 Current assets 9,598 10,535 12,110 15,678 16,512 19,204 22,048 Total assets 21,532 23,050 25,515 31,484 34,868 37,464 40,216 Shareholders equity 8,218 8,357 8,539 8,747 8,809 8,809 8,809 Other equity 5,895 7,391 9,080 11,492 12,966 15,306 17,880 Equity 14,113 15,748 17,619 20,239 21,775 24,115 26,689 Minorities Long term interest bearing debt ,148 4,120 4,120 4,120 Pension liabilities Other long-term debt 2,254 2,589 2,212 2,331 2,903 2,903 2,903 Long term liabilities 3,130 3,103 2,371 5,479 7,023 7,023 7,023 Short term interest bearing debt Other short term liabilities 4,167 3,712 5,065 5,648 5,978 6,234 6,412 Current liabilities 4,174 4,085 5,416 5,649 5,978 6,234 6,412 Total liabilities and equity 21,532 23,050 25,515 31,484 34,868 37,464 40,216 Working capital 2,809 3,490 3,510 6,711 7,289 7,703 7,960 Net debt -1,739-2,446-3, ,147-3,557 Cash flow (USDm) E 2014E 2015E Pre-tax profit 2,208 2,397 2,922 3,505 3,167 4,092 4,437 - Associated companies Depreciation and amortization Payable tax , ,310-1,420 +/- Other operating items Cash flow from operations 2,117 2,173 2,433 3,317 2,726 3,439 3,669 Change in working capital , Operating cash flow 2,095 1,542 2, ,310 3,025 3,412 Maintenance capex Growth capex Acquisition capex ,092-2,880-2, Sale of assets Cash flow from investments ,575-3,463-2, Free cash flow 1, , ,465 2,852 Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt -1, ,855 1,044-2,022-2,

108 Result Preview 15-Oct-13 Neptune Orient Lines Sector: Marine Analyst: Frode Mørkedal Tel: Recommendation: SELL (Neutral) Target price (SGD): 1.00 (1.3) Analyst: Herman Hildan Tel: Next report date: Disclosure: Company description NOL is one of the largest container shipping companies with principal activities in Container shipping, Logistics and Terminal operations. Listed on Singapore exchange under the ticker NOL SP. Share price (SGD) in Neptune Orient Lines relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Neptune Orient Lines Straits Times Index Shareholders Shares Votes Temasek Holdings 67.2 % 67.2 % Free Float 32.8 % 32.8 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj #### % Net income, adj % % EPS, adj. (USD) % % Company data (2013E) Share price (SGD) 1.06 No. of shares (m) Market cap. (USDm) Net debt YE (USDm) Enterprise value (USDm) Downgrade to Sell on valuation We downgrade from Neutral to Sell with target SGD 1 per share. Although 3Q13 should see improved earnings, we believe consensus figures for both 2013 and 2014 are too high and will come down further. NOL is also a cost cutting story but we do not see the same impact as for Maersk Line given the smaller scale and focus on transpacific trades. Lowering 2013 estimates: We have taken down estimates after the 2Q13 results which were much weaker than expected. We look for 3Q13 EBITDA of USD 73m vs. USD 37m in the second quarter. For full year 2013 we believe EBITDA will come in at USD 85m, which including sales gains totals USD 286m, well below Bloomberg consensus of USD 360m. Higher 2014 but still lower than consensus: For 2014 we look for a sharp recovery in the EBITDA to USD 540m, but still below consensus at USD 696m. For 2014 we have assumed 1%-point higher utilization and 7% y-y lower unit costs on the back of fewer TC-in vessels and phase-in of owned, larger vessels. Still, even at these optimistic assumptions, the 14e EV/EBITDA is 10.7x at today s share price, hardly attractive in our view. We believe a BUY recommendation must be founded on an actual improvement in spot rates which we do not think is likely given the poor supply-demand balance. Given the unattractive valuation, too high consensus estimates, and no immediate pick-up in spot rates expected, we downgrade to Sell with target SGD 1 per share. Key figures E 2014E 2015E Revenue (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Net asset value (NAV) (USD) Dividend (USD) EV/EBITDA, adj. (x) n.m. 5.5 n.m EV/EBIT, adj. (x) n.m. 8.2 n.m. n.m. n.m P/E, adj. (x) n.m. 9.0 n.m. n.m. n.m P/OCF (x) n.m. 6.3 n.m. n.m. n.m EV/FCF (x) n.m n.m. n.m. n.m. n.m. 7.8 P/Book (x) P/NAV (x) n.m. n.m n.m. n.m. n.m. Dividend yield (%) Description of adjustments: Sale of assets, agio/disagio and gain/losses on financial instruments Key Assumptions E 2014E 2015E Box rate change (%) y-y

109 3Q13 Result preview Neptune Orient Lines (USDm) 3Q12 1Q13 2Q13 3Q13E Consensus avg. Platou vs. cons. TCE Income (204) Operating expenses (2 156) (2 373) (2 027) (2 065) EBITDA excl. one-offs 146 (2) (74) Gain/loss sale of assets Depreciation & amortization (72) (83) (72) (74) EBIT (26) (1) 70 (72) Associated companies Net interest (17) (14) (5) (14) Other financial income 6 (2) 9 - Pretax profit (19) (13) Taxes (13) (16) (15) (13) Minorities (1) (1) (1) (1) Net profit (35) (28) 66 (94) Net profit, adjusted 44 (114) (53) (28) 15 (43) EPS (0.01) (0.01) 0.01 (0.02) EPS, adjusted 0.02 (0.04) (0.02) (0.01) 0.01 (0.02) Operating Matrix 3Q12 1Q13 2Q13 3Q13E Volumes ('000 FEU) Unit revenue (USD/FEU) Source: Company, Bloomberg, RS Platou Markets 109

110 Profit and loss (USDm) E 2014E 2015E Total revenue Voyage expenses & commissions Time-charter equivalent Operating expenses EBITDA, adj Gain/loss sale of assets EBITDA Depreciation Amortization/Write down EBIT EBIT, adj Associated companies Net interest Gains/losses on securities or financial instruments Other financial Items Pre-tax profit Tax Minorities Result from discontinued operations/ Other Net income Adjustments after tax Adjusted net income EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Long-term interest bearing assets Fixed assets Other long-term assets Long-term assets Other current assets Cash and liquid assets Current assets Total assets Equity Minorities Long term interest bearing debt Finance obligation Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Sale of assets Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt

111 Result Preview 15-Oct-13 Noble Corp. Sector: Energy Equipment & Services Analyst: Anders Bergland Tel: Recommendation: BUY (unchanged) Target price (USD): 44 (unchanged) Analyst: David Bhatti Tel: Next report date: Disclosure: Company description Noble Corp is a leading US contract driller with a fleet of 80 offshore units, including 50 international jack-ups, 28 floating drilling units, 2 submersibles and 1 FPSO Share price (USD) in Noble Corp. relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Noble Corp. OSEBX index OSX index okt. 13 Shareholders Shares Votes Fir Tree Inc 8.3 % 8.3 % Franklin Resources 6.5 % 6.5 % Wentworth Hauser and Violich 5.9 % 5.9 % FMR LLC 5.8 % 5.8 % Free Float % % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) % % Company data (2013E) Share price (USD) No. of shares (m) Market cap. (USDm) Net debt YE (USDm) Enterprise value (USDm) SpinCo in focus With estimates for Noble Corp (NE) at more realistic levels, we expect the market to shift attention towards NE s steady EPS growth. Increasing leverage to UDW and high-spec jack-ups also deserves attention, as longterm shareholder value is built through fleet renewal. We expect NE to report EBITDA and EPS of USD 478 and USD 0.71, in line with consensus. NE offers a compelling growth story with EPS expected to more than double by 2015 due to its ambitious newbuild program and supported by a backlog of USD 16bn. NE also provides exposure to strong fundamentals across a mixed fleet. Availability through 2014 includes; 1 UDW, 3 DWs and 1 MW. Jack-up exposure is also ample with 10% and 25% of available days open across its 45 rigs in 2013/14. NE will likely continue to increase earnings visibility by shedding vintage units through into a spinco. A spin-off is expected to occur in the latter part of 2014 Based on similar deals for Transocean and Pride, the remaining highspec assets could see a material pricing uplift. Mgmt. appears committed to increasing its dividend as capex obligations wear off into Having already doubled the annual DPS to USD 1.0, we see further upside into 2014 as capex wears off and CF builds. We reiterate our Buy rating and USD 44 TP to reflect about 6.5x and 9.5x 2014 EV/EBITDA and P/E Key figures E 2014E 2015E Operating revenues (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Net asset value (NAV) (USD) Dividend (USD) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) P/E, adj. (x) P/OCF (x) EV/FCF (x) 16.4 n.m. n.m. n.m. n.m. n.m. 8.1 P/Book (x) P/NAV (x) Dividend yield (%)

112 3Q13 Result preview Noble Corp (USDm) 3Q12 1Q13 2Q13 3Q13E Consensus average Platou vs. Consensus Operating revenues % EBITDA % D&A EBIT % Adjustments EBIT Adjusted % Other Net financial items Pre-tax profit % Minorities Taxes Adjusted Net profit % Extraordinary items Net profit % EPS % EPS, adjusted % Sources: Company, Bloomberg and RS Platou Markets 112

113 Profit and loss (USDm) E 2014E 2015E Revenue Gain/loss sale of assets Other revenue Total revenue Operating expenses EBITDA EBITDA-margin 67 % 52 % 42 % 44 % 45 % 49 % 52 % Adjusted EBITDA Adjusted EBITDA-margin 70 % 54 % 44 % 47 % 47 % 51 % 54 % Depreciation EBIT adj EBIT-margin adj. 56 % 33 % 18 % 23 % 24 % 31 % 36 % Write-down on assets EBIT EBIT-margin 55 % 33 % 18 % 22 % 24 % 31 % 36 % Associated companies Net interest Other financial Items Pre-tax profit Tax Tax rate 17 % 16 % 17 % 21 % 17 % 20 % 20 % Minorities Net income Adjustments after tax Adjusted net income Result from discontinued operations/ Other EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Goodwill Fixed assets Other long term assets Long term assets Other current assets Cash and liquid assets Current assets Total assets Shareholders equity Other equity Equity Minorities Long term interest bearing debt Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Cash flow from investments Free cash flow Dividend paid Equity increase Cash flow from financing Other items Change in net debt

114 Result Preview 15-Oct-13 Nordic American Tankers Sector: Marine Analyst: Frode Mørkedal Tel: Recommendation: Analyst: Herman Hildan Tel: NEUTRAL (unchanged) Target price (USD): 8.0 (unchanged) Next report date: Disclosure: Company description Bermuda based tanker company operating 20 Suezmax vessels. All vessels operating in the spot market. Established in Share price (USD) in Nordic American Tankers relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Nordic American Tankers OSE Transportation S&P 500 Index Shareholders Shares Votes Herbjorn Hansson 5.1 % 5.1 % Free Float 95.0 % 95.0 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj #### % EBIT, adj % % Net income, adj % % EPS, adj. (USD) % % Company data (2013E) Share price (USD) 8.18 No. of shares (m) 66.0 Market cap. (USDm) 540 Net debt YE (USDm) 164 Enterprise value (USDm) 704 Low risk and high fleet age Nordic American Tankers is a pure crude tanker Company with 20 Suezmax vessels. The Company has paid dividend for 64 consecutive quarters, although funded by equity raises during the market downturn. Since 2011 the Company has generated USD 5m of EBITDA, raised USD 177m of equity and paid dividends of USD 137m. NAT has not acquired any vessels over the last 2 years despite a strong balance sheet and multiple of equity raises. However, with improvement of the crude market in sight this may change by More importantly, we estimate that operational cash flow may generate ~16% dividend yield in 2015, but old fleet age weighs negatively. In sum we conclude on NEUTRAL and USD 8/sh target, reflecting 7.7x EV/EBITDA in Valuation: We estimate current NAV of the Company at USD 5 per share, increasing to USD 6.6 per share on midcycle values. Mid-cycle values may understate the upside potential due high NAT fleet age. However, we estimate NAV of USD 8.8 per share based on straight line depreciation. Regardless, we view earnings multiples and dividends as the key valuation driver. Consequently our target is based on 7.7x EV/EBITDA. Fair EV/EBITDA multiple of 6x on mid-cycle earnings applied in 2015 argues for USD 11.5 target. However, high fleet age and our rate expectations make it premature to apply this, in our view. We also estimate dividend potential of USD 1.2/sh in However, again high fleet age is likely to keep yield high. We reiterate NEUTRAL and USD 8/sh target. Key figures E 2014E 2015E Revenue (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Net asset value (NAV) (USD) Dividend (USD) EV/EBITDA, adj. (x) n.m EV/EBIT, adj. (x) n.m. n.m. n.m. n.m. n.m. n.m P/E, adj. (x) n.m. n.m. n.m. n.m. n.m. n.m P/OCF (x) n.m. n.m. n.m EV/FCF (x) n.m. n.m. n.m. n.m. n.m P/Book (x) P/NAV (x) n.m. n.m. n.m. Dividend yield (%) Description of adjustments: Sale of assets, agio/disagio, gain/loss securities/financial instruments Key Assumptions E 2014E 2015E Suezmax spot USD/Day

115 3Q13 Result preview Nordic American Tanker (USDm) 3Q12 1Q13 2Q13 3Q13E Consensus avg. Platou vs. cons. TCE Income (5) Operating expenses (20) (24) (20) (18) (22) 3 EBITDA excl. one-offs (4) (6) (10) 1 4 (3) Gain/loss sale of assets - (5) Depreciation & amortization (17) (18) (18) (18) (17) (2) EBIT (22) (24) (29) (18) (13) (5) Associated companies Net interest (2) (3) (3) (3) (2) (1) Other financial income (0) (0) (0) - - Pretax profit (23) (32) (32) (20) (18) (2) Taxes Minorities Net profit (23) (32) (32) (20) (17) (3) Net profit, adjusted (23) (27) (32) (20) (17) (3) EPS (0.44) (0.59) (0.48) (0.31) (0.17) (0.14) EPS, adjusted (0.44) (0.50) (0.48) (0.31) (0.26) (0.05) Dividend Source: Company, Bloomberg, RS Platou Markets 115

116 Profit and loss (USDm) E 2014E 2015E Total revenue Voyage expenses & commissions Time-charter equivalent Operating expenses EBITDA, adj Gain/loss sale of assets EBITDA Depreciation Amortization/Write down EBIT EBIT, adj Associated companies Net interest Gains/losses on securities or financial instruments Other financial Items 0 0 Pre-tax profit Tax Minorities Result from discontinued operations/ Other Net income Adjustments after tax Adjusted net income EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Long-term interest bearing assets Fixed assets Other long-term assets Long-term assets Other current assets Cash and liquid assets Current assets Total assets Equity Minorities Long term interest bearing debt Finance obligation Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Sale of assets Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt

117 Result Preview 15-Oct-13 North Atlantic Drilling Sector: Energy Equipment & Services Analyst: David Bhatti Tel: Recommendation: BUY (unchanged) Target price (USD): 12.5 (unchanged) Analyst: Anders Bergland Tel: Next report date: Disclosure: Company description North Atlantic Drilling is a North Sea based drilling contractor, operating a fleet of five harsh environment floaters and three heavy duty, harsh environment jack-ups Share price (NOK) in North Atlantic Drilling relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 North Atlantic Drilling OSEBX index OSX index Shareholders Shares Votes Seadrill 74.0 % 74.0 % Allianz Global Inv of America 1.8 % 1.8 % Pimco Funds Global Investors 0.3 % 0.3 % Sanlam asset management Ireland 0.2 % 0.2 % Free Float 26.0 % 26.0 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) 1 1 0% 1 1 0% Company data (2013E) Share price (NOK) No. of shares (m) Market cap. (USDm) Net debt YE (USDm) Enterprise value (USDm) Deal or no deal? North Atlantic Drilling (NADL) has announced its intention to find a strategic partner to facilitate its HE growth ambitions. Few details have been revealed but as the process is dragging out in time the feasibility of the project is now in question. We expect NADL to report 2Q13 EBITDA and EPS of USD 137m and USD 0.29 respectively, in line with consensus of USD 141m and USD As time goes by a strategic partnership becomes more and more uncertain however if successful we believe it is likely to involve the injection of existing HE semis and/or ordering of additional newbuilds. Assuming the rigs are valued at around USD 650m (in-line with NADL s current newbuild) and fixed at around USD 550k, we estimate that NADL could add ~USD 0.30 to DPS Despite a protracted process of a US listing we do not expect any listing before early 2014 following a conclusion to the partnership discussions. Quarterly DPS is anticipated to be flat at USD over the near-term. However, as we move closer to the start-up of jack-up newbuild West Linus and with the potential of asset contributions from a partner, we think there is upside to the current distribution over the long-term. We reiterate our Buy rating and USD TP reflective of 8% yield at our run-rate annual DPS target of USD 1.0, and about 8.7x 2014 P/E. Key figures E 2014E 2015E Operating revenues (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Net asset value (NAV) (USD) Dividend (USD) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) P/E, adj. (x) P/OCF (x) EV/FCF (x) 34.9 n.m. n.m. 9.7 n.m. P/Book (x) P/NAV (x) Dividend yield (%)

118 3Q13 Result preview North Atlantic Drilling (USDm) 3Q12 1Q13 2Q13 3Q13E Consensus average Platou vs. Consensus Operating revenues % EBITDA % D&A EBIT % Adjustments EBIT Adjusted % Other Net financial items Pre-tax profit % Minorities and Tax Adjusted Net profit % Extraordinary items Net profit % EPS % EPS, adjusted % DPS % Sources: Company, Bloomberg and RS Platou Markets 118

119 Profit and loss (USDm) E 2014E 2015E Revenue Gain/loss sale of assets Other revenue Total revenue Operating expenses EBITDA EBITDA-margin 60 % 54 % 40 % 44 % 47 % Adjusted EBITDA Adjusted EBITDA-margin 63 % 59 % 53 % 60 % 62 % Depreciation EBIT adj EBIT-margin adj. 45 % 39 % 28 % 32 % 36 % EBIT EBIT-margin 45 % 39 % 28 % 32 % 36 % Associated companies Net interest Other financial Items Pre-tax profit Tax Tax rate 10 % 19 % 12 % 12 % 12 % Minorities Net income Adjustments after tax Adjusted net income Result from discontinued operations/ Other EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Goodwill Fixed assets Other long term assets Long term assets Other current assets Cash and liquid assets Current assets Total assets Shareholders equity Other equity Equity Minorities Long term interest bearing debt Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Cash flow from investments Free cash flow Dividend paid Equity increase Cash flow from financing Other items Change in net debt

120 Result Preview 15-Oct-13 Northern Offshore Sector: Energy Equipment & Services Analyst: Anders Bergland Tel: Recommendation: BUY (unchanged) Target price (USD): 2.3 (unchanged) Analyst: David Bhatti Tel: Next report date: Disclosure: Company description Northern Offshore Ltd is a contract driller whcih operates four drilling units in SEA and Europe and one floating production unit. Share price (NOK) in Northern Offshore relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Northern Offshore OSEBX index OSX index Shareholders Shares Votes Geveran Trading 33.0 % 33.0 % Goldman Sachs Int % JP Morgan Clearing Corp. 8.0 % Fidelity Funds 1.9 % Free Float 67.0 % 67.0 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) 0 0-6% 0 0 1% Company data (2013E) Share price (NOK) 9.08 No. of shares (m) Market cap. (USDm) 237 Net debt YE (USDm) 0 Enterprise value (USDm) 237 The shaping of a new JU company? With the ordering of two LeT Super 116E Class jack-ups from an undisclosed Chinese yard, we now see the shaping of a new JU company with a significant growth potential. We expect this to be the centre of attention on the upcoming conference call in connection with 3Q results. We expect Northern Offshore (NOF) to report 3Q13 EBITDA and EPS of USD 15m and USD 0.03 in line with consensus estimate. Dividend for the quarter is expected to be USD 0.05 in-line with previous quarters. The quarter will be negatively affected by drillship Energy Searcher that has been idle for the entire quarter. NOF recently announced ordering of two LeT Super 116E jack-ups from an undisclosed Chinese shipyard with a total ready-to-drill cost of ~USD 205m. Delivery is scheduled during the first and third quarter of With current dayrate of USD 160k this represents a potential 17% unleveraged cash-on-cash return on the project. As a consequence of the newbuild orders we believe NOF potentially could become a platform for a consolidation of the conventional jack-up market. Adding backlog remains the key catalyst to lift valuation. With the Searcher currently available we expect contracting opportunities to be one of the key issues to be addressed on the call We reiterate our Buy rating and USD 2.3 TP, reflective of 4x 2014 P/E and about 8.5% yield. Key figures E 2014E 2015E Operating revenues (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Net asset value (NAV) (USD) Dividend (USD) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) 1.0 n.m P/E, adj. (x) 0.9 n.m. n.m P/OCF (x) EV/FCF (x) P/Book (x) P/NAV (x) Dividend yield (%)

121 3Q13 Result preview Northern Offshore (USDm) 3Q12 1Q13 2Q13 3Q13E Consensus average Platou vs. Consensus Operating revenues % EBITDA % D&A EBIT % Adjustments EBIT Adjusted % Associated companies Net financial items Pre-tax profit % Taxes Adjusted Net profit % Extraordinary items Net profit % EPS % EPS, adjusted % DPS % Source: RS Platou Markets, Bloomberg 121

122 Profit and loss (USDm) E 2014E 2015E Revenue Gain/loss sale of assets Other revenue Total revenue Operating expenses EBITDA EBITDA-margin 95 % 52 % 24 % 32 % 34 % 45 % 45 % Adjusted EBITDA Adjusted EBITDA-margin 96 % 52 % 24 % 30 % 32 % 45 % 45 % Depreciation EBIT adj EBIT-margin adj. 96 % -28 % 3 % 10 % 14 % 33 % 33 % EBIT EBIT-margin 96 % -28 % 3 % 14 % 18 % 33 % 33 % Associated companies Net interest Other financial Items Pre-tax profit Tax Tax rate 0 % 0 % -210 % 18 % 16 % 9 % 9 % Minorities Net income Adjustments after tax Adjusted net income Result from discontinued operations/ Other EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Goodwill Fixed assets Other long term assets Long term assets Other current assets Cash and liquid assets Current assets Total assets Shareholders equity Other equity Equity Minorities Long term interest bearing debt Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Cash flow from investments Free cash flow Dividend paid Equity increase Cash flow from financing Other items Change in net debt

123 Result Preview 15-Oct-13 Norwegian Car Carriers Sector: Marine Analyst: Frode Mørkedal Tel: Recommendation: BUY (unchanged) Target price (NOK): 2.2 (2.0) Analyst: Herman Hildan Tel: Next report date: Disclosure: RS Platou Markets acted as joint lead manager and bookrunner in the private placement of shares conducted in November Company description Pure play tonnage provider of car carriers formed after a merger between Eidsiva Rederi and Dyvi Shipping in Operates a fleet of 14 PCTC/Ro-Ro vessels. Shares listed on Oslo Stock Exchange under ticker NOCC. Share price (NOK) in Norwegian Car Carriers relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Norwegian Car Carriers OSE Transportation OSEBX index Shareholders Shares Votes Klaveness 29.8 % 29.8 % Hesnes Investment 7.1 % 7.1 % Bergshav Shipping 7.1 % 7.1 % Wilhelmsen Lines 6.5 % 6.5 % Free Float 70.2 % 70.2 % Changes in estimates (NOKm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (NOK) % % Company data (2013E) Share price (NOK) 1.75 No. of shares (m) Market cap. (NOKm) 424 Net debt YE (NOKm) Enterprise value (NOKm) Slow recovery under way We find NOCC s continued turnaround process as positive, namely the focus on renewing the fleet, reducing costs and refinancing debt. The car carrier market has been disappointing so far this year but the Company is in our view well positioned for a gradual market recovery which is supported by the relatively low newbuild orderbook (10% of fleet). We therefore reiterate our BUY recommendation Selling RoRo vessels: NOCC said one of the RoRo vessels is likely to be sold soon. The vessel Vibeke is currently idle while the vessel Vinni (both 51% owned) has a contract at opex level running to November We calculate that the two vessels had quarterly EBIT of NOK -1.65m and net profit of NOK -2.3m, hence a sale should be accretive to earnings. The problem has been finding a buyer willing to pay more than scrap value of around USD 3.5m net per ship vs. outstanding debt of USD 5.7m per ship. Long-term charters: Long term charters on the bigger ships now contribute with 76% of EBITDA, which have reduced risks and should make the Company able to refinance existing debt at lower cost. In 4Q13 NOCC redeemed NOK 40m of the NOK 225m 10.5% bond due 2015, which will save NOK 4.2m of annual interest cost. Market: We look for fleet utilization to gain from 86% in 2013 to 88% by 2015 which should lift 6,500 CEU TC rates from $24,000 per day this year to $26,500 by We lift estimates for 2014 on the back of a higher USD/NOK exchange rate as well as lower interest cost after the part redemption of bond. We reiterate BUY with NOK 2.2/share reflecting 7.4x 14e EV/EBITDA. Key figures E 2014E 2015E Revenue (NOKm) EBITDA (NOKm) EBITDA, adj. (NOKm) EBIT, adj. (NOKm) Pre-tax profit, adj. (NOKm) Net income, adj. (NOKm) EPS, adj. (NOK) OCFPS (NOK) FCFPS (NOK) BVPS (NOK) Net asset value (NAV) (NOK) Dividend (NOK) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) 37.3 n.m. n.m P/E, adj. (x) n.m. n.m. n.m. n.m P/OCF (x) n.m EV/FCF (x) 7.7 n.m. n.m. n.m. n.m P/Book (x) P/NAV (x) n.m n.m. n.m. Dividend yield (%) Description of adjustments: Sale of assets, agio/disagio and gain/losses on financial instruments. Full year 2009 and 2010 figures are proforma as if merger was concluded Key Assumptions E 2014E 2015E 6,500 CEU rates (USD/day) USD/NOK

124 3Q13 Result preview Norwegian Car Carriers (NOKm) 3Q12 1Q13 2Q13 3Q13E Consensus average Platou vs. Cons. TCE Income Operating expenses (52) (55) (61) (59) (55) (4) EBITDA excl. one-offs Gain/loss sale of assets Depreciation & amortization (34) (34) (35) (33) (35) 2 EBIT Associated companies (0) (0) 0 - Net interest (21) (22) (24) (23) (23) 0 Other financial income Pretax profit (3) Taxes Minorities (2) (1) (2) (2) Net profit (5) 2 (0) Net profit, adjusted (7) (2) (4) EPS (0.03) 0.01 (0.00) EPS, adjusted (0.03) (0.01) (0.02) Source: Company, Bloomberg, RS Platou Markets 124

125 Profit and loss (NOKm) E 2014E 2015E Total revenue Voyage expenses & commissions Time-charter equivalent Operating expenses EBITDA, adj Gain/loss sale of assets EBITDA Depreciation Amortization/Write down EBIT EBIT, adj Associated companies Net interest Gains/losses on securities or financial instruments Other financial Items Pre-tax profit Tax Minorities Result from discontinued operations/ Other Net income Adjustments after tax Adjusted net income EPS (NOK) EPS, adj. (NOK) Balance sheet (NOKm) E 2014E 2015E Long-term interest bearing assets Fixed assets Other long-term assets Long-term assets Other current assets Cash and liquid assets Current assets Total assets Equity Minorities Long term interest bearing debt Finance obligation Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (NOKm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Sale of assets Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt

126 Result Preview 15-Oct-13 Ocean Rig Sector: Energy Equipment & Services Analyst: Anders Bergland Tel: Recommendation: BUY (unchanged) Target price (USD): 28 (unchanged) Analyst: David Bhatti Tel: Next report date: Disclosure: Company description Ocean Rig is an international offshore drilling contractor with a fleet of 2 harsh environment semis and 8 ultra-deepwater drillships. Share price (USD) in Ocean Rig relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Ocean Rig OSEBX index OSX index Shareholders Shares Votes Dryships 59,4 % Mackenzie Financial Corp 6,5 % FMR 4,8 % Economou 4,0 % Free Float 40,6 % 40,6 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) 0,6 0,6 0 % 2,7 2,7-2 % Company data (2013E) Share price (USD) 18,52 No. of shares (m) 131,7 Market cap. (USDm) Net debt YE (USDm) Enterprise value (USDm) Dividend in focus We view Ocean Rig (ORIG) as one of the most attractive pure plays in the UDW market with its 11 UDW/HE units, strong backlog and low implied value. With a successful refinancing in place, possible dividend distribution starting early 14 and reduced risk for further sell down of shares from Dryships (DRYS) - we expect ORIG to close the valuation gap to its peers. We expect ORIG to report 3Q EBITDA and OEPS of USD 134m and USD 0.22 in line with current consensus. During the quarter ORIG ordered its 9 th ultra deepwater drillship with delivery in late Total cost is estimated to be USD 600m. In addition ORIG has received an option for an additional unit that must be declared by November ORIG trades at a 28%/21% discount to its comparable peers (VTG, PACD, ATW) on 2014 EBITDA multiples and implied UDW values. We believe the discount is reflective of the risk of further sell down of shares from DRYS due its capex funding gap but remain confident that a resolution will be in place by the end of Combined with the outlook for a commencement of dividend distribution in 2014, we see an opening for a revaluation of the stock and a closure of the valuation gap. We reiterate our Buy rating and increase our TP to USD USD 28, reflective of ~6x and EV/EBITDA and P/E, and implied UDW value of ~USD 750m. Key figures E 2014E 2015E Operating revenues (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) 2,01 0,73-0,95 0,63 2,67 3,57 OCFPS (USD) 0,5 0,9 0,5 2,6 5,3 6,0 FCFPS (USD) -4,8-10,3-1,5-5,8 4,6-1,7 BVPS (USD) 21,9 22,8 22,8 22,4 25,0 28,6 Net asset value (NAV) (USD) 17,0 23,4 26,7 Dividend (USD) 0,00 0,00 0,00 0,00 0,00 0,00 EV/EBITDA, adj. (x) 46,5 10,3 14,1 12,1 5,7 5,0 EV/EBIT, adj. (x) 64,4 18,0 54,2 23,2 8,5 7,1 P/E, adj. (x) 8,6 16,7 n.m. 29,3 6,9 5,2 P/OCF (x) 36,5 14,2 27,3 7,2 3,5 3,1 EV/FCF (x) n.m. n.m. n.m. n.m. 8,4 n.m. P/Book (x) 0,8 0,5 0,7 0,8 0,7 0,6 P/NAV (x) 0,7 0,6 0,7 Dividend yield (%) 0,0 0,0 0,0 0,0 0,0 0,0 126

127 3Q13 Result preview Ocean Rig (USDm) 3Q12 1Q13 2Q13 3Q13E Consensus average Platou vs. Consensus Operating revenues % EBITDA % D&A EBIT % Adjustments EBIT Adjusted % Associated companies Net financial items Pre-tax profit % Taxes Adjusted Net profit % Extraordinary items Net profit % EPS % EPS, adjusted % Sources: Company, Bloomberg and RS Platou Markets 127

128 Profit and loss (USDm) E 2014E 2015E Revenue Gain/loss sale of assets Other revenue Total revenue Operating expenses EBITDA EBITDA-margin 62 % 54 % 32 % 43 % 50 % 52 % Adjusted EBITDA Adjusted EBITDA-margin 63 % 54 % 32 % 43 % 50 % 52 % Depreciation EBIT adj EBIT-margin adj. 46 % 31 % 8 % 23 % 34 % 37 % EBIT EBIT-margin 45 % 31 % 8 % 23 % 34 % 37 % Associated companies Net interest Other financial Items Pre-tax profit Tax Tax rate 10 % 22 % -54 % 39 % 20 % 18 % Minorities Net income Adjustments after tax Adjusted net income Result from discontinued operations/ Other EPS (USD) 2,01 0,73-1,00 0,63 2,67 3,57 EPS, adj. (USD) 2,01 0,73-0,95 0,63 2,67 3,57 Balance sheet (USDm) E 2014E 2015E Goodwill Fixed assets Other long term assets Long term assets Other current assets Cash and liquid assets Current assets Total assets Shareholders equity Other equity Equity Minorities Long term interest bearing debt Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Cash flow from investments Free cash flow Dividend paid Equity increase Cash flow from financing Other items Change in net debt

129 Result Preview 15-Oct-13 Odfjell Sector: Marine Analyst: Frode Mørkedal Tel: Recommendation: BUY (unchanged) Target price (USD): 9.0 (7.0) Analyst: Herman Hildan Tel: Next report date: Disclosure: Company description Odfjell is a leading company in the global market for transportation and storage of chemicals and other speciality bulk liquids. Established in 1916 and based in Bergen. Listed at OSE under the ticker ODF and ODFB. Share price (NOK) in Odfjell relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Odfjell OSEBX index OSE Transportation Shareholders Shares Votes Norchem ApS 39.5 % 39.5 % Odfjell SE 8.2 % 8.2 % Rederiet Odjfell AS 5.3 % 0.2 % JP Morgan Clearing 4.0 % 4.0 % Free Float 60.5 % 60.5 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) % % Company data (2013E) Share price (NOK) No. of shares (m) 86.0 Market cap. (USDm) 579 Net debt YE (USDm) Enterprise value (USDm) Chem tankers better than expected We reiterate BUY on Odfjell and lift target to USD 9 per share, reflecting 6.8x 15e EV/EBITDA. Odfjell has higher spot exposure than Stolt-Nielsen and should therefore quicker see earnings recover. Odfjell recently ordered 4 large ethylene (chemical gas) carriers for delivery end 2015/early We find this segment to be complementary to the liquid chemical tanker space and expect the investment to be accretive to earnings. Chemical tankers: Odfjell has higher spot exposure than Stolt-Nielsen, something we find attractive given the favourable market outlook. For every 5% increase in rates, Odfjell s annual earnings improve USD 27m or USD 0.34/share (vs. our base case EPS of USD 0.31 in 2014). Terminals: The Rotterdam terminal is behind schedule and contributed with USD 8m EBITDA loss in 2Q13 of which USD 3m was one-off claims. The Company said target was break-even by year-end 2013 but we conservatively lowered our estimates after 2Q from this division and now look for total Terminal EBITDA to improve USD 1m per quarter during 2H13. Ethylene: ODF has two 9,000 cbm ethylene carriers on the water today and recently ordered 4 firm plus 4 option 17,000 cbm ethylene carriers in China for Oct 2015 to May 2016 delivery for total price USD 180m. Current rates for these ships are in the high $20,000 per day where opex is $7,500 per day. With EBITDA of USD 6.8m per year, an investment would return 15% on the total capital. Given the average fleet age of 10 years, we find 6.8x EV/EBITDA to be fair, which supports $9/share on our 2015 numbers. We reiterate BUY recommendation. Key figures E 2014E 2015E Revenue (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Net asset value (NAV) (USD) Dividend (USD) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) n.m. n.m. n.m P/E, adj. (x) n.m. n.m. n.m. n.m. n.m P/OCF (x) EV/FCF (x) n.m n.m n.m P/Book (x) P/NAV (x) n.m. n.m. n.m. Dividend yield (%) Description of adjustments: Sale of assets, agio/disagio and gain/losses on financial instruments Key Assumptions E 2014E 2015E ODFIX

130 3Q13 Result preview Odfjell (USDm) 3Q12 1Q13 2Q13 3Q13E Consensus avg. Platou vs. cons. TCE Income Operating expenses (151) (143) (142) (147) EBITDA excl. one-offs (2) Gain/loss sale of assets - (1) 7 22 Depreciation & amortization (33) (31) (31) (31) EBIT (25) (5) Associated companies Net interest (13) (12) (11) (11) Other financial income (3) Pretax profit (40) (11) (2) Taxes 2 (2) (0) (1) Minorities Net profit (39) (13) (2) 13 (2) 14 Net profit, adjusted (36) (18) (10) (9) (2) (7) EPS (0.45) (0.15) (0.03) EPS, adjusted (0.42) (0.21) (0.12) (0.10) (0.07) (0.04) EBITDA Tankers Terminals (7) LPG (1) (0) (1) (1) Total EBITDA Source: Company, Bloomberg, RS Platou Markets 130

131 Profit and loss (USDm) E 2014E 2015E Total revenue Voyage expenses & commissions Time-charter equivalent Operating expenses EBITDA, adj Gain/loss sale of assets EBITDA Depreciation Amortization/Write down EBIT EBIT, adj Associated companies Net interest Gains/losses on securities or financial instruments Other financial Items 0 0 Pre-tax profit Tax Minorities Result from discontinued operations/ Other Net income Adjustments after tax Adjusted net income EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Fixed assets Other long-term assets Long-term assets Other current assets Cash and liquid assets Current assets Total assets Equity Minorities Long term interest bearing debt Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Growth capex Acquisition capex Sale of assets Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt

132 Result Preview 15-Oct-13 Orkla Sector: Industrial Conglomerates Recommendation: NEUTRAL (unchanged) Target price (NOK): 48 (unchanged) Analyst: Terje Mauer Tel: Next report date: Disclosure: Company description Orkla is the leading manufacturer and provider of a wide range of branded consumer goods in the Nordic region. The company also has operations in Russia and Eastern Europe. Operations outside this industry are in the process to be sold. Share price (NOK) in Orkla relative to key indices Oct. 12 Dec. 12 Feb. 13 Apr. 13 Jun. 13 Aug. 13 Oct. 13 Orkla OSEBX index OSE Capital Goods Shareholders Shares Votes Canica 24.3 % 24.3 % Folketrygdfondet 9.0 % 9.0 % State Street Bank and Trust 8.5 % 8.5 % JPMorgan Chase Bank 4.3 % 4.3 % Free Float 75.7 % 75.7 % Changes in estimates (NOKm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue 32,402 32,400 0% 34,130 34,130 0% EBITDA, adj. 4,305 4,305 0% 4,932 4,932 0% EBIT, adj. 3,159 3,159 0% 3,663 3,663 0% Net income, adj. 2,560 2,560 0% 2,810 2,810 0% EPS, adj. (NOK) % % Company data (2013E) Share price (NOK) No. of shares (m) 1,011.1 Market cap. (NOKm) 44,672 Net debt YE (NOKm) 8,107 Enterprise value (NOKm) 52,779 Soft performance in Brands In 3Q13 Orkla is forecast to report EBITA of NOK 835m, which is down 4% YoY. We expect the soft top line trend from 2Q13 to continue into 3Q13. The positive synergies from the acquisition of Rieber & Søn are so far expected to have been modest. However, we see limited downside in the share at current price levels, supported by close to 6% dividend yield. The divisional headlines in the quarter are expected to be: Brands: The Brands area is estimated to grow EBITA by 7% YoY to NOK 820m, largely due to contributions from the recent acquisitions. On the negative side, the areas Confectionary and Snacks and Brands International are combined expected to show NOK 42m lower EBITA. Heat Transfer: We see EBITA modestly down by NOK 6m YoY on fairly stable volumes. The sale process of the operation is put hold and will probably restart in Hydro Power: EBITA is forecast decrease by NOK 15m YoY to NOK 25m due to low production at weak prices. Orkla Financial Investments: We expect EBITA of NOK 5m in 3Q13 to show a solid NOK 40m decline YoY. The result in the same quarter last year was helped by large sales gains in Orkla Real Estate. Currently, execution of the recent acquisitions is the key focus for Orkla. Until we see more firm momentum in the top line growth and cost savings we reiterate our Neutral rating and target price of NOK 48 per share. Key figures E 2014E 2015E Total revenue (NOKm) 56,228 57,338 60,911 29,896 32,402 34,130 35,180 EBITDA, adj. (NOKm) 4,925 4,544 5,286 2,681 4,305 4,932 5,232 EBITA (NOKm) 2,448 3,944 3,943 3,190 3,175 3,675 3,915 EBIT, adj. (NOKm) 2,235 2,680 3,370 1,732 3,159 3,663 3,903 Pre-tax profit, adj. (NOKm) -2,315-3,210-2,073 1,954 3,348 3,660 3,946 Net income, adj. (NOKm) -1,228-2,491-2,514 2,763 2,560 2,810 3,028 EPS, adj. (NOK) OCFPS (NOK) FCFPS (NOK) BVPS (NOK) Dividend (NOK) EV/Sales (x) EV/EBITDA, adj. (x) EV/EBITA, adj. (x) EV/EBIT, adj. (x) P/E, adj. (x) n.m. n.m. n.m P/OCF (x) EV/FCF (x) P/Book (x) Dividend yield (%) Adjustments are made for special operating items, impairment of goodwill, write-downs and agio/disagio. Key Assumptions E 2014E 2015E USD/NOK-rate EUR/NOK-rate

133 3Q13 Result review Orkla (NOKm) 3Q12 1Q13 2Q13 3Q13E Consensus average Platou vs. Consensus Operating revenues 7,193 7,219 7,905 8,203 8, % EBITDA 1, ,135 1,137-2 Depreciations EBITA Amortisations Special operating items EBIT % Associated companies Dividends & portfolio gains Net financial items Pre-tax profit 1, Taxes/ minorities Net profit EPS (NOK) % Operating revenues 7,193 7,219 7,905 8,203 8, Orkla Brands 5,929 5,939 6,524 7,000 Heat Transfer 948 1,010 1, Hydro Power Orkla Financial Investmen Investments 1, ,223 HQ/ Other Business EBITA Orkla Foods Orkla Confectionary and S Orkla Home and Personal Orkla Brands Internationa Orkla Food Ingredients Orkla Brands Heat Transfer Hydro Power Orkla Financial Investmen Investments HQ / Other business EBITA-margin 12.1% 8.3% 8.0% 10.2% Orkla Brands 13.2% 9.7% 9.0% 11.7% Heat Transfer 7.0% 8.4% 7.9% 6.5% Hydro Power 25.4% -2.4% 37.7% 12.6% Investments 11.8% 1.8% 22.0% 7.4% Sources: company, SME Direkt and RS Platou Markets Sum-of-the-Parts valuation 133

134 Profit and loss (NOKm) E 2014E 2015E Revenue 56,228 56,126 60,393 28,454 32,402 34,130 35,180 Other revenue 1, ,442 Total revenue 56,228 57,338 60,911 29,896 32,402 34,130 35,180 Cost of goods sold -26,357-29,161-32,604-15,063-16,326-17,196-17,725 - Gross margin 53 % 49 % 46 % 50 % 50 % 50 % 50 % Operating expenses -24,946-22,421-22,503-10,710-11,771-12,002-12,223 EBITDA 4,925 5,756 5,804 4,123 4,305 4,932 5,232 - EBITDA-margin 9 % 10 % 10 % 14 % 13 % 14 % 15 % Depreciation -2,477-1,812-1, ,130-1,257-1,317 EBITA 2,448 3,944 3,943 3,190 3,175 3,675 3,915 - EBITA-margin 4 % 7 % 6 % 11 % 10 % 11 % 11 % Amortization/Write down Adjustments 2, , EBIT 5,106 4,222 2,847 2,741 3,123 3,663 3,903 - EBIT-margin 9 % 7 % 5 % 9 % 10 % 11 % 11 % Associated companies -3,919-6,169-5, Net interest Other financial Items 183 2,210 2,015 1, Pre-tax profit ,021 3,768 3,915 3,660 3,946 - Pre-tax margin 1 % 0 % -2 % 13 % 12 % 11 % 11 % Tax , Tax rate -102 % 4,220 % -100 % 19 % 22 % 22 % 22 % Minorities Net income 1, ,087 3,061 3,014 2,810 3,028 - Result margin 2 % -2 % -3 % 10 % 9 % 8 % 9 % Adjusted net income -1,228-2,491-2,514 2,763 2,560 2,810 3,028 EPS (NOK) EPS, adj. (NOK) Balance sheet (NOKm) E 2014E 2015E Goodwill 14,731 12,337 12,460 10,069 14,571 14,559 14,547 Fixed assets 24,694 17,730 18,058 9,929 11,513 11,593 11,613 Other fixed assets 15,922 11,608 6,023 3,630 12,195 12,605 13,050 Long term assets 55,347 41,675 36,541 23,628 38,279 38,757 39,210 Other current assets 35,186 42,918 24,338 26,793 12,549 12,110 12,451 Cash and liquid assets 4,153 2,948 5,517 7,265 4,966 4,490 4,337 Current assets 39,339 45,866 29,855 34,058 17,515 16,600 16,788 Total assets 94,686 87,541 66,396 57,686 55,794 55,357 55,999 Shareholders equity 1,995 1,999 1,997 1,985 1,985 1,985 1,985 Other equity 46,560 44,567 32,109 28,839 29,334 29,616 30,116 Equity 48,555 46,566 34,106 30,824 31,319 31,601 32,101 Minorities Long term interest bearing debt 29,042 21,820 15,488 9,531 11,499 10,499 10,499 Pension liabilities 1,100 1,561 1,406 1,500 1,500 1,500 1,500 Other long-term debt 3,239 2,520 1,759 1,607 1,490 1,380 1,261 Long term liabilities 33,381 25,901 18,653 12,638 14,489 13,379 13,260 Short term interest bearing debt 1,746 1,380 1,472 3,460 2,340 2,340 2,340 Other short term liabilities 10,634 13,329 11,885 10,506 7,388 7,734 7,944 Current liabilities 12,380 14,709 13,357 13,966 9,728 10,074 10,284 Total liabilities and equity 94,686 87,541 66,396 57,686 55,794 55,357 55,999 Working capital 13,465 17,915 6,951 12,686 4,161 4,376 4,507 Net debt 25,835 19,652 10,645 4,960 8,107 7,583 7,736 Cash flow (NOKm) E 2014E 2015E Pre-tax profit ,021 3,768 3,915 3,660 3,946 - Associated companies 3,919 6,169 5, Depreciation and amortization 2,690 1,864 1, ,146 1,269 1,329 - Payable tax /- Other operating items 1,545-2, , Cash flow from operations 7,974 5,017 4,474 9,396 3,692 3,592 3,831 Change in working capital -3,406-1,221-1,636-5,735 8, Operating cash flow 4,568 3,796 2,838 3,661 12,217 3,377 3,700 Maintenance capex 3,733 4,668 13,743 4,026-1,325-1,325-1,325 Cash flow from investments 3,733 4,668 13,743 4,026-1,325-1,325-1,325 Free cash flow 8,301 8,464 16,581 7,687 10,892 2,052 2,375 Dividend paid -2,354-2,360-7,436-2,778-2,527-2,528-2,528 Share buy back -190 Equity increase Cash flow from financing -2,260-2,222-7,545-3,194-2,519-2,528-2,528 Other items -4, ,192-11,520 1,000 0 Change in net debt -1,589-6,183-9,007-5,685 3,

135 Result Preview 15-Oct-13 Pacific Drilling Sector: Energy Equipment & Services Analyst: Anders Bergland Tel: Recommendation: BUY (unchanged) Target price (USD): 15,0 (unchanged) Analyst: David Bhatti Tel: Next report date: Disclosure: RS Platou Markets AS acted as co-manager in connection with the USD 750 million placement of senior secured notes conducted in May Company description Pacific Drilling is an international contractor with a fleet of eight modern 6th generation drillships, of which two are scheduled for 2013 delivery Share price (USD) in Pacific Drilling relative to key indices 12,5 12,0 11,5 11,0 10,5 10,0 9,5 9,0 okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Pacific Drilling OSEBX index S&P 500 Index Shareholders Shares Votes Quantum Pacific International 69,2 % 69,2 % Skagen 3,0 % Eton Park 1,8 % Free Float 30,8 % 30,8 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) 0,0 0,4-92 % 0,6 0,8-18 % Company data (2013E) Share price (USD) 11,53 No. of shares (m) 216,9 Market cap. (USDm) Net debt YE (USDm) Enterprise value (USDm) Contract and more newbuilds? Pacific Drilling (PACD) represents an attractive play on the UDW market, offering a pure play fleet of 8 modern drillships backed by an EBITDA backlog of USD 1.8bn. Given the successful refinancing earlier this year, strong operational performance and outlook for dividend distribution in 2015 we expect investors to shift focus to 2015 valuation. PACD will report its 3Q13 result November 7 and we expect PACD to report EBITDA and EPS of USD 87m and USD PACD has two uncommitted newbuilds available with attractive 2014/15 delivery. As operators make their drilling plans beyond 2013, we expect at least the Meltem rig to find long-term employment near term. Following a potential contract on Meltem we expect PACD to take advantage of the attractive newbuild price and order additional newbuilds. We regard further fleet expansion as a positive trigger as this brings the company closer to the critical mass of units. Changes in our estimates are reflective of the latest fleet status report and the expected delayed start-up of Pacific Sharav that is now scheduled contract commencement early Q314. We reiterate our Buy rating and USD 15 TP, reflecting 8x 2015 EBITDA or an implied value of USD 850m per UDW rig Key figures E 2014E 2015E Operating revenues (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) -0,04-0,19-0,02 0,16 0,03 0,63 1,38 OCFPS (USD) 0,0-0,1-0,4 0,9 0,8 1,5 2,6 FCFPS (USD) 0,0-0,1-9,9-0,3-2,5-2,9 0,8 BVPS (USD) 0,0 11,5 10,5 10,7 11,0 11,6 13,0 Net asset value (NAV) (USD) 8,3 9,5 9,5 Dividend (USD) 0,00 0,00 0,00 0,00 0,00 0,00 0,00 EV/EBITDA, adj. (x) n.m. 12,4 13,5 9,5 6,5 EV/EBIT, adj. (x) n.m. 22,4 23,6 15,7 9,7 P/E, adj. (x) n.m. 60,2 n.m. 18,4 8,3 P/OCF (x) n.m. 11,1 14,2 7,8 4,5 EV/FCF (x) n.m. n.m. n.m. n.m. 30,8 P/Book (x) 0,9 0,9 1,1 1,0 0,9 P/NAV (x) 1,1 1,0 1,2 Dividend yield (%) 0,0 0,0 0,0 0,0 0,0 135

136 3Q13 Result preview Pacific Drilling (USDm) 3Q12 1Q13 2Q13 3Q13 Consensus average Platou vs. Consensus Operating revenues % EBITDA % D&A EBIT % Adjustments EBIT Adjusted % Associated companies Net financial items Pre-tax profit % Taxes Adjusted Net profit % Extraordinary items Net profit % EPS % EPS, adjusted % Sources: Company, Bloomberg and RS Platou Markets 136

137 Profit and loss (USDm) E 2014E 2015E Revenue Gain/loss sale of assets Other revenue Total revenue Operating expenses EBITDA EBITDA-margin -329 % n.m. -1 % 43 % 47 % 52 % 55 % Adjusted EBITDA Adjusted EBITDA-margin n.m. n.m. -1 % 50 % 52 % 57 % 57 % Depreciation EBIT adj EBIT-margin adj % n.m. -15 % 24 % 27 % 32 % 37 % EBIT EBIT-margin -329 % n.m. -15 % 24 % 27 % 32 % 37 % Associated companies Net interest Other financial Items Pre-tax profit Tax Tax rate 0 % 0 % % 39 % 82 % 23 % 16 % Minorities Net income Adjustments after tax Adjusted net income Result from discontinued operations/ Other EPS (USD) -0,04-0,19-0,02 0,16 0,03 0,63 1,38 EPS, adj. (USD) -0,04-0,19-0,02 0,16 0,03 0,63 1,38 Balance sheet (USDm) E 2014E 2015E Goodwill Fixed assets Other long term assets Long term assets Other current assets Cash and liquid assets Current assets Total assets Shareholders equity Other equity Equity Minorities Long term interest bearing debt Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Cash flow from investments Free cash flow Dividend paid Equity increase Cash flow from financing Other items Change in net debt

138 Result Preview 15-Oct-13 PGS Sector: Energy Equipment & Services Analyst: Jørgen Lande Tel: Recommendation: BUY (unchanged) Target price (USD): 15,2 (19,5) Analyst: Thomas Ørner Tel: Next report date: Disclosure: Company description Petroleum Geo-Services (PGS) sell seismic and electromagnetic services, data acquisition, processing, reservoir analysis/interpretation and multi-client library data. Share price (NOK) in PGS relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 PGS OSEBX index OSX index Shareholders Shares Votes Folketrygdfondet 10,4 % 10,4 % State Street Bank and Trust Co. 6,5 % 6,5 % JPMorgan Chase Bank 3,3 % 3,3 % Euroclear Bank 3,3 % 3,3 % Free Float 100,0 % 100,0 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) 1,1 1,5-25 % 1,6 2,8-40 % Company data (2013E) Share price (NOK) 70,65 No. of shares (m) 217,8 Market cap. (USDm) Net debt YE (USDm) 788 Enterprise value (USDm) Full focus on market outlook PGS is up for an abnormal Q3 with a significantly higher multi-client fleet allocation. We model revenues of USD 398m and EBIT of USD 95m, 19% below consensus. We believe focus in the report will be on 2014 price data points, backlog visibility and tender activity. We expect a slight sequential increase in dayrates in Q3 and model a marine contract EBIT margin of 32%. To reflect a weaker winter season (Q4 and Q1) we lower implied dayrates by 7%. We slightly lift 2013E multi-client investments by 6% to USD 338m and see Q3 investments of USD 116m coupled with a prefunding rate of 120% implying a run-rate prefunding rate slightly above 2013E guidance of 110%. Without any significant late sales triggers in Q3, we fail to see late sales north of USD 58m. To reflect the higher investments level in Q3 coupled with softer late sales we believe the Q3 amortisation rate will be 50% (in line with 2013E guidance) Our estimate changes reflect expectations of a more flattish growth in 2014 day rates and also lower multiclient investments (-25% vs average of 2012 and 2013). PGS s share price has taken a beating recently but based on our 2014E estimates we find valuation attractive. We reiterate Buy while lowering our TP to USD 15.2 justified at a 2014E EV/EBIT multiple of 7,5x, a slight premium to 1 year forward multiples Key figures E 2014E 2015E Operating revenues (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) 1,50 0,19 0,17 0,85 1,12 1,65 1,30 OCFPS (USD) 2,9 1,7 2,2 3,5 3,2 3,6 3,1 FCFPS (USD) 1,0 1,0-0,4 0,4-0,9 0,2 0,1 BVPS (USD) 7,3 7,9 8,1 8,8 9,5 11,0 12,1 Net asset value (NAV) (USD) Dividend (USD) 0,00 0,00 0,00 0,19 0,28 0,20 0,20 EV/EBITDA, adj. (x) 4,5 7,9 5,3 5,5 3,9 3,5 4,1 EV/EBIT, adj. (x) 8,0 26,9 20,3 14,5 8,6 6,1 7,5 P/E, adj. (x) 7,7 78,4 65,3 20,1 10,5 7,1 9,0 P/OCF (x) 3,9 9,0 4,9 4,9 3,6 3,3 3,8 EV/FCF (x) 16,4 17,2 n.m. 44,4 n.m. n.m. n.m. P/Book (x) 1,6 1,9 1,3 1,9 1,2 1,1 1,0 P/NAV (x) Dividend yield (%) 0,0 0,0 0,0 1,1 2,3 1,7 1,7 Adjustments are made for writedown of assets Key Assumptions E 2014E 2015E Pre funding rate (%) Multi-client investments (USD)

139 3Q13 Result preview Petroleum Geo-Services (USDm) 3Q12 4Q12 1Q13 2Q13 3Q13E Consensus 3Q13E Platou versus consensus Operating revenues % Operating cost EBITDA % D&A EBIT EBIT Adjusted % Net financial items Pre-tax profit % Taxes Net profit Net profit Adjusted % EPS Adjusted 0,40 0,18 0,29 0,33 0,27 0,37-23 % Segmental revenue Multi-client prefunding Multi-client late sales Contract sales Assumptions Marine contract EBIT margin 28 % 12 % 30 % 29 % 32 % Multi-client cash investments Multi-client prefunding rate 141 % 114 % 126 % 96 % 120 % Multi-client amortization rate 42 % 43 % 45 % 39 % 50 % Sources: Bloomberg, RS Platou Markets 139

140 Profit and loss (USDm) E 2014E 2015E Revenue Other revenue Total revenue Cost of goods sold Operating expenses EBITDA EBITDA-margin 50 % 41 % 43 % 51 % 54 % 53 % 49 % Adjusted EBITDA Adjusted EBITDA-margin 50 % 41 % 43 % 51 % 54 % 53 % 49 % Amortization multi-client seismic Depreciation EBIT adj EBIT-margin adj. 28 % 12 % 11 % 19 % 25 % 30 % 27 % EBIT EBIT-margin 17 % 5 % 11 % 19 % 25 % 30 % 27 % Associated companies Net interest Other financial Items Pre-tax profit Tax Tax rate 23 % -631 % 47 % 19 % 27 % 25 % 25 % Minorities Net income Adjustments after tax Adjusted net income Result from discontinued operations/ Other EPS (USD) 0,87-0,04 0,16 0,85 1,12 1,65 1,30 EPS, adj. (USD) 1,50 0,19 0,17 0,85 1,12 1,65 1,30 Balance sheet (USDm) E 2014E 2015E Goodwill Fixed assets Other long term assets Long term assets Other current assets Cash and liquid assets Current assets Total assets Shareholders equity Other equity Equity Minorities Long term interest bearing debt Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Sale of assets Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt

141 Result Preview 15-Oct-13 Polarcus Sector: Energy Equipment & Services Analyst: Jørgen Lande Tel: Recommendation: BUY (unchanged) Target price (USD): 1,1 (1,4) Analyst: Thomas Ørner Tel: Next report date: Disclosure: Company description Polarcus is a pure play marine geophysical company with focus on high end 3D/4D towed marine seismic. Share price (NOK) in Polarcus relative to key indices 8,0 7,5 7,0 6,5 6,0 5,5 5,0 4,5 4,0 3,5 okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Polarcus OSEBX index OSX index Shareholders Shares Votes Zickerman Holding LT* 8,0 % 8,0 % Varma Mutual Pension 4,7 % 4,7 % Zickerman Group LTD* 4,6 % 4,6 % Local Tapiola Mutual 4,3 % 4,3 % Free Float 100,0 % 100,0 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) 0,1 0,1-43 % 0,2 0,2-9 % Company data (2013E) Share price (NOK) 3,66 No. of shares (m) 507,2 Market cap. (USDm) 310 Net debt YE (USDm) 568 Enterprise value (USDm) 878 All eyes on contract visibility Polarcus is due to report Q3 on October 31 st and we expect revenues of USD 136m and EBIT of USD 57m and we are in line with consensus. The market fears for softer contract coverage and weaker day rates development for 2014 so full focus on market outlook Q3 fleet utilisation at 83% came in slightly weaker than expected and with less capacity allocated to multi-client. Consistent with our industry view we model flat sequential dayrates and with somewhat higher expensed costs (Q2 steaming) that imply a contract EBIT margin of 27%. We have lowered our prefunding rate estimates for Q3 to 50% from 60% and with limited progress connected to the UK 27 th Round we have also lowered late sales to USD 1,5m for Q3. We model an amortisation rate of 53% proving a slight negative result for the multi-client division. Polarcus has secured 65% of its Q4 capacity and roughly 30% of Q1 and on average we model a 5% price drop through Q1. For the remainder of 2013 and 2014 we expect an average prefunding rate of 55% which is unaggressive. The bulk of our 2013 estimate revisions stem from lower late sales, lower prefunding and weaker pricing for 2014E. With the Western Geco lawsuit settled, a new covenants structure in place we believe the recent share price drop has been too extreme for Polarcus. We reiterate Buy while lowering our TP to USD 1,1 justified by 2014E EV/EBIT of 5,6x, a +20% discount to larger peers Key figures E 2014E 2015E Operating revenues (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) -0,08-0,08-0,07 0,04 0,08 0,22 0,18 OCFPS (USD) -0,1 0,0 0,1 0,4 0,3 0,4 0,4 FCFPS (USD) -1,0-0,8-0,4-0,3 0,3 0,2 0,2 BVPS (USD) 1,1 1,0 0,9 0,9 1,0 1,2 1,4 Net asset value (NAV) (USD) Dividend (USD) 0,00 0,00 0,00 0,00 0,00 0,00 0,00 EV/EBITDA, adj. (x) n.m. 26,0 10,2 6,9 4,1 2,7 2,5 EV/EBIT, adj. (x) n.m. n.m. 49,9 12,9 7,4 4,2 4,4 P/E, adj. (x) n.m. n.m. n.m. 26,8 7,6 2,8 3,3 P/OCF (x) n.m. 29,2 4,2 2,8 2,0 1,4 1,4 EV/FCF (x) n.m. n.m. n.m. n.m. 5,1 7,9 8,8 P/Book (x) 0,6 1,1 0,5 1,3 0,6 0,5 0,4 P/NAV (x) Dividend yield (%) 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Adjustments are made for writedown of assets Key Assumptions E 2014E 2015E Marine contract EBIT margin % Multi client investments

142 Q313 Result preview Polarcus (USDm) 3Q12 4Q12 1Q12 2Q13 Platou 3Q13E Consensus average Operating revenues Operating expense EBITDA D&A EBIT Adjusted Impairment EBIT Net financial items Pre-tax profit Taxes Net profit Net profit Adjusted EPS 0,04 0,01 0,02 0,01 0,03 0,03 Segmental revenue C ontract sales Multi-client prefunding Multi-client late sales Assumptions Multi-client cash investments Multi-client prefunding rate 46 % 20 % 67 % 58 % 50 % Multi-client amortization rate 61 % 49 % 46 % 52 % 53 % Utilization 92 % 79 % 85 % 85 % 83 % Sources: Bloomberg, RS Platou Markets 142

143 Profit and loss (USDm) E 2014E 2015E Revenue Other revenue Total revenue Cost of goods sold Operating expenses EBITDA EBITDA-margin n.m. 25 % 26 % 37 % 39 % 48 % 48 % Adjusted EBITDA Adjusted EBITDA-margin n.m. 25 % 26 % 37 % 39 % 48 % 48 % Amortization multi-client seismic Depreciation EBIT adj EBIT-margin adj. n.m. 3 % 5 % 20 % 22 % 31 % 27 % Write-down on assets -5 EBIT EBIT-margin n.m. 2 % 5 % 18 % 22 % 31 % 27 % Associated companies Net interest Other financial Items Pre-tax profit Tax Tax rate 0 % 0 % 0 % 10 % 10 % 17 % 18 % Minorities Net income Adjustments after tax Adjusted net income EPS (USD) -0,08-0,08-0,07 0,03 0,08 0,22 0,18 EPS, adj. (USD) -0,08-0,08-0,07 0,04 0,08 0,22 0,18 Balance sheet (USDm) E 2014E 2015E Goodwill Fixed assets Other long term assets Long term assets Other current assets Cash and liquid assets Current assets Total assets Shareholders equity Other equity Equity Minorities Long term interest bearing debt Other long-term liabilities 203 Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Sale of assets Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt

144 Result Preview 15-Oct-13 Rowan Companies Sector: Energy Equipment & Services Analyst: Anders Bergland Tel: Recommendation: BUY (unchanged) Target price (USD): 50 (unchanged) Analyst: David Bhatti Tel: Next report date: Disclosure: Company description Rowan Companies, Inc. is a major contract drillier operating a fleet of 31 jack ups and 4 ultra-deepwater drillships under construction. Share price (USD) in Rowan Companies relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Rowan Companies S&P 500 Index OSX index Shareholders Shares Votes First Pacific Advisors 5,7 % 5,7 % Vanguard Group 5,6 % 5,6 % State Street Corp 5,1 % 5,1 % Free Float 100,0 % 100,0 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) 2,2 2,3-2 % 3,6 3,4 6 % Company data (2013E) Share price (USD) 36,92 No. of shares (m) 124,2 Market cap. (USDm) Net debt YE (USDm) Enterprise value (USDm) down 1 to go! Rowan Companies (RDC) represents one of the most compelling growth stories in the industry and we think operational improvements and a stronger UDW backlog represent the near term triggers to lift valuation. We expect RDC to report 3Q13 EBITDA and EPS of 142m and USD 0.43, in line with current consensus estimates of USD 146m and USD RDC has beaten consensus expectations in three consecutive quarters, adding comfort to the ability to execute on its backlog and deliver the expected EPS growth. As we approach 2014, RDC will have to build on this and show sustainable operational improvements. This should shift focus to its peer leading EPS growth and UDW leverage and in turn support a higher valuation. Contracts for the remaining UDW newbuild Rowan Relentless still serve as the key trigger for the stock nearterm, and as supply for 2014 is gradually absorbed, we expect RDC to be in a position to secure a contract this. Higher dayrates for new JU contracts are expected as demand for premium assets should continue to exceed supply. In particular, SE Asia, M East and the North Sea are witnessing increased demand, which bodes well for RDC s fleet of high-spec jack-ups. We reiterate our Buy rating and USD 50 TP, based on ~7x and 9x 2015 EV/EBITDA and P/E and 0.9x NAV. Key figures E 2014E 2015E Operating revenues (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) 2,99 2,36 1,12 1,58 2,25 3,64 5,75 OCFPS (USD) 4,5 4,6 0,8 3,2 4,0 6,2 8,3 FCFPS (USD) -0,4 0,3 1,2-2,3-6,1-5,7 0,9 BVPS (USD) 27,4 31,1 34,4 36,7 38,9 42,5 48,3 Net asset value (NAV) (USD) 51,2 52,0 56,1 Dividend (USD) 0,00 0,00 0,00 0,00 0,00 0,00 0,00 EV/EBITDA, adj. (x) 4,2 8,0 13,3 9,7 9,8 8,0 5,5 EV/EBIT, adj. (x) 5,6 11,4 29,3 19,2 17,1 12,7 8,1 P/E, adj. (x) 7,6 14,8 27,0 19,8 16,4 10,1 6,4 P/OCF (x) 5,0 7,5 40,4 9,8 9,2 6,0 4,5 EV/FCF (x) n.m. n.m. 29,4 n.m. n.m. n.m. 60,8 P/Book (x) 0,8 1,1 0,9 0,9 0,9 0,9 0,8 P/NAV (x) 0,6 0,6 0,7 Dividend yield (%) 0,0 0,0 0,0 0,0 0,0 0,0 0,0 144

145 3Q13 Result preview Rowan Companies (USDm) 3Q12 1Q13 2Q13 3Q13E Consensus average Platou vs. Consensus Operating revenues % EBITDA % D&A EBIT % Adjustments EBIT Adjusted % Other Net financial items Pre-tax profit % Taxes Adjusted net profit % Extra ordinary items Net profit % EPS % EPS, adjusted % Revenues (USDm) % Drilling Manufacturing Other Sources: Company, Bloomberg and RS Platou Markets 145

146 Profit and loss (USDm) E 2014E 2015E Revenue Gain/loss sale of assets Other revenue Total revenue Operating expenses EBITDA EBITDA-margin 38 % 34 % 36 % 36 % 40 % 46 % 51 % Adjusted EBITDA Adjusted EBITDA-margin 55 % 51 % 36 % 36 % 40 % 46 % 51 % Depreciation EBIT adj EBIT-margin adj. 28 % 24 % 16 % 18 % 23 % 29 % 35 % Write-down on assets EBIT EBIT-margin 28 % 21 % 17 % 18 % 23 % 29 % 35 % Associated companies Net interest Other financial Items Pre-tax profit Tax Tax rate 32 % 26 % -4 % 2 % 8 % 6 % 6 % Minorities Net income Adjustments after tax Adjusted net income Result from discontinued operations/ Other EPS (USD) 3,23 2,36 5,84 1,46 2,25 3,64 5,75 EPS, adj. (USD) 2,99 2,36 1,12 1,58 2,25 3,64 5,75 Balance sheet (USDm) E 2014E 2015E Goodwill Fixed assets Other long term assets Long term assets Other current assets Cash and liquid assets Current assets Total assets Shareholders equity Other equity Equity Minorities Long term interest bearing debt Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Cash flow from investments Free cash flow Dividend paid Equity increase Cash flow from financing Other items Change in net debt

147 Result Preview 15-Oct-13 Schlumberger Sector: Energy Equipment & Services Recommendation: BUY (unchanged) Target price (USD): 110 (100) Analyst: Turner Holm Tel: Next report date: Disclosure: Company description Schlumberger is a diversified global oil services company. The company provides a wide range of services to the international petroleum industry including technology, project management and information solutions. Share price (USD) in Schlumberger relative to key indices Oct. 12 Dec. 12 Feb. 13 Apr. 13 Jun. 13 Aug. 13 Schlumberger S&P 500 Index OSX index Shareholders Shares Votes Blackrock 6.1 % 6.1 % Vanguard 4.7 % 4.7 % Capital Group 4.2 % 4.2 % State Street 4.2 % 4.2 % Free Float % % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue 44,860 45,018 0% 49,171 48,760 1% EBITDA, adj. 12,157 12,215 0% 13,634 13,644 0% EBIT, adj. 8,470 8,527-1% 9,825 9,835 0% Net income, adj. 5,766 5,808-1% 7,218 7,231 0% EPS, adj. (USD) % % Company data (2013E) Share price (USD) No. of shares (m) 1,330.0 Market cap. (USDm) 119,727 Net debt YE (USDm) 1,855 Enterprise value (USDm) 121,582 Riding High, But Laying Low on 3Q Solid 2Q earnings and robust oil prices pushed SLB up 25% in 3Q. While we remain upbeat into 2014 as North America heals and international earnings growth continues, a potentially soft 3Q gives us pause into the quarter. We see 3Q EPS at $1.22 vs. the street at $1.24. NorAm A stronger than expected seasonal recovery in Canada, a persistently strong GoM market and rising service intensity onshore should outweigh a flat US rig count and slight pressure for onshore services prices. Combined, we forecast revenue edging 3% higher with margins expanding 60 basis points. LatAm Slow activity seen in Brazil and Mexico in 2Q will persist in 3Q, but growth in Argentina and Venezuela as well as the start-up of new IPM projects will offset the weaker markets. Overall, we expect revenue 1% higher with margins up 20bps. ECA Increasing drilling complexity in Russia and a robust North Sea seismic season should boost results QoQ, however North Sea maintenance and North Africa security issues will dampen growth. We see sales up 2% QoQ with margins climbing 50bps. MidEast & Asia Despite 11% top-line growth in 2Q, ramping rig counts in Saudi and Iraq as well as robust activity in the Gulf States should drive revenue up an additional 3% with margins up 40bps in 3Q. We maintain our Buy rating and increase our TP to $110 ($100), implying 16x 2015 EPS. Key figures E 2014E 2015E Total revenue (USDm) 22,702 27,447 39,540 42,841 44,860 49,171 51,975 EBITDA, adj. (USDm) 6,358 7,133 9,903 11,055 12,157 13,634 16,447 EBITA (USDm) 3,882 3,878 6,507 7,393 8,014 9,825 12,384 EBIT, adj. (USDm) 3,882 4,374 6,622 7,555 8,470 9,825 12,384 Pre-tax profit, adj. (USDm) 3,933 1,842 6,453 7,386 8,243 9,713 12,408 Net income, adj. (USDm) 3, ,777 5,457 5,766 7,218 9,221 EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Dividend (USD) EV/Sales (x) EV/EBITDA, adj. (x) EV/EBITA, adj. (x) EV/EBIT, adj. (x) P/E, adj. (x) P/OCF (x) EV/FCF (x) 62.2 n.m P/Book (x) Dividend yield (%)

148 3Q13 Result preview Schlumberger (USDm) 3Q12 1Q13 2Q13 3Q13E Consensus average Platou vs. Consensus Total revenues 10,608 10,668 11,182 11,446 11, % EBITDA 2,766 2,640 2,623 3,188 3, % D&A EBIT 1,902 1,744 1,713 2,249 2, % Adjustments EBIT Adjusted 1,902 1,652 1,349 2,249 2, % Associated companies Net financial items Pre-tax profit 1,857 1,679 2,673 2,199 2, % Minorities & Taxes Net profit, reported 1,424 1,259 2,095 1,634 1, % EPS (USD) % ADJ EPS (USD) % EBITDA margin 26% 25% 23% 28% 28% 0% 1% Source: RS Platou Markets, Bloomberg 148

149 Profit and loss (USDm) E 2014E 2015E Revenue 22,702 27,447 39,540 42,841 44,860 49,171 51,975 Total revenue 22,702 27,447 39,540 42,841 44,860 49,171 51,975 Cost of goods sold -17,419-21,734-31,418-33,724-34,771-37,571-37,714 - Gross margin 23 % 21 % 21 % 21 % 22 % 24 % 27 % Operating expenses -1,402-1,835-1,615-1,724-2,075-1,776-1,877 EBITDA 6,358 6,637 9,788 10,893 11,701 13,634 16,447 - EBITDA-margin 28 % 24 % 25 % 25 % 26 % 28 % 32 % Depreciation -2,476-2,759-3,281-3,500-3,688-3,809-4,063 EBITA 3,882 3,878 6,507 7,393 8,014 9,825 12,384 - EBITA-margin 17 % 14 % 16 % 17 % 18 % 20 % 24 % EBIT 3,882 3,878 6,507 7,393 8,014 9,825 12,384 - EBIT-margin 17 % 14 % 16 % 17 % 18 % 20 % 24 % Associated companies 0-1, , Net interest Other financial Items -1,270-1,028 0 Pre-tax profit 3,933 1,346 6,338 7,224 7,787 9,713 12,408 - Pre-tax margin 17 % 5 % 16 % 17 % 17 % 20 % 24 % Tax ,545-1,734-1,977-2,428-3,102 - Tax rate 20 % 66 % 24 % 24 % 25 % 25 % 25 % Minorities Net income 3, ,997 5,490 5,642 7,218 9,221 - Result margin 14 % 2 % 13 % 13 % 13 % 15 % 18 % Adjusted net income 3, ,777 5,457 5,766 7,218 9,221 Result from discontinued operations/ Other EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Goodwill 5,305 13,952 14,154 14,585 14,580 14,580 14,580 Intangible assets 786 5,162 4,882 4,802 4,734 4,734 4,734 Fixed assets 9,660 12,071 12,993 14,780 14,920 15,536 16,151 Other fixed assets 4,064 2,484 2,633 3,224 3,866 4,258 4,617 Long term assets 19,815 33,669 34,662 37,391 38,100 39,108 40,082 Other current assets 13,033 16,334 18,834 22,251 21,917 23,937 24,977 Cash and liquid assets 617 1,764 1,705 1,905 6,949 11,307 15,415 Current assets 13,650 18,098 20,539 24,156 28,866 35,244 40,393 Total assets 33,465 51,767 55,201 61,547 66,966 74,352 80,475 Shareholders equity 4,777 11,920 11,639 11,912 11,912 11,912 11,912 Other equity 14,343 19,306 19,624 22,839 28,193 33,815 41,458 Equity 19,120 31,226 31,263 34,751 40,105 45,727 53,370 Minorities Long term interest bearing debt 4,355 5,517 8,556 9,509 8,605 9,429 7,425 Pension liabilities 1,660 1,262 1,732 2,169 2,056 2,056 2,056 Other long-term debt 962 2,679 2,983 2,643 2,682 2,682 2,682 Long term liabilities 6,977 9,458 13,271 14,321 13,343 14,167 12,163 Short term interest bearing debt Other short term liabilities 6,899 10,484 10,202 11,410 12,561 13,500 13,983 Current liabilities 7,259 10,865 10,538 12,368 13,519 14,458 14,941 Total liabilities and equity 33,465 51,767 55,201 61,547 66,966 74,352 80,475 Working capital 2,579 4,838 6,551 7,635 8,598 9,679 10,236 Net debt 543 3,122 5,106 5,356 1,855-1,678-7,790 Cash flow (USDm) E 2014E 2015E Pre-tax profit 3,933 1,346 6,338 7,224 7,787 9,713 12,408 - Associated companies 0 1, , Depreciation and amortization 2,476 2,759 3,281 3,500 3,688 3,809 4,063 - Payable tax ,545-1,734-1,977-2,428-3,102 +/- Other operating items 14-1, Cash flow from operations 5,550 1,707 8,214 8,995 9,507 11,094 13,368 Change in working capital ,045-1,968-1,162-1, Operating cash flow 5,332 1,684 6,169 7,027 8,345 10,013 12,811 Maintenance capex -2,397-2,860-3,724-4,949-4,202-4,817-5,036 Acquisition capex -1, Cash flow from investments -4,070-2,938-3,910-4,767-4,241-4,817-5,036 Free cash flow 1,262-1,254 2,259 2,260 4,104 5,196 7,775 Dividend paid -1,006-1,040-1,300-1,432-1,615-1,663-1,663 Share buy back ,302-2, Cash flow from financing -1,296-2,342-3,845-1,994-1,642-1,663-1,663 Other items 768 1, , Change in net debt ,579 1, ,501-3,533-6,

150 Result Preview 15-Oct-13 Scorpio Tankers Sector: Marine Recommendation: BUY (unchanged) Target price (USD): 13.5 (13.0) Analyst: Frode Mørkedal Tel: Analyst: Herman Hildan Tel: RS Platou Markets AS acted as placement agent in the registered direct offering of USD 132 million in equity conducted in December In addition, RS Platou Markets, Inc. (wholly owned subsidiary of RS Platou Markets AS) Next report date: Disclosure: acted as Sole Manager and RS Platou Markets AS acted as Placement Agent in the registered direct offering of USD 230 million in equity conducted in January 2013 and as Sole Manager/Lead Placement Agent in the registered direct offering of USD 235 million in equity conducted in March 2013, and in the USD 300 million registered direct offering conducted in May RS Platou Markets AS also acted as Joint Lead Manager in the equity offering of USD 190 million conducted in August 2013 Company description Since its IPO in March 2010 the Company has grown its product tanker fleet from 3 owned vessels to 70 currently including 5 VLGC, of which 63 are fuel-efficient and 54 still to be delivered. Share price (USD) in Scorpio Tankers relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Scorpio Tankers S&P 500 Index OSE Transportation Shareholders Shares Votes Wellington 7.7 % 7.7 % Legatum Capital 6.6 % 6.6 % Kensico Capital Management 5.9 % 5.9 % Claren Road 5.0 % Free Float 92.3 % 92.3 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) % % Company data (2013E) Share price (USD) No. of shares (m) Market cap. (USDm) Net debt YE (USDm) -66 Enterprise value (USDm) Cash flow growth and LPG focus STNG has acquired 67 newbuilds since its first equity raise in December about 10 months ago. The fleet will double twice the next two years, a key trigger as the Company has been signalling a main focus on returning shareholder value either through dividends or sharebuybacks. Furthermore, its VLGC position has caught interest among major players, potentially resulting in divestment or consolidation. We reiterate BUY and raise our target price to USD 13.5/sh reflecting higher 2014 estimates and the recent expansion of 4 MR vessels. Fleet: The STNG fleet consists of 11 VLGCs and 73 product tankers. 77 of 84 vessels are fuel efficient with the majority ordered over the last 10 months at historically low asset prices. In sum this gives industry-low cash breakeven with an earnings advantage in the spot market, the chartering strategy of STNG. Valuation: We estimate current NAV of USD 8.7/sh with MR resale at USD 36m; MR resale at USD 38m gives NAV of USD 9.3/sh. More importantly, on 20 year avg. rates STNG should generate operational cash flow of USD 487m. Normalized debt repayment of USD 150m leaves USD 337m available for dividends, or USD 1.75/sh. A demand driven environment similar to gives free cash flow to equity of ~USD 2.5/sh. However, we base our USD 13.5 target price on 7.5x EV/EBITDA fully invested on mid-cycle earnings. We view seasonally stronger product rates, VLGC outcome and growth allowing management to reward investors as key triggers ahead. BUY reiterated with USD 13.5/sh target. Key figures E 2014E 2015E Revenue (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Net asset value (NAV) (USD) Dividend (USD) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) n.m. n.m. n.m. n.m P/E, adj. (x) n.m. n.m. n.m. n.m P/OCF (x) 32.1 n.m n.m EV/FCF (x) n.m. n.m. n.m. n.m. n.m. n.m. P/Book (x) P/NAV (x) n.m n.m. n.m. n.m. Dividend yield (%) Description of adjustments: Sale of assets, agio/disagio and gain/losses on financial instruments Key Assumptions E 2014E 2015E LR2 spot USD/Day LR1 spot USD/Day MR spot USD/Day

151 3Q13 Result preview Scorpio Tankers (USDm) 3Q12 1Q13 2Q13 3Q13E Consensus avg. Platou vs. cons. TCE Income (7) Operating expenses (22) (31) (41) (50) (43) (7) EBITDA (10) Gain/loss sale of assets (6) Depreciation & amortization (3) (5) (6) (7) (5) (1) EBIT (3) 8 4 (5) 6 (10) Associated companies Net interest (1) (1) (0) (1) (2) 0 Other financial income (3) Pretax profit (13) 7 4 (6) 2 (8) Taxes Minorities Net profit (13) 7 4 (6) 4 (10) Net profit, adjusted (4) 7 4 (6) 4 (10) EPS (0.30) (0.03) 0.02 (0.05) EPS, adjusted (0.09) (0.03) 0.02 (0.06) Source: Company, Bloomberg, RS Platou Markets 151

152 Profit and loss (USDm) E 2014E 2015E Total revenue Voyage expenses & commissions Time-charter equivalent Operating expenses EBITDA, adj Gain/loss sale of assets EBITDA Depreciation Amortization/Write down EBIT EBIT, adj Associated companies Net interest Gains/losses on securities or financial instruments Other financial Items Pre-tax profit Tax Minorities Result from discontinued operations/ Other Net income Adjustments after tax Adjusted net income EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Long-term interest bearing assets Fixed assets Other long-term assets Long-term assets Other current assets Cash and liquid assets Current assets Total assets Equity Minorities Long term interest bearing debt Finance obligation Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Sale of assets Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt

153 Result Preview 15-Oct-13 Seabird Exploration Sector: Energy Equipment & Services Analyst: Jørgen Lande Tel: Recommendation: BUY (unchanged) Target price (USD): 1,8 (2,6) Analyst: Thomas Ørner Tel: Next report date: Disclosure: Company description Seabird Exploration supply 2D, source and lower end-3d services to oil companies and contractors world wide Share price (NOK) in Seabird Exploration relative to key indices 10,5 10,0 9,5 9,0 8,5 8,0 7,5 7,0 6,5 6,0 5,5 okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Seabird Exploration OSEBX index OSX index Shareholders Shares Votes ORDINAT SHIPPING AS 15,8 % 15,8 % PERESTROIKA AS 8,5 % 8,5 % MONS HOLDING AS 8,4 % 8,4 % MP PENSION PK 4,9 % 4,9 % Free Float 84,2 % 84,2 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) 0,1 0,4-72 % 0,6 1,1-49 % Company data (2013E) Share price (NOK) 5,60 No. of shares (m) 43,9 Market cap. (USDm) 41 Net debt YE (USDm) 84 Enterprise value (USDm) 125 Stand-still in Venezuela We are slightly below consensus for Q3 owing to weaker operations for Geo Pacific. But the 2D market remains solid and we believe Seabird is in a strong position to leverage improved utilisation for 2014.In addition the Snøspurv survey could offer attractive late sales from Q4 We expect Seabird to report marine contract revenues of USD 51m in Q3, a significant improvement q/q as we expect minimal multi-client activity in Q3. Overall we expect total revenues of USD 51,5m and EBIT of USD 6,8m vs current consensus of USD 56m and USD 9m. We understand Geo Pacific has encountered challenging working conditions in Venezuela that generates weaker earnings in Q3. For the rest of the fleet we expect minimal surprises but we have slightly lowered day rates expectations. We expect Harrier to have wrapped up the Snøspurv multiclient in Q3 and model flat prefunding q/q but with limited investment. We expect no late sales before Q4. We have taken a more modest view on 2D dayrate development over the winter and in 2014E. In addition we slightly upped opex and depreciation profile. Currently the 2D market seems to experience stronger demand than the 3D market. We reiterate Buy and argue Seabird will capitalise on their fleet throughout We lower TP to USD 1,8 supported by 2014E EV/EBIT of 4.5x amidst strong eps-growth Key figures E 2014E 2015E Operating revenues (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) -0,45-0,25-0,44-0,07 0,12 0,58 1,07 OCFPS (USD) 0,0 0,0-0,2 0,3 0,9 1,1 1,5 FCFPS (USD) -0,1 0,0 0,1 0,0 0,5 0,8 1,2 BVPS (USD) 1,2 0,8 0,2 1,2 1,4 1,9 2,9 Net asset value (NAV) (USD) Dividend (USD) 0,00 0,00 0,00 0,00 0,00 0,00 0,00 EV/EBITDA, adj. (x) n.m. 26,1 n.m. 3,5 2,8 1,4 0,4 EV/EBIT, adj. (x) n.m. n.m. n.m. 36,3 6,6 2,1 0,6 P/E, adj. (x) n.m. n.m. n.m. n.m. 7,8 1,6 0,9 P/OCF (x) n.m. n.m. n.m. 4,5 1,0 0,9 0,6 EV/FCF (x) n.m. n.m. 4,9 n.m. 6,2 2,7 0,7 P/Book (x) 7,7 6,4 2,4 1,2 0,7 0,5 0,3 P/NAV (x) Dividend yield (%) 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Adjustments are made for writedown of assets Key Assumptions E 2014E 2015E EBITDA Margin (%) Average fleet utilization (%)

154 3Q13 Result preview Seabird (USDm) 3Q12 4Q12 1Q13 2Q13 Platou 3Q13e Consensus average Operating revenues Operating expenses EBITDA D&A EBIT Adjusted Net financial items Pre-tax profit Taxes Net profit Net profit Adjusted EPS Adjusted -0,02-0,13 0,03-0,09 0,05 0,09 Sources: RS Platou Markets 154

155 Profit and loss (USDm) E 2014E 2015E Revenue Total revenue Operating expenses EBITDA EBITDA-margin 7 % 19 % -8 % 27 % 22 % 29 % 37 % Adjusted EBITDA Adjusted EBITDA-margin 7 % 20 % -8 % 27 % 22 % 29 % 37 % Depreciation EBIT adj EBIT-margin adj. -19 % -9 % -43 % 3 % 10 % 19 % 27 % Write-down on assets Adjustments EBIT EBIT-margin -20 % -15 % -86 % 3 % 10 % 19 % 27 % Net interest Other financial Items Pre-tax profit Tax Tax rate -11 % -21 % -5 % -95 % 15 % 20 % 20 % Minorities Net income Adjustments after tax Adjusted net income EPS (USD) -0,45-0,25-0,44-0,07 0,12 0,58 1,07 EPS, adj. (USD) -0,45-0,25-0,44-0,07 0,12 0,58 1,07 Balance sheet (USDm) E 2014E 2015E Goodwill Fixed assets Other long term assets Long term assets Other current assets Cash and liquid assets Current assets Total assets Shareholders equity Other equity Equity Minorities Long term interest bearing debt Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Cash flow from investments Free cash flow Cash flow from financing Other items Change in net debt

156 Result Preview 15-Oct-13 Seadrill Sector: Energy Equipment & Services Analyst: Anders Bergland Tel: Recommendation: BUY (unchanged) Target price (USD): 60 (unchanged) Analyst: David Bhatti Tel: Disclosure: RS Platou Markets acted as financial advisor in the acquisition of shares in Asia Offshore Drilling in October 2012 the mandatory offer of the remaining outstanding shares in Asia Offshore Drilling conducted in November/December Company description Seadrill is an international offshore drilling contractor providing services within drilling and well services. The company controls a fleet of 27 jack-ups, 26 floaters and 2 tender rigs as well as ownership in several other entities. Share price (NOK) in Seadrill relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Seadrill OSEBX index OSX index Shareholders Shares Votes Hemen Holding Limited * 24,5 % 24,5 % State Street Bank & Client Omnibus F 5,9 % 5,9 % Government peision fund - Norway 5,1 % 5,1 % CitiBank 3,5 % 3,5 % Free Float 75,5 % 75,5 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) 3,3 3,4-2 % 4,1 4,2-3 % Company data (2013E) Share price (NOK) 272,90 No. of shares (m) 469,2 Market cap. (USDm) Net debt YE (USDm) Enterprise value (USDm) Another strong quarter Seadrill (SDRL) offers ample market leverage through available UDW newbuilds and its aggressive dividend policy makes it a good bet on an extended drilling cycle. Furthermore, potentially accretive corporate actions could unlock further value. We expect SDRL to report EBITDA and EPS of USD 728m and USD Furthermore, we expect an increase of USD 0.03 in the quarterly DPS to a new level of USD We are currently ~10% ahead of consensus and believe this could relate to the consolidation of Sevan Drilling. With about USD 12bn in EBITDA backlog, 94%/73% contract coverage for 2014/15 and access to attractive financing, we expect SDRL to continue to gradually increase its quarterly dividend towards our targeted quarterly DPS of USD 1.20 Our sensitivity analysis indicates that SDRL gradually can ramp-up the quarterly dividend to USD 1.20 without exceeding USD m in debt per UDW equivalent or getting in breach with its main loan covenants. With a tightening deepwater market and early signs of a bifurcating floater market, we believe SDRL s recent ordering of 4 UDW drillships to pay off and help to reach its targeted USD 4.5-5bn EBITDA level. We reiterate our Buy rating and USD 60 TP, based on 8.0% yield on our long-term annual DPS target of USD 4.8. Our TP implies about 10x full run-rate EV/EBITDA. Key figures E 2014E 2015E Operating revenues (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) 3,16 2,55 1,92 2,45 3,35 4,07 4,95 OCFPS (USD) 4,2 2,9 4,3 3,1 4,2 6,3 7,3 FCFPS (USD) 1,9-2,3-1,0 0,3-3,7 0,9-0,9 BVPS (USD) 12,1 13,4 13,6 13,0 16,5 16,7 17,3 Net asset value (NAV) (USD) 18,1 22,7 25,2 Dividend (USD) 1,05 2,74 3,06 3,51 3,70 4,18 4,30 EV/EBITDA, adj. (x) 9,8 11,1 10,7 11,7 12,5 9,8 8,8 EV/EBIT, adj. (x) 12,8 14,4 14,1 15,7 16,5 12,5 11,1 P/E, adj. (x) 8,1 13,0 17,3 14,9 13,6 11,2 9,2 P/OCF (x) 6,1 11,3 7,7 11,8 10,9 7,3 6,2 EV/FCF (x) 22,2 n.m. n.m. n.m. n.m. 82,5 n.m. P/Book (x) 2,1 2,5 2,5 2,8 2,8 2,7 2,6 P/NAV (x) 1,8 1,6 1,8 Dividend yield (%) 4,1 8,2 9,2 9,6 8,1 9,2 9,4 156

157 3Q13 Result preview Seadrill (USDm) 3Q12 1Q13 2Q13 3Q13E Consensus average Platou vs. Consensus Operating revenues % EBITDA % D&A EBIT % Adjustments EBIT Adjusted % Other Net financial items Pre-tax profit % Minorities and taxes Adjusted net profit % Extra ordinary items Net profit % EPS % EPS, Adjusted % DPS % EBITDA by segments % Floaters Jack-ups Tender rigs Well Services Sources: Company, Bloomberg and RS Platou Markets 157

158 Profit and loss (USDm) E 2014E 2015E Revenue Gain/loss sale of assets Other revenue Total revenue Operating expenses EBITDA EBITDA-margin 53 % 52 % 56 % 54 % 55 % 58 % 58 % Adjusted EBITDA Adjusted EBITDA-margin 56 % 54 % 57 % 56 % 59 % 63 % 62 % Depreciation EBIT adj EBIT-margin adj. 39 % 39 % 42 % 40 % 40 % 45 % 47 % EBIT EBIT-margin 41 % 40 % 43 % 40 % 42 % 45 % 47 % Associated companies Net interest Other financial Items Pre-tax profit Tax Tax rate 8 % 12 % 14 % 12 % 10 % 11 % 11 % Minorities Net income Adjustments after tax Adjusted net income Result from discontinued operations/ Other EPS (USD) 3,16 2,55 2,77 2,34 5,91 4,07 4,95 EPS, adj. (USD) 3,16 2,55 1,92 2,45 3,35 4,07 4,95 Balance sheet (USDm) E 2014E 2015E Goodwill Fixed assets Other long term assets Long term assets Other current assets Cash and liquid assets Current assets Total assets Shareholders equity Other equity Equity Minorities Long term interest bearing debt Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Cash flow from investments Free cash flow Dividend paid Equity increase Cash flow from financing Other items Change in net debt

159 Result Preview 15-Oct-13 Sevan Drilling Sector: Energy Equipment & Services Analyst: Anders Bergland Tel: Recommendation: BUY (unchanged) Target price (USD): 1,2 (unchanged) Analyst: David Bhatti Tel: Next report date: Disclosure: Company description Sevan Drilling is an international offshore drilling contractor with a fleet consisting of two modern ultra-deepwater monocolumn drilling unit in operation and two units under construction at Cosco Nantong China. Share price (NOK) in Sevan Drilling relative to key indices 6,5 6,0 5,5 5,0 4,5 4,0 3,5 3,0 2,5 okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Sevan Drilling OSEBX index OSX index Shareholders Shares Votes Seadrill 50,1 % 50,1 % Bank of NY 4,4 % Odin 4,4 % Free Float 49,9 % 49,9 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) -0,1-0,1 4 % 0,1 0,1 0 % Company data (2013E) Share price (NOK) 5,62 No. of shares (m) 594,6 Market cap. (USDm) 557 Net debt YE (USDm) Enterprise value (USDm) UDW rigs at a significant discount We remain positive to Sevan Drilling (SEVDR) as the combination of a successful debt restructuring, signs of operational improvements and low valuation is likely to lift valuation closer to peers. We expect SEVDR to report EBITDA and EPS of USD 29m and USD 0.0 in line with consensus estimates. Following SDRL s increased ownership to 50.1% in SEVDR, its newbuild program is now fully financed through a USD 1.750m bank facility and USD 100m revolving facility, fully backed and provided by SDRL. The amended terms give annual interest cost savings of USD 30m. SEVDR has entered into a management service agreement with SDRL that will take over management and operations of all SEVDR s units as well as marketing. We consequently expect significantly lower G&A going forward. With a tight 2014 UDW market combined with SDRL s global marketing muscle, a contract for unit #4 is expected to be in place well ahead of delivery in 2Q14. Petrobras has recently issued a UDW tender for late 2014 work and we believe Sevan unit #4 is well positioned to win this. Trading at an implied UDW value of USD 588m per unit or about 20% below peer average and 40% below SDRL, we find the stock attractive at the current level. We reiterate our Buy recommendation USD 1.20 TP reflective of about 6x and 5x 2015E EV/EBITDA and P/E. Key figures E 2014E 2015E Operating revenues (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) -0,02-0,19-0,10-0,04-0,10 0,10 0,24 OCFPS (USD) 0,0-0,1 0,0 0,0 0,0 0,2 0,4 FCFPS (USD) -0,8-0,9-1,6-0,3-1,1-0,5 0,4 BVPS (USD) 0,0-0,2 2,0 2,0 1,3 1,4 1,7 Net asset value (NAV) (USD) 1,4 0,9 1,0 Dividend (USD) 1,05 0,00 0,00 0,00 0,00 0,00 0,00 EV/EBITDA, adj. (x) 29,4 18,7 19,5 10,3 5,7 EV/EBIT, adj. (x) n.m. 89,4 58,2 16,6 8,2 P/E, adj. (x) n.m. n.m. n.m. 9,0 3,9 P/OCF (x) n.m. 38,8 n.m. 3,8 2,3 EV/FCF (x) n.m. n.m. n.m. n.m. 7,8 P/Book (x) 0,4 0,4 0,7 0,7 0,6 P/NAV (x) 0,6 0,8 1,0 Dividend yield (%) 0,0 0,0 0,0 0,0 0,0 159

160 3Q13 Result preview Sevan Drilling (USDm) 3Q12 1Q13 2Q13 3Q13E Consensus average Platou vs. Consensus Operating revenues % EBITDA % D&A EBIT % Adjustments EBIT Adjusted % Other Net financial items Pre-tax profit % Minorities & Taxes Adjusted Net profit % Extraordinary items Net profit % EPS % EPS, adjusted % Source: RS Platou Markets, Bloomberg 160

161 Profit and loss (USDm) E 2014E 2015E Revenue Gain/loss sale of assets Other revenue Total revenue Operating expenses EBITDA EBITDA-margin n.m. -91 % 28 % 31 % 34 % 47 % 50 % Adjusted EBITDA Adjusted EBITDA-margin n.m. -91 % 28 % 31 % 34 % 47 % 50 % Depreciation EBIT adj EBIT-margin adj. n.m % 7 % 7 % 12 % 29 % 35 % EBIT EBIT-margin n.m % 7 % 7 % 12 % 29 % 35 % Associated companies Net interest Other financial Items Pre-tax profit Tax Tax rate 380 % -6 % -33 % 62 % -10 % 20 % 20 % Minorities Net income Adjustments after tax Adjusted net income Result from discontinued operations/ Other EPS (USD) -0,02-0,17-0,10-0,04-0,10 0,10 0,24 EPS, adj. (USD) -0,02-0,19-0,10-0,04-0,10 0,10 0,24 Balance sheet (USDm) E 2014E 2015E Goodwill Fixed assets Other long term assets Long term assets Other current assets Cash and liquid assets Current assets Total assets Shareholders equity Other equity Equity Minorities Long term interest bearing debt Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Cash flow from investments Free cash flow Dividend paid Equity increase Cash flow from financing Other items Change in net debt

162 Result Preview 15-Oct-13 Ship Finance Sector: Marine Analyst: Frode Mørkedal Tel: Recommendation: BUY (unchanged) Target price (USD): 22 (unchanged) Analyst: Herman Hildan Tel: Next report date: Disclosure: Company description Bermuda based company leasing out tankers, offshore support vessels, drilling units and containers to among others Frontline and Seadrill. Almost 100% contract coverage with 10 years remaining charters and EBITDA-backlog of just below $5bn. Listed at NYSE Share price (USD) in Ship Finance relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Ship Finance OSEBX index OSE Transportation Shareholders Shares Votes Hemen Holdings 36.5 % 36.5 % Free Float 63.5 % 63.5 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) % % Company data (2013E) Share price (USD) No. of shares (m) 93.3 Market cap. (USDm) Net debt YE (USDm) Enterprise value (USDm) Frontline worries a BUY opportunity We reiterate BUY on Ship Finance given 10% dividend yield and ample cash available for investments to increase the dividend capacity further. Frontline: The stock has been haunted by Frontline s liquidity problems but we calculate that Frontline only generates 3 cents per share in free cash flows per quarter (vs. the dividend of 39 cents and last 12 months total free cash flows of 47 cents per share per quarter). The new jack-up rig West Linus will increase free cash flow to equity by 5 cents per share per quarter. In the worst case scenario of a default of Frontline, SFL can scrap the ships and repay debt and release USD 100m of cash which could be reinvested at 15% free cash flow returns (similar to recent investments) and therefore yield 4 cents per share per quarter. Rig deal: Ship Finance agreed to pay USD 600m for the harsh environment Jack-up West Linus from North Atlantic Drilling to be delivered from the yard in December SFL secured USD 475m of bank debt at attractive margins and NADL will lease back the unit for 15 years with total EBITDA backlog of more than USD 800m. After debt repayments SFL will increase annual cash flow by USD 19m, or USD 0.20/share, implying 15.2% cash return on the USD 125m equity investment. The equity was funded by the USD 129m equity raise in June. SFL is currently trading with 10% yield based on USD 1.56/share dividend vs. historical yield of 7%. Applying the historical yield on current dividends gives USD 22/share, our target. Key figures E 2014E 2015E Revenue (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Net asset value (NAV) (USD) Dividend (USD) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) P/E, adj. (x) P/OCF (x) EV/FCF (x) n.m n.m. n.m P/Book (x) P/NAV (x) n.m. n.m. n.m. Dividend yield (%) Description of adjustments: Sale of assets, agio/disagio and gain/losses on financial instruments. Adjusted EBITDA and Adjusted EBIT includes repayment of financial leases and 100% of the unconsolidated rig subsidiaries. Other figures as reported. 162

163 3Q13 Result preview Ship Finance (USDm) 3Q12 1Q13 2Q13 3Q13E Consensus average Platou vs. Consensus TCE Income Operating expenses (27) (25) (26) (26) EBITDA excl. one-offs (3) Gain/loss sale of assets Depreciation & amortization (14) (14) (14) (14) EBIT (7) Associated companies Net interest (21) (19) (16) (16) Other financial income 4 (7) 3 - Pretax profit (5) Taxes Minorities Net profit (4) Net profit, adjusted (4) EPS (0.05) EPS, adjusted (0.03) Dividend Source: Company, Bloomberg, RS Platou Markets 163

164 Profit and loss (USDm) E 2014E 2015E Total revenue Voyage expenses & commissions Time-charter equivalent Operating expenses EBITDA, adj Gain/loss sale of assets EBITDA Depreciation Amortization/Write down EBIT EBIT, adj Associated companies Net interest Gains/losses on securities or financial instruments Other financial Items Pre-tax profit Tax Minorities Result from discontinued operations/ Other Net income Adjustments after tax Adjusted net income EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Long-term interest bearing assets Fixed assets Other long-term assets Long-term assets Other current assets Cash and liquid assets Current assets Total assets Equity Minorities Long term interest bearing debt Finance obligation Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Growth capex Acquisition capex Sale of assets Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt

165 Result Preview 15-Oct-13 Siem Offshore Sector: Energy Equipment & Services Analyst: Terje Mauer Tel: Recommendation: BUY (unchanged) Target price (NOK): 12.0 (10.5) Analyst: Turner Holm Tel: Next report date: Disclosure: Company description Siem Offshore is one of the largest owners and operators of large and modern offshore supply tonnage in the world. The company controls close to 50 vessels. The main owner is Siem Industries. Share price (NOK) in Siem Offshore relative to key indices Oct. 12 Dec. 12 Feb. 13 Apr. 13 Jun. 13 Aug. 13 Siem Offshore OSEBX index OSX index Shareholders Shares Votes Siem Industries Inc 34.4 % 34.4 % Ace Crown International Ltd 19.8 % 19.8 % Skagen Forvalrning 4.9 % 4.9 % Fondsfinans Kapitalforvaltning 2.8 % 2.8 % Free Float 65.6 % 65.6 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) % % Company data (2013E) Share price (NOK) 8.84 No. of shares (m) Market cap. (USDm) 571 Net debt YE (USDm) 802 Enterprise value (USDm) 1,393 Good spot market, weaker Joides R. Siem Offshore is set to report its 3Q13 results on October 24. We expect the company to deliver EBIT adj. of USD 16m, some up QoQ. Better profits from the North Sea AHTS spot market is expected to offset lower results for Joides Resolution. The stock has moved 10% up the last 3 months due to stronger spot market and following general market speculations on M&A activity. Siem Offshore is expected to report freight income and EBIT of USD 99m and USD 16m, respectively. This equals 10% higher EBIT QoQ. Utilisation for fleet is expected to be between 85% and 90% in the different business areas. We estimate EBIT for the AHTS fleet to grow 70%, having more vessels in the spot market and firmer dayrates. Joides Resolution, however, is expected to see lower revenues going forward, implying declining profits. In September Siem Offshore acquired 50% of Secunda Canada for CAD 16.3m. Secunda owns 6 older PSV s and AHTS which operate on Canada's east coast. The vessels are operating on long term charters. The main purpose of the acquisition is to get a foothold in the market offshore Canada, growing by newbuilds or potentially Siem vessels. Even though we are entering a seasonally slower period in the North Sea we expect the positive trend in the OSV market to continue into Furthermore, Siem will take delivery of 7 newbuilds within next summer, driving earnings growth. We reiterate our Buy rating, but up our target price to NOK 12 (NOK 10.5), reflective of EV/EBITDA 14E of 7.5. Key figures E 2014E 2015E Operating revenues (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Net asset value (NAV) (USD) Dividend (USD) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) P/E, adj. (x) 4.4 n.m. n.m. n.m. n.m P/OCF (x) EV/FCF (x) n.m. n.m. n.m n.m. n.m P/Book (x) P/NAV (x) Dividend yield (%) Adjusted for gain on sale of fixed assets. 165

166 3Q13 Result preview Siem Offshore (USDm) 3Q12 1Q13 2Q13 3Q13E Consensus average Platou vs. Consensus Operating revenues % Operating costs EBITDA adj Depreciations EBIT adj. *) Gain on sale of assets EBIT *) % Associated companies Net interest costs Other financial items Pre-tax profit Taxes/ minorities Net profit EPS adj. (USD) % Operating revenues PSV OSCV/MRSV AHTS Other vessels in Brazil Other operations * Combat Management Sy * Submarine Power Cable * Scientific Core Drilling (J * Other EBIT adj. *) PSV OSCV/MRSV AHTS Other vessels in Brazil Other operations * Combat Management Sy * Submarine Power Cable * Scientific Core Drilling (J * Other EBIT adj.-margin *) 17.9% 0.7% 15.0% 16.2% 16.2 %p PSV 20.2% 5.3% 27.4% 26.8% OSCV/MRSV 42.0% 48.7% 51.4% 38.8% AHTS 17.6% -1.2% 17.2% 26.4% Other operations 6.3% 21.6% 11.2% -9.1% Other vessels in Brazil 10.1% -32.8% -11.1% -21.5% * Combat Management Sy 30.8% 4.2% 22.6% 40.2% * Submarine Power Cable -23.8% 10.1% 6.6% 24.2% * Scientific Core Drilling (J 45.8% 46.7% 47.2% 15.1% Sources: company, Bloomberg and RS Platou Markets *) Excl. Gain/loss on Int. rate derivatives and forward fx contracts 166

167 Profit and loss (USDm) E 2014E 2015E Revenue Total revenue Operating expenses EBITDA EBITDA-margin 32 % 33 % 36 % 30 % 34 % 40 % 44 % Adjusted EBITDA Adjusted EBITDA-margin 32 % 33 % 36 % 30 % 34 % 40 % 44 % Depreciation EBIT adj EBIT-margin adj. 11 % 7 % 12 % 7 % 12 % 24 % 28 % Adjustments EBIT EBIT-margin 12 % 9 % 12 % 11 % 20 % 24 % 28 % Associated companies Net interest Other financial Items Pre-tax profit Tax Tax rate -2 % 6 % -69 % 21 % 24 % 7 % 5 % Minorities Net income Adjustments after tax Adjusted net income Result from discontinued operations/ Other EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Other long term assets 1,092 1,512 1,637 1,482 1,640 1,893 1,892 Long term assets 1,092 1,512 1,637 1,482 1,640 1,893 1,892 Other current assets Cash and liquid assets Current assets Total assets 1,284 1,711 1,861 1,738 1,874 2,145 2,202 Shareholders equity Other equity Equity Minorities Long term interest bearing debt ,092 1,034 Other long-term liabilities Long term liabilities ,121 1,064 Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity 1,284 1,711 1,861 1,738 1,874 2,145 2,202 Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Growth capex Sale of assets Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt

168 Result Preview 15-Oct-13 Solstad Offshore Sector: Energy Equipment & Services Analyst: Terje Mauer Tel: Recommendation: BUY (unchanged) Target price (NOK): 130 (118) Analyst: Turner Holm Tel: Next report date: Disclosure: Company description Solstad Offshore is one of the largest owners and operators of large and modern offshore supply and subsea tonnage in the world. The company controls 52 vessels. Share price (NOK) in Solstad Offshore relative to key indices Oct. 12 Dec. 12 Feb. 13 Apr. 13 Jun. 13 Aug. 13 Solstad Offshore OSEBX index OSX index Shareholders Shares Votes SOFF Holding 36.0 % 36.0 % Pareto Forvaltning 9.6 % 9.6 % Ivan II 6.1 % 6.1 % Skagen Forvaltning 5.0 % 5.0 % Free Float 64.0 % 64.0 % Changes in estimates (NOKm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue 3,497 3,419 2% 3,597 3,589 0% EBITDA, adj. 1,513 1,489 2% 1,657 1,659 0% EBIT, adj. 1,080 1,057 2% 1,224 1,215 1% Net income, adj % % EPS, adj. (NOK) % % Company data (2013E) Share price (NOK) No. of shares (m) 38.6 Market cap. (NOKm) 4,246 Net debt YE (NOKm) 8,131 Enterprise value (NOKm) 12,377 High spot exposure paid off in 3Q Solstad Offshore is set to report its 3Q13 results on November 6. We expect the company to deliver EBIT of NOK 341m, some 10% up QoQ. The company has benefited from high spot exposure in the North Sea for4 its OSVs. The stock has spiked 16% the last 3 months due to stronger spot market, introduction of share buybacks, and general market speculations on M&A activity. Solstad Offshore is expected to report freight income and EBIT of NOK 932m and NOK 341m, respectively. This equals 11% higher EBIT QoQ. Average fleet utilisation is expected to be higher in the OSV segments and slightly lower in the subsea segment. We estimate EBIT for the AHTS and PSV fleets to improve QoQ due to higher dayrates in the North Sea spot market, and partly helped by weaker NOK-rate. The subsea business is expected to see some lower EBIT as we expect utilisation to come some down from the high level of 96% in 2Q13. Positively, Solstad started to buy back own shares in August. So far, the company has purchased shares. Even though we are entering a seasonally slower period in the North Sea we expect the positive trend in the OSV market to continue into With 58% of the OSV fleet currently prospected to operate on spot work for 2014 Solstad Offshore is well positioned if the spot market improves as we expect. We reiterate our Buy rating, but up our TP to NOK 130 (from NOK 118), reflective of EV/EBITDA 14E of 7.5x. Key figures E 2014E 2015E Operating revenues (NOKm) 2,508 2,617 2,975 3,288 3,497 3,597 3,867 EBITDA (NOKm) 1, ,070 1,434 1,549 1,657 1,775 EBITDA, adj. (NOKm) 1, ,065 1,360 1,513 1,657 1,775 EBIT, adj. (NOKm) ,080 1,224 1,334 Pre-tax profit, adj. (NOKm) Net income, adj. (NOKm) 1, EPS, adj. (NOK) OCFPS (NOK) FCFPS (NOK) BVPS (NOK) Net asset value (NAV) (NOK) Dividend (NOK) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) P/E, adj. (x) n.m P/OCF (x) EV/FCF (x) 30.6 n.m. n.m P/Book (x) P/NAV (x) Dividend yield (%) Adj. for Gains on sale of assets, Net forex gain/loss, Amortization and write-down 168

169 3Q13 Result preview Solstad Offshore (NOKm) 3Q12 1Q13 2Q13 3Q13E Consensus average Freight income Gain/loss on assets Other revenues Total revenues % Operating costs EBITDA Adjustments EBITDA adj Depreciations EBIT % Associated companies Net interest costs Other financial items Pre-tax profit Taxes/ minorities Net profit EPS adj. (NOK) % Sources: company, Bloomberg and RS Platou Markets Platou vs. Consensus 169

170 Profit and loss (NOKm) E 2014E 2015E Revenue 2,508 2,617 2,975 3,288 3,497 3,597 3,867 Gain/loss sale of assets Other revenue Total revenue 2,530 2,620 2,980 3,362 3,533 3,597 3,867 Operating expenses -1,337-1,639-1,910-1,928-1,984-1,941-2,092 EBITDA 1, ,070 1,434 1,549 1,657 1,775 - EBITDA-margin 47 % 37 % 36 % 43 % 44 % 46 % 46 % Adjusted EBITDA 1, ,065 1,360 1,513 1,657 1,775 - Adjusted EBITDA-margin 47 % 37 % 36 % 41 % 43 % 46 % 46 % Depreciation EBIT adj ,080 1,224 1,334 - EBIT-margin adj. 17 % 13 % 10 % 26 % 31 % 34 % 34 % Adjustments EBIT ,194 1,301 1,408 - EBIT-margin 18 % 13 % 11 % 29 % 34 % 36 % 36 % Associated companies Net interest Other financial Items Pre-tax profit Tax Tax rate -20 % 84 % -3 % -8 % 1 % 1 % 1 % Minorities Net income 1, Adjustments after tax Adjusted net income 1, Result from discontinued operations/ Other EPS (NOK) EPS, adj. (NOK) Balance sheet (NOKm) E 2014E 2015E Other long term assets 9,974 13,873 14,087 13,086 13,005 13,405 13,250 Long term assets 9,974 13,873 14,087 13,086 13,005 13,405 13,250 Other current assets ,093 1,119 1,187 Cash and liquid assets 1, Current assets 2,293 1,693 1,587 1,624 1,995 1,899 2,134 Total assets 12,267 15,566 15,673 14,710 15,000 15,304 15,384 Shareholders equity 4,612 4,565 4,477 4,650 5,163 5,808 6,544 Other equity 0 Equity 4,612 4,565 4,477 4,650 5,163 5,808 6,544 Minorities Long term interest bearing debt 6,379 7,471 9,472 7,114 7,383 6,995 6,267 Other long-term liabilities Long term liabilities 6,460 7,649 9,601 7,287 7,646 7,259 6,531 Short term interest bearing debt 666 2, ,122 1,651 1,651 1,651 Other short term liabilities Current liabilities 1,176 2,928 1,657 2,815 2,213 2,227 2,267 Total liabilities and equity 12,267 15,566 15,673 14,710 15,000 15,304 15,384 Working capital Net debt 5,601 8,803 9,806 8,429 8,131 7,866 6,972 Cash flow (NOKm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations 1, ,175 1,297 Change in working capital Operating cash flow 1, ,163 1,269 Growth capex Acquisition capex ,983-1, Sale of assets , Cash flow from investments ,256-1, Free cash flow 316-2, , ,051 Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt 725 3,203 1,003-1,

171 Result Preview 15-Oct-13 Songa Offshore Sector: Energy Equipment & Services Analyst: Anders Bergland Tel: Recommendation: Analyst: David Bhatti Tel: NEUTRAL (unchanged) Target price (USD): 1,1 (unchanged) Next report date: Disclosure: Company description Songa Offshore is an offshore drilling company operating six midwater units in addition to four harsh environment midwater newbuilds Share price (NOK) in Songa Offshore relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Songa Offshore OSEBX index OSX index Shareholders Shares Votes Perestroika AS 29,7 % 29,7 % Spencer Energy 13,2 % 13,2 % Frank Mohn 3,4 % 3,4 % Free Float 70,3 % 70,3 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) 0,2 0,2-18 % 0,1 0,1 14 % Company data (2013E) Share price (NOK) 6,65 No. of shares (m) 202,9 Market cap. (USDm) 225 Net debt YE (USDm) 872 Enterprise value (USDm) Sale of Mercur and Venus? We remain on the side-line in Songa Offshore (SONG) given their stretched balance sheet and elevated unfinanced capex. With no apparent solution to the funding gap, we think SONG is moving one step closer to a dilutive share offering with each passing day. We expect SONG to report 3Q13 EBITDA and EPS of USD 56m and USD 0.04 in line with current consensus. Delivery of all four Cat-D rigs will result in a liquidity shortfall estimated to ~USD 400m+, assuming SONG is able to draw about USD 1.8bn of debt on the newbuilds and refinance the NOK 750m bond in Term sheets for USD 1014m of bank financing for CAT-D unit #1 and #2 have been signed, but Songa still needs funding of around USD 400m over the next two years. Additionally, the company faces a refinancing of a USD 50m maturing bank facility in March Imminent sale of Mercur and Venus has been talked about for some time with prices ranging from USD m. With RIG selling MW assets at prices below USD 100m we believe the price is closer to USD 100m than 170m. Partial sale of the CAT-D units could solve the balance sheet issues but we think that could prove difficult given uncertainty surrounding the final CAT-D price. We reiterate our Neutral rating and USD 1.05 TP, reflective of about 7x 2015 EV/EBITDA Key figures E 2014E 2015E Operating revenues (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) 1,97 0,77 0,70-1,57 0,17 0,14 0,22 OCFPS (USD) 2,0 1,1 1,3 2,0 0,3 0,8 0,8 FCFPS (USD) 1,3 2,0-4,3-2,2 2,2-2,5-7,0 BVPS (USD) 5,2 6,2 6,9 4,7 4,8 5,0 5,2 Net asset value (NAV) (USD) 5,7 1,4 1,4 Dividend (USD) 0,00 0,00 0,00 0,00 0,00 0,00 0,00 EV/EBITDA, adj. (x) 3,6 4,3 7,8 8,2 5,0 7,0 8,2 EV/EBIT, adj. (x) 4,6 6,8 14,7 n.m. 14,0 19,9 15,9 P/E, adj. (x) 2,7 6,8 4,3 n.m. 6,5 8,1 5,1 P/OCF (x) 2,6 4,9 2,3 0,7 3,2 1,4 1,5 EV/FCF (x) 8,9 3,6 n.m. n.m. 2,4 n.m. n.m. P/Book (x) 1,0 0,8 0,4 0,3 0,2 0,2 0,2 P/NAV (x) 0,5 1,0 0,8 Dividend yield (%) 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Key Assumptions E 2014E 2015E Mid water UK day rate Mid water Norway day rate

172 3Q13 Result preview Songa Offshore (USDm) 3Q12 1Q13 2Q13 3Q13E Consensus average Platou vs. Consensus Operating revenues % EBITDA % D&A EBIT % Adjustments EBIT Adjusted % Other Net financial items Pre-tax profit % Minorities & Taxes Adjusted Net profit % Extraordinary items Net profit % EPS % EPS, adjusted % Sources: Company, Bloomberg and RS Platou Markets 172

173 Profit and loss (USDm) E 2014E 2015E Revenue Gain/loss sale of assets Other revenue Total revenue Operating expenses EBITDA EBITDA-margin 54 % 42 % 38 % 34 % 39 % 39 % 43 % Adjusted EBITDA Adjusted EBITDA-margin 57 % 43 % 39 % 35 % 43 % 44 % 46 % Depreciation EBIT adj EBIT-margin adj. 43 % 26 % 20 % -44 % 14 % 14 % 22 % EBIT EBIT-margin 43 % 26 % 20 % -44 % 14 % 14 % 22 % Associated companies Net interest Other financial Items Pre-tax profit Tax Tax rate 9 % 10 % -57 % -4 % 10 % 10 % 10 % Minorities Net income Adjustments after tax Adjusted net income Result from discontinued operations/ Other EPS (USD) 1,97 1,18 0,70-1,57 0,17 0,14 0,22 EPS, adj. (USD) 1,97 0,77 0,70-1,57 0,17 0,14 0,22 Balance sheet (USDm) E 2014E 2015E Goodwill Fixed assets Other long term assets Long term assets Other current assets Cash and liquid assets Current assets Total assets Shareholders equity Other equity Equity Minorities Long term interest bearing debt Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Cash flow from investments Free cash flow Dividend paid Equity increase Cash flow from financing Other items Change in net debt

174 Result Preview 15-Oct-13 Subsea 7 Sector: Energy Equipment & Services Recommendation: BUY (unchanged) Target price (USD): 26 (unchanged) Analyst: Gøran Andreassen Tel: goran.andreassen@platou.com Next report date: Disclosure: Company description The merger between Acergy and Subsea 7 Inc. was completed on January Subsea 7 is a leading global provider of subsea construction services. The company's core market is installation of subsea umbilicals, risers and flowlines (SURF) Share price (NOK) in Subsea 7 relative to key indices Oct. 12 Dec. 12 Feb. 13 Apr. 13 Jun. 13 Aug. 13 Subsea 7 OSEBX index OSX index Shareholders Shares Votes Siem Industries Inc % 19.8 % State Street Bank and Trust 9.0 % 9.0 % Government Pension Fund - Norway 5.6 % 5.6 % JP Morgan Chase Bank NA 4.9 % 4.9 % Free Float 80.2 % 80.2 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue 6,688 6,688 0% 7,600 7,600 0% EBITDA, adj. 1,041 1,041 0% 1,573 1,573 0% EBIT, adj % 1,161 1,161 0% Net income, adj % % EPS, adj. (USD) % % Company data (2013E) Share price (NOK) No. of shares (m) Market cap. (USDm) 7,120 Net debt YE (USDm) 611 Enterprise value (USDm) 7,731 On the path of recovery Subsea 7 will report its 3Q13 result on 18 November, We expect EBITDA adj. to come in at USD 344m, driven by continued strong execution in West Africa and the North Sea. The focus of the report will be an update of the status of the Guara-Lula project in Brazil. We expect 3Q13 revenue, EBITDA adj. and EPS adj. of USD 1,860m, USD 344m and USD 0.31 vs. consensus of USD 1,828m, USD 348m and USD We expect the mix to show another strong quarter from the core regions NSMC and AFGoM, yet with lower margins sequentially as 2Q13 was helped by several projects reaching important milestones. Our estimates do not take into account any additional losses on the Guara-Lula project, but we expect close to break-even results for Brazil due to some dry-dockings in 3Q13. The result for APME is also expected to be softer sequentially due to expected lower contribution from the SapuraAcergy JV. We expect 3Q13 net order intake of USD 2,960m, based on USD 2,210m announced orders and USD 750m in scope extensions and variation orders. This implies book-to-bill of 1.6x and a record high-backlog of USD 11.5bn. We reiterate Buy with a TP of USD 26. We consider Subsea 7 to be one of our top picks within the oil services space. Key figures E 2014E 2015E Operating revenues (USDm) 2,209 2,369 5,476 6,296 6,688 7,600 8,200 EBITDA (USDm) , ,477 1,845 EBITDA, adj. (USDm) ,003 1,138 1,041 1,573 1,949 EBIT, adj. (USDm) ,161 1,529 Pre-tax profit, adj. (USDm) ,225 1,605 Net income, adj. (USDm) ,032 EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Net asset value (NAV) (USD) Dividend (USD) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) P/E, adj. (x) P/OCF (x) EV/FCF (x) 5.4 n.m. n.m. n.m. n.m P/Book (x) P/NAV (x) Dividend yield (%) Note: 2011 includes one additional month contribution from Acergy (December 2010) Key Assumptions E 2014E 2015E EBITDA adj. Margin (%)

175 3Q13 Result preview Subsea 7 (USDm) 3Q12 4Q12 1Q13 2Q13 3Q13E Consensus average Platou vs. Cons. Operating revenues EBITDA Adjusted EBITDA Adjusted margin 18,2 % 16,8 % 16,4 % 8,3 % 18,5 % 19,0 % -0,6 % EBIT Adjusted EBIT Associated companies Net financial items Pre-tax profit Taxes Net profit Adjustments* Net profit adjusted* EPS 0,56 0,43 0,40-0,06 0,34 0,38-0,04 EPS Adj. Diluted (USD) 0,44 0,38 0,37-0,06 0,31 0,35-0,04 Net order intake Backlog Revenues NSMC AFGoM APME Braziil CORP EBIT Adjusted NSMC AFGoM APME Braziil CORP EBIT Adjusted margin 13,1 % 11,2 % 10,5 % 2,4 % 13,1 % 13,3 % -0,2 % NSMC 12,4 % 12,6 % 14,2 % 19,3 % 15,5 % 16,0 % -0,5 % AFGoM 24,7 % 15,8 % 16,3 % 19,9 % 16,2 % 16,2 % 0,0 % APME -3,5 % 32,1 % 11,8 % 23,2 % 12,0 % 16,6 % -4,6 % Brazil 0,4 % -12,2 % -10,0 % -184,7 % 1,0 % 1,6 % -0,6 % CORP n.m n.m n.m n.m n.m n.m n.m Source: SME Direkt, RS Platou Markets, Subsea 7 * Net profit adj. includes adj. for interest on conv. loan notes for the purpose of calculating diluted EPS (adj) 175

176 Profit and loss (USDm) E 2014E 2015E Revenue 2,209 2,369 5,476 6,296 6,688 7,600 8,200 Gain/loss sale of assets Other revenue Total revenue 2,209 2,369 5,476 6,296 6,688 7,600 8,200 Cost of goods sold -1,538-1,578-4,167-4,872-5,417-5,747-5,979 Operating expenses EBITDA , ,477 1,845 - EBITDA-margin 20 % 20 % 16 % 17 % 14 % 19 % 22 % Adjusted EBITDA ,003 1,138 1,041 1,573 1,949 - Adjusted EBITDA-margin 22 % 24 % 18 % 18 % 16 % 21 % 24 % Depreciation EBIT adj ,161 1,529 - EBIT-margin adj. 16 % 18 % 12 % 13 % 10 % 15 % 19 % Write-down on assets Adjustments EBIT ,065 1,425 - EBIT-margin 13 % 15 % 10 % 11 % 8 % 14 % 17 % Associated companies Net interest Other financial Items Pre-tax profit , ,129 1,501 Tax Tax rate 28 % 33 % 28 % 21 % 45 % 33 % 33 % Minorities Net income Adjustments after tax Adjusted net income ,032 Result from discontinued operations/ Other EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Goodwill 0 0 2,567 2,575 2,492 2,492 2,492 Fixed assets 822 1,279 3,352 3,748 4,049 4,417 4,777 Other long term assets Long term assets 1,090 1,586 6,334 6,674 7,097 7,561 8,025 Other current assets ,111 2,533 2,619 3,059 3,336 Cash and liquid assets , Current assets 1,743 1,403 2,914 3,821 2,913 3,380 3,968 Total assets 2,833 2,990 9,248 10,495 10,009 10,941 11,992 Shareholders equity Other equity ,077 5,621 5,513 6,046 6,830 Equity 1,068 1,203 5,781 6,325 6,217 6,750 7,534 Minorities Long term interest bearing debt , Other long-term liabilities Long term liabilities ,143 1,258 1,074 1,074 1,074 Short term interest bearing debt Other short term liabilities 1,221 1,191 2,259 2,375 2,663 3,034 3,273 Current liabilities 1,221 1,191 2,272 2,869 2,663 3,034 3,273 Total liabilities and equity 2,833 2,990 9,248 10,495 10,009 10,941 11,992 Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit , ,129 1,501 - Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations ,077 1,328 Change in working capital Operating cash flow ,007 1,291 Maintenance capex Growth capex Acquisition capex Sale of assets Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt

177 Result Preview 15-Oct-13 Technip Sector: Energy Equipment & Services Recommendation: BUY (unchanged) Target price (EUR): 105 (unchanged) Analyst: Gøran Andreassen Tel: Next report date: Disclosure: Company description Technip is a major European supplier of diversified engineering and construction services primarily to the oil and gas industry Share price (EUR) in Technip relative to key indices Oct. 12 Dec. 12 Feb. 13 Apr. 13 Jun. 13 Aug. 13 Technip Euro STOXX 50 Index OSX index Shareholders Shares Votes Capital Group Companies Inc % 12.3 % Blackrock Inc. 6.6 % 6.6 % Caisse Des Depots Et Consi 5.3 % BNP Paribas Inv. Partners SA 3.5 % Free Float 87.7 % 87.7 % Changes in estimates (EURm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue 9,479 9,479 0% 10,820 10,820 0% EBITDA, adj. 1,165 1,165 0% 1,471 1,471 0% EBIT, adj % 1,231 1,231 0% Net income, adj % % EPS, adj. (EUR) % % Company data (2013E) Share price (EUR) No. of shares (m) Market cap. (EURm) 9,603 Net debt YE (EURm) -112 Enterprise value (EURm) 9,491 Book-to-bill of 1.4x Technip will report its 3Q13 results on 31 October, We expect to see a 7% sequential improvement in EBIT to EUR 258m, driven by solid margins in the Subsea segment. The focus of the report will in our view be status of tendering activity and potential early comments on We expect Technip to reiterate its FY 13 guidance. We expect 3Q13 revenue, EBIT and EPS diluted of EUR 2,490m, EUR 258m and EUR 1.46 vs. consensus (Bloomberg) of EUR 2,314m, EUR 265m and EUR The Subsea segment is expected to deliver 3Q13 revenue of EUR 1,210m with EBIT margin of 15.7%, representing a 10% sequential growth in revenue and 0.2%-points lower margin compared to the exceptional strong margin in 2Q13. We expect Onshore/Offshore to deliver 3Q13 EBIT of EUR 88m, flat sequentially. Our 3Q13 order intake estimate of EUR 3.4bn takes into account EUR 2.4bn in announced orders, driven by Technip s 50% share in the Petrobras PLSV contract and EUR 1.0bn in unannounced orders. This implies strong book-to-bill of 1.4x and end-3q13 record-high backlog of EUR 16.1bn. We make no changes to our estimates. We reiterate Buy with a SOTP based TP of EUR 105. Key figures E 2014E 2015E Total revenue (EURm) 6,456 6,082 6,813 8,204 9,479 10,820 11,500 EBITDA, adj. (EURm) ,017 1,165 1,471 1,667 EBITA (EURm) ,231 1,407 EBIT, adj. (EURm) ,231 1,407 Pre-tax profit, adj. (EURm) ,200 1,383 Net income, adj. (EURm) EPS, adj. (EUR) OCFPS (EUR) FCFPS (EUR) BVPS (EUR) Dividend (EUR) EV/Sales (x) EV/EBITDA, adj. (x) EV/EBITA, adj. (x) EV/EBIT, adj. (x) P/E, adj. (x) P/OCF (x) 8.3 n.m EV/FCF (x) 16.3 n.m. n.m. n.m P/Book (x) Dividend yield (%) Adjustments. 177

178 3Q13 Result preview Technip (EURm) 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13E Consensus average Platou vs. Cons Operating revenues EBITDA EBITDA margin 12,4 % 12,9 % 12,6 % 11,3 % 12,1 % 12,6 % 13,4 % -0,8 % D&A EBIT adj EBIT adj. margin 9,9 % 10,3 % 10,3 % 8,6 % 10,0 % 10,4 % 11,5 % -1,1 % None-recurring items EBIT Net Financials Pre-tax profit Taxes Net income Net income Adj EPS Fully Diluted 1,13 1,21 1,21 0,97 1,35 1,46 1,55 0 EPS Adj (Basic). 1,25 1,35 1,34 1,05 1,47 1,59 1,61-0,02 Order intake Order backlog Revenues (EURm) Subsea Onshore/Offshore EBIT (EURm) Subsea Onshore/Offshore Corporate EBIT-margin 9,9 % 10,3 % 10,3 % 8,6 % 10,0 % 10,4 % 11,5 % -1,1 % Subsea 14,8 % 15,1 % 14,9 % 12,8 % 15,9 % 15,7 % Onshore/Offshore 7,1 % 7,1 % 7,2 % 6,8 % 6,7 % 6,9 % Source: Bloomberg, RS Platou Markets, Technip 178

179 Profit and loss (EURm) E 2014E 2015E Revenue 6,456 6,082 6,813 8,204 9,479 10,820 11,500 Other revenue Total revenue 6,456 6,082 6,813 8,204 9,479 10,820 11,500 Cost of goods sold -5,555-5,305-5,930-7,187-8,314-9,349-9,833 - Gross margin 14 % 13 % 13 % 12 % 12 % 14 % 14 % Operating expenses EBITDA ,017 1,165 1,471 1,667 - EBITDA-margin 14 % 13 % 13 % 12 % 12 % 14 % 14 % Depreciation EBITA ,231 1,407 - EBITA-margin 10 % 10 % 10 % 10 % 10 % 11 % 12 % Amortization/Write down Adjustments EBIT ,231 1,407 - EBIT-margin 7 % 10 % 10 % 10 % 10 % 11 % 12 % Associated companies Net interest Other financial Items 0 0 Pre-tax profit ,200 1,383 - Pre-tax margin 6 % 10 % 10 % 9 % 10 % 11 % 12 % Tax Tax rate 52 % 30 % 29 % 27 % 29 % 29 % 29 % Minorities Net income Result margin 3 % 7 % 7 % 7 % 7 % 8 % 9 % Adjusted net income EPS (EUR) EPS, adj. (EUR) Balance sheet (EURm) E 2014E 2015E Goodwill Fixed assets 3,646 4,146 5,317 6,022 6,260 6,340 6,360 Other fixed assets Long term assets 3,910 4,471 5,624 6,323 6,598 6,678 6,698 Other current assets 2,004 2,646 3,000 2,969 3,827 4,276 4,642 Cash and liquid assets 2,656 3,106 2,809 2,289 2,383 2,912 3,690 Current assets 4,660 5,751 5,809 5,258 6,210 7,188 8,331 Total assets 8,570 10,222 11,432 11,581 12,808 13,866 15,030 Shareholders equity 2,687 3,180 3,652 4,001 4,355 5,013 5,796 Other equity Equity 2,687 3,180 3,652 4,001 4,355 5,013 5,796 Minorities Long term interest bearing debt 845 1,092 1,544 1,706 2,029 2,029 2,029 Pension liabilities Other long-term debt Long term liabilities 1,070 1,347 1,948 2,133 2,595 2,595 2,595 Short term interest bearing debt Other short term liabilities 4,755 4,992 5,267 5,033 5,601 6,001 6,382 Current liabilities 4,783 5,673 5,811 5,433 5,843 6,243 6,624 Total liabilities and equity 8,570 10,222 11,432 11,581 12,808 13,866 15,029 Working capital -2,751-2,346-2,267-2,074-1,774-1,724-1,740 Net debt -1,784-1, ,419 Cash flow (EURm) E 2014E 2015E Pre-tax profit ,200 1,383 - Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations ,092 1,242 Change in working capital Operating cash flow ,042 1,257 Maintenance capex Growth capex Acquisition capex Sale of assets Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt

180 Result Preview 15-Oct-13 Teekay Tankers Sector: Marine Analyst: Frode Mørkedal Tel: Recommendation: BUY (Neutral) Target price (USD): 4.0 (3.0) Analyst: Herman Hildan Tel: Next report date: Disclosure: Company description Spin off from Teekay Corp owning 10 Suezmax, 12 Aframax, 3 LR2 and 3 MR product tankers plus 50% ownership in VLCC newbuild. TNK is regarded as a dividend play. Share price (USD) in Teekay Tankers relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Teekay Tankers S&P 500 Index OSE Transportation Shareholders Shares Votes Teekay Corp 25.0 % 53.0 % Free Float 75.0 % 75.0 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % 18-4 #### EPS, adj. (USD) % #### Company data (2013E) Share price (USD) 2.73 No. of shares (m) 83.6 Market cap. (USDm) 228 Net debt YE (USDm) 696 Enterprise value (USDm) 924 Solid tanker play, upgrade to BUY We have lifted our 2014 estimates and see that 2015 is shaping up to be a potentially strong year for tankers due to the limited orderbook. Teekay Tankers has struggled with a failed STX LR2 newbuild order and the default of two VLCC mortgages the Company lent out to a Taiwanese shipowner. With the bad news out of the way, we expect Teekay Tankers strong balance sheet to eventually lead to more interest for the stock as a speculative bet on a 2015 tanker recovery. We therefore upgrade to BUY. Financial profile: TNK has about USD 256m of free liquidity and USD 123m of outstanding VLCC loans that could be turned to cash if the two secured VLCCs are sold. We have for now modelled that TNK takes ownership of the vessels and trade them spot. TNK has very low principal repayments through 2016 (about USD 20m per year) and no financial covenant concerns. Valuation: Current NAV is USD 1.2 per share. We believe asset values are likely to turn higher during next year as gradually rising rates and the outlook for 2015 is priced in. NAV today is therefore rather meaningless in our view, given the strong financial position of the Company. Based on our 2015 rate forecast of $26,000 per day for Suezmax, the stock is currently trading at 6x EV/EBITDA which we find attractive. Applying 7x target multiple we believe TNK should trade at USD 4 per share, which is our new price target. We believe TNK is a good play on the tanker cycle recovery which is nearing. We therefore change to BUY. Key figures E 2014E 2015E Revenue (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Net asset value (NAV) (USD) Dividend (USD) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) n.m. n.m P/E, adj. (x) n.m. n.m P/OCF (x) EV/FCF (x) 10.7 n.m P/Book (x) P/NAV (x) n.m. 2.4 n.m. n.m. n.m. Dividend yield (%) Description of adjustments: Sale of assets, agio/disagio and gain/losses on financial instruments Key Assumptions E 2014E 2015E Suezmax spot USD/Day Aframax spot USD/Day

181 3Q13 Result preview Teekay Tankers (USDm) 3Q12 1Q13 2Q13 3Q13E Consensus avg. Platou vs. cons. TCE Income Operating expenses (28) (29) (30) (29) EBITDA excl. one-offs Gain/loss sale of assets - (0) (5) - Depreciation & amortization (18) (12) (12) (12) EBIT (2) 2 (6) (1) (4) 3 Associated companies Net interest (5) (5) (3) (5) Other financial income (3) Pretax profit (10) (2) (6) (3) (8) 4 Taxes Minorities Net profit (10) (2) (6) (3) (9) 6 Net profit, adjusted (7) (3) (4) (3) (9) 6 EPS (0.12) (0.02) (0.07) (0.04) (0.09) 0.05 EPS, adjusted (0.08) (0.04) (0.04) (0.04) (0.08) 0.04 Dividend Source: Company, Bloomberg, RS Platou Markets 181

182 Profit and loss (USDm) E 2014E 2015E Total revenue Voyage expenses & commissions Time-charter equivalent Operating expenses EBITDA, adj Gain/loss sale of assets EBITDA Depreciation Amortization/Write down EBIT EBIT, adj Associated companies Net interest Gains/losses on securities or financial instruments Other financial Items 0 Pre-tax profit Tax Minorities Result from discontinued operations/ Other Net income Adjustments after tax Adjusted net income EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Long-term interest bearing assets Fixed assets Other long-term assets Long-term assets Other current assets Cash and liquid assets Current assets Total assets Equity Minorities Long term interest bearing debt Finance obligation Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Sale of assets Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt

183 Result Preview 15-Oct-13 TGS-Nopec Sector: Energy Equipment & Services Analyst: Jørgen Lande Tel: Recommendation: BUY (unchanged) Target price (USD): 28 (39) Analyst: Thomas Ørner Tel: Next report date: Disclosure: Company description TGS-Nopec specializes in the design, acquisition and processing of multi-client seismic surveys and delivers high performance seismic imaging to the E&P industry. Share price (NOK) in TGS-Nopec relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 TGS-Nopec OSEBX index OSX index Shareholders Shares Votes Folketrygdfondet 9,5 % 9,5 % Clearstream Banking 3,7 % 3,7 % State Street Bank and Trust Co. 3,3 % 3,3 % Pareto Aksje Norge 3,0 % 3,0 % Free Float 100,0 % 100,0 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) 2,4 3,0-19 % 2,8 3,6-21 % Company data (2013E) Share price (NOK) 146,50 No. of shares (m) 102,0 Market cap. (USDm) Net debt YE (USDm) -176 Enterprise value (USDm) Short term strangle 2013 looks to be a challenging year for TGS-Nopec as their business model is strangled by delayed projects and fierce competition. We are encouraged to see that the library sells as expected and amortisation rate guidance is intact. We believe there is upside to 2013 guidance based on Q4 late sales. We model Q3 EBIT of USD 76m reflecting the weakest margin since Following the PW, we model Q3 late sales of USD 138m, 6% lower than our previous estimate. New investments of USD 112m are 10% short of our original estimate coupled with a prefunding rate of 39% vs our 41% initial estimate. New guidance imply only USD 72m of investments in Q4, 63% down from our previous estimate and thus account for the bulk of our estimate revisions. New guidance also imply Q4 late sales of only USD 183m which is a 10% drop y/y. We find the new revenues guidance conservative and expect Q4 late sales of USD 204m, flat y/y investments is set to drop 15% y/y which is unprecedented in the history of TGS-Nopec ( : CAGR 21%). For 2014E we lower our new investments to USD 500m (USD 580m) equal to the historical growth rate We lower 2014E prefunding rate to 45% (53%) and model an amortisation rate of 44% i.e. slightly softer late sales. We stick to our belief that 2014E seismic demand will be solid. We lower our TP to USD 28 justified by 2014E EV/EBIT of 7.6x in line with historical trading and we maintain our Buy recommendation Key figures E 2014E 2015E Operating revenues (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) 1,54 1,52 1,68 2,79 2,43 2,80 3,36 OCFPS (USD) 3,1 4,0 4,8 6,5 5,5 7,8 8,1 FCFPS (USD) 1,3 1,3 1,5 1,0-0,2 2,8 2,6 BVPS (USD) 8,1 8,9 9,6 11,5 11,3 13,1 15,5 Net asset value (NAV) (USD) Dividend (USD) 0,70 0,86 1,02 1,39 1,00 1,00 1,00 EV/EBITDA, adj. (x) 4,0 4,0 3,9 3,7 3,3 2,5 2,0 EV/EBIT, adj. (x) 7,6 8,5 7,8 7,4 6,4 5,1 3,9 P/E, adj. (x) 11,8 14,5 13,1 11,7 10,1 8,7 7,3 P/OCF (x) 5,8 5,6 4,6 5,0 4,4 3,1 3,0 EV/FCF (x) 11,9 14,2 12,3 29,7 n.m. 7,6 7,5 P/Book (x) 2,2 2,5 2,3 2,8 2,2 1,9 1,6 P/NAV (x) Dividend yield (%) 3,8 3,9 4,6 4,3 4,1 4,1 4,1 Adjustments are made for writedown of fixed assets & Gains/losses on securities or financial instruments Key Assumptions E 2014E 2015E EBIT margin % Multi-client investments Pre-funding rate % 50,0 55,1 53,0 64,0 41,0 45,0 50,0 183

184 Q313 Result preview TGS-Nopec (USDm) 3Q12 4Q12 1Q13 2Q13 3Q13E Consensus 2Q13 average Operating revenues EBITDA D&A EBIT Adjusted EBIT Net financial items Pre-tax profit Taxes Net profit Net profit Adjusted EPS Adjusted 0,72 0,82 0,59 0,67 0,51 0,51 DPS(NOK) 0,00 8,00 0,00 0,00 0,00 0,00 Segmental revenue Multi-client prefunding Multi-client late sales Assumptions Multi-client cash investments Multi-client prefunding rate 72 % 68 % 44 % 39 % 39 % Multi-client amortization rate 45 % 44 % 38 % 39 % 45 % Sources: Bloomberg, RS Platou Markets 184

185 Profit and loss (USDm) E 2014E 2015E Revenue Other revenue Total revenue Cost of goods sold Operating expenses EBITDA EBITDA-margin 83 % 85 % 80 % 86 % 83 % 84 % 84 % Adjusted EBITDA Adjusted EBITDA-margin 83 % 85 % 80 % 86 % 83 % 84 % 84 % Amortization multi-client seismic Depreciation EBIT adj EBIT-margin adj. 44 % 40 % 39 % 43 % 42 % 41 % 43 % EBIT EBIT-margin 44 % 40 % 39 % 43 % 42 % 41 % 43 % Net interest Other financial Items Pre-tax profit Tax Tax rate 26 % 32 % 29 % 30 % 32 % 32 % 32 % Net income Adjustments after tax Adjusted net income EPS (USD) 1,54 1,52 1,68 2,79 2,43 2,80 3,36 EPS, adj. (USD) 1,54 1,52 1,68 2,79 2,43 2,80 3,36 Balance sheet (USDm) E 2014E 2015E Goodwill Fixed assets Other long term assets Long term assets Other current assets Cash and liquid assets Current assets Total assets Shareholders equity Other equity Equity Long term interest bearing debt Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Sale of assets Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt

186 Result Preview 15-Oct-13 Transocean Sector: Energy Equipment & Services Analyst: Anders Bergland Tel: Recommendation: BUY (unchanged) Target price (USD): 65 (unchanged) Analyst: David Bhatti Tel: Next report date: Disclosure: Company description Transocean is one of the world's largest offshore drilling companies with a fleet of 77 floaters and 12 jack-ups. Share price (USD) in Transocean relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Transocean S&P 500 Index OSX index Shareholders Shares Votes Ichan Associates 5,6 % 5,6 % Capital Group Companies 5,5 % 5,5 % Blackrock 5,2 % 5,2 % Franklin Resources 3,6 % 3,6 % Free Float 100,0 % 100,0 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) 3,9 4,1-3 % 6,2 6,1 0 % Company data (2013E) Share price (USD) 45,19 No. of shares (m) 360,3 Market cap. (USDm) Net debt YE (USDm) Enterprise value (USDm) Waiting for new cost guidance Transocean (RIG) is stepping up its efforts to create value by reinstating dividends, pulling the reins on costs and high-grading its fleet. Combined with a gradual resolution to litigations and plentiful market leverage, we view current risk/reward as attractive We expect RIG to report 3Q13 EBITDA and EPS of USD 965m and USD 1.09 vs. consensus estimates of USD 913m and USD RIG is targeting a USD 300m reduction of overhead costs starting in 2014 through an efficiency initiative. Mgmt. has also indicated that they expect savings beyond this amount but has been reluctant to give additional. As RIG averages about ~10% lower EBITDA-margin than peers, we see ample room for improvement. Each %pt. increase would add ~ USD 0.3 (5%) to EPS. We expect this to be the centre of attention on the upcoming call. Sale of vintage assets has been high on RIG s agenda. We expect the company to continue to dispose older stacked assets but believe price to be in lower end of the value range. Falcon 100 is said to have been sold at USD 75m. Changes to our estimates are reflective of latest fleet status reports We reiterate our Buy rating and USD 65 TP, reflective of about 6.5x and 10x 2014 EV/EBITDA and P/E. Key figures E 2014E 2015E Operating revenues (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) 10,91 5,50 1,04 3,76 3,93 6,15 6,61 OCFPS (USD) 18,1 12,5 5,4 7,7 4,9 6,8 9,5 FCFPS (USD) 9,0 10,2-0,5 6,6-0,4 0,4 3,5 BVPS (USD) 64,1 67,1 45,6 43,8 44,4 48,4 52,8 Net asset value (NAV) (USD) 73,1 68,1 68,1 Dividend (USD) 0,00 0,00 3,12 0,00 2,24 2,24 2,24 EV/EBITDA, adj. (x) 6,0 7,1 7,5 6,3 6,6 5,2 4,9 EV/EBIT, adj. (x) 8,4 18,2 15,1 9,7 9,9 7,1 6,7 P/E, adj. (x) 7,6 12,6 36,9 11,9 11,5 7,3 6,8 P/OCF (x) 4,6 5,6 7,1 5,8 9,3 6,6 4,8 EV/FCF (x) 12,8 9,2 n.m. 9,7 n.m. n.m. 19,0 P/Book (x) 1,3 1,0 0,8 1,0 1,0 0,9 0,9 P/NAV (x) 0,5 0,7 0,7 Dividend yield (%) 0,0 0,0 8,1 0,0 5,0 5,0 5,0 186

187 3Q13 Result preview Transocean (USDm) 3Q12 1Q13 2Q13 3Q13E Consensus average Platou vs. Consensus Operating revenues % EBITDA % D&A EBIT % Adjustments EBIT Adjusted % Other Net financial items Pre-tax profit % Minorities Taxes Adjusted Net profit % Extraordinary items Net profit % EPS % EPS, adjusted % Revenues (USDm) % Ultra Deepwater Floaters Deepwater Floaters Harsh Environment Midwater Floaters High Specification Jackups Standard Jackups Other Rigs Other revenue Sources: Company, Bloomberg and RS Platou Markets 187

188 Profit and loss (USDm) E 2014E 2015E Revenue Gain/loss sale of assets Other revenue Total revenue Operating expenses EBITDA EBITDA-margin 54 % 44 % 32 % 37 % 37 % 43 % 43 % Adjusted EBITDA Adjusted EBITDA-margin 57 % 47 % 35 % 39 % 39 % 44 % 45 % Depreciation EBIT adj EBIT-margin adj. 38 % 17 % 16 % 24 % 25 % 31 % 32 % EBIT EBIT-margin 38 % 17 % 16 % 24 % 25 % 31 % 32 % Associated companies Net interest Other financial Items Pre-tax profit Tax Tax rate 19 % 28 % 49 % 20 % 23 % 20 % 20 % Minorities Net income Adjustments after tax Adjusted net income Result from discontinued operations/ Other EPS (USD) 9,84 2,99-17,81-0,53 3,65 6,15 6,61 EPS, adj. (USD) 10,91 5,50 1,04 3,76 3,93 6,15 6,61 Balance sheet (USDm) E 2014E 2015E Goodwill Fixed assets Other long term assets Long term assets Other current assets Cash and liquid assets Current assets Total assets Shareholders equity Other equity Equity Minorities Long term interest bearing debt Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Growth capex Acquisition capex Cash flow from investments Free cash flow Dividend paid Equity increase Cash flow from financing Other items Change in net debt

189 Result Preview 15-Oct-13 Wilh. Wilhelmsen ASA Sector: Marine Analyst: Frode Mørkedal Tel: Recommendation: Analyst: Herman Hildan Tel: NEUTRAL (unchanged) Target price (USD): 10.0 (unchanged) Next report date: Disclosure: Company description Global car and ro-ro shipping operator with integrated logistics solutions from factory to dealer. Share price (NOK) in Wilh. Wilhelmsen ASA relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Wilh. Wilhelmsen ASA OSE Transportation OSEBX index Shareholders Shares Votes Wilh. Wilhelmsen ASA 72.7 % 72.7 % Free Float 27.3 % 27.3 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) % % Company data (2013E) Share price (NOK) No. of shares (m) Market cap. (USDm) Net debt YE (USDm) Enterprise value (USDm) Fair valuation, reiterate Neutral We downgraded WWASA to Neutral after the Capital Markets Day in September. The stock has rallied since early August and we feel current valuation is fair. In fact, management specifically warned at the CMD about what they called hype in the share price, saying they did not see any immediate pick up in the car carrier market to warrant the recent optimism. Market exposure: We share management s cautious view, noting that WWASA has little exposure to the strong US trades but is more weighted to European markets which remain weak, down 5% y-y with no immediate pick-up expected. 2Q13 results saw a recovery of High & Heavy volumes mainly from agricultural equipment to Australia, possibly reflecting preparations for the harvest. Valuation: Today s share price of NOK 58 is close to our estimated NAV of NOK 63 per share and we doubt the stock is likely to trade meaningfully above NAV. Our NAV includes no discount to the Glovis shareholding, which is unlikely to be sold down further. Also, the anti-trust investigations seem out-of-mind of most investors, and although there could be years before any fallout is known, we believe this is a risk that could keep the stock from trading much above NAV. Ship values used in the NAV is based on newbuild prices of USD 75m for 8,000 CEU vessels as a benchmark. The stock is also trading at 7x our 14e and 15e EV/EBITDA, which looks fair as well. Given the recent share price rally, management s guidance of no immediate market pick-up (and therefore unlikely to see near term earnings surprises), we reiterate our Neutral recommendation. Key figures E 2014E 2015E Revenue (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Net asset value (NAV) (USD) Dividend (USD) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) P/E, adj. (x) P/OCF (x) EV/FCF (x) 18.9 n.m n.m P/Book (x) P/NAV (x) 0.9 Dividend yield (%) Description of adjustments: Sale of assets, agio/disagio and gain/losses on financial instruments. P&L based on Management report. Adjusted Enterprise Value with non-consolidated debt. 189

190 3Q13 Result preview Wilh. Wilhelmsen ASA (WWASA), USDm 3Q12 1Q13 2Q13 3Q13E Consensus avgerage Platou vs. cons. TCE Income Operating expenses (284) (283) (293) (295) EBITDA excl. one-offs (2) Gain/loss sale of assets Depreciation & amortization (38) (38) (38) (38) (39) 1 EBIT (1) Associated companies Net interest (26) (22) (22) (23) (18) (5) Other financial income (4) Pretax profit (6) Taxes (2) (5) (12) (2) (5) 3 Minorities Net profit (2) Net profit, adjusted (4) EPS (0.00) EPS, adjusted (0.00) Operating profit per segment Shipping Logistics Holding/other 3 (11) (7) (2) Total operating profit Source: Company, Bloomberg, RS Platou Markets 190

191 Profit and loss (USDm) E 2014E 2015E Total revenue Voyage expenses & commissions Time-charter equivalent Operating expenses EBITDA, adj Gain/loss sale of assets EBITDA Depreciation Amortization/Write down EBIT EBIT, adj Associated companies Net interest Gains/losses on securities or financial instruments Other financial Items Pre-tax profit Tax Minorities Result from discontinued operations/ Other Net income Adjustments after tax Adjusted net income EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Long-term interest bearing assets Fixed assets Other long-term assets Long-term assets Other current assets Cash and liquid assets Current assets Total assets Equity Minorities Long term interest bearing debt Finance obligation Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Sale of assets Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt

192 Result Preview 15-Oct-13 Wilh. Wilhelmsen Holding Sector: Marine Analyst: Frode Mørkedal Tel: Recommendation: BUY (unchanged) Target price (USD): 37 (unchanged) Analyst: Herman Hildan Tel: Next report date: Disclosure: Company description Leading global maritime industry group with long Norwegian tradition. Ranks as the world's largest operator in the roll-on, roll-off cargo segment and controls together with partners 130 vessels. Listed at OSE under the ticker WWI and WWIB. Share price (NOK) in Wilh. Wilhelmsen Holding relative to key indices okt. 12 des. 12 feb. 13 apr. 13 jun. 13 aug. 13 Wilh. Wilhelmsen Holding OSE Transportation OSEBX index Shareholders Shares Votes Tallyman AS 59.2 % 59.2 % Odin Funds 3.8 % 3.8 % Government Pension Fund Norway 3.0 % 3.0 % Free Float 40.8 % 40.8 % Changes in estimates (USDm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue % % EBITDA, adj % % EBIT, adj % % Net income, adj % % EPS, adj. (USD) % % Company data (2013E) Share price (NOK) No. of shares (m) 46.5 Market cap. (USDm) Net debt YE (USDm) Enterprise value (USDm) Ship services market bottoming out Wilh. Wilhelmsen Holding (WWI) has recovered on the back of the surging WWASA share price but is still trading with 40% discount to our SOTP. Wilhelmsen Maritime Services (WMS) which has seen margins squeezed, now appears to have bottomed out with management saying they see firmer ground. Despite Neutral rating of WWASA, we reiterate BUY for WWI due to still attractive valuation. WMS outlook: Although revenues have flat-lined, the EBIT-margin in 2Q13 jumped to 9.3% from 4.5% in 1Q13. Management said cost initiatives now appear to have resulted in firmer ground, although we have factored in a slightly lower EBIT-margin of 8% in coming quarters. This could be somewhat conservative given the recent strengthening of the USD compared to most currencies, including NOK. Due to costs in local currencies, a stronger USD is good for WMS s margin. Fundamentally, WMS main segment, Ship Services, should continue to grow its top line in line with the growth in the world merchant fleet. Recovery of shipping markets should also improve ship owners willingness to buy more ship services. Valuation: With WWASA at current share price and WMS at 8x 13e EV/EBITDA, we estimate SOTP of NOK 312 per share. Our price target of USD 37 per share reflects 30% discount to NAV/SOTP and 6x 13e EV/EBITDA (WWASA consolidated). Wilh. Wilhelmsen Holding remains attractively valued and should see the discount to its Sum-of-Parts narrow as WMS improves its earnings and the WWASA share price consolidates at its recent new, higher level. Key figures E 2014E 2015E Revenue (USDm) EBITDA (USDm) EBITDA, adj. (USDm) EBIT, adj. (USDm) Pre-tax profit, adj. (USDm) Net income, adj. (USDm) EPS, adj. (USD) OCFPS (USD) FCFPS (USD) BVPS (USD) Net asset value (NAV) (USD) Dividend (USD) EV/EBITDA, adj. (x) EV/EBIT, adj. (x) P/E, adj. (x) n.m P/OCF (x) EV/FCF (x) n.m n.m P/Book (x) P/NAV (x) Dividend yield (%) Description of adjustments: Sale of assets, agio/disagio and gain/losses on financial instruments. P&L based on Management report. Adjusted Enterprise Value with non-consolidated debt. 192

193 3Q13 Result preview Wilh. Wilhelmsen (WWI), USDm 3Q12 1Q13 2Q13 3Q13E Consensus avgerage Platou vs. cons. TCE Income Operating expenses (492) (517) (513) (523) EBITDA excl. one-offs Gain/loss sale of assets Depreciation & amortization (44) (44) (44) (45) (46) 1 EBIT Associated companies Net interest (31) (26) (25) (25) (19) (6) Other financial income (1) Pretax profit (4) Taxes (4) (8) (20) (2) Minorities (60) (16) (27) (11) Net profit Net profit, adjusted EPS EPS, adjusted Operating profit per segment Shipping Logistics Maritime Services Holding (5) (14) (8) (6) Other 0 0 (0) - Total operating profit Source: Company, Bloomberg, RS Platou Markets 193

194 Profit and loss (USDm) E 2014E 2015E Total revenue Voyage expenses & commissions Time-charter equivalent Operating expenses EBITDA, adj Gain/loss sale of assets EBITDA Depreciation Amortization/Write down EBIT EBIT, adj Associated companies Net interest Gains/losses on securities or financial instruments Other financial Items Pre-tax profit Tax Minorities Result from discontinued operations/ Other Net income Adjustments after tax Adjusted net income EPS (USD) EPS, adj. (USD) Balance sheet (USDm) E 2014E 2015E Long-term interest bearing assets Fixed assets Other long-term assets Long-term assets Other current assets Cash and liquid assets Current assets Total assets Equity Minorities Long term interest bearing debt Finance obligation Other long-term liabilities Long term liabilities Short term interest bearing debt Other short term liabilities Current liabilities Total liabilities and equity Working capital Net debt Cash flow (USDm) E 2014E 2015E Pre-tax profit Associated companies Depreciation and amortization Payable tax /- Other operating items Cash flow from operations Change in working capital Operating cash flow Maintenance capex Growth capex Acquisition capex Sale of assets Cash flow from investments Free cash flow Dividend paid Share buy back Equity increase Cash flow from financing Other items Change in net debt

195 Result Preview 15-Oct-13 Yara International Sector: Chemicals Recommendation: BUY (unchanged) Target price (NOK): 300 (unchanged) Analyst: Per Haagensen Tel: Next report date: Disclosure: Company description Yara International produces, distributes, and sells nitrogen-based mineral fertilizers and related industrial products. The company also distributes and sells a range of phosphate and potash-based mineral fertilizers, as well as complex and specialty mineral fertilizer Share price (NOK) in Yara International relative to key indices Oct. 12 Dec. 12 Feb. 13 Apr. 13 Jun. 13 Aug. 13 Oct. 13 Yara International OSEBX index OSE Materials Shareholders Shares Votes Ministry of Trade and Industry 36.2 % 36.2 % Folketrygdfondet 6.8 % 6.8 % People's Bank of China 1.8 % 1.8 % Fidelity Management & Research LLC 1.8 % 1.8 % Free Float 63.8 % 63.8 % Changes in estimates (NOKm) 2013E 2014E New Old Chg. New Old Chg. Oper. revenue 87,196 87,467 0% 92,697 93,337-1% EBITDA, adj. 14,006 14,314-2% 14,214 14,234 0% EBIT, adj. 8,318 8,626-4% 8,232 8,452-3% Net income, adj. 7,411 7,649-3% 7,604 7,784-2% EPS, adj. (NOK) % % Company data (2013E) Share price (NOK) No. of shares (m) Market cap. (NOKm) 65,995 Net debt YE (NOKm) 146 Enterprise value (NOKm) 66,141 Upgrading margins holding up We expect Yara to deliver good upgrading margins in a quarter characterized by weak nitrogen markets. This should serve to illustrate the less cyclical nature of upgraded and complex fertilizer, which accounts for the majority of Yara s revenues. We expect 3Q13 revenues of NOK 21.7bn, including 2 months from Bunge Fertilizer Brazil. We do not expect any significant earnings contribution from this business yet. We see an EBITDA of NOK 3.370bn, down 18% YoY, Q3 has been weak both in terms of prices and volumes as there has been considerably uncertainty on both N and K prices. We expect Urea prices to come slowly up from current levels, though there will be a risk surrounding Chinese export tax in At current price levels we see little new capacity outside of China in the coming years which likely lays the foundation of a demand driven market during /3 of Yara s sales are valued-added fertilizer that provides stable earnings even in periods of weak Urea prices. We see trough EPS of around NOK 20. Q3 focus is expected to be on South American expansion and comments on upstream expansion. We reiterate our BUY recommendation on Yara with a NOK 300 target price. Key figures E 2014E 2015E Total revenue (NOKm) 61,419 65,374 80,352 84,509 87,488 92,989 96,139 EBITDA, adj. (NOKm) 5,492 10,748 16,010 16,858 14,006 14,214 14,329 EBITA (NOKm) 1,272 7,466 13,241 11,158 8,318 8,232 8,347 EBIT, adj. (NOKm) 1,272 7,466 13,241 11,158 8,318 8,232 8,347 Pre-tax profit, adj. (NOKm) 1,613 7,856 14,180 12,196 9,954 10,285 10,458 Net income, adj. (NOKm) 2,287 5,547 10,230 9,490 7,411 7,604 7,967 EPS, adj. (NOK) OCFPS (NOK) FCFPS (NOK) BVPS (NOK) Dividend (NOK) EV/Sales (x) EV/EBITDA, adj. (x) EV/EBITA, adj. (x) EV/EBIT, adj. (x) P/E, adj. (x) P/OCF (x) EV/FCF (x) P/Book (x) Dividend yield (%) Adjustments. Key Assumptions E 2014E 2015E Urea (fob Yuzhny $/t) Ammonia (fob Yuzhny $/t) CAN (del Germany $/t)

196 3Q13 Result preview Yara International (NOKm) 3Q12 1Q13 2Q13 3Q13E Consensus average Platou vs. Consensus Operating revenues % EBITDA % Operating Income Associated companies EBIT % Adjustments EBIT adjusted Net financial items Pre-tax profit Taxes Adjusted Net profit % EPS 9,32 8,03 6,71 6,60 6,82-0,22-3 % EPS, adjusted 8,47 8,61 7,98 6,22 6,59-0,38-5 % Sources: Company, Bloomberg and RS Platou Markets 196

197 Profit and loss (NOKm) E 2014E 2015E Revenue 60,867 64,007 77,725 83,997 87,196 92,697 96,139 Other revenue 552 1,367 2, Total revenue 61,419 65,374 80,352 84,509 87,488 92,989 96,139 Cost of goods sold -51,076-49,142-57,829-62,751-68,429-73,729-76,764 - Gross margin 17 % 25 % 28 % 26 % 22 % 21 % 20 % Operating expenses -6,646-6,325-6,605-7,176-7,415-7,556-7,556 EBITDA 5,549 15,316 18,162 16,978 14,021 14,514 14,689 - EBITDA-margin 9 % 23 % 23 % 20 % 16 % 16 % 15 % Depreciation -2,425-2,441-2,677-3,424-3,326-3,472-3,472 EBITA 1,272 7,466 13,241 11,158 8,318 8,232 8,347 - EBITA-margin 2 % 11 % 16 % 13 % 10 % 9 % 9 % Amortization/Write down EBIT 1,272 7,466 13,241 11,158 8,318 8,232 8,347 - EBIT-margin 2 % 11 % 16 % 13 % 10 % 9 % 9 % Associated companies 1,411 1,515 1,889 1,964 2,021 2,490 2,550 Net interest Other financial Items 2,380 3, , Pre-tax profit 4,082 11,671 14,743 13,617 9,654 10,591 10,063 - Pre-tax margin 7 % 18 % 18 % 16 % 11 % 11 % 10 % Tax 337-2,385-2,315-2,596-1,847-2,042-2,076 - Tax rate -8 % 20 % 16 % 19 % 19 % 19 % 21 % Minorities Net income 3,782 8,732 12,094 10,479 7,058 7,828 7,967 - Result margin 6 % 13 % 15 % 12 % 8 % 8 % 8 % Adjusted net income 2,287 5,547 10,230 9,490 7,411 7,604 7,967 EPS (NOK) EPS, adj. (NOK) Balance sheet (NOKm) E 2014E 2015E Intangible assets 3,591 4,937 5,164 7,512 7,859 7,859 7,859 Fixed assets 22,121 23,470 24,118 27,893 31,442 31,420 31,348 Other fixed assets 17,580 14,142 14,441 13,314 13,896 13,896 13,896 Long term assets 43,292 42,549 43,723 48,719 53,197 53,175 53,103 Other current assets 17,398 19,956 24,299 22,579 23,618 26,485 26,952 Cash and liquid assets 976 2,956 5,877 9,952 10,290 11,929 16,408 Current assets 18,374 22,912 30,176 32,531 33,908 38,414 43,360 Total assets 61,666 65,461 73,899 81,250 87,105 91,589 96,463 Shareholders equity Other equity 28,215 34,694 44,136 47,769 53,562 58,125 62,826 Equity 28,706 35,184 44,621 48,246 54,035 58,598 63,299 Minorities ,745 2,017 2,017 2,017 Long term interest bearing debt 13,936 11,139 10,280 9,287 8,854 8,854 8,854 Other long-term debt 7,031 6,627 6,648 7,857 7,885 7,885 7,885 Long term liabilities 20,967 17,766 16,928 17,144 16,739 16,739 16,739 Short term interest bearing debt 3,185 1, Other short term liabilities 8,650 10,394 11,486 13,511 13,470 13,392 13,564 Current liabilities 11,835 12,362 12,193 14,115 14,314 14,236 14,408 Total liabilities and equity 61,666 65,461 73,899 81,250 87,105 91,589 96,463 Working capital 8,830 9,742 13,233 10,072 10,886 13,831 14,126 Net debt 16,227 10,331 5, ,493-5,972 Cash flow (NOKm) E 2014E 2015E Pre-tax profit 4,082 11,671 14,743 13,617 9,654 10,591 10,063 - Associated companies -1,411-1,515-1,889-1,964-2,021-2,490-2,550 + Depreciation and amortization 2,425 2,441 2,677 3,424 3,326 3,472 3,472 - Payable tax 337-2,385-2,315-2,596-1,847-2,042-2,076 +/- Other operating items -5,199-2,579-1, , Cash flow from operations -2,886 8,800 12,355 11,603 11,033 11,639 11,778 Change in working capital 14,810-1,705-4,990 1,629 2,544-2, Operating cash flow 11,924 7,095 7,365 13,232 13,577 8,694 11,484 Maintenance capex -4,260-3,090-2,899-3,569-3,580-2,000-2,000 Growth capex -1, ,339-1,450-1,400 Sale of assets 617 5,122 2, Cash flow from investments -5,467 1, ,955-8,686-3,450-3,400 Free cash flow 6,457 8,420 6,995 9,277 4,891 5,244 8,084 Dividend paid -1,304-1,300-1,584-1,998-3,418-3,605-3,605 Share buy back , Cash flow from financing -1,544-1,415-2,347-3,269-3,715-3,605-3,605 Other items 3,653-1, , Change in net debt -8,566-5,896-4,801-4, ,639-4,

198 Disclaimer RS Platou Markets AS RS Platou Markets AS is limited liability company incorporated in Norway (reg.no ) and is authorised to provide banking and investment services in accordance with and pursuant to the Norwegian Securities Trading Act of RS Platou Markets AS is a subsidiary of RS Platou ASA, parent company in the RS Platou ASA Group, which comprise a full service international ship and offshore brokerage and securities. RS Platou Markets AS is under the supervision of the Norwegian Financial Supervisory Authority (Nw.: Finanstilsynet ) and is a member of the Norwegian Securities Dealers Association (Nw.: Norges Fondsmeglerforbund). Internal rules have been developed in accordance with recommendations issued by the association. Important Information This report is provided by RS Platou Markets AS and has been prepared by its equity research department solely for general information purposes to professional investors only. 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199 Neither RS Platou Markets AS nor any of its parent or subsidiary undertakings or any such person s affiliates, officers, employees or advisers accept any liability whatsoever as to any errors, omissions or misstatements contained herein and, accordingly, expressly disclaim any and all liabilities for any and all losses (whether direct or indirect) related to investments caused by or motivated by this report or information included herein. Any person receiving this report is deemed to have accepted this disclaimer which shall apply also should the estimates or opinions shown turn out to be to erroneous or incomplete or based upon incorrect or incomplete facts, interpretations or assessments or assumptions by RS Platou Markets AS, and irrespective of whether RS Platou Markets AS or any person related to RS Platou Markets AS are at fault. Risks related to investments and recommendations Any investment involves risks, such as the risk of no yield or the risk of losing the capital invested. Several factors could cause the actual results, performance or achievements of the companies and instruments described herein to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this report, including, among others and without limitation, risks or uncertainties associated with the companies business, segments, development, growth management, financing, market acceptance and relations with customers. More generally an investment will involve risks related to general economic and business conditions, changes in domestic and foreign laws and regulations, taxes, changes in competition and pricing environments, fluctuations in currency exchange rates and interest rates and other factors. Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this report. Some investments discussed by Platou Markets have high volatility and may therefore experience sudden and large changes in value that may cause. International investing may include additional risks related to political and economic uncertainties as well currency risk. The analyst s assessment of risk is identified by the following terms: High risk Medium risk Low risk The share is likely to be considerably more volatile than the general index. The reason may be the characteristics of the company or the company s industry, or issues associated with the share as a security, such as a recent listing, a limited free float or the expectation of corporate action. The share is expected to be about as volatile as the general index. The share is expected to fluctuate less than the general index, and the Company, the share or the industry has inherent characteristics that reduce the expected volatility of the share price. The opinions and views contained herein are based on numerous assumptions as described in this report. Different assumptions could result in materially different results. Furthermore, the assumptions may not be realized. Basis and methods for assessment Recommendations in respect of shares and share related instruments are based on estimates using various valuation methods. These methods include analysis of earnings multiples, valuation of a company using discounted cash flow calculations and net asset value assessments. RS Platou Markets AS research department operates with 3 recommendation categories based on the expected absolute return within 6 months: Buy The return is estimated to be in excess of 15%. Neutral The return is estimated between 15% and minus 5%. Sell The return is estimated to be less than minus 5%. Planned updates There is no fixed schedule for updating the research included in this report. However, Platou Markets aims to update recommendations on a company when: The price target is achieved New accounting figures are released Any material news on a company or is industry is released 199

200 Prevention of conflicts of interests and authors independence RS Platou Markets AS aims always to operate in compliance with appropriate business standards, including with respect to conflicts of interests and the content of reports produced by investment firms and other relevant standards. To limit possible conflicts of interests, the analysts within RS Platou Markets AS equity research department are separated from the corporate finance department in order to control the flow of information ( Chinese walls ) and subject to internal rules on the handling of inside and other confidential information, unpublished research material and contact with other departments. The object of the internal rules is to ensure that no analyst will abuse or cause others to abuse confidential information. The analyst(s) involved in the preparation of the various research included herein has not at the same time been involved in corporate assignments for companies described by him or her. The analysts have not been, nor are or will be, receiving direct or indirect compensation in exchange for expressing any of the views or the specific recommendations contained in the report. The analysts of RS Platou Market AS s equity research department are eligible to remuneration from RS Platou Market AS s general bonus scheme. Share ownership and investment banking services RS Platou Markets AS does not alone or together with affiliated companies hold more than 5% of the total share capital of any company on which it issues research. RS Platou Markets AS and its affiliates (and/or their employees) may, however, have investments in companies/financial instruments (or derivative thereof) featured in this report or have other financial interests in transactions involving these companies/financial instruments. In addition, RS Platou Markets AS may have or has acted as manager for and provided investment banking services to a number of companies mentioned in this report. In light of the broad range of financial services and ship brokerage activities offered and provided by RS Platou Markets AS and the RS Platou ASA Group, however, it can be assumed that RS Platou Markets AS and its affiliates may currently and may in the future be providing or aim to provide investment banking or other financial services of a confidential nature (and consequently not referenced herein or on the mentioned web site) to or on behalf of the issuers referred to in this report. For an overview of RS Platou Markets AS and/or its employees positions in financial instruments in addition to an overview of the companies to whom RS Platou Markets AS has provided investment banking services to over the latest 12 months, please RS Platou Markets AS web page Important Disclosures for recipients in the United States This research report was prepared for information purposes only by RS Platou Markets AS, a foreign broker-dealer that is not registered in the United States. RS Platou Markets AS research reports are intended for distribution in the United States solely to "major U.S. institutional investors" in reliance on the exemption from broker-dealer registration provided by Rule 15a-6 of the United States Securities Exchange Act of 1934, as amended and may not be furnished to any other person in the United States. Each major U.S. institutional investor that receives a copy of a RS Platou Markets AS research report by its acceptance thereof represents and agrees that it shall not distribute or provide copies to any other person. Any U.S. recipient of this research report that desires to effect transactions in any securities discussed within this report should do so through RS Platou Markets, Inc., a U.S. registered broker-dealer and an affiliate of RS Platou Markets AS. All such transactions will be effected pursuant to Rule 15a-6 of the Securities Exchange Act of 1934 and related interpretations. Financial statements included in the report, if any, may have been prepared in accordance with non-u.s. accounting standards that may not be comparable to the financial statements of United States companies. It may be difficult to compel a non-u.s. company and its affiliates to subject themselves to U.S. laws or the jurisdiction of U.S. courts. The analysts whose names appear in this research report certify that all of the views expressed in this research report accurately reflect their personal views about the subject securities or issuers. The analysts also certify that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this research report. 200

201 Important Disclosures for recipients in Canada The information contained herein is not, and under no circumstances is to be construed as, a prospectus, an advertisement, a public offering, an offer to sell securities described herein, solicitation of an offer to buy securities described herein, in Canada or any province or territory thereof. Any offer or sale of the securities described herein in Canada will be made only under an exemption from the requirements to file a prospectus with the relevant Canadian securities regulators and only by a dealer properly registered under applicable securities laws or, alternatively, pursuant to an exemption from the dealer registration requirement in the relevant province or territory of Canada in which such offer or sale is made. Under no circumstances is the information contained herein to be construed as investment advice in any province or territory of Canada and is not tailored to the needs of the recipient. In Canada, the information contained herein is intended solely for distribution to Permitted Clients (as such term is defined in National Instrument ) with whom RS Platou Markets, Inc. and RS Platou Markets AS deals pursuant to the international dealer exemption. To the extent that the information contained herein references securities of an issuer incorporated, formed or created under the laws of Canada or a province or territory of Canada, any trades in such securities may not be conducted through RS Platou Markets, Inc. or RS Platou Markets AS. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon these materials, the information contained herein or the merits of the securities described herein and any representation to the contrary is an offence. Other Jurisdictions The distribution and receipt of this report may be restricted by rules and regulations in certain jurisdictions. Furthermore, the securities referred to in this report may in some jurisdictions not be eligible for sale. Persons into whose possession the report may come are required to inform themselves about and to comply with all applicable laws and regulations in force in any jurisdiction in or from which it invests or receives or possesses this report and must obtain any consent, approval or permission required under the laws and regulations in force in such jurisdiction. The report is not intended for, and must not be distributed to, private customers and investors in the United Kingdom. For further disclosures on methods, risks, potential conflicts of interests etc. and applicable disclaimers relevant for this report and the information contained herein, please see All estimates and opinions expressed in this report should be reviewed in conjunction with the information therein. This report may not be copied, reproduced or distributed, in whole or in part, by any recipient for any purpose without the prior written consent of RS Platou Markets AS. If you are not a client of RS Platou Markets AS, you are not entitled to receive this report. Any and all matters relating to this report shall be governed by and construed in accordance with the laws of Norway. 201

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