Pareto Securities Oil and offshore Conference Oslo, September 2014 Presented by Atle Jacobsen (CEO)

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1 Pareto Securities Oil and offshore Conference Oslo, September 2014 Presented by Atle Jacobsen (CEO)

2 Disclaimer This presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Dolphin Group ASA ( Dolphin Group or Dolphin ) and its subsidiaries. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for the Dolphins businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time. Although Dolphin believes that its expectations and the information in this Report were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this Report. Dolphin nor any other company within the Dolphin group is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the Report, and neither Dolphin, any other company within the Dolphin Group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the Report. Dolphin undertakes no obligation to publicly update or revise any forward-looking information or statements in the Report. There may have been changes in matters which affect Dolphin Group subsequent to the date of this presentation. Neither the issue nor delivery of this presentation shall under any circumstance create any implication that the information contained herein is correct as of any time subsequent to the date hereof or that the affairs of Dolphin Group has not since changed, and Dolphin Group does not intend, and does not assume any obligation, to update or correct any information included in this presentation. The contents of this presentation are not to be construed as legal, business, investment or tax advice. Each recipient should consult with its own legal, business, investment and tax adviser as to legal, business, investment and tax advice. This presentation is subject to Norwegian law, and any dispute arising in respect of this presentation is subject to the exclusive jurisdiction of the Norwegian courts.

3 When the wind blows some seek shelter, Dolphin raise the sails Through our powerful fleet and proven track record of wide-tow and 14 streamer configurations, Dolphin will be able to offer our clients significant cost reduction while maintaining healthy margins Dolphin has a first mover advantage Dolphin targets to drive and define a new ultra high-end market segment Dolphin to become a preferred contractor of choice in ultra high-end 3D market

4 Dolphin Group business segments Marine Multi-Client Processing & Imaging Expanding Modern Fleet In production 5x High-End 3D vessels 1x Mid size 3D vessel 1x Ice-class 2D vessel Under construction 1x High-End 3D vessel to be delivered in Q Growing Multi-Client Data Library Library of modern 2D & 3D data Areas of focus: North Sea UK and Norway West Africa Brazil USD 158 million already invested 28,500 km 2 of 3D and 49,000 km of 2D successfully completed Full Onshore & Offshore Processing & Imaging In-house Processing and R&D Processing centres in UK and Singapore On-board Processing on all vessels Fast data delivery AVO Friendly Broadband solution (SHarp) Dolphin has become a fully integrated geophysical company in less then 4 years

5 3D vessel capacity Earnings capacity increased with 40% in H Illustrative Revenues USD million Revenues are growing fast with an expanding fleet Polar Empress (March 15) Polar Marquis delivered May 2014 target > Sanco Sword delivered March Fastest growing marine seismic company

6 Dolphin Financials Quarterly Developments (USDmillion) Net operating revenues In USD millions EBITDA In USD millions EBIT In USD millions Net income In USD millions Revenues of USD million, compared to USD 68.4 million in Q EBITDA of USD 30.3 million (30,0%), compared to USD 23.3 million in Q EBIT of USD 14.2 million (14,1%), compared to USD 13.7 million in Q Net Income of USD 7.5 million, compared to USD 7.8 million in Q Trend development Q2: Dolphin continue to grow significantly, primarily due to the successful introduction of two new vessels and our regional expansion. The EBITDA contribution is at historically high level, though EBIT and Net Income is somewhat diluted by negative contribution from our 2D business and higher regional operational costs, especially on completing the India contracts.

7 Marine Acquisition Rapid and successful fleet expansion one vessel to go Polar Duke (3D, str) Polar Duchess (3D, str) Sanco Swift (3D, 16 str) Polar Marquis (3D, 14 str) Delivered May 2011 Delivered April 2012 Delivered July 2013 Delivered May 2014 May 11 Q1 12 Q2 13 Q2 14 Q1 15 Vessels to be delivered Fully operational fleet Artemis Atlantic (2D) Artemis Arctic (3Dm 6/8str) Sanco Sword (3D, 16 str) Polar Empress (3D, 22 str) Delivered May 2011 Delivered May 2011 Delivered April 2014 Delivery Q2 2015

8 Fastest growing fleet Dolphin is one of the fastest growing marine 3D seismic vessel operations and will be the fourth largest player in 2015 Other Market shares (# of practical streamers 3D fleet) % 5% % 6% % 10% 716 9% 12% CAGR 13E-15E 0.4% -4.3% 41.4% 12% 11% 12% 11% 16% 19% 18% 22% 0.0% 7.1% The challenging market environment has accelerated vessel decommission and downgrades Dolphin positioned to be the fourth largest player by % 24% 26% 24% 0.6% The three largest players will control close to 70% of the global fleet in % 30% 26% 22% -13.3% Very favorable competitive landscape compared to previous cycles E 2014E 2015E

9 Delivering powerful solutions 25% 12% High End Increased market share in 14+ streamer market -> higher margins

10 Offering a step change in production The combination of powerful vessels, know how/experience and new vanes allow Dolphin to offer configurations the industry has never seen before; 16 streamers at 100m separation 12 streamers at 150m separation 10 steamers at 200m separation Powerful solutions designed for screening large deep water blocks Dolphin will have 4 out of 6 vessels in the ultra high end segment Dolphin provide new cost efficient solutions to clients

11 Productivity increases through powerful solutions Productivity increases Time reduction/cost saving when acquiring 10,000 km2 Commodity offering 12 streamers with 100m separation and 8 km long 163 days Powerful solution offering I 12 streamers with 150m separation and 8 km long 115 days Powerful solution offering II 10 streamers with 200m separation and 8 km long 104 days 4 of 6 Dolphin vessel can tow 16 streamers (@100 m) time is money

12 Conventional vs Ultra wide tow, 3D marine seismic Conventional (12x100x8k) Super Wide Tow (10x200x8K)

13 Dolphin operation update Successful regional strategy implemented well positioned for the winter season Artemis Atlantic (Contract/MC) Sanco Sword (Contract) Bergen Oslo London Houston Artemis Arctic (Contract) Polar Duke (Contract) Sanco Swift (Contract) Polar Duchess (Contract) Singapore Polar Marquis (Contract)) Offices Dolphin 3D Multi-Client Dolphin 2D Multi-Client Vessels

14 Strong order backlog, de-risked in 3 regional markets Order backlog of USD 300 million by 1 st August 2014 (Q2 report) Update backlog of USD 335 million by 9 th September, measured from 1 st August for comparison reasons Dolphin backlog increased significantly over the last 5 quarters Contracted vessel capacity - ~ 100% covered for Q ~ 85% covered for Q ~ 55% covered for Q ~ 25% covered for Q2 15 -~ 10% covered for Q3 15 Modern high-capacity 3D vessels in demand

15 Dolphin vessel schedule (For illustration purposes*) Vessel JULY AUG SEPT OCT NOV DEC JAN FEB MAR APR MAY JUN JUL Polar Duke South America Pacific Polar Duchess East Africa West Africa Pacific Sanco Swift South America Pacific Sanco Sword North Sea Polar Marquis Black Sea East Africa Artemis Arctic Med Artemis Atlantic West Africa Polar Empress North Europe Schedule comments: Idle Tendering Contract Multi-Client Transit Total backlog including Multi-Client prefunding of more than USD 335 million* as per 1 August 2014 ; 100% covered in Q3, 85% in Q and 55% in Q1, 25% in Q2 and 10% in Q3 for 2015 New: above include one new 3D contract of one months duration in East Africa not previously announced New: Sanco Swift have been allocated to the TGS project in Australia for a Q4 start Polar Empress assigned to Dolphin MC for her first job and then planned for the newly awarded Kara Sea job Increased global footprint reduces seasonal effects *Backlog can be moved between vessels or shifted in time and duration

16 Dolphin Multi-Client business and strategy Build on an asset portfolio that over time will enhance the robustness of our business model Areas of focus: - North Sea, Barents Sea - West Africa - Brazil Joint Venture and cooperation's to diversify the Multi-Client portfolio and reduce investment risk Example line from Barents Sea SHarp 3D data Utilise Dolphin s Wide-Tow and high-end processing capabilities to establish a solid position in the Multi-Client business Increase and leverage the strong knowledge base of the G&G Support staff hired from industry with wide E&P experience Through utilisation of all internal technologies build the Multi- Client segment into a central pillar for Dolphin s future growth.

17 Multi-Client status Late Sales in Q2 lower than expected due to client budget constraints and delayed investments. Completed Barents Sea acquisition of Gohta SHarp 3D over both Norwegian APA 2014 and 23rd Round acreage (79 % pre-funded) Gohta, Maud and UtStord surveys covers industry prioritised Norwegian 23rd and APA Round acreage that will be attractive datasets for clients in H2. Existing Data Dolphin Gohta Multi-Client 3D Fast-Track Example of APA acreage

18 Dolphin Multi-Client seismic data assets BV of USD 108 Million Q Q Q Q Q Library book value 21 Q Q Q Cash investments vs net Multi-Client sales Q Q Q Q Q Net cash investments Net MC sales Q Attractive and new Multi-Client library, well positioned Investments are made in focused exploration areas; North Sea, Barents Sea, UK, Brazil High pre-funding boosted Multi-Client sales in Q2, though late sales did not conclude as expected MCS data library well positioned for Norwegian 23th round, UK 28th round and APA 14 round Sales potential estimated at Multi-Client library > 2x Dolphin adjust down 2014 Multi-Client gross investments to approximately USD 50 million Target is to balance cash investment with cash from Multi-Client sales.

19 Processing & Imaging Fully established processing and imaging business with proprietary 21 st century software and R&D capability Geographic - 3 Regional Centres Singapore London Houston (from Q1 2015) Backlog as of 1 st August USD 11 millions Continue to increase no. of cores and staff The strong external revenue growth to in H Software sold to several oil companies and service providers Technology catch up to industry leaders complete by end of 2015 Focusing on tomorrows algorithms and products through joint development projects with our clients

20 2014 Global market outlook Current backlog secured at healthy contract rates in the range 280k-330k USD/day Highly competitive and selective contract 3D market Contract rates are under pressure in the seasonal North Sea Africa market for the Q4-Q1 period Contract rates in South America and Asia-Pacific less effected and currently flat Zero to negative 3D marine seismic supply growth expected for Demand is expected to improve from Q2 2015, driven by high volume of leads for projects in South America, North Europe, Russia, Colombia, Myanmar and Pacific New prospective areas that may contribute positive to a further demand boost in 2015 ; Mexico and US Atlantic.

21 Mexico opening up Round Zero (Pemex) results announced Round One announced offering 39 Offshore Exploration Blocks in H Estimated offshore volume of 16,000 sq.km Rounds Two through Five to be announced before end 2014 Release of regulations for Multi-Client surveys expected before year end First surveys may start as early as H Dolphin planned Multi-Client surveys marketed towards prospective clients.

22 Question & Answer Session

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