BW OFFSHORE A world wide FPSO operator

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1 BW OFFSHORE A world wide FPSO operator INTSOK 28 May 2015 Jon Myran

2 Disclaimer This Presentation has been produced by BW Offshore Limited ( BW Offshore ) exclusively for information purposes. This presentation may not be redistributed, in whole or in part, to any other person. This document contains certain forward-looking statements relating to the business, financial performance and results of BW Offshore and/or the industry in which it operates. Forwardlooking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words believes, expects, predicts, intends, projects, plans, estimates, aims, foresees, anticipates, targets, and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of BW Offshore or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of BW Offshore or any of its parent or subsidiary undertakings or any such person s officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. BW Offshore assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither BW Offshore nor any of its parent or subsidiary undertakings or any such person s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. Actual experience may differ, and those differences man be material. By attending this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of BW Offshore and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the businesses of BW Offshore. This presentation must be read in conjunction with the recent Financial Information and the disclosures therein. This announcement is not an offer for sale or purchase of securities in the United States or any other country. The securities referred to herein have not been registered under the U.S. Securities Act of 1933, as amended (the U.S. Securities Act ), and may not be sold in the United States absent registration or pursuant to an exemption from registration under the U.S. Securities Act. BW Offshore has not registered and does not intend to register its securities in the United States or to conduct a public offering of its securities in the United States. Any offer for sale or purchase of securities will be made by means of an offer document that may be obtained by certain qualified investors from BW Offshore. Copies of this Presentation are not being made and may not be distributed or sent into the United States, Canada, Australia, Japan or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures. In any EEA Member State that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any member State, the Prospectus Directive ), this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive. This Presentation is only directed at (a) persons who are outside the United Kingdom; or (b) investment professionals within the meaning of Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the Order ); or (c) persons falling within Article 49(2)(a) to (d) of the Order; or (d) persons to whom any invitation or inducement to engage in investment activity can be communicated in circumstances where Section 21(1) of the Financial Services and Markets Act 2000 does not apply. 15 April

HSSEQ BWO Top Priority Health Safety Security Environment Quality BW Offshore s management has established policies for occupational health, safety, security, and environmental management.

3 HSSEQ BWO Top Priority Health Safety Security Environment Quality BW Offshore s management has established policies for occupational health, safety, security, and environmental management. HSSEQ have the highest priority in everything we do. Measurable targets are defined and monitored for all onshore and offshore units to ensure compliance with the adopted policies and a continuous improvement cycle. Personnel training and familiarisation with the policies are recognised as key activities in order to achieve a HSSEQ culture of the highest standard. 3 June

CIDADE DE SÃO MATEUS 11 February 2015 Cidade de Sao Mateus had a gas explosion in the pumproom 9 fatalities and 26 injured before the accident Mateus had gone more than 2,000 days without and LTI

4 CIDADE DE SÃO MATEUS 11 February 2015 Cidade de Sao Mateus had a gas explosion in the pumproom 9 fatalities and 26 injured before the accident Mateus had gone more than 2,000 days without and LTI Accident investigation undertaken by joint Petrobras and BWO team supported by DnVGL and GEXCON The investigation report is issued and lessons learned will be shared with the industry Immediate recommendations and follow up actions well underway Final recommendations now issued to BWO Fleet 23 July

5 Global footprint Belokamenka BW Athena BW Opal BW Pioneer Yùum K ak Náab Catcher BW Cidade de Sáo Vicente BW Joko Tole Cidade de São Mateus Umuroa Polvo P-63* Peregrino* Units Offices Crew centers Espoir Ivoirien Abo Berge Helene Azurite Sendje Berge Petroleo Nautipa * Operation & Maintenance 15 April

6 Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1 10 Q2 10 Q3 10 Q4 10 Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 HSE and uptime HSE records Per million man.hours Uptime Percent 5,0 4,5 4,0 3,5 3,0 2,5 2,0 1,5 1,0 0,5 0,0 TRI HRI LTI 99% 97% 95% 93% 91% 89% 87% 85% 83% 81% 79% 77% 75% LTI 0.6 per million man-hours 5-year average production uptime of 98.5% 15 April

7 Clients BW Offshore has additional financial security packages for certain clients Logos from web 15 April

Central versus local management & control Local Adaption to local conditions Flexibility Efficient Hands-on Motivation The Operation Manager has total responsibility for: Operation performance

8 Central versus local management & control Local Adaption to local conditions Flexibility Efficient Hands-on Motivation The Operation Manager has total responsibility for: Operation performance Communication with the client Communication with local authorities The FPSO OIM is the BW Offshore representative onboard and overall in charge of the FPSO Central Management control The BWO Way Increase structure Bureaucratic Reporting Time consuming Global optimization Best practice Lessons learnt 15 April

9 Fleet Organization

10 Fleet Organization FLEET Fleet Brazil Rio de Janeiro Fleet Americas & Europe Oslo Fleet West Africa Oslo Fleet Oceanic Singapore 15 April

11 Regional Fleet Organization - Typical SVP FLEET Offshore HR Operation Manager Operation Manager Operation Manager Operation Manager FPSO 1 FPSO 2 FPSO 3 FPSO 4 15 April

20 persons Purchaser Warehouse Keeper Maintenance Engineer

12 Local Operation Team Organization Operation Manager Administrative Assistant Local Operation Team can be from 4 to 20 persons Purchaser Warehouse Keeper Maintenance Engineer Offshore HR Crew Change Executive Planner HSEQ Supervisor OIM 15 April

13 HSSEQ

14 Quality Management BWO Preference in connection with Operations Procedures: BWO utilizes our own operating procedures and quality management systems: These systems are then integrated with Client needs. Basic uniform requirements: All units meet requirements from Bermuda or Panama flag DNV or ABS class National authorities Operator /clients BW Offshore internal standard International standards BW Offshore has obtained certification towards four Management System standards ISO 9001 Quality Management ISO Environmental Management OHSAS18001 Occupational Health and Safety Management ISM Code Safety Management and Pollution prevention 15 April

15 HSEQ Systems Uniformed operations are an essential part of the BWO model and are secured by the Management System, Management System is the keystone for Operations and is available to all onshore and offshore personnel The HSEQ systems ensure safe and uniformed operations Synergi is used for reporting of incidents, near accidents and non-conformities and also as a tool for improvements Environmental performance Management is maintained to ISO 14001:2009 Sypol is used for to safely manage work with hazardous substances Safety Case, 9 of our 15 facilities have safety cases developed to UK standards Permit to Work Safety Case Manageme nt System HSEQ Systems Sypol Synergi Environme ntal Performan ce Permit to Work, a common PTW system is used across the fleet to ensure a uniformed approach and a common standard 15 April

16 Personnel

17 Organisation Total number of internal employees ~2,400 Global organisation % onshore 72% offshore Onshore Offshore Consultants Offshore Norway Singapore Brazil Other 15 April

18 BWO PERSONNEL OFFSHORE Expats & Nationals 2004 December EXPATS NATIONALS April

PEOPLE Crewing Offices Global crew BW Offshore Singapore BW Shipping Philippines Inc OCS Services (India) Pte Ltd LAPA Ltd in Riga (cover Latvia and Eastern Europe) LAPA Saint Petersburg Ltd in

19 PEOPLE Crewing Offices Global crew BW Offshore Singapore BW Shipping Philippines Inc OCS Services (India) Pte Ltd LAPA Ltd in Riga (cover Latvia and Eastern Europe) LAPA Saint Petersburg Ltd in Russia BW Offshore Norway AS (covers Norway, European and African nations. Local crew BW Offshore do Brasil Ltda BW Offshore TSB Invest (Indonesian) PPS Cote d Ivoire Bergesen Worldwide Mexico BW Offshore UK Ltd BW Offshore Management Inc. (USA) 15 April

OCS HR, the BWO Personnel System In use in BWO since 2001.

20 OCS HR, the BWO Personnel System In use in BWO since OCS HR used Worldwide in BW Offshore Personnel Management of 2475 employees Competence Managemet for 1500 Offshore Payroll for 600 expatriates Offshore access for 240 HOD s & OIM s OCS HR used by BWO Manning offices 15 April

21 Supply Chain

22 Supplier Relations Gather performance information Review audit reports Run requalification exercise Feed back improvement targets KPI - dashboards Performance evaluation / requalification Pre- Qualification New Vendor presentations Segmentation Prequalification/Portal Due diligence Approved Makers list Category Mng / Board Global FA team Contract Mng. Workshops/review meetings Synergi Compliance Training Feedback to supplier Contract / Execution Qualification through Tender/retender Workshop Clarifications Negotiations Audit Kick off E-sourcing 3 June

Inventory Management Budget for Resources Procure To Pay Process Review and try to simplify SC

23 Supply Chain Improvement Initiatives No 1 No 2 No 3 No 4 No 5 No 6 No 7 No 8 No 9 No 10 Frame Agreements / Standardization Standard Goods Catalogues IFS Maintenance and Inventory Roll-Out Inventory Management Budget for Resources Procure To Pay Process Review and try to simplify SC Fleet Procedures Logistics / Warehouse How to Capture Service Cost? Supplier Pre-Qualification 15 April

24 Technical & Maintenance Support

Technical & Maintenance Support (TMS) 24 x 7 In-house global Support by major hubs in Singapore, Norway and Brazil Single point of contact; phone and E-mail Unit specific online support on Intranet

25 Technical & Maintenance Support (TMS) 24 x 7 In-house global Support by major hubs in Singapore, Norway and Brazil Single point of contact; phone and Unit specific online support on Intranet Roving team for Major Maintenance, Inspection, Back Log Management support, Remote Monitoring and Support Pull on Engineering resource pool in Singapore and Oslo Monthly KPI reporting and review Annual Asset Integrity Review on each FPSO 15 April

Technical & maintenance Support Systems Maintenance management system (STAR, MAXIMO, IFS) with the objective to establish safe and reliable operations Preventive Maintenance based on Risk Based

26 Technical & maintenance Support Systems Maintenance management system (STAR, MAXIMO, IFS) with the objective to establish safe and reliable operations Preventive Maintenance based on Risk Based Inspection (RBI) and Condition Monitoring Technical Quarries (TQ) system Shut-down / Break-down reports - Root Cause Analysis Management of change (MOC) procedure to ensure all changes are carried out in a controlled manner Lessons Learned 15 April

LESSONS LEARNED Lessons Learned assist in BWO s philosophy of Continuous Development Technical Queries Deviation Requests / Management of Change Reports Shutdown / Breakdown Reports Incident Reports

27 LESSONS LEARNED Lessons Learned assist in BWO s philosophy of Continuous Development Technical Queries Deviation Requests / Management of Change Reports Shutdown / Breakdown Reports Incident Reports (Synergi) s (last resort) Lessons Learned Register Operational Procedures Technical Alerts Maintenance Regimes (CMMS) Engineering Specifications Supply Chain Vendor / Manufacturers Qualifications 15 April

28 Summary

29 Producing 700,000 boepd LTI 0.58 per million man-hours Operating 16 FPSOs 99% uptime USD 10 billion backlog Delivered 38 projects Total assets USD 3.7 billion

30 15 April

BW Offshore Q presentation. 26 November 2012

BW Offshore Q presentation. 26 November 2012 BW Offshore Q3 2012 presentation 26 November 2012 Disclaimer This Presentation has been produced by BW Offshore Limited ( BW Offshore ) exclusively for information purposes. This presentation may not be