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Dolphin Group ASA

SEB Nordic Seminar - 8th January 2015

Atle Jacobsen (CEO) & Erik Hokholt (CFO)

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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.

Disclaimer

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Growing Multi-Client data library

Expanding modern fleet Full onshore & offshore processing & imaging

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 Q1 2015

Library of modern 2D & 3D data

Areas of focus: • North Sea UK and Norway • Norwegian Barents Sea • West Africa • Brazil

USD 168 million already invested 30,500 km2 of 3D and 49,000 km of 2D successfully completed

Marine Contract Multi-Client 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)

Processing Software

Land & marine seismic processing software

Software for the 21st Century • QC, Time &

Depth Processing • Interactive

processing technology • Advanced 2D and

3D visualisation • Developer’s environment • Parallel processing and

job management

Business lines

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Polar Empress (Q2 2015)

2011 2012 2013 2014 2015

98

221

2015 target >500

Revenues USD million

Revenues are growing with an expanding fleet

247

>400

Fastest growing marine seismic company

The expansion and revenue growth according to plan Illustrative

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Summary: • Revenues of USD 128.5 million, compared to USD 70.1 million in Q3 2013 • EBITDA of USD 38.2 million (29,7%), compared to USD 26.4 million in Q3 2013 • EBIT of USD 21.1 million (16,4%), compared to USD 17.4 million in Q3 2013 • Net Income of USD 12.2 million, compared to USD 11.6 million in Q3 2013 Trend development Q3: • Significant revenue growth through increased vessel capacity • Successful regional expansion, reduced North Sea exposure • High-capacity vessels improve operating margins and profit • Introduction of Polar Empress and re-delivery of two low-capacity vessels in the coming

3-15 months, will improve consolidated margins and competitiveness

Dolphin financials – quarterly developments (USD million)

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• Selective investments are made in

attractive exploration areas in

Norway, UK and Brazil

• Focus on sales from existing library,

which is well positioned for

Norwegian 23rd round, Brazil Pre-Salt

round in 2015 and APA 15 round

• Multi-Client investments of less than

USD 50 million for 2014, primarily due

to cash preservation to be used on

new vessels

• We continue to target a balance

between cash investment and net

sales

Multi-Client library with book value of USD 115 million ( end Q3)

Q3)(q3)

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Book value

Net cash invest vs. net sales

investment target

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Regional strategy successfully implemented – well positioned for the Northern Hemisphere winter season

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Houston

Oslo Bergen

London

Singapore

Dolphin 3D Multi-Client Offices Dolphin 2D Multi-Client Vessels

Polar Duke (Contract)

Polar Duchess (Contract)

Artemis Atlantic (Stacked)

Artemis Arctic (Contract)

Sanco Swift (Contract)

Polar Marquis (Contract))

Sanco Sword (Contract)

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Strong backlog, de-risked in three regional markets

Modern high-capacity 3D vessels in demand

• Order backlog of USD 340 million as of 1 November 2014 (Q3 report)

• Out of total backlog, 35% is secured by clients request for Dolphin “powerful solutions”

• Dolphin backlog increased significantly over the last 5 quarters

- ~ 97% covered for Q4 14

- ~ 85% covered for Q1 15

- ~ 60% covered for Q2 15

- ~ 10% covered for Q3 15

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Q2 ’13 Q1 ’12 May ’11 Q2 ’14

Vessels to be delivered

Q1 ’15

Fully operational fleet

Polar Duke (3D, 12-14 str)

Delivered May 2011

Polar Duchess (3D, 12-14 str)

Delivered April 2012

Sanco Swift (3D, 16 str)

Delivered July 2013

Polar Marquis (3D , 14 str)

Delivered May 2014

Artemis Arctic (3Dm 6/8str)

Delivered May 2011

Artemis Atlantic (2D)

Delivered May 2011

Sanco Sword (3D, 16 str)

Delivered April 2014

Polar Empress (3D, 22 str)

Delivery April 2015

Rapid and successful fleet expansion – one vessel to go

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Dolphin is asset-light with flexible Time-Charter commitments

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Comments: • Initial firm Time-Charter (TC) period of 3.5-5 years • Variable options to extend TCs • Control high-end vessels in 11 years, only small index adjustment of the terms in option period • TC periods end one per year over the coming 6 years • Dolphin business model is flexible and highly favourable compared to “steel on balance sheet”

Vessel Firm initial period/Options 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

TC firm 4 years from May '11 April

Option of 2+2 years Redelivery

TC firm 5 years from May '11 May

Option of 6 years

TC firm 5 years from May '11 May

Option of 2+2 years

TC firm 5 years from March '12 March

Option of 4+2 years

TC firm 3.5 years from May '14 Nov

Option of 2+2 years

TC firm 5 years from June '13 June

Option of 2+2+2 years

TC firm 5 years from March '14 March

Option of 2+2+2 years

TC firm 5 years from April '15 April

Option of 3+3 years

Sanco Sword

Polar Empress

Polar Duke

Polar Duchess

Polar Marquis

Artemis Arctic

Artemis Atlantic

Sanco Swift

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Market shares (# of vessels – 3D fleet) Market shares (# of practical streamers – 3D fleet)

The three largest players control some 60% of total market Recent changes indicate a reduction of 10 vessels from 2013 to 2014

Other Other

• Assumed Artemis Arctic (Dolphin) is taken out in 2016

• Includes SCF vessel (Polarcus) currently on bareboat, and where SCF has purchase option

12%

11%

16%

12%

15%

55

25%

16%

18%

13%

25%

2016E 2015E

15%

12%

2012 2013

4%

2014E

68

32%

18%

65

26%

25%

17%

11%

6%

12%

12%

16%

55

23%

18%

11%

16%

56

23%

18%

18%

13%

13%

12%

10%

13% 566

23%

18%

21%

14%

24%

2016E 2015E

16%

13%

2012 2013

5%

2014E

654

32%

21%

636

26%

24%

18%

12%

7%

13%

15%

12%

596

19%

19%

13%

12%

594

20%

19%

19%

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Dolphin’s fleet is among the most powerful in the industry

High End

25%

13%

Increased market share in 14+ streamer market -> higher margin

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Multi-Client update (as per Q3 report)

• Late Sales below expectations due to client

budget constrains and delayed investments

due to lack of licensing rounds 1

• Completed Barents Sea acquisition of Gohta

SHarp 3D over both Norwegian APA 2014 and

23rd Round acreage (79% pre-funded)

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• Increased sales activity in Q4, triggered

by upcoming licensing rounds and

significant discoveries 11

• Key focus areas for the coming quarters

will be; Barents Sea, North West Africa

and Brazil w

• Solid Late Sales already secured in Q4

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Strong position in the Barents Sea

• Dolphin is delivering on a long-term

strategy of becoming a leading Multi-

Client player in the Barents Sea

• The Gohta and recent Alta discovery

trigger extensive interest for the

upcoming 23rd and APA Round

• Also the recent Isfjell and Wisting

discoveries make Dolphin’s entire

Multi-Client position attractive

• The recent Hoop South 2D grid

combines the 3D data sets

• Dolphin will continue to build presence

around existing data

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Processing & Imaging – continued growth

Financials

• Record external revenue of USD 2.9 million (+38% vs. Q2)

• Further external revenue growth expected in Q4

• Backlog maintained at approx. USD 10 million

Services

• UK office re-located in Q3 and compute capacity doubled

• Houston office expected to be fully manned and operational in Q4

• Increased emphasis on PSDM and processing not tied to our boats

Processing software - Open Geophysical

• Land and marine seismic processing for 21st century

• Advanced 3D & 2D visualisation

• Five further sales to contractors and oil companies, totalling 100+ external licences

AI Inversion of SHarp Multi-Client data

0

0.5

1

1.5

2

2.5

3

3.5

Q12013

Q22013

Q32013

Q42013

Q12014

Q22014

Q32014

Quarterly external revenue growth

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Global market outlook 2015

• The combination of our clients being more prudent managing

their cash-flow, Russian sanctions and recent sharp drop in oil

price, are adding to the negative sentiment in the seismic

industry

• The negative sentiment is visible through a slowdown in tender

activity, resulting in increased pricing pressure and lower

utilisation

• Negative market effects damped by strong Dolphin backlog

• Multi-Client sales more selective, but still significant and even

more driven by licensing rounds and discoveries

• Significant reduction in seismic supply due to vessel “stacking”

will contribute to improved supply/demand balance going

forward

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Global market outlook 2015 (continued)

• Dolphin experience that drop in Oil-price is not resulting in

postponements of live tenders

• Several high volume contracts awarded to industry in

December (Colombia, Myanmar, Pacific and Egypt)

• Several high volume contracts scheduled to be awarded in

January

• North Sea 4D tenders from three different clients in tender

evaluation process

• Still high tender activity from Russian companies

• Demand for 3D high-end and wide-tow capacity is growing with

increased cost focus from our clients

• Increased trend of proprietary contracts converted to Multi-client

deals

• Focus on further reducing Dolphin cost base and improve efficiency

• Lower fuel cost

• Favorable USD/NOK

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2014 original guidance - successfully delivered

• Two new high-capacity vessels, Sanco Sword and Polar Marquis delivered

• Revenues expected to exceed USD 400 million for 2014.

• Multi-Client investment in prospective areas offshore Brazil, Norway and UK

• Multi-Client investments of USD 60-80 million for 2014 • Processing services to grow more than 50% in 2014

• Select and prepare for the next generation of multi-sensor streamer

technology

• Extending the broadband advantages of Dolphin's acquisition and processing technique SHarp

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< USD 50mill.

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2015 Guidance - summary (full detailed guidance in appendix)

• Dolphin’s full year revenue is expected to exceed USD 500 million for 2015, representing a growth of 15-20% from 2014

• The Dolphin Multi-Client investments will primarily be made in prospective offshore areas.

Dolphin expect to allocate 15-20% of 3D vessel capacity to Multi-Client investments for 2015, representing cash investments of approximately USD 50-70 million

• The new and final 3D vessel, Polar Empress with 14- 22 streamer capacity, is on schedule

and is expected to be taken on charter in end of April 2015

• Dolphin will fully divest from the marine 2D and low-end 3D seismic market in 2015

• In a challenging market environment, Dolphin will focus on market positioning of the 6 modern high-capacity 3D seismic vessels, seismic processing and sales from an attractive Multi-Client seismic data library

• During 2015, Dolphin will prepare for the next generation of multi-sensor streamer technology, new acquisition techniques and joint cooperation models both on exclusive and non-exclusive basis will be targeted

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Question & Answer Session

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• New Vessel capacity to be delivered on time and budget

• Polar Empress (3D, 14-22 str.) to be delivered end April 2015

• Pricing, costs, utilisation

• Overall revenues expected to exceed USD 500 million for 2015

• Expected day-rates of 230-330 USD/day in 2015 for 3D high-end seismic vessels, pending region and configuration

• Utilisation high-end 3D vessels, 82-88%

• Cash Opex high-end 3D vessels of ~118’-135’ USD/day

• All high-end 3D vessels will be permanently accompanied by 1x chase vessel and 1x support/fuel vessel

• Other external third party costs and revenues, 6-8% of revenues for 3D vessels. In addition individual reimbursable country specific costs will apply

• Estimated SG&A costs USD 6.0 – 6.5 million per quarter in 2015

• Multi-Client activities

• MCS 3D, 15-20% of vessel capacity

• Total cash MCS-investments in the range of USD 50-70 million

• Pre-funding targets of 2D > 50% and 3D>70%

• Sales ratio’s 1.,7– 2.2 times MCS investment costs

• Capex

• New seismic equipment investment of total approximately USD 45 million for 2015

• Capacity upgrade and maintenance of USD 8-10 million, dependent on clients configuration request

• Processing 2015, USD 3-5 million

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Dolphin – detailed assumptions and guidance for 2015 (updated as per 8 January 2015)