A glance at the merger process Solstad Offshore

A glance at the merger process Solstad Offshore ASA / REM Offshore ASA / Farstad Shipping ASA / Deep Sea Supply PLC August 2017 / COO Tor Inge Dale

Solstad Farstad ASA – Status Merger process • Background / Strategy • Worlwide Organisation • Fleet • Systems 2

Background / Strategy • Creating the world´s leading OSV company through the merger of Farstad Shipping, Deep Sea Supply and Solstad Offshore. • The merger will not change the market situation, but will make the new comany better equipped to meet the challenges ahead. • A serious market situation has enforced restructuring and consolidation of the OSV segment. • Both lenders and shareholders have shown great trust in Solstad. Farstad. • Goal to reduce annual cost by 500 m. NOK through synergies. 3

ONE COMPANY 4

Solstad Farstad current woldwide setup LOCATION OVERVIEW FLEET OVERVIEW CSV 26 16 19 27 22 56 012 KEY FACTS ESTIMATED KEY FINANCIALS 33 PSV 61 7 Combined AHTS 55 66 25 37 154 • Employees: > 3000 world wide • Operating vessels in all key offshore regions • Offices in most key subsea hubs • • • 2016 revenues: NOK 6. 2 bln 2016 EBITDA: NOK 1. 7 bln 2016 YE Cash position: NOK 3 bln Combined backlog: NOK 11, 3 bln 2016 YE Gross interest bearing debt: NOK 32 bln 1 • World leading within CSV, AHTS and PSV. Number three globally in number of vessels. • Three vessels under construction for DESS Aqua Shipping • Four vessels sold since announcement of merger 1 Excluding Solstad share of JVs but including Ship Finance sale leaseback 5

Overall timeline for merger process TODAY'S FOCUS 7/2 ANNOUNCEMENT CLOSING 22/6 : CLOSING PREPARATION • Establish common view on industry outlook and high level company positioning and strategy • Run required formal processes to ensure closing of mergers as planned. • Define L 1 organization, regional heads and operating model (incl capacity requirement) for combined company • Run leadership selection process and appoint L 1 leadership team • Prepare readiness to preserve business continuity and protect key processes 18/9: DAY 1 INTERIM PERIOD • Run combined company – business as usual • Everyone will report to the same person as they do today • Define and appoint organization • Run redundancy processes • Realize quick win cost savings INTEGRATION • Implement common management system • Implement common IT systems • Realize long-lead merger synergies − Procurement − Revenue synergies • Build one company culture COMMUNICATION 6

Executive Management Team Lars Peder Solstad CEO Sven Stakkestad Deputy CEO Anders Hall Jomaas CFO Tor Inge Dale COO Hans Knut Skaar EVP CSV Kenneth Lande EVP AHTS & PSV Strategic regions Jon Are Gummedal EVP AHTS & PSV International / Aqua

Onshore locations worldwide • Plan to reduce worldwide onshore team from about 380 • Singapore to <300 FTEs. • Full setup • DLB team • Norway – 4 locations: • • Skudeneshavn (HQ) Ålesund Fosnavåg Grimstad • Brazil - Rio & Macae • Full setup • Australia – Perth • UK – Aberdeen • Full setup • Philippines – Manilla • PH Crewing • Back-office services • Ukraine – Odessa • Crewing • Full setup 8

Crew Large international crew: • • Norwegian / Nordic: 1200 Philipinos - 600 Ukrainian – 300 Brazillian – 300 Australian - 300 UK & Portugese – 100 Other international – 200 Total about 3000 crew (Note – indicative numbers) 9

Solstad Farstad Fleet • CSV fleet - 32 • • AHTS - 54 • • • >1000 m 2 27 <1000 m 2 38 Status – Aug 17: • • • >20 k. HP 20 <20 k. HP 34 PSV - 65 • • • DP III – 11 DP II - 20 Derrick Lay Barge 1 95 vessels operational 55 vessels in lay-up Newbuilds 5 • • Fish well boats 4 Harvest vessel 1

Operational Model - Matrix Organisation Branch Office Managers Branch office Accounting/Finance & Admin Support COO Operations Director/Managers P&L responsible Vessel Manager P&L responsible HR Director Maritime Personnel Crew Manager Crew Coordinator Technical Director Technical Manager Technical Superintendent HSSEQ Director HSEQ Manager HSEQ ICT Director ICT support ICT Supply Chain Management Director Purchase Manager Purchase Vessel Support team • EVP’s P&L responsible P&L Segment • EVP’s are responsible for Profit & Loss (P&L) for dedicated vessels/segment. COO and line Directors have budget responsibility for each of their areas Line Managers and dedicated resources (Technical Superintendent’s etc) follows up line budgets for their dedicated vessels. Operational Organisation Budget responsible • P&L Branch Office Comments: 11

A brief look at ICT Systems • Overall plan: Ø Merge to one system on alle key platforms. • Status today: • Document of Complicance – 3 • 3 ISM systems in use – 5000+ processes/procedures • • VSAT/Onboard systems – 3 platforms Server platforms - 3 HSE – 3 main systems (15+ sub systems) Crewing – 2 systems Business Systems – 3 systems Planned Maintenance Systems – 3 systems Purchase 3 systems Finance & Accounting 3 systems • Will generate some work. . 12

Q&A 13