Daily Credit Report | 04 July 2013 This report has been prepared and provided by RS Platou Markets AS solely for general information purposes to professional investors. 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 derivative or to participate in any trading or investment strategy. The opinions and estimates included herein reflect views and available information as of the dates specified and may have been and may be subject to change without notice. Please note that RS Platou Markets AS may have provided investment banking services to companies mentioned in this report over the last 12 months. For an overview of these companies and for additional important information and disclaimers, see our web-page www.platoumarkets.com in addition to “Important Information” included at the end of this report, starting on page 13. iTraxx EUR xover vs CDX N.A

530

Daily Credit Report bps

480

Credit Analyst: Eirik Røhmesmo, +47 22 01 63 57, [email protected] Credit Analyst: Kristian Kristoffersen, +47 22 87 86 12, [email protected] Head of Fixed Income: Simen Flaaten, +47 22 01 63 77, [email protected] Credit Trading: Edvard Hatle, +47 22 01 63 83, [email protected]

430 380 330 Apr-13

May-13

Jun-13

iTraxx EUR Xover 5yr

Today: DOF Subsea gets contract extension Subsea 7 has extended the contract for DOF Subsea’s Skandi Neptune with one year until March 2015.

Jul-13

CDX N.A. 5yr

OSEBX vs S&P500

1 700

500

1 650

490

1 600

480

1 550

470

1 500

460

1 450 Apr-13

450 May-13

%

S&P 500 (left)

Jun-13

Jul-13

OSEBX (right)

NOK swap vs USD swap

3,30 3,20 3,10 3,00 2,90 2,80 2,70 2,60 2,50 2,40 2,30 2,20 Apr-13

May-13

NOK 5yr swap (left)

1,80 1,70 1,60 1,50 1,40 1,30 1,20 1,10 1,00 0,90 0,80 0,70

Jun-13

Jul-13

USD 5yr swap (right)

Sovereign and Senior Financial risk 190 170

150 130

110 90

70 Apr-13

May-13

Jun-13

iTraxx SovX WE 5yr

iTraxx Snr Financials 5yr

HY bonds traded on Oslo Stock Exchange:

Key indicators: D e s c ript io n Int e re s t ra t e s 3-mo nth NIB OR 3-mo nth LIB OR NOK 2Y swap USD 2Y swap NOK 5Y swap USD 5Y swap NOK 10Y swap USD 10Y swap C re dit s pre a ds iTraxx Xo ver 5y CDX N.A . HY iTraxx Snr Financials 5y E quit ie s S&P 500 Euro Sto xx 50 OSEB X VIX index C urre nc ie s USDNOK EURUSD C o m m o dit ie s Oil - WTI Oil - B rent Go ld Co pper Natural Gas S hipping B altic Dry index

Jul-13

La s t

1d

1m

3m

12 m

5 2 w lo w

5 2 w high

1,66 0,27 2,00 0,52 2,62 1,61 3,25 2,74

-0,01 -0,00 -0,01 -0,03 -0,00 0,00 -0,02 0,05

-0,10 -0,00 -0,01 0,06 0,11 0,37 0,05 0,43

-0,19 -0,01 0,02 0,14 0,20 0,72 0,13 0,76

-0,63 -0,19 -0,48 -0,02 -0,19 0,66 -0,13 0,97

1,65 0,27 1,83 0,34 2,21 0,72 2,88 1,52

2,29 0,46 2,50 0,67 2,86 1,80 3,47 2,91

466,1 424,6 170,4

0,20 1,40 6,14

32,4 18,8 20,2

-24,4 -8,9 -10,0

-190,0 -153,2 -86,0

362,0 332,4 117,7

694,7 618,4 303,2

1614,1 2 570,8 470,9 16,4

1,33 18,81 4,77 -0,24

-16,0 -164,9 -10,8 -0,1

55,4 -31,6 4,6 2,3

241,2 275,1 59,9 -0,5

1325,4 2142,5 403,4 11,1

1687,2 2851,5 496,7 22,7

6,1112 1,3009

-0,2% -0,0%

4,8% -0,6%

5,3% 0,5%

1,8% 3,8%

5,4291 1,2043

6,1737 1,3711

101,24 105,76 1253 6 918 3,69

-0,3% -0,6% -0,3% 1,1% -0,5%

8,2% 1,8% -10,7% -4,3% -8,6%

8,3% 15,2% -1,1% 5,4% -19,6% -22,7% -4,9% -10,5% -9,6% # VA LUE!

83,33 96,75 1180 6 637 3,35

102,18 119,17 1796 8 401 4,53

1133

-3,2%

40,6%

29,2%

661

1179

6,6%

3-Jul-2013 Issuer

Ticker

AKER SOLUTIONS ASA AUSTEVOLL SEAFOOD BOA SBL AS COLOR GROUP ASA DFDS A/S FRED OLSEN ENERGY ASA NORWEGIAN ENERGY CO AS NORWEGIAN ENERGY CO AS NORWEGIAN ENERGY CO AS OCEAN RIG UDW OCEAN YIELD AS RENEWABLE ENERGY CORP AS SEADRILL LTD STOLT-NIELSEN S.A. TIZIR LTD VESTLAND OFFSHORE INVEST

AKSO02 AUSS05 BOAS01 COLG07 DFDS02 FOE04 NOR04 NOR05 NOR09 OCR01 OCY01 REC02 SDRL05 SNI04 TIZ01 VEOF01

Last Price Total Volume 100,75 100,56 98,5 101,8 100,75 105 102,375 100,125 96,75 104 105,5 86,25 104,5 103,5 99,95 100,375

1 000 000 45 000 000 6 000 000 5 500 000 1 000 000 4 000 000 3 000 000 15 000 000 2 000 000 500 000 500 000 3 000 000 100 000 4 000 000 1 000 000 1 000 000

YTM

Spread

TTM

5,72 % 3,49 % 7,53 % 4,57 % 4,39 % 4,07 % 11,43 % 9,38 % 12,34 % 7,87 % 6,60 % 11,73 % 4,36 % 5,99 % 9,00 % 11,49 %

+406 bps +183 bps +587 bps +291 bps +273 bps +241 bps +908 bps +772 bps +986 bps +712 bps +494 bps +1007 bps +378 bps +433 bps +774 bps +983 bps

6,3 yrs 0,3 yrs 4,8 yrs 1,2 yrs 4,7 yrs 2,9 yrs 1,4 yrs 0,4 yrs 2,6 yrs 2,8 yrs 4,0 yrs 2,8 yrs 2,3 yrs 6,2 yrs 4,2 yrs 2,5 yrs

Source: Oslo Stock Exchange, Bloomberg

So urce: B lo o mberg

RS Platou Markets AS Fixed Income | Oslo

Haakon VII’s gate 10 P.O. Box 1474 Vika 0116 Oslo, Norway

Telephone +47 22 01 63 00 Telefax +47 22 01 63 10

[email protected] www.platoumarkets.com

Reg.no: 942 274 238

Daily Credit Report | 04 July 2013

Indicative price and yield levels (1/2) Isin

Issuer

Ticker

Coupon

Maturity

Security

Bid

Ask

Mid

YTM

Z-spread

Drilling NO0010592074 XS0546479303 US676253AH02 NO0010589492 NO0010636111 US811727AA42 NO0010673148

NO0010440258 USG73982AA17 NO0010607625 US262049AA72 NO0010609829 NO0010611031 NO0010628753 NO0010649403 NO0010628860 NO0010633225 NO0010637614 US050095AM05 NO0010637077 US694184AA06 US69419BAA35

US822538AA22 NO0010683832 NO0010674187 NO0010675580

GOLDEN CLOSE MARIT CORP PSOS FINANCE LTD OFFSHORE GROUP INVST LTD SEADRILL LTD SEADRILL LTD SEADRILL LTD SEADRILL LTD PETROLIA SE RDS ULTRA-DEEPWATER LTD OCEAN RIG UDW DRILL RIGS HLDS INC FRED OLSEN ENERGY ASA JASPER EXPLORER LTD SONGA OFFSHORE SONGA OFFSHORE CHLOE MARINE CORP LTD DEEP DRILLING 1 PTE LTD DEEP DRILLING 7 AND 8 PT ATWOOD OCEANICS INC PACIFIC DRILLING SA PACIFIC DRILLING V LTD PACIFIC DRILLING SA SHELF DRILL HOLD LTD SANTA MARIA OFFSHORE LTD MARINE ACCURATE WELL BASSDRILL BETA LTD

11,00 % 12,00 % 7,50 % 6,50 % NIBOR3M+325 5,63 % NIBOR3M+375 12,00 % 11,88 % 9,50 % 6,50 % NIBOR3M+425 13,50 % NIBOR6M+1000 NIBOR6M+775 12,00 % 12,00 % 14,25 % 6,50 % 8,25 % 7,25 % 5,38 % 8,63 % 8,88 % 9,50 % 8,50 %

09.12.2015 06.10.2015 01.11.2019 05.10.2015 13.02.2014 15.09.2017 12.03.2018 19.06.2015 15.03.2017 27.04.2016 01.10.2017 12.05.2016 27.05.2016 17.11.2016 11.06.2015 28.12.2016 21.12.2015 05.03.2015 01.02.2020 23.02.2015 01.12.2017 01.06.2020 01.11.2018 03.07.2018 03.04.2018 24.04.2018

1st lien Secured 1st lien Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured 1st lien Sr Unsecured 1st lien Sr Unsecured Secured Sr Unsecured Sr Unsecured Secured 1st lien 1st lien Sr Unsecured Sr Unsecured 1st lien Secured Secured 1st lien 2nd lien 2nd lien

105,25 101,00 106,00 103,00 100,50 99,00 99,00 94,00 107,00 104,00 98,50 104,25 81,00 96,00 92,75 108,50 104,50 108,00 105,00 104,00 104,50 99,00 106,50 100,00 102,00 100,50

105,75 102,00 107,50 104,50 101,50 100,00 100,00 97,25 109,50 105,50 99,50 105,00 84,00 97,50 94,00 110,00 105,50 110,00 107,00 105,00 105,50 100,50 108,00 100,50 102,50 101,50

105,50 101,50 106,75 103,75 101,00 99,50 99,50 95,63 108,25 104,75 99,00 104,63 82,50 96,75 93,38 109,25 105,00 109,00 106,00 104,50 105,00 99,75 107,25 100,25 102,25 101,00

8,43 % 11,20 % 6,19 % 4,71 % 3,26 % 5,76 % 5,55 % 15,18 % 9,17 % 7,57 % 6,77 % 4,21 % 21,94 % 12,95 % 13,48 % 8,83 % 9,65 % 8,45 % 5,40 % 5,33 % 5,94 % 5,42 % 6,96 % 8,81 % 8,90 % 8,23 %

+780 bps +1063 bps #N/A N/A +412 bps +159 bps +448 bps +388 bps +1266 bps +813 bps +683 bps +549 bps +254 bps +2121 bps +1120 bps +1173 bps +786 bps +902 bps +792 bps +340 bps +486 bps +460 bps +332 bps +535 bps +730 bps +748 bps +678 bps

US0003M+2000 US0003M+1000 US0003M+300 NIBOR3M+425 NIBOR3M+415 9,25 %

16.04.2014 14.02.2014 17.07.2014 15.03.2017 21.03.2018 20.03.2015

Secured Secured Sr Unsecured Sr Unsecured Sr Unsecured Secured

93,00 90,00 98,50 100,25 99,75 85,00

96,00 95,00 99,50 101,25 100,75 87,00

94,50 92,50 99,00 100,75 100,25 86,00

45,13 % 23,81 % 4,27 % 5,70 % 5,76 % 19,52 %

+4486 bps +2354 bps +399 bps +403 bps +410 bps +1864 bps

NIBOR3M+700 14,00 % 12,50 % 8,50 % Convertible 2,88 % 8,00 % SBX03 6,00 % DOLP01 NIBOR3M+775

26.05.2014 14.11.2014 29.10.2015 30.07.2013 27.04.2016 07.06.2018 18.12.2015 14.11.2016

Sr Unsecured Sr Unsecured 2nd lien Subordinated Secured Sr Unsecured Secured Sr Unsecured

101,50 109,00 106,50 100,00 100,00 98,50 93,00 101,50

102,50 111,00 107,50 101,00 102,50 99,50 95,00 102,50

102,00 110,00 107,00 100,50 101,25 99,00 94,00 102,00

6,36 % 6,21 % 9,05 % 0,40 % 2,41 % 8,25 % 8,77 % 8,74 %

+470 bps +421 bps +845 bps +12 bps +164 bps +675 bps +814 bps +707 bps

DETNOR01 DNO13 DNO14

15,00 % 12,90 % NIBOR3M+800 NIBOR3M+600 10,25 % 12,90 % 10,50 % 13,50 % 12,00 % 12,25 % NIBOR3M+675 US0003M+750 NIBOR3M+750

14.03.2016 20.11.2014 06.12.2013 27.04.2016 27.04.2016 30.12.2013 25.02.2016 15.11.2018 15.11.2018 05.04.2016 28.01.2016 11.04.2016 11.04.2016

Secured 1st lien Sr Unsecured Secured Secured Sr Unsecured Sr Unsecured 1st lien 1ST PRI Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured

100,00 102,25 100,00 96,00 97,50 100,00 96,00 107,25 107,50 85,00 104,50 103,50 103,00

103,00 103,25 100,63 97,50 99,00 101,13 97,25 108,25 108,50 90,00 105,50 104,50 103,75

101,50 102,75 100,31 96,75 98,25 100,56 96,63 107,75 108,00 87,50 105,00 104,00 103,38

15,08 % 11,11 % 8,93 % 8,98 % 10,97 % 12,12 % 12,40 % 11,83 % 10,01 % 19,03 % 6,32 % 6,20 % 7,81 %

+1220 bps +877 bps +726 bps +731 bps +880 bps +986 bps +991 bps +891 bps +844 bps +1607 bps +465 bps +593 bps +614 bps

SINOII01 NOCC01 ODF03 ODF04 ODF05 ODF06 JLA01 JLA02 TOP01 TOP02

10,00 % 10,50 % NIBOR3M+475 NIBOR3M+575 NIBOR3M+550 NIBOR3M+650 10,50 % NIBOR3M+825 NIBOR3M+475 NIBOR3M+575

17.02.2015 29.09.2015 04.12.2013 11.04.2017 03.12.2015 03.12.2018 05.05.2015 24.10.2017 29.11.2013 27.01.2017

1st lien Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured

102,00 101,00 100,50 99,00 100,00 99,25 98,00 97,00 101,00 104,00

103,50 102,00 101,00 100,00 100,50 100,25 99,75 99,00 102,25 105,00

102,75 101,50 100,75 99,50 100,25 99,75 98,88 98,00 101,63 104,50

8,22 % 9,93 % 4,62 % 7,57 % 7,07 % 8,23 % 11,16 % 10,50 % 2,34 % 6,02 %

+766 bps +766 bps +295 bps +590 bps +540 bps +656 bps +918 bps +883 bps +67 bps +435 bps

SDRL05 SDRL06 PDR04 OCR01 FOE04 SONG04 DEED01

FPSO NO0010361728 NO0010354632 NO0010378482 NO0010638075 NO0010673841

NO0010640824

RUBICON OFFSHORE HOLDING SEA PRODUCTION LTD BLUEWATER HOLDING BV BW OFFSHORE LTD BW OFFSHORE LTD OSX 3 LEASING BV

BLH01 BWO01 BWO02

Seismic NO0010609837 NO0010628217 NO0010590300 NO0010445943 NO0010607435 NO0010680150

NO0010633118 NO0010662901

ELECTROMAGNETIC GEO POLARCUS LTD POLARCUS ALIMA AS POLARCUS LTD POLARCUS LTD POLARCUS LTD SEABIRD EXPLORATION DOLPHIN GROUP AS

EMGS01 PLCS01

E&P NO0010584683 NO0010548449 NO0010592306 NO0010606338 NO0010606320 NO0010661390 NO0010672314 NO0010590961

NO0010590979 NO0010605728 NO0010598782 NO0010606189 NO0010606197

INTEROIL E&P NORWEGIAN ENERGY CO AS NORWEGIAN ENERGY CO AS NORWEGIAN ENERGY CO AS NORWEGIAN ENERGY CO AS NORWEGIAN ENERGY CO AS NORWEGIAN ENERGY CO AS PANORO ENERGY ASA PANORO ENERGY ASA PA RESOURCES AB DET NORSKE OLJESELSKAP DNO INTERNATIONAL ASA DNO INTERNATIONAL ASA

NOR04 NOR05 NOR07 NOR06 NOR08 NOR09 PEN01 PEN02

Shipping NO0010636616 NO0010588262 NO0010555378 NO0010641715 NO0010664741 NO0010664758 NO0010572381 NO0010661846 NO0010591423 NO0010635329

RS Platou Markets AS Fixed Income | Oslo

SINOCEANIC II AS NORWEGIAN CAR CARRIERS ODFJELL SE ODFJELL SE ODFJELL SE ODFJELL SE J LAURITZEN A/S J LAURITZEN A/S TEEKAY OFFSHORE PARTNERS TEEKAY OFFSHORE PARTNERS

Page | 2

Daily Credit Report | 04 July 2013

Source: RS Platou Markets & Bloomberg

Indicative price and yield levels (2/2) Isin

Issuer

Ticker

Coupon

SNI02 SNI01 SNI03 SNI04

NIBOR3M+375 NIBOR3M+475 NIBOR3M+475 NIBOR3M+500 8,75 % 8,13 % 7,50 % NIBOR3M+520 NIBOR3M+550 NIBOR3M+600 NIBOR3M+650 9,00 % NIBOR3M+400 NIBOR3M+500

Maturity

Security

Bid

Ask

Mid

YTM

Z-spread

19.03.2015 22.06.2016 19.03.2018 04.09.2019 01.12.2013 30.03.2018 15.02.2024 12.10.2017 27.06.2018 03.10.2017 06.07.2017 18.12.2017 07.04.2014 19.10.2017

Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured

101,00 103,00 102,50 102,75 80,00 78,00 77,50 102,00 99,75 102,50 104,00 103,25 100,00 99,00

101,50 104,00 103,25 103,75 82,50 80,00 80,00 102,88 100,50 103,25 104,75 104,25 101,00 100,00

101,25 103,50 102,88 103,25 81,25 79,00 78,75 102,44 100,13 102,88 104,38 103,75 100,50 99,50

4,67 % 5,16 % 5,73 % 6,04 % 58,50 % 13,81 % 10,80 % 6,22 % 7,14 % 6,89 % 6,92 % 7,98 % 4,99 % 6,81 %

+300 bps +349 bps +406 bps +437 bps #N/A N/A #N/A N/A #N/A N/A +455 bps +547 bps +522 bps +525 bps +664 bps +332 bps +514 bps

US0003M+1125 NIBOR3M+700 NIBOR3M+700 NIBOR3M+550 NIBOR3M+625 NIBOR3M+500 NIBOR3M+610 NIBOR3M+725 NIBOR3M+700 NIBOR3M+950 NIBOR3M+850 NIBOR6M+375 NIBOR3M+450 8,60 % NIBOR3M+850 NIBOR6M+525 NIBOR6M+600 NIBOR3M+500 NIBOR3M+440 NIBOR3M+325 NIBOR3M+420 NIBOR3M+340 NIBOR3M+500 NIBOR3M+575 NIBOR3M+550 NIBOR3M+775 NIBOR3M+1000 NIBOR3M+475 NIBOR3M+540 9,00 % NIBOR3M+525 NIBOR3M+650

24.10.2017 22.07.2013 14.04.2014 29.04.2016 15.10.2015 22.05.2018 09.03.2015 07.02.2017 12.09.2019 19.07.2013 02.12.2014 08.11.2016 30.03.2017 30.03.2017 30.08.2016 09.02.2015 21.09.2017 11.12.2014 25.02.2016 27.09.2013 15.02.2017 29.05.2018 27.01.2015 14.03.2018 27.04.2016 21.03.2017 27.06.2015 30.01.2018 11.04.2016 26.03.2018 05.04.2016 05.07.2016

Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Secured 1st lien 1st lien Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured 1st lien Sr Unsecured Secured Sr Unsecured Secured 1st lien Sr Unsecured 1st lien

100,00 100,00 103,50 101,25 102,75 99,00 101,25 102,75 101,25 99,50 99,50 96,75 96,75 101,50 97,50 100,00 100,00 102,50 101,00 100,50 103,00 99,75 100,00 99,00 101,25 91,00 100,00 100,00 104,00 99,00 99,75 100,00

102,00 101,25 104,50 101,75 103,75 99,75 102,25 103,75 102,00 101,00 100,25 97,75 98,00 102,50 99,00 101,00 100,75 103,50 101,50 101,25 103,50 100,25 101,00 100,00 102,00 93,00 100,75 100,75 105,00 101,00 100,25 100,25

101,00 100,63 104,00 101,50 103,25 99,38 101,75 103,25 101,63 100,25 99,88 97,25 97,38 102,00 98,25 100,50 100,38 103,00 101,25 100,88 103,25 100,00 100,50 99,50 101,63 92,00 100,38 100,38 104,50 100,00 100,00 100,13

11,23 % -8,49 % 3,44 % 6,59 % 6,39 % 6,82 % 6,68 % 7,88 % 8,34 % 2,31 % 10,27 % 6,42 % 6,97 % 8,21 % 10,83 % 6,68 % 7,65 % 4,53 % 5,57 % 0,99 % 4,90 % 5,07 % 6,34 % 7,55 % 6,54 % 12,10 % 11,46 % 6,33 % 5,33 % 9,10 % 6,92 % 8,12 %

+1095 bps -+1003 bps +177 bps +492 bps +472 bps +515 bps +501 bps +621 bps +667 bps +77 bps +860 bps +467 bps +530 bps +565 bps +916 bps +493 bps +590 bps +286 bps +390 bps -+66 bps +323 bps +340 bps +467 bps +588 bps +487 bps +1043 bps +979 bps +466 bps +366 bps +759 bps +525 bps +645 bps

11,00 % NIBOR3M+435 9,75 % 15,50 % NIBOR3M+1150 NIBOR3M+425 NIBOR3M+420 NIBOR3M+135 10,70 % 8,00 % 15,00 % NIBOR3M+400 NIBOR3M+350 NIBOR3M+375 11,00 %

16.09.2014 03.05.2016 03.05.2018 30.06.2014 30.06.2014 06.06.2017 09.10.2019 02.12.2013 26.06.2014 11.10.2017 15.07.2014 14.10.2013 25.02.2016 08.02.2017 24.09.2017

Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Sr Unsecured Secured Secured Sr Unsecured Sr Unsecured Sr Unsecured Unsecured

99,00 83,00 88,00 99,00 97,00 104,00 103,00 99,50 107,00 105,00 7,00 100,25 101,50 102,50 97,00

102,00 87,00 91,00 101,00 99,00 105,00 104,00 100,50 109,00 105,75 12,00 101,00 102,25 103,50 99,00

100,50 85,00 89,50 100,00 98,00 104,50 103,50 100,00 108,00 105,38 9,50 100,63 101,88 103,00 98,00

10,45 % 12,30 % 12,78 % 15,47 % 15,36 % 4,67 % 5,21 % 3,07 % 2,22 % 6,60 % 549,15 % 3,36 % 4,43 % 4,52 % 11,59 %

+859 bps +1064 bps +1023 bps +1364 bps +1370 bps +301 bps +355 bps +141 bps +39 bps +526 bps #N/A N/A +169 bps +276 bps +285 bps +1035 bps

Shipping Continued NO0010640766 NO0010614407 NO0010640774 NO0010657406 US690368AB19 US690368AH88 US690368AG06 NO0010661358 NO0010683840 NO0010660954 NO0010654379 NO0010665508 NO0010588833 NO0010661655

STOLT-NIELSEN S.A. STOLT-NIELSEN S.A. STOLT-NIELSEN S.A. STOLT-NIELSEN S.A. OVERSEAS SHIPHLDG GROUP OVERSEAS SHIPHLDG GROUP OVERSEAS SHIPHLDG GROUP GOLAR LNG PARTNERS LP GASLOG LTD HOEGH LNG HOLDINGS OCEAN YIELD AS NAVIGATOR HLGS LTD SHIP FINANCE INTL LTD SHIP FINANCE INTL LTD

GOLP01 HLNG01 OCY01 NAVIG01 SFLN01 SFLN02

Supply NO0010662018 NO0010582794 NO0010589716 NO0010607377 NO0010636301 NO0010670144 NO0010592785 NO0010635865 NO0010657802 NO0010582505 NO0010592207 NO0010590441 NO0010605033 NO0010605025 NO0010657174 NO0010598907 NO0010659931 NO0010559180 NO0010600364 NO0010587983 NO0010635964 NO0010679871 NO0010563489 NO0010672835

NO0010607112 NO0010638158 NO0010650112 NO0010670441 NO0010674328 NO0010673734 NO0010673866 NO0010684574

OCEANTEAM SHIPPING ASA DOF ASA DOF SUBSEA ASA DOF SUBSEA ASA DOF SUBSEA ASA DOF SUBSEA ASA DOF ASA DOF ASA DOF ASA HAVILA SHIPPING ASA HAVILA SHIPPING ASA HAVILA SHIPPING ASA HAVILA SHIPPING ASA HAVILA SHIPPING ASA HAVILA SHIPPING ASA OLYMPIC SHIPPING AS OLYMPIC SHIPPING AS SOLSTAD OFFSHORE ASA SOLSTAD OFFSHORE ASA FARSTAD SHIPPING A/S FARSTAD SHIPPING A/S FARSTAD SHIPPING A/S REM OFFSHORE ASA REM OFFSHORE ASA BOA DEEP C AS VIKING SUPPLY SHIPS A/S ATLANTIC OFFSHORE AS SIEM OFFSHORE INC TROMS OFFSHR SUPPLY AS SEA TRUCKS GROUP LTD ISLAND OFFSHORE SHIPHOLD VOLSTAD SUBSEA AS

OTS02 DOF07 DOFSUB04 DOFSUB05 DOFSUB06 DOFSUB07 DOF08 DOF09 DOF10 HAVI03 HAVI05 HAVI04 HAVI07 HAVI06 HAVI08 OLSH01 OLSH02 SOFF02 SOFF03 FAR02 FAR03 REM02 REM04 BOA01 VSS01 ATOFF01 SIOFF01

Other NO0010536501 NO0010607484 NO0010607476 NO0010521610 NO0010524366 NO0010647431 NO0010661051 NO0010341332 NO0010504616 NO0010661382 NO0010622525 NO0010542475 NO0010600299 NO0010635725 NO0010657299

RS Platou Markets AS Fixed Income | Oslo

RENEWABLE ENERGY CORP AS RENEWABLE ENERGY CORP AS RENEWABLE ENERGY CORP AS NORSKE SKOGINDUSTRIER NORSKE SKOGINDUSTRIER AKER SOLUTIONS ASA AKER SOLUTIONS ASA AKER SOLUTIONS ASA AKER SOLUTIONS ASA FLOATEL INTERNATIONAL LT EOAL CYPRUS HOLDINGS LTD PROSAFE SE PROSAFE SE PROSAFE SE GLBL INVESTMNT GRP FNCE

REC01 REC02 REC03 NSG17 NSG18 AKSO01 AKSO02 AKVER03 AKVER06 FLOAT01 PRS06 PRS07 PRS08

Page | 3

Daily Credit Report | 04 July 2013 Rig

E&P IOX 10/14

1 200

1 000

NOR09

NOR08

900

PEN01

NOR06

NOR04

800

PEN02

NOR07

NOR05

700

SWAP spread (bps)

600 500

1 000

1 800

900

1 600

800

1 400

700

1 200

PSOS Songa 2015 GoldCL DEED01 Deep Drilling Chloe RDS 7&8OCR01

1 000 800 600

DNO13 DNO14

400

DETNOR01

200

400

SONG04

PACD 2015 SDRL05 FOE04

1,0

2,0

3,0

4,0

5,0

6,0

300

2,0

100

4,0

6,0

8,0

0,0

1 000 SWAP spread (bps)

3 500 3 000 2 500

SeaProd

2 000

OSX 3

1 500 1 000

500

BWO01

BLH01

BWO02

0

ATOFF01 HAVI05

800 600 REM02 400 200

OTS02 VSS01

1,0

2,0

3,0

Time to maturity (yrs)

RS Platou Markets AS Fixed Income | Oslo

4,0

5,0

4,0

5,0

6,0

3,5

HAVI08

3,0 DOF10

DOF09 OLSH 2017 DOFSUB05 HAVI07 DOF08DOFSUB06 BOA OLSH01 HAVI04 HAVI06 FAR04 SOFF03 FAR03 SOFF02

2,5 2,0 1,5 1,0 NOK SWAP

DOFSUB04

0,5

0 0,0

3,0

4,0

Rubicon

4 000

2,0

Forward SWAP rates

1 200

4 500

1,0

Time to maturity (yrs)

Supply & Support

FPSO

TOP01

0

Time to maturity (yrs)

5 000

SNI04

200

VTG2019

0,0

NOCC01

NAVIG 2017 GLOG 2018 ODF04 OCY01 HLNG01 SFL2017 GOLP01 TOP02 TK2015 TKLNG01 SNI03 SNI01 SFLN01 SNI02 ODF03

400

SDRL06

Time to maturity (yrs)

JLA02 SINOII01

500

SDRL 2017 PACD 2020

0 0,0

SWAP spread (bps)

MARACC 730 B BDRILL PACD V SHELF OCR 2017

JLA01

600

SWAP rate %

SWAP spread (bps)

1 100

2 000

SWAP spread (bps)

1 300

Shipping

USD SWAP

0,0 0,0

1,0

2,0

3,0

4,0

5,0

6,0

7,0

Time to maturity (yrs)

Page | 4

7,0

Daily Credit Report | 04 July 2013 Comp Sheet - Exploration and Production Issuer Bloomberg ticker Bond ISIN Issue date Maturity Date Yrs to maturity Currency Amount (m) Coupon Current coupon Collateral type Pledge / security

NOR04 NO0010548449 20.11.2009 20.11.2014 1,4 NOK 1 250 12,900 % 12,900 % SR SECURED Shares in Altinex & Siri Holdings

NOR05 NO0010592306 06.12.2010 06.12.2013 0,4 NOK 700 NIBOR3M +800 9,760 % SR UNSECURED n.a.

Prices and yield Mid price YTM Spread

102,750 11,11 % 877 bps

100,313 8,93 % 726 bps

Key financials (million) Currency Period Revenues EBITDAX margin Exploration expenses EBITDA EBIT Interest expense Capex

NOK LTM Mar '13 880 394 45 % 1 138 -744 1 758 436 1 073

6,1018

NORECO NOR NO NOR07 NOR06 NOR08 NO0010606338 NO0010606320 NO0010661390 27.04.2011 27.04.2011 30.10.2012 27.04.2016 27.04.2016 30.12.2013 2,8 2,8 0,5 NOK NOK NOK 325 275 300 NIBOR3M +600 10,250 % 12,900 % 7,780 % 10,250 % 12,900 % SR SECURED SR SECURED SR UNSECURED Oselvar Oselvar n.a. 96,750 8,98 % 731 bps

98,250 10,97 % 880 bps

100,563 12,12 % 986 bps

NOR09 NO0010672314 25.02.2013 25.02.2016 2,6 NOK 300 10,500 % 10,500 % SR UNSECURED n.a. 96,625 12,40 % 991 bps

DET NORSKE DETNOR NO DETNOR01 NO0010598782 28.01.2011 28.01.2016 2,6 NOK 600 NIBOR3M +675 8,530 % SR UNSECURED n.a. 105,000 6,32 % 465 bps NOK LTM Mar '12 368 42 11 % 998 -956 -1 191 165 1 801

PANORO ENERGY PEN NO PEN01 PEN02 NO0010590961 NO0010590979 15.11.2010 15.11.2010 15.11.2018 15.11.2018 5,4 5,4 NOK USD 185 95 13,500 % 12,000 % 13,500 % 12,000 % SR SECURED SR SECURED

INTEROIL IOX NO IOX 2014 NO0010584683 14.09.2010 14.03.2016 2,7 NOK 310 15,000 % 15,000 % SR SECURED

1st pri

1st pri

1st pri

107,750 11,83 % 891 bps

108,000 10,01 % 844 bps

101,500 15,08 % 1 220 bps

USD LTM Dec '11 37 10 27 % 1 11 4 15 31

1

USD LTM Sep '12 131 94 72 % 11 84 32 12 19

Total debt Cash and equivalents Net debt Total equity (inc. minorities) Total book capitalization Market cap Enterprise value

4 087 461 3 626 1 906 7 890 1 068 4 694

1 486 889 597 3 573 8 285 11 932 12 529

138 111 27 257 446 117 144

77 8 69 -28 123 57 126

Financial ratios: EBITDAX/Interest (EBITDA-Capex)/Interest Total debt/EBITDAX Net debt/EBITDAX Total debt / Book cap Total debt/EV

0,9 x -1,6 x 10,4 x 9,2 x 52 % 87 %

0,3 x -10,7 x 35,4 x 14,2 x 18 % 12 %

0,7 x -1,4 x 14,1 x 2,7 x 31 % 96 %

7,8 x 6,3 x 0,8 x 0,7 x 63 % 61 %

Reserves & Production P1 MMBoe P2 MMBoe Production, boepd last reported Total debt/P2 (in USD) Net Debt / P2 (in USD)

12 22 5 193 $30,6 $27,1

47 68 1 352 $3,6 $1,4

18 35 2 811 $3,9 $0,8

6 7 3 841 $10,4 $9,3

Source: Company reports, Bloomberg and RS Platou Markets EBITDAX: EBITDA adjusted for expensed exploration expenses

RS Platou Markets AS Fixed Income | Oslo

Page | 5

Daily Credit Report | 04 July 2013 Comp Sheet - Drilling (1) Issuer Bloomberg ticker Bond ISIN Issue date Maturity Date Yrs to maturity Currency Amount (m) Coupon Current coupon Collateral type Pledge / security

ABAN OFFSHORE ABAN IN DEED01 Deep Drilling 7&8 NO0010633225 NO0010637614 21.12.2011 05.03.2012 21.12.2015 05.03.2015 2,5 1,7 USD USD 113 240 12,000 % 14,250 % 12,000 % 14,250 % SR SECURED SR SECURED Deep Driller 1 Deep Driller 7&8 1st pri 1st pri

Prices and yield Mid price YTM Spread Key financials (million) Currency Period Revenues EBITDA adj margin EBITDA EBIT Interest expense Capex

105,000 9,65 % 902 bps

109,000 8,45 % 792 bps

99,500 5,76 % 448 bps

USD LTM Mar'12 39 25 64 % 25 13 4 139

USD LTM Mar'12 52 41 79 % 41 29 4 105

USD LTM Mar'13 4 694 2 464 52 % 2 525 1 889 353 1 932

118 0 118 225 354 n.a. n.a.

284 9 275 172 470 n.a. n.a.

11 416 703 10 713 6 530 21 206 19 056 29 769

6,3 x -28,5 x 4,7 x 4,7 x 33 % n.a.

10,3 x -16,0 x 6,9 x 6,7 x 60 % n.a.

7,0 x 1,5 x 4,6 x 4,3 x 54 % 38 %

Total debt Cash and equivalents Net debt Total equity (inc. minorities) Total book capitalization Market cap Enterprise value Financial ratios: EBITDA/Interest (EBITDA-Capex)/Interest Total debt/EBITDA Net debt/EBITDA Total debt / Book cap Total debt/EV

SDRL 2017 US811727AA42 14.09.2012 15.09.2017 4,2 USD 1 000 0,06 5,625 % SR UNSECURED n.a.

Assets # of Semis 0 # of Drillships 0 # of Jackups 1 Other 0 Total # of units 1 Fleet value - low 200 Fleet value - high 235 Other assets Total debt/asset value (mid) 54 % Source: Company reports, Bloomberg and RS Platou Markets Revenues excluding gain/loss on asset sales Financial ratios based on adjusted EBITDA

RS Platou Markets AS Fixed Income | Oslo

0 0 2 0 2 400 470 65 %

SEADRILL SDRL NO SDRL05 SDRL06 SDRL 2018 NO0010589492 NO0010636111 NO0010673148 05.10.2010 13.02.2012 12.03.2013 05.10.2015 13.02.2014 12.03.2018 2,3 0,6 4,7 USD NOK NOK 350 1 250 1 800 6,500 % NIBOR3M +325 NIBOR3M +375 6,500 % 4,980 % 5,530 % SR UNSECURED SR UNSECURED SR UNSECURED n.a. n.a. n.a. 103,750 4,71 % 412 bps

15 11 27 21 74 Including newbuilds 19 300 21 900 55 %

101,000 3,26 % 159 bps

99,500 5,55 % 388 bps

GOLDEN CLOSE GOLDCL CORP GOLDCL 11% 10/15 NO0010592074 09.12.2010 09.12.2015 2,4 USD 393 11,000 % 11,000 % SR SECURED Deepsea Metro I 1st pri 105,500 8,43 % 780 bps USD LTM Dec '12 174 91 52 % 91 60 54 0

VANTAGE DRILLING VTG US VTG 7.5% 12/19 VTG 7.125% 13/23 US676253AH02 US676253AL14 25.10.2012 28.03.2013 01.11.2019 01.04.2023 6,3 9,7 USD USD 0 775 7,500 % 7,125 % 7,500 % 7,125 % SR SECURED SR SECURED 4 JU's, 3 Drillships 4 JU's, 3 Drillships 1st pri 1st pri 106,750 6,19 % #N/A N/A

#N/A #N/A #N/A

SONGA OFFSHORE SONG NO Songa 2015 SONG04 NO0010649403 NO0010628753 11.06.2012 17.11.2011 11.06.2015 17.11.2016 1,9 3,4 NOK NOK 750,0 1 400 NIBOR6M +775 NIBOR6M+1000 9,610 % 11,860 % SR UNSECURED SR UNSECURED n.a. n.a. 93,375 13,48 % 1 173 bps

96,750 12,95 % 1 120 bps

FRED. OLSEN ENERGY FOE NO FOE04 NO0010609829 12.05.2011 12.05.2016 2,9 NOK 1 225 NIBOR3M +425 5,980 % SR UNSECURED n.a. 104,625 4,21 % 254 bps

USD LTM Mar'13 487 222 46 % 222 145 172 917

USD LTM Mar'13 585 208 36 % 208 -251 45 899

452 57 395 422 892 n.a. n.a.

2 837 461 2 376 447 3 456 604 2 980

1 079 148 931 952 2 294 180 1 111

4 815 1 396 3 419 8 379 17 043 16 580 19 999

1,7 x 1,7 x 5,0 x 4,3 x 51 % n.a.

1,3 x -4,0 x 12,8 x 10,7 x 82 % 95 %

4,6 x -15,4 x 5,2 x 4,5 x 47 % 97 %

20,1 x 5,1 x 1,4 x 1,0 x 28 % 24 %

0 1 0 0 1 700 810

0 3 4 0 7 2 900 3 370

5 0 0 0 5 1 486 1 916

7 2 0 1 10 13 839 18 827

60 %

90 %

63 %

29 %

Page | 6

NOK LTM Mar'13 6 862 3 476 51 % 3 476 2 118 173 2 596

Daily Credit Report | 04 July 2013 Comp Sheet - Drilling (2) Issuer Bloomberg ticker Bond ISIN Issue date Maturity Date Yrs to maturity Currency Amount (m) Coupon Current coupon Collateral type Pledge / security

PETROSAUDI OIL SERVICES PSOS CORP PSOS 12% 10/15 XS0546479303 06.10.2010 06.10.2015 2,3 USD 160 12,000 % 12,000 % SR SECURED Discoverer, Saturn 1st pri

JASPER EXPLORER JASPSP CORP Jasper 11/16 NO0010611031 27.05.2011 27.05.2016 2,9 USD 165 13,500 % 13,500 % SR SECURED Jasper Explorer DS 1st pri

CHLOE MARINE DMETRO CORP Chloe Marine 11/16 NO0010628860 17.11.2011 28.12.2016 3,5 USD 150 12,000 % 12,000 % SECURED Deepsea Metro II 2nd pri

101,500 11,20 % 1 063 bps

82,500 21,94 % 2 121 bps

109,250 8,83 % 786 bps

104,750 7,57 % 683 bps

USD LTM Mar'13 155 19 12 % 19 -60 30 11

USD FYE 03/13E 85 45 53 % 45 24 22 2

USD 2013E 159 90 57 % 90 58 34 3

Total debt Cash and equivalents Net debt Total equity (inc. minorities) Total book capitalization Market cap Enterprise value

162 54 108 237 458 n.a. n.a.

165 41 124 -121 435 n.a. n.a.

Financial ratios: EBITDA/Interest (EBITDA-Capex)/Interest Total debt/EBITDA Net debt/EBITDA Total debt / Book cap Total debt/EV

0,6 x 0,3 x 8,5 x 5,7 x 35 % n.a.

Prices and yield Mid price YTM Spread Key financials (million) Currency Period Revenues EBITDA adj margin EBITDA EBIT Interest expense Capex

Assets # of Semis 0 # of Drillships 2 # of Jackups 0 Other 0 Total # of units 2 Fleet value - low 300 Fleet value - high 440 Other assets Total debt/asset value (mid) 44 % Source: Company reports, Bloomberg and RS Platou Markets Revenues excluding gain/loss on asset sales Financial ratios based on adjusted EBITDA

RS Platou Markets AS Fixed Income | Oslo

OCEAN RIG UDW ORIG US OCR01 OCR 2017 NO0010607625 US262049AA72 27.04.2011 20.09.2012 27.04.2016 01.10.2017 2,8 4,2 USD USD 500 800 9,500 % 6,500 % 9,500 % 6,500 % SR UNSECURED SR SECURED n.a. Leiv Eiriksson, Eirik Raude 1st pri 99,000 6,77 % 549 bps

ATWOOD OCEANICS ATW US Atwood 12/20 US050095AM05 18.01.2012 01.02.2020 6,6 USD 650 6,500 % 6,500 % SR UNSECURED n.a.

PACIFIC DRILLING PACD US PACD 12/15 PACD 2017 NO0010637077 US694184AA06 23.02.2012 28.11.2012 23.02.2015 01.12.2017 1,6 4,4 USD USD 300 500 8,250 % 7,250 % 8,250 % 7,250 % SR UNSECURED SR SECURED n.a. Pacific Khamsin 1st pri

106,000 5,40 % 340 bps

104,500 5,33 % 486 bps

USD LTM Mar'13 1 025 344 34 % 344 121 123 397

USD LTM Mar'13 929 466 50 % 466 370 17 753

USD LTM Mar'13 696 301 43 % 301 159 108 483

USD 2014E 163 83 51 % 83 58 29 1

497 28 469 412 918 n.a. n.a.

2 812 464 2 348 2 919 6 286 2 450 4 798

1 040 118 922 2 109 3 306 3 430 4 352

2 200 640 1 560 2 338 4 838 2 022 3 582

428 39 389 238 715 79 468

2,0 x 2,0 x 3,7 x 2,8 x 38 % n.a.

2,6 x 2,6 x 5,5 x 5,2 x 54 % n.a.

2,8 x -0,4 x 8,2 x 6,8 x 45 % 59 %

27,4 x -16,9 x 2,2 x 2,0 x 31 % 24 %

2,8 x -1,7 x 7,3 x 5,2 x 45 % 61 %

2,9 x 2,8 x 5,2 x 4,7 x 60 % 91 %

0 1 0 0 1 160 260

0 1 0 0 1 700 810

2 4 0 0 6 3 960 4 600

0 4 0 0 4 2 800 3 240

1 0 0 0 1 650 660

79 %

66 %

66 %

5 0 5 2 12 3 040 3 490 (others = stacked) 32 %

73 %

65 %

Page | 7

105,000 5,94 % 460 bps

MARACC MARA NS Maracc 13/18 NO0010674187 03.04.2013 03.04.2018 4,7 USD 140 9,500 % 9,500 % SECURED Island Innovator 2nd pri 102,250 8,90 % 748 bps

Daily Credit Report | 04 July 2013 Comp Sheet - Offshore Supply & Support (1) Issuer Bloomberg ticker Bond ISIN Issue date Maturity Date Yrs to maturity Currency Amount (m) Coupon Current coupon Collateral type Pledge / security Prices and yield Mid price YTM Spread Key financials (million) Currency Period Revenues EBITDA adj margin EBITDA EBIT Interest expense Capex Total debt Cash and equivalents Net debt Total equity (inc. minorities) Total book capitalization Market cap Enterprise value Financial ratios: EBITDA/Interest (EBITDA-Capex)/Interest Total debt/EBITDA Net debt/EBITDA adj Total debt / Book cap Total debt/EV

DOF07 NO0010582794 22.07.2010 22.07.2013 0,0 NOK 925 NIBOR3M +700 8,790 % SR UNSECURED n.a.

DOF ASA DOF NO DOF08 NO0010592785 09.12.2010 09.03.2015 1,7 NOK 600 NIBOR3M +610 7,850 % SR UNSECURED n.a.

DOF09 NO0010635865 07.02.2012 07.02.2017 3,6 NOK 700 NIBOR3M +725 9,020 % SR UNSECURED n.a.

DOF10 NO0010657802 12.09.2012 12.09.2019 6,2 NOK 700 NIBOR3M +700 8,780 % SR UNSECURED n.a.

DOFSUB04 NO0010589716 14.10.2010 14.04.2014 0,8 NOK 750 NIBOR3M +700 8,850 % SR UNSECURED n.a.

DOFSUB05 NO0010607377 29.04.2011 29.04.2016 2,8 NOK 750 NIBOR3M +550 7,280 % SR UNSECURED n.a.

DOFSUB06 NO0010636301 15.02.2012 15.10.2015 2,3 NOK 700 NIBOR3M +625 8,100 % SR UNSECURED n.a.

DOFSUB07 NO0010670144 22.01.2013 22.05.2018 4,9 NOK 1 300 NIBOR3M +500 6,790 % SR UNSECURED n.a.

100,625 -8,49 % -1 003 bps

101,750 6,68 % 501 bps

103,250 7,88 % 621 bps

101,625 8,34 % 667 bps

104,000 3,44 % 177 bps

101,500 6,59 % 492 bps

103,250 6,39 % 472 bps

99,375 6,82 % 515 bps

REM OFFSHORE REM NO REM02 PRO REM04 PRO NO0010563489 NO0010672835 27.01.2010 14.03.2013 27.01.2015 14.03.2018 1,6 4,7 NOK NOK 400 350 NIBOR3M +500 NIBOR3M +575 6,780 % 7,510 % SR UNSECURED SR UNSECURED n.a. n.a. 100,500 6,34 % 467 bps

NOK LTM Dec 12 8 136 2 789 34 % 2 999 1 890 1 318 2 254

NOK LTM Dec 12 5 248 1 788 34 % 1 998 1 328 694 275

NOK LTM Mar 13 747 356 48 % 356 256 163 547

22 756 1 250 21 506 6 749 31 754 2 665 24 171

12 131 770 11 361 5 102 18 624 n.a. n.a.

3 604 693 2 911 1 573 5 678 1 004 3 915

2,1 x 0,4 x 8,2 x 7,7 x 72 % 94 %

2,6 x 2,2 x 6,8 x 6,4 x 65 % n.a.

2,2 x -1,2 x 10,1 x 8,2 x 63 % 92 %

25 17 048 19 063 67 %

14 4 794 5 298 71 %

Fleet data # of vessels 70 Fleet value - low 32 408 Fleet value - high 36 278 Total debt/asset value (mid) 66 % Source: Company reports, Bloomberg and RS Platou Markets Revenues on time-charter equivalent basis (TCE), excluding gain/loss on asset sales Financial ratios based on adjusted EBITDA

RS Platou Markets AS Fixed Income | Oslo

DOF SUBSEA

Page | 8

99,500 7,55 % 588 bps

Daily Credit Report | 04 July 2013 Comp Sheet - Offshore Supply & Support (2) Issuer Bloomberg ticker Bond ISIN Issue date Maturity Date Yrs to maturity Currency Amount (m) Coupon Current coupon Collateral type Pledge / security

FARSTAD SHIPPING FAR NO FAR02 FAR03 NO0010587983 NO0010635964 27.09.2010 15.02.2012 27.09.2013 15.02.2017 0,2 3,6 NOK NOK 400 400 NIBOR3M +325 NIBOR3M +420 4,940 % 5,990 % SR UNSECURED SR UNSECURED n.a. n.a.

Prices and yield Mid price YTM Spread

100,875 0,99 % -66 bps

Key financials (million) Currency Period Revenues EBITDA adj margin EBITDA EBIT Interest expense Capex Total debt Cash and equivalents Net debt Total equity (inc. minorities) Total book capitalization Market cap Enterprise value Financial ratios: EBITDA/Interest (EBITDA-Capex)/Interest Total debt/EBITDA Net debt/EBITDA adj Total debt / Book cap Total debt/EV

103,250 4,90 % 323 bps

103,000 4,53 % 286 bps

101,250 5,57 % 390 bps

SIEM OFFSHORE SIOFF NO SIOFF01 NO0010670441 30.01.2013 30.01.2018 4,6 NOK 600 NIBOR3M +475 6,540 % SR UNSECURED n.a.

OLYMPIC SHIP OLSH01 PRO NO0010598907 09.02.2011 09.02.2015 1,6 NOK 250 NIBOR6M +525 7,320 % SR UNSECURED n.a.

100,375 6,33 % 466 bps

100,500 6,68 % 493 bps

VIKING SUPPLY SHIPS

OLSH02 NO0010659931 21.09.2012 21.09.2017 4,2 NOK 300 NIBOR6M +600 7,930 % SR UNSECURED n.a.

BOA OCV TAUBAT BOA01 NO0010607112 27.04.2011 27.04.2016 2,8 NOK 1 050 NIBOR3M +550 7,280 % 1ST PRI SUB C & DEEP C vessel

VSS01 NO0010638158 21.03.2012 21.03.2017 3,7 NOK 385 NIBOR3M +775 9,510 % SR UNSECURED n.a.

OCEANTEAM SHIPPING OTS NO OTS02 NO0010662018 24.10.2012 24.10.2017 4,3 USD 93 US0003M +1125 11,525 % SR UNSECURED n.a.

100,375 7,65 % 590 bps

101,625 6,54 % 487 bps

92,000 12,10 % 1 043 bps

101,000 11,23 % 1 095 bps

NOK LTM Sep 12 3 782 1 414 37 % 1 417 834 419 1 010

NOK LTM Sep 12 3 392 1 431 42 % 1 484 945 578 713

USD LTM Mar 13 357 100 28 % 126 47 35 55

NOK 2011 979 367 37 % 367 211 277 822

NOK LTM Dec 12 417 240 58 % 240 176 105 12

NOK LTM Mar 13 863 191 22 % 177 14 143 47

USD LTM Mar 13 65 27 42 % 27 13 21 6

7 439 1 314 6 125 6 857 15 173 4 680 10 805

9 575 876 8 699 4 799 14 945 3 675 12 374

881 226 655 797 1 774 509 1 164

3 377 795 2 582 2 175 5 938 n.a. n.a.

1 088 115 973 783 1 969 n.a. n.a.

2 335 207 2 128 1 665 4 268 n.a. n.a.

180 30 150 110 296 144 294

3,4 x 1,0 x 5,3 x 4,3 x 49 % 69 %

2,5 x 1,2 x 6,7 x 6,1 x 64 % 77 %

2,9 x 1,3 x 8,8 x 6,6 x 50 % 76 %

1,3 x -1,6 x 9,2 x 7,0 x 57 % n.a.

2,3 x 2,2 x 4,5 x 4,1 x 55 % n.a.

1,3 x 1,0 x 12,2 x 11,1 x 55 % n.a.

1,3 x 1,0 x 6,7 x 5,6 x 61 % n.a.

52 18 000 19 000 52 %

36 1 884 2 154 44 %

19 4 900 5 900 63 %

2 1 850 2 250 53 %

16 3 643 4 027 61 %

6 223 240 78 %

Fleet data # of vessels 65 Fleet value - low 14 400 Fleet value - high 16 400 Total debt/asset value (mid) 48 % Source: Company reports, Bloomberg and RS Platou Markets Revenues on time-charter equivalent basis (TCE), excluding gain/loss on asset sales Financial ratios based on adjusted EBITDA

RS Platou Markets AS Fixed Income | Oslo

SOLSTAD OFFSHORE SOFF NO SOFF02 PRO SOFF03 NO0010559180 NO0010600364 11.12.2009 25.02.2011 11.12.2014 25.02.2016 1,4 2,6 NOK NOK 700 700 NIBOR3M +500 NIBOR3M +440 6,760 % 6,150 % SR UNSECURED SR UNSECURED n.a. n.a.

Page | 9

Daily Credit Report | 04 July 2013 Comp Sheet - Offshore Supply & Support (3) Issuer Bloomberg ticker Bond ISIN Issue date Maturity Date Yrs to maturity Currency Amount (m) Coupon Current coupon Collateral type Pledge / security Prices and yield Mid price YTM Spread Key financials (million) Currency Period Revenues EBITDA adj margin EBITDA EBIT Interest expense Capex

HAVI03 PRO NO0010582505 19.07.2010 19.07.2013 0,0 NOK 216 0,11 11,310 % SR UNSECURED n.a.

HAVI04 NO0010590441 08.11.2010 08.11.2016 3,3 NOK 197 0,06 5,570 % SR SECURED Clipper 1st pri

HAVI05 PRO NO0010592207 02.12.2010 02.12.2014 1,4 NOK 300 0,10 10,270 % SR UNSECURED n.a.

100,250 2,31 % 77 bps

97,250 6,42 % 467 bps

99,875 10,27 % 860 bps

HAVILA SHIPPING HAVI NO HAVI07 NO0010605033 30.03.2011 30.03.2017 3,7 NOK 274 0,06 6,170 % SR SECURED Havila Subsea 1st pri

TROMS OFFSHORE HAVI06 NO0010605025 30.03.2011 30.03.2017 3,7 NOK 274 0,09 8,600 % SR SECURED Havila Subsea 1st pri

97,375 6,97 % 530 bps

102,000 8,21 % 565 bps

HAVI08 HAVI10 NO0010657174 NO0010674112 30.08.2012 03.04.2013 30.08.2016 02.04.2014 3,2 0,7 NOK NOK 500 150 0,10 NIBOR3M +495 10,280 % 6,610 % SR UNSECURED SR UNSECURED n.a. n.a. 98,250 10,83 % 916 bps

#N/A #N/A #N/A

TROMS 13/16 NO0010674328 11.04.2013 11.04.2016 2,8 NOK 500 NIBOR3M +540 7,250 % SR SECURED Troms Castor & Pollux 1st pri 104,500 5,33 % 366 bps

NOK LTM Mar 13 1 342 549 41 % 552 420 370 206

NOK 2013E 345 111 32 % 111 59 68 289

Total debt Cash and equivalents Net debt Total equity (inc. minorities) Total book capitalization Market cap Enterprise value

6 101 385 5 716 1 989 8 530 878 6 594

1 089 191 898 724 1 889 n.a. n.a.

Financial ratios: EBITDA/Interest (EBITDA-Capex)/Interest Total debt/EBITDA Net debt/EBITDA Total debt / Book cap Total debt/EV

1,5 x 0,9 x 11,1 x 10,4 x 72 % 93 %

1,6 x -2,6 x 9,8 x 8,1 x 58 % n.a.

Fleet data # of vessels 27 Fleet value - low 7 630 Fleet value - high 8 430 Total debt/asset value (mid) 76 % Source: Company reports, Bloomberg and RS Platou Markets Revenues on time-charter equivalent basis (TCE), excluding gain/loss on asset sales Financial ratios based on adjusted EBITDA

RS Platou Markets AS Fixed Income | Oslo

4 1 378 1 523 75 %

Page | 10

Daily Credit Report | 04 July 2013 Comp Sheet - Shipping Issuer Bloomberg ticker Bond ISIN Issue date Maturity Date Yrs to maturity Currency Amount (m) Coupon Current coupon Collateral type Pledge / security

ODF03 NO0010555378 04.12.2009 04.12.2013 0,4 NOK 500 NIBOR3M +475 6,500 % SR UNSECURED n.a.

Prices and yield Mid price YTM Spread

100,750 4,62 % 295 bps

Key financials (million) Currency Period Revenues EBITDA adj margin EBITDA EBIT Interest expense Capex

ODFJELL ASA ODF NO ODF04 ODF05 NO0010641715 NO0010664741 11.04.2012 03.12.2012 11.04.2017 03.12.2015 3,8 2,4 NOK NOK 600 200 NIBOR3M +575 NIBOR3M +550 7,600 % 7,270 % SR UNSECURED SR UNSECURED n.a. n.a. 99,500 7,57 % 590 bps

100,250 7,07 % 540 bps

ODF06 NO0010664758 03.12.2012 03.12.2018 5,4 NOK 500 NIBOR3M +650 8,270 % SR UNSECURED n.a. 99,750 8,23 % 656 bps

SHIP FINANCE SFL US SFLN01 SFLN02 NO0010588833 NO0010661655 07.10.2010 19.10.2012 07.04.2014 19.10.2017 0,8 4,3 NOK NOK 437 600 NIBOR3M +400 NIBOR3M +500 5,660 % 6,810 % SR UNSECURED SR UNSECURED n.a. n.a. 100,500 4,99 % 332 bps

99,500 6,81 % 514 bps

SNI01 NO0010614407 22.06.2011 22.06.2016 3,0 NOK 1 600 NIBOR3M +475 6,460 % SR UNSECURED n.a. 103,500 5,16 % 349 bps

STOLT-NIELSEN SNI NO SNI02 SNI03 NO0010640766 NO0010640774 19.03.2012 19.03.2012 19.03.2015 19.03.2018 1,7 4,7 NOK NOK 800 867 NIBOR3M +375 NIBOR3M +475 5,500 % 6,500 % SR UNSECURED SR UNSECURED n.a. n.a. 101,250 4,67 % 300 bps

102,875 5,73 % 406 bps

SNI04 NO0010657406 04.09.2012 04.09.2019 6,2 NOK 500 NIBOR3M +500 6,750 % SR UNSECURED n.a. 103,250 6,04 % 437 bps

NORW. CAR CARRIERS NOCC NO NOCC01 NO0010588262 29.09.2010 29.09.2015 2,2 NOK 200 10,500 % 10,500 % SR UNSECURED n.a. 101,500 9,93 % 766 bps

USD LTM Sep'12 685 106 15 % 108 -21 48 229

USD LTM Sep'12 318 219 69 % 247 192 91 97

USD LTM Aug'12 2 074 317 15 % 348 168 79 377

Total debt Cash and equivalents Net debt Total equity (inc. minorities) Total book capitalization Market cap Enterprise value

1 268 109 1 159 952 2 498 380 1 539

1 851 107 1 744 909 2 902 1 391 3 135

1 615 71 1 544 1 469 3 669 1 440 2 984

1 606 200 1 406 592 2 363 375 1 781

Financial ratios: EBITDA/Interest (EBITDA-Capex)/Interest Total debt/EBITDA Net debt/EBITDA Total debt / Book cap Total debt/EV

2,2 x -2,6 x 12,0 x 10,9 x 51 % 82 %

2,4 x 1,3 x 8,5 x 8,0 x 64 % 59 %

4,0 x -0,8 x 5,1 x 4,9 x 44 % 54 %

1,8 x -7,5 x 12,0 x 10,5 x 68 % 90 %

93 1 400 1 500 1 700 51 %

12 2 000 2 300

Fleet data # of vessels 45 Fleet value - low 1 100 Fleet value - high 1 200 Other assets 750 Total debt/asset value (mid) 67 % Source: Company reports, Bloomberg and RS Platou Markets Revenues on time-charter equivalent basis (TCE), excluding gain/loss on asset sales Financial ratios based on adjusted EBITDA

RS Platou Markets AS Fixed Income | Oslo

69 1 900 2 300 not incl. debt in equity 88 % accounted subs

NOK LTM Sep'12 362 134 37 % 123 -87 73 682

75 %

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Daily Credit Report | 04 July 2013 Comp Sheet - FPSO Issuer Bloomberg ticker Bond ISIN Issue date Maturity Date Yrs to maturity Currency Amount (m) Coupon Current coupon Collateral type Pledge/security

RUBICON OFFSHORE FRN 2014 NO0010361728 16.04.2007 16.04.2014 0,8 USD 114 US0003M +2000 13,278 % SR SECURED 2 FPSO 1st pri

SEA PRODUCTION SEAP NS SEAPFeb14 NO0010354632 14.02.2007 14.02.2014 0,6 USD 75 US0003M +1000 10,275 % SR SECURED 2 FPSO 1st pri

94,500 0,00 % -27 bps

92,500 23,81 % 2 354 bps

99,000 4,27 % 399 bps

86,000 19,52 % 1 864 bps

USD LTM Mar'13 96 64 67 % 64 47 21 0

USD LTM Mar'13 13 3 23 % 7 -7 -9 0

USD LTM Mar'13 602 230 38 % 230 138 61 19

USD 2014E 160 151 94 % 151 110 36 8

Total debt Cash and equivalents Net debt Total equity (inc. minorities) Total book capitalization Market cap Enterprise value

113 22 91 68 211 n.a. n.a.

79 1 78 64 164 #N/A N/A n.a.

871 67 804 256 1 227 n.a. n.a.

761 96 665 306 1 108 n.a. n.a.

Financial ratios: EBITDA/Interest (EBITDA-Capex)/Interest Total debt/EBITDA Net debt/EBITDA Total debt / Book cap Total debt/EV

3,0 x 3,0 x 1,8 x 1,4 x 54 % n.a.

-0,3 x -0,3 x 26,3 x 26,0 x 48 % n.a.

3,8 x 3,5 x 3,8 x 3,5 x 71 % n.a.

4,2 x 4,0 x 5,0 x 4,4 x 69 % n.a.

2

2

5

1

Prices and yield Mid price YTM Spread Key financials (million) Currency Period Revenues EBITDA adj margin EBITDA EBIT Interest expense Capex

Fleet data # of FPSO's

BLUEWATER

OSX 3 LEASING

BLH01 NO0010378482 01.08.2007 17.07.2014 1,0 USD 360 US0003M +300 3,278 % COMPANY GUARNT Parent guarantee

OSX 3 2015 NO0010640824 20.03.2012 20.03.2015 1,7 USD 500 9,250 % 9,250 % SR SECURED 1 FPSO 1st pri

Source: Company reports, Bloomberg and RS Platou Markets Revenues on time-charter equivalent basis (TCE), excluding gain/loss on asset sales Financial ratios based on adjusted EBITDA

RS Platou Markets AS Fixed Income | Oslo

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Daily Credit Report | 04 July 2013

Disclaimer RS Platou Markets AS RS Platou Markets AS is limited liability company incorporated in Norway (reg.no 942 274 238) and is authorised to provide banking and investment services in accordance with and pursuant to the Norwegian Securities Trading Act of 2007. 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 fixed income department solely for general information purposes to professional investors only. 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 derivative or to participate in any trading or investment strategy. This report is based solely on publicly available information. All information, including without limitation statements of fact, contained herein has been obtained and compiled in good faith from third party sources believed to be reliable, but has not been subject to independent verification. RS Platou Markets AS does consequently not make any undertaking, representation or warranty, express or implied, with respect to the accuracy or completeness of the report. The report is not to be relied upon as authoritative and should not be regarded as a substitute for the exercise of reasoned and independent judgement by the investor. Estimates provided in this report are prepared by employees of RS Platou Markets AS’ fixed income department. Please note that all prices and special levels are indicative, and may not be up to the date specified in this report. The opinions and estimates contained herein represent the view and judgment as of the dates specified (and in absence of such as of the date of the report), and are subject to change without notice. Delivery of this report shall not create any implication that RS Platou Markets AS assumes any obligation to, update or correct the information herein. The report contains certain forward-looking statements relating to the business, financial performance and results of the relevant issuers and/or industries and markets. Forward-looking 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. Any forward-looking statements and other information contained in this report, including assumptions, opinions and views 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. Neither Platou Markets nor any of its affiliates or employees provide any assurance that the assumptions underlying such forward-looking statements are free from errors nor do any of them accept any responsibility for the future accuracy of the opinions expressed in this report or the actual occurrence of the forecasted developments. Platou Markets does not assume any obligation to update any forward-looking statements or to conform these forward-looking statements to actual results. Please note that past performance of a company or financial instrument is not necessarily a guide to future performance.

Limitation of liability This report has been prepared without regard to any particular investors’ objectives, financial situation or needs, and does not provide individually tailored investment advice or offer tax, regulatory, accounting or legal advice. The securities discussed in this report may not be suitable for all investors. This report has been prepared and issued for distribution to professional investors only and all recipients should seek independent investment advice prior to making any investment decision based on any information contained in this report. Prior to entering into any proposed transaction, recipients should determine, in consultation with their own investment, legal, tax, regulatory and accounting advisors, the economic risks and merits, as well as the legal, tax, regulatory and accounting characteristics and consequences, of the transaction. 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 RS Platou Markets AS Fixed Income | Oslo

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Daily Credit Report | 04 July 2013 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. For an overview of the risks related to investments and recommendations, please refer to our web-site www.platoumarkets.com/Compliance/Disclaimers and Disclosures.

Basis and methods for assessment The opinions and views contained herein are based on numerous assumptions. Different assumptions could result in materially different results. Furthermore, the assumptions may not be realized. In addition, credit analysts provide credit ratings which are based on the same rating scale as used bu international rating agencies (with various modifications) and represents a qualitative and quantitative opinion of RS Platou Markets AS as to the creditworthiness of any issuer/security. For an overview of our basis and methods for assessment, definitions of key terms and definitions of credit ratings, please refer to www.platoumarkets.com/Compliance/Disclaimers and Disclosures.

Planned updates This report is issued on a daily basis.

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 fixed income 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 fixed income department are eligible to remuneration from RS Platou Market AS’s general bonus scheme.

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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 RS Platou Markets AS Fixed Income | Oslo

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Daily Credit Report | 04 July 2013 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.

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RS Platou Markets AS Fixed Income | Oslo

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