Maritime Business Day seminar (Latin America and USA), September 18th 2015

1. Business Opportunities in the USA’s
Offshore Oil & Gas Industry
Region Americas – USA
September 2015

2. Crude Oil Prices & Offshore Technology
9/24/2015 © Finpro2
Historical Front
Month Crude Oil
Futures Prices
Dollars per Barrel
Source: Short-Term Energy Outlook Market Prices and Uncertainty Report , U.S.
Energy Information Agency, August 2015

3. Crude Oil Prices & Offshore Technology
9/24/2015 © Finpro3
Sources: Shell Oil Company (Production Systems) and Gaffney Cline & Associates (Oil Prices), 17 November 2014
Offshore technology development takes the long view.

4. Crude Oil Prices & Offshore Technology
9/24/2015 © Finpro4
Converted 1978 Aker
H-3 in 1981 at
Rauma Repola in
1981
Transocean
Amirante
Transocean GSF
Arctic III
Newbuild at Rauma
Repola in 1984
PI-Rauma Engineering
Development of the SPAR
Finnish offshore capabilities were positioned to take advantage of new technology
development in the previous major petroleum industry boom-bust cycle.

5. U.S. Oil Demand & Offshore Resources
9/24/2015 © Finpro5
Source: Annual Energy Outlook 2015, U.S. Energy Information Agency, 14 April 2015
Primary U.S. Energy
Consumption by
Fuel: 1980-2040
U.S. consumption of
petroleum / other
liquids increases
from 19.0 million
bbl/d in 2013 to 19.6
million bbl/d in
2020, then declines
to 19.3 million bbl/d
in 2040.

6. U.S. Oil Demand & Offshore Resources
9/24/2015 © Finpro6
Present & Future
U.S. Crude Oil
Reserves
Source: Independent Petroleum Producers Association, April 2015
See: http://breakingenergy.com/2014/04/08/gulf-of-mexico-to-drive-global-deep-water-drilling-innovation/

7. U.S. Oil Demand & Offshore Resources
9/24/2015 © Finpro7
Western & Eastern Gulf of Mexico are the primary areas for U.S. Outer Continental
Shelf (OCS) leasing during the next five years.
Source: Bureau of Ocean Energy Management (BOEM), U.S. Department of Interior
See: http://www.boem.gov/five-year-program-2017-2022/

8. U.S. Oil Demand & Offshore Resources
9/24/2015 © Finpro8
U.S. Offshore
Leasing, Exploration
& Development
Process Timeline
Source: American Petroleum Institute, 2013

9. Deepwater Trend & Project Economics
9/24/2015 © Finpro9
Break-even Prices
for Non-producing
Petroleum Assets
(USD/bbl)
Source: “Deepwater Oil - Huge Growth Potential”, Seeking Alpha, 3 June 2015
As demand grows
and conventional
supply decreases,
the world will turn
towards deepwater
drilling for increased
oil production.
Offshore Moving to
Deeper Waters

10. Deepwater Trend & Project Economics
9/24/2015 © Finpro10
Deepwater & Ultra-
deep Water Depths

11. Deepwater Trend & Project Economics
9/24/2015 © Finpro11
Proven & Unproven Global Deepwater Reserves
Primary Source: Baker Hughes
See: http://seekingalpha.com/article/3231866-deepwater-oil-
huge-growth-potential
Offshore Success Ratios
Source: American Petroleum Institute

12. Deepwater Trend & Project Economics
9/24/2015 © Finpro12
U.S. Gulf of Mexico
Production,
Transportation &
Refining
Infrastructure
U.S. Gulf of Mexico has
advantages over much of
the rest of the world due
to the combination of
geology, commercial
potential of discoveries
and the existing offshore
oil & gas industry
infrastructure.*
Source: U.S. Energy Information Agency (EIA)
*See: “Gulf of Mexico to Drive Global Deep-Water Drilling Innovation”, Breaking Energy, 8 April 2014

13. Deepwater Trend & Project Economics
9/24/2015 © Finpro13
Deepwater Field
Development Period
in Years
…big challenge of
deepwater projects
is [capital intensity]
and technological
complexity, which
combined, [results]
in longer payout
periods…operators in
North America are
more efficient –
averaging five years
to production after
discovery.
Source: “Deepwater Oil - Huge Growth Potential”, Seeking Alpha, 3 June 2015

14. Deepwater Trend & Project Economics
9/24/2015 © Finpro14
U.S. Federal Waters Monthly
Oil Production: 2010 – 2016
Million Barrels per Day
57
17
30
48
13
35
0 10 20 30 40 50 60
2010-2014
2015-2019
Percentage of Producing Fields in
U.S. Gulf of Mexico: 2010-2019
Ultra-deepwater Deepwater Shallow Water
Source: Offshore, 9 June 2015
Existing
Production
New Field
Production
Source: U.S. Energy Information Agency, 3 March 2015

15. Offshore Projects Overview
9/24/2015 © Finpro15
Gulf of Mexico
Deepwater Frontier
Exploration and
Production Timeline
Individual Prospect:
5,000' Water Depth,
30,000' Drilling Depth
Source: American Petroleum Institute

16. Offshore Projects Overview
9/24/2015 © Finpro16
Operators*
Support &
Services
Primary Contractors & Consultants • Catering / Facility
Management
• Sea / Air Transport
• Warehouse / Logistics
• Communications
• Recruitment
• Health, Safety &
Environmental Services
• Medical Services
• Banking/Finance
• Legal
• Insurance
• Accounting
• Energy Consultants
Reservoirs Wells Facilities Marine/Subsea
• Reservoir Engineering
Consultants
• Seismic Data
Consultants
• Well Engineering
Consultants
• Drilling Contractors
• Cement Contractors
• Well Servicing
Contractors
• Engineering Consultants
• Front-end Engineering &
Design (FEED) Firms
• Engineering,
Procurement &
Construction (EPC)
Contractors
• Marine/Subsea
Contractors
• Heavy Lift Contractors
• Pipelay Contractors
• Floating Production
Storage Units
Service & Supply Contractors; Equipment & Services Subcontractors
• Geoscience Consultants
• Data Interpretation
Consultants
• Seismic Instrumentation
• Data Storage
• IT Hardware / Software
• Drilling & Well
Equipment
Manufacturers
• Drilling Tubulars
• Laboratory Services
• Machinery / Plant
Design & Manufacturing
• Engineering
Subcontractors
• Inspection Services
• Specialists Steel &
Tubular
• Subsea Manifold / Riser
Design & Manufacture
• Marine / Subsea
Equipment
• Subsea Inspection
Services
Offshore Operating Ecosystem
* Operator can be any type of oil & gas exploration, development & production company, big or small.

17. Offshore Projects Overview
Anadarko Petroleum Lucius Oil Field E&P Timeline
Date Milestone
09.2009 Exploration Plan filed with Bureau of Ocean Energy Management
10.2009 ENSCO 8500, an ultra-deepwater semisubmersible, spuds an exploration well
12.2009 Oil Discovery
01.2010 Positive Appraisal
05.2010 Flow Test confirms deliverability
08.2011 Anadarko issues LOI to Technip for engineering, construction & transport of Truss Spar hull
12.2011 Anadarko approves go ahead with Lucius development
12.2011 Mustang Engineering awarded topsides engineering, procurement & construction
O1.2012 FMC to supply subsea equipment
01.2012 Aker Solutions to supply umbilicals
04.2012 Technip awarded subsea design, fabrication and installation
05.2013 Truss Spar arrives in U.S. Gulf of Mexico from Pori, Finland
02.2014 Truss Spar installed at location
06.2014 Heerema Marine Contractors install topsides
01.2015 First production from Lucius Field
9/24/2015 © Finpro17

18. Offshore Projects Overview
9/24/2015 © Finpro18
Offshore Oilfield Marine Asset Demand
Exploration Development Production Decommissioning
Period 1-3 years 2-4 years 5-50+ years Upon Depletion
Sensitivity to Oil
Price
High Medium High oil price extends
lifespan
High oil price defers
decommissioning
Drilling &
Production
Assets Required
• Jack-up
• Semi-
submersible
• Drillship
• Jack-up
• Drillship
• Tension-leg
Platform (TLP)
• Spar
• FPSO
• Tension-leg
Platform (TLP)
• Spar
• FPSO
• Semisubmersible
NA
Offshore Service
Vessels Required
• Seismic Survey
• Anchor
Handling
• Supply
• Crew Boat
• Anchor Handling
• Supply
• Diving Support
• Construction
Support
• Safety
• Utility
• Pipelay Barge
• Heavy-lift Barge
• Anchor Handling
• Supply
• Construction
Support
• Crew Boat
• Safety
• Utility
• Fire-fighting
• Well Intervention
• Anchor Handling
• Supply
• Diving Support
• Construction Support
• Utility
• Flat-top Barge
• Derrick Barge
• Heavy Lift Barge
Source: Pareto Research

19. Mobile Offshore Drilling Unit Opportunities
9/24/2015 © Finpro19
MODU Options
Water depth and mobile offshore drilling unit (MODU) availability determine if
existing or retro-fit/newbuild unit is available or required, respectively.
NOTE: Jack-ups are the only units among the
above fabricated in U.S. shipyards.

20. Mobile Offshore Drilling Unit Opportunities
Ten-year End of day Commodity Futures Price
Quotes for West Texas Intermediate (WTI)
NYMEX Crude Oil WTI
Current Globally Competitive Mobile
Offshore Drilling Unit Utilization by Rig Type
Unit Type Utilization (Working/Total)
Jack-up 60.0% (263/438)
Semisubmersible 63.7% (109/171)
Drillship 72.5% (87/120)
Source: Rigzone, Friday, 4 September 2015
9/24/2015 © Finpro20
Source: NASDAQ, 4 September 2015

21. Mobile Offshore Drilling Unit Opportunities
Transocean Fleet Deployment
Select Markets: 2015
U.S Gulf of
Mexico
South
America
West Africa Southeast
Asia
Deepwater Asgard
Deepwater
Champion
Deepwater
Discovery
Deepwater Invictus
Deepwater Nautilus
Deepwater
Pathfinder
Development
Driller III
Discoverer
Americas
Discoverer Clear
Leader
Discoverer Deep
Seas
Discoverer
Entenrprise
Discoverer India
Discoverer
Inspiration
Discoverer Spirit
GSF C.R. Luigs
GSF Jack Rya
Deepwater
Navigator
Dhirubhai
Deepwater KG1
Petrobras 10000
Sedco 706
Transocean Driller
GSF Rig 135
Sedco Express
Sedco 702
Deepwater Frontier
GSF Constellation I
M.G. Hulme, Jr.
Transocean
Andaman
Transocean Siam
Driller
Transocean Ao Thai
Transocean
Management Ltd.
Chemin de Blandonnet
10
CH-1214 Vernier
Switzerland
Executive Management
Transocean
4 Greenway Plaza
Houston, TX 77046
Corporate
See: http://www.deepwater.com/fleet/overview9/24/2015 © Finpro21
0 2000 4000 6000 8000
Hercules Offshore
Atwood Oceanics
Rowan
Diamond Offshore
Noble
Ensco
Tranocean
Million USD
Top Offshore Drilling Company
Revenue: 2011 & 2015 (Projected)
2015 2011
Source: Statista, 2015
Contacts with drilling companies in the U.S. Gulf of Mexico important, because
major global contractors operate from the region.

22. Mobile Offshore Drilling Unit Opportunities
9/24/2015 © Finpro22
Ensco Fleet Deployment Noble Fleet Deployment
Ensco plc
6 Chesterfield Gardens
London W1J 5BQ
United Kingdom
Ensco
5847 San Felipe
Suite 3300
Houston, TX 77057
Noble Corporation plc
Devonshire House
1 Mayfair Place
London W1J8AJ
Noble Drilling Services
Inc.
13135 South Dairy
Ashford, Suite 800
Sugar Land, TX 77478

23. Offshore Service Vessel Opportunities
9/24/2015 © Finpro23
The current low oil price environment has resulted in reduced activity levels…For the OSV market in the
Gulf, the glut of vessels is compounding the problem, and with over 30 newbuilds scheduled to enter the
market in the next couple of years…For deepwater, big investments in expensive infrastructures and
hard, performance-based leases make responses to low oil and gas prices much more moderate, at least
in the short term.
“Down Time”, Workboat, 28 April 2015

24. 9/24/2015 © Finpro24
Offshore Service Vessel Opportunities
Source: The Maritime Executive, 27 October 2014
North American
Emission Control Area (ECA)
US LNG Demand in 2029 –
Vessel Operations
Source: American Natural Gas Alliance, October 2014
U.S. Gulf of Mexico
U.S. Environmental Protection Agency (EPA) actions driving OSV fleet change.

25. Offshore Service Vessel Opportunities
9/24/2015 © Finpro25
See: http://harveygulf.com/green.html
Harvey Energy OSV Project Stakeholders:
• Shell Oil Company
• Harvey Gulf International
• Gulf Coast Shipyard Group
• Wärtsilä*
• Martin Energy (Fuel Supply)
• American Bureau of Shipping (Vessel
Classification)
• US Coast Guard (ECA Enforcement)
Source: ABS Gas Solutions, 20 Feb 2015
Harvey Gulf International Marine became the first U.S. vessel operator to contract
for construction of vessels capable of operating exclusively on natural gas.
*Dual-fuel diesel OSV was constructed by Gulf Coast
Shipyard Group (GCSG) and is powered by three
Wärtsilä 6L34DF dual-fuel gensets providing 7.5 MW
of power that are supplied fuel via Wärtsilä’s LNGPac
system.

26. Offshore Development Opportunities
9/24/2015 © Finpro26
TopsideHull/Jacket
Offshore Development/Production System Value Chain
Chevron Tahiti (Spar) Example
BP Atlantis (Semisubmersible) Example
Discovery 2002
First Oil Production 2009
Discovery 1998
First Oil Production 2007

27. Offshore Development Opportunities
US Gulf of Mexico Deepwater Discoveries: Development
Field Name Location Discovery
Year
Water
Depth (ft)
Operator Status Projected
Onstream
Production Type
Amethyst Mississippi
Canyon 26
2014 1122 Stone Energy Development 2016 Semisubmersible
Dantzier Mississippi
Canyon 782
2013 6580 Noble Energy Development 2016 Semisubmersible
Gunflint Mississippi
Canyon 948
2008 6100 Noble Energy Development 2016 Semisubmersible
Heidelberg Green Canyon
983
2009 5300 Anadarko Development 2016 Spar
Julia Walker Ridge
627
2007 7087 ExxonMobil Development 2016 Semisubmersible
Stampede –
Knotty Head
Green Canyon
512
2005 3557 Hess Development 2016 TLP
Stampede –
pony
Green Canyon
468
2005 3440 Hess Development 2016 TLP
Stones Walker Ridge 2005 9576 Shell Development 2016 FPSO
1 meter = 3.28084 feet Source: Offshore magazine, 15 January 2015
9/24/2015 © Finpro27
Key to success is getting ahead of the development facilities procurement phase.

28. Offshore Development Opportunities
9/24/2015 © Finpro28
Offshore Development/Production System Specification & Procurement

29. Offshore Development Opportunities
US Gulf of Mexico Deepwater Discoveries: Appraisal Phase
Field Name Location Discovery
Year
Water
Depth (ft)
Operator Status Projected
Onstream
Production Type
Appomattox Mississippi
Canyon 392
2010 7290 Shell Appraisal ? ?
Buckskin Keathley
Canyon 872
2009 6920 Chevron Appraisal ? ?
Coronado Walker Ridge 98 2013 6127 Chevron Appraisal ? ?
Friesian Green Canyon
599
2006 3830 Freeport-McMoRan Appraisal ? ?
Gila Keathley
Canyon 93
2013 4900 BP Appraisal ? ?
Guadalupe Keathley
Canyon 10
2014 3992 Chevron Appraisal ? ?
Hadrian Keathley
Canyon 919
2009 7425 ExxonMobil Appraisal ? ?
Healey Green Canyon
92
2007 2420 W&T Appraisal ? ?
Holstein Deep Green Canyon
643
2014 2890 Freeport-McMoRan Appraisal ? ?
Kaskida Keathley
Canyon 292
2006 5880 BP Appraisal ? ?
Katmal Green Canyon
40
2014 2100 Noble Energy Appraisal ? ?
1 meter = 3.28084 feet Source: Offshore magazine, 15 January 2015
9/24/2015 © Finpro29

30. Offshore Development Opportunities
US Gulf of Mexico Deepwater Discoveries: Appraisal Phase
Field Name Location Discovery
Year
Water
Depth (ft)
Operator Status Projected
Onstream
Production Type
La Femme Mississippi
Canyon 427
2004 5800 Stone Energy Appraisal ? ?
Leon Keathley
Canyon 642
2014 6i19 Repsol Appraisal ? ?
Logan Walker Ridge
969
2011 7750 Statoil Appraisal ? ?
Magellan East Breaks 424 2007 2800 Apache Appraisal ? ?
Moccasin Keathley
Canyon 736
2011 6739 Chevron Appraisal ? ?
North Platte Garden Banks
959
2012 4871 Cobalt Appraisal ? ?
Phobos Sigsbee
Escarpment 39
2013 8500 Anadarko Appraisal ? ?
Puma Green Canyon
821
2004 4130 BP Appraisal ? ?
Redrock Mississippi
Canyon 204
2006 3334 Noble Energy Appraisal ? ?
Rydberg Mississippi
Canyon 525
2014 7479 Shell Appraisal ? ?
Samurai Green Canyon
432
2009 3400 Anadarko Appraisal ? ?
See: http://www.offshore-mag.com/content/dam/offshore/print-articles/volume-75/01/gom-deepwater.pdf
9/24/2015 © Finpro30

31. Offshore Development Opportunities
US Gulf of Mexico Deepwater Discoveries: Appraisal Phase
Field Name Location Discovery
Year
Water
Depth (ft)
Operator Status Projected
Onstream
Production Type
Shenandoah Walker Ridge 52 2009 5750 Anadarko Appraisal ? ?
Shiloh Desoto Canyon
269
2003 7509 Shell Appraisal ? ?
Sturgis Atwater Valley
183
2003 3700 Chevron Appraisal ? ?
Tiber Keathley
Canyon 102
2009 4132 BP Appraisal ? ?
Tiger Alaminos 818 2004 9004 Chevron Appraisal ? ?
Tortuga Mississippi
Canyon
561/605
2008 6500 Noble Energy Appraisal ? ?
Troubadour Mississippi
Canyon 699
2013 7273 Noble Energy Appraisal ? ?
Tucker Walker Ridge
543
2006 6778 Statoil Appraisal ? ?
Vicksburg DeSoto Canyon
353
2007 7457 Shell Appraisal ? ?
Vito Mississippi
Canyon 984
2009 4038 Shell Appraisal ? ?
Winter Garden Banks
605
2009 3400 W&T Appraisal ? ?
Yucatan Walker Ridge 95 2013 5881 Shell Appraisal ? ?
9/24/2015 © Finpro31

32. U.S. Offshore Industry Networking
Primary Value Chain Players – U.S. Offshore Gulf of Mexico
Drilling Contractors OSV Companies* Engineering Firms EPC Contractors Shipyards O&G** Companies
• Atwood Oceanics,
Houston, TX
• Diamond Offshore,
Houston, TX
• Ensco, Houston, TX
• Helmerich &
Payne, Tulsa, Ok
• Hercules Offshore,
Houston, TX
• Nabors Ind. (USA),
Houston, TX
• Noble Drilling Svs,
Sugar Land, TX
• Parker Drilling Svs,
Houston, TX
• Rowan Companies,
Houston, TX
• Transocean Ltd.,
Houston, TX
• Bordelon Marine,
Lockport, LA
• C&G Boats Golden
Meadow, LA
• Edison Chouest
Offshore, Galliano,
LA
• Gulf Offshore
Logistics, Mathews,
LA
• Hornbeck Offshore
Services,
Mandeville, LA
• Otto Candies, Des
Allemands, LA
• Tidewater Marine,
New Orleans, LA
* OSV = Offshore
Service Vessels
• Bechtel, Houston,
TX
• SBM Atlantia,
Houston, TX
• Wood Group
Mustang, Houston,
TX
• Aker Solutions,
Houston, TX
• Allseas, Houston,
TX
• INTECSEA,
Houston, TX
• KBR, Houston, TX
• McDermott,
Houston, TX
• Kiewit Offshore,
Ingleside, TX
• Saipem America,
Houston, TX
• SBM Offshore
(Regional Center),
Houston, TX
• Technip USA (HQ),
Houston, TX
Mobile Offshore
Drilling Units:
• Keppel AmFELS,
Brownsville, TX
• LeTourneau Yard,
Vicksburg, MS
• Apache
• Anadarko
• BP
• Chevron USA
• Cobalt
• ExxonMobil
• Freeport-
McMoRan
• Noble Energy
• Repsol
• Stone
• Shell Offshore
• Statoil GOM
• Stone Energy
• W&T
** O&G = Oil & Gas
Major Facilities:
• Harvey Gulf, New
Orleans, LA, &
Gulfport, MS
• Eastern
Shipbuilding,
Panama City, FL
Oilfield Svc. & Supply
• Baker Hughes,
Houston, TX
• Cameron, Houston,
TX
• FMC, Houston, TX
• Halliburton,
Houston, TX
• National Oilwell
Varco, Houston, TX
• Schlumberger,
Houston, TX
• Weatherford
(USA), Houston, TX
Topside Fabrication:
• Gulf Island,
Houma, LA
• Gulf Island, Aransas
Pass, TX
• Kiewit Offshore,
Ingleside, TX
9/24/2015 © Finpro32
• Offer Timely Solutions
• Select Sales Channel
• Obtain Vendor Qualification
Key Industry Networking Events (2015 – 2015):
• International Workboat Show, New Orleans, LA, December 1-3, 2015
• Offshore Technology Conference, Houston, TX, 2-5 May, 2016

33. Conclusion
9/24/2015 © Finpro33
World’s Liquid
Surplus or Deficit &
West Texas
Intermediate (WTI)
Crude Oil Price:
2003 - 2015
Source: Petroleum Truth Report, 3 April 2015
See: http://www.artberman.com/blog/