Pareto World Wide Offshore AS - Pareto Project Finance

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Portfolio (continued)Project / company Contract Charterparty ChartererProportionof NAVBassdrill Alpha Ltd Mar-15 Timecharter Total / CNR 37.4 %Neptune Offshore AS May-15 Bareboat Reef / CGG Veritas 12.1 %Songa Eclipse Ltd Aug-13 Timecharter Total 10.5 %ParBarge IS Jul-18 Bareboat African Offshore Services 9.6 %Neptune Subsea IS Feb-17 Bareboat Reef Subsea 9.6 %Asian Offshore III IS Spot/Asset play 5.0 %Vestland Seismic IS Sep-18 Bareboat Albatross Shipping Ltd. 7.1 %Bukhit Timah Offshore DIS Jul-20 Bareboat Swiber Offshore Marine Pte 5.1 %Offshore Accommodation IS Dec-21 Bareboat African Offshore Services 3.0 %Iceman IS Spot/Asset play 0.7 %Equinox Offshore Accomodation Ltd Apr-13 Timecharter N/A 0.0 %600500400300PWWO - Cash flow composition vs debt service, NOKmCapex (-) / Sale of assets (+)Spot EBITDAContracted EBITDADebt servicePWWO - EBITDA compositionRigs21%2001000Oil Service50%Supply29%-1002012 YTD 2013 2014 2015 2016 - 2021500PWWO - Debt in projects, NOKmPWWO - Duration of contract backlog45040035030025020015016431104021037410318Sellers creditBank debt10Later28%1-2 years31%100206500-5002012 YTD 2012 2013 2014 2015 2016 -0 - 20213-4 years41%
Price per shareVolume (Thousand NOK)Second Hand Market and Share LiquidityAs of 30.06.2012 PWWO had 4.37m shares outstanding. Pareto Project Finance AS (”PPF”) strives tofacilitate an active second hand market for shares. The last implicit trading price in PWWO was NOK125 per share (based on the last transaction price in POK of NOK 57 per share and before therepayment of NOK 12 per share on 29 th June 2012). Investors who wish to buy or sell shares shouldcontact their advisors.POKAs of 30.06.2012 POK had 5.46m shares outstanding.The last trading price in POK was NOK 57 per share andthe previous five trades are displayed in the tablebelow. Second hand prices have increased steadily overthe last few months, as can be seen from the graphbelow (red dots). No trades have been made sincePOK/PWWO made capital repayments to theirshareholders. Investors who wish to buy or sell sharesshould contact their advisors.DateShare price No. of shares Volume (NOK)19/06/12 57 2,716 154,81219/06/12 57 980 55,86012/06/12 56 3,921 219,57607/06/12 55 1,103 60,66507/06/12 55 897 49,335Number of trades since startup: 418Volume traded since startup (NOK): 73,501,292Average volume per trade (NOK): 175,840200175150125Pareto Offshorekapital ASA - Second Hand TradesVolume tradedNav per shareNAV per share (dividend adjusted)Second hand price per share10,0009,0008,0007,0006,0001005,0007550254,0003,0002,0001,000-Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12Date-
Page 1 and 2: Pareto World WideOffshore AS2nd qua
Page 3 and 4: Net Asset Value Development (PWWO)N
Page 5 and 6: Portfolio NewsPWWO is invested in a
Page 7: PortfolioThe portfolio is currently
Page 11 and 12: The offshore oil services marketJac
Page 13: DisclaimerThis Quarterly Report has

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