FPSOcean - company presentation

1
FPSOcean - company presentation
Offering Deepwater Floating Production Systems
Pareto Oil & Offshore Conference
29/30 August 2007

2
Disclaimer – forward looking statements
� This presentation has been prepared by FPS Ocean AS (“FPS Ocean” or the “Company”) solely for the Company’s
use in presenting its business or marketing its services to prospective business partners, clients, investors or any
other party.
� The Company will not be making any representation or warranty, expressed or implied, or assurance of any kind as
to the accuracy, reliability or completeness of the Presentation. Neither the Company nor any of their respective
directors, officers or employees will thus have any liability or responsibility to the recipients of the Presentation or
any other persons resulting from their use of the Presentation.
� The content of this Presentation includes and is based, inter alia, upon forward-looking information and statements
that are subject to risks and uncertainties. These statements are based on current expectations, estimates and
projections about global economic conditions and the economic conditions of the regions and industries that
represent major markets for the Company. Important factors that could cause actual results to differ materially
from those expectations include, among others, macro economic fluctuations, interest rates, oil prices and such
other factors as may be discussed from time to time in the Presentation. No assurance can be given that those
expectations will be achieved or that future results will be as set out in the Presentation. This Presentation
represents our initial views and we reserve the right (but shall not be obliged) to revise, update or replace any
statement herein.
� By relying on this Presentation you acknowledge that you will be solely responsible for your own assessment of the
information contained herein and that you will conduct your own analysis and be solely responsible for forming your
own view of the potential future performance of the Company’s business.
� In addition, this Presentation and the analyses set out herein are not and do not purport to be an appraisal or
valuation of any of the securities, assets or businesses of the Company.
� 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.

3
Content
1. Business plan and market
rationale
2. Corporate structure and
management
3. Projects – ”DeeP Producer
1” and ”DeeP Producer 2”
4. Technology development
5. Operational platform
6. Financials

4
Business plan
Serving a surging demand for lease of floating production systems
� The FPSOcean vision is to become a significant niche player in the global market for floating
production of oil & gas in the rapidly expanding deepwater development areas
� The FPSOcean business model is to build, own and operate Floating Production Systems, including
conversion of crude oil tankers into Floating Production Storage & Offloading (FPSO) units
� FPSOcean is offering FPSO solutions for expedient development of deepwater reservoirs using cost
effective Dynamic Positioning (DP) systems with safe, reliable and innovative technology
� The company has a goal of developing a fleet of 4 - 6 units over the next 4 - 6 years

5
FPSO market – lease players
Of 25 global players 19 do not have in-house turret technology
Companies with turret technology* Companies in need of 3 rd party turret technology
1. Bluewater (turret mooring)
2. BW Offshore (APL)
3. FPSOcean (DP with turret DRB)
4. Modec (turret mooring)
5. Prosafe (turret mooring)
6. SBM (turret mooring)
7. Sevan Marine (*cylindrical shape not requiring turret)
1. Aker Floating Production
2. Bumi Armada
3. Ezra
4. Exmar
5. Fred. Olsen Production
6. Frontier
7. Helix/AGR
8. Maersk
9. M3NERGY
10. Nortechs
11. Oceaneering
12. Petroprod
13. Petroserve
14. Premuda
15. Rubicon
16. Sea Production
17. Tanker Pacific
18. Teekay Petrojarl (own technology mothballed)

6
Addressing the deepwater market
Deepwater production to follow the deepwater drilling surge
� High degree of deepwater discoveries; high level of deepwater drilling activity
� Traditional mooring systems very expensive in deep water; need for innovative solutions
� Dynamic Positioning (DP) systems have proved very favourable in subsea construction,
drilling and shuttle tanker segments
� 20 years successful experience with Seillean DP FPSO in UK and Brazil
� DP FPSO requires ability to disconnect risers in case of DP failure/power black-out
� The same technology is valid for shut down and demobilisation in hurricane areas

FPSO market - market drivers
Deepwater production to follow deepwater drilling
Rigs
180
160
140
120
100
80
60
40
20
0
1Q00
4Q00
3Q01
2Q02
* Forecast as of June 2007
Deepwater Rig Demand - Worldwide
By Activity Type - Mid Case
2000-2012
1Q03
4Q03
3Q04
2Q05
1Q06
4Q06
3Q07
2Q08
1Q09
Exploration Appraisal and Development
4Q09
3Q10
2Q11
1Q12
4Q12

8
FPSO market - target projects
Deepwater and/or hurricane areas

9
The DP FPSO proposition
Competitive solution for deep water and early production
� The deeper the water the more competitive is the Dynamic Positioning system
� Easily redeployable, highly competitive for short contracts/EPS
� Versatile positioning system independent of water depth

10
Corporate structure
FPS Ocean AS shares quoted at OTC, Oslo under “FPSO” ticker
FPSO Management AS
Oslo, Rio, Houston, Dubai
FPSOcean AS
DP Producer AS DP Offshore AS SPC No. 3
”Nordic Laurita”
”DeeP Producer 1”
”Semakau Spirit”
”DeeP Producer 2”

11
Corporate structure
Organization of 40 including substantial FPSO experience
� Erland P. Bassøe (1957), Co-founder & Chairman
� 25 years offshore experience
� Bassoe Offshore, Scorpion Offshore, Frontier Drilling, ODS-Petrodata
� Georg Sverdrup Onsrud (1955), Co-founder & Chief Executive Officer
� 25 years offshore experience
�Fred. Olsen Production, Aker, Stolt, Kværner
� Christian Mowinckel (1954), Chief Financial Officer
� 27 years senior management experience in industry and offshore
� Ocean Rig, Deloitte & Touche, Kvaerner, DnB NOR
� Kjetil Bruun-Olsen (1956), Vice President, Projects & Operations
� 12 years offshore, 12 years shipping experience
� Fred. Olsen, Star Refer, Neptun
� Leif O. Aaker (1951), Vice President, Business Development
� 30 years offshore experience
� Boa Offshore, Fred. Olsen Energy, Golar-Nor Offshore (Petrojarl)
� Ola Often (1956), Vice President, Technology
� 25 years offshore engineering
� Fred. Olsen, PGS, ABB

12
Projects
FPSO conversion ongoing, deepwater technology being developed
“DeeP Producer 1” (DPP1); Panamax shuttle tanker “Nordic
Laurita”, built Tsuneishi Japan 1981, classed August 2006. She
entered Dubai Drydocks in May 2007 for conversion to Dynamic
Positioning FPSO, scheduled for completion by end February 2008.
“DeeP Producer 2” (DPP2); Double sided Aframax tanker
“Semakau Spirit”, built Koyo Japan 1988, to be delivered April
2008. Slots secured with Dubai Drydocks for conversion with
planned completion 2009. Long lead items secured.

13
Projects – DPP 1 configuration
Design basis for the deepwater DP FPSO “DeeP Producer 1”
� 400,000 barrels storage (98% ex. slops); 320,000 with double sides
� Production capacity 60,000 bpd, 40,000 bopd
� Moon-pool area for Riser inlet; Disconnect-able Riser Buoy (DRB)
� 2 x 17 MW Dual Fuel Gas Turbine Power gen
� 4 x 3.8 MW Azimuth thrusters

14
Projects – DPP 1 execution plan
Best-in-class sub-contractors
Offloading System:
� Hawser Winch and Offloading Reel by Scana
� Offloading Hose by Trelleborg
Power Plant (Gas Turbines)
� Gas Turbines by Siemens, Sweden
Disconnectable Riser Buoy (DRB):
� Engineering, Procurement and
Construction (EPC) by Scana
Vessel Conversion:
� Structrual and Marine Systems Engineering by
Inocean / Maritec
� EIT Engineering, Power Distribution and Control
System by Siemens, Norway
� Procurement of equipment by FPSOcean
� Vessel Conversion by Dubai Drydocks
Process Module:
� Engineering / Procurement Assistance by Expro/SPS
� Procurement by FPSOcean
� Fabrication by Lamprell
Thrusters
� Thrusters by Schottel, Germany
� Thruster Drives by Siemens,
Norway
� Thruster Control System by
Kongsberg Maritime

15
Projects – DPP 1 construction hub Dubai
Conversion Dubai Drydocks; Process plant construction Lamprell
LEL
DDD
Dubai Drydocks, Conversion references:
� Saipem Golfinho FPSO VITORIA
� Fred. Olsen Production FPSO Knock Adoon, FSO
Knock Nevis
� BW Offshore (Bergesen) FSO Berge Pioneer
� SBM FPSO Mystras, FPSO Xikomba
� Woodside FPSO Cossack Pioneer
Lamprell, Process construction references:
� Saipem Golfinho FPSO VITORIA process modules
� BW Offshore KMZ process modules
� SBM Xikomba FPSO Atlantic process modules
� SBM Zafiro FPSO Eagle process modules
� SBM Turret Mooring Buoys

16
Projects - DPP 1 status August 2007
Vessel arrived yard on 22 nd May; conversion work in progress

17
Projects - DPP 1 status August 2007
Conversion project on track
Hull - Dubai Drydocks
�Hull demolition work completed
�Hull reinforcements ongoing
�First dry-dock scheduled for October
�Topside - Lamprell
�M20 process module main deck completed, installation of process equipment starting
�M80/90 power module fabrication of main deck ongoing
�DRB fabrication in Dubai on schedule
�Long lead items nearing completion
�Gas Turbine No. 1 delivered to Dubai, No. 2 on schedule
�Main process equipment delivered on schedule
�Manufacturing of thrusters on schedule
�DP control system completed on schedule

18
Projects – DPP 1 status August 2007
DRB fabrication at Lamprell, in Dubai
� Cone section
� Cylindrical section
� Bottom section (upside down)

19
Projects – DPP 1 status August 2007
M20 module at Lamprell;
Process deck painted ready to receive equipment

20
Projects – DeeP Producer 2 (DPP 2)
Design basis
� Operational envelope > 6.0 meters significant wave height, ULS 10 meters significant
� Storage capacity: 600,000 barrels (double sides)
� Production capacity 90,000 bpd total fluid, 60,000 bopd API 15 to 40
� 2 off 17 MW Dual Fuel Gas Turbine Power generation
� 5 off 3.8 MW Azimuth thrusters
Project status
� Vessel purchased in May
� Seller trading vessel until delivery April 2008
� Yard slot secured
� Certain long lead items secured
� FPSOcean riding squad onboard
� Frond End Engineering Design in progress

21
Projects - DPP 2 preliminary GA plan
Hydrocarbons forward and non-hazardous areas aft
From forward:
Flare tower
KO drum
M10 – future gas
export/reinjection/GTL
M20 – Process and gas
fuel module
M30 – Field specific
subsea/chemical
injection module
M40 – Inlet manifold
M50 – Turret area
M60 – Future water
injection
M70 – Boiler module
M80 – Power
generation module
M90 – Switchboard
module
Accommodation with
safe area/lifeboats
Aft deck with
emergency generator
and offloading system
Helideck

22
Technology – key components
State-of-the-art technology securing operational versatility in deep waters
� Disconnect-able Riser Buoy (proprietary technology jointly owned with Scana Industrier)
� 2 x 17 MW Dual Fuel Gas Turbines (Siemens SGT-500)
� 4 x 3.8 MW Azimuth Thrusters (Schottel SRP 4040 LSU)
� Kongsberg DP system (DP-2)

23
Technology – field lay-out
Typical Riser configuration (shallow/deep water)
� All flexible riser solution
� Riser buoy tethered to
seabed using polyester rope
and anchors

24
Technology – field lay-out
Hybrid Riser configuration (ultra deep water)
� Combined rigid
pipe and flexible
jumpers
� Riser buoy
tethered to
seabed using
polyester rope and
anchors

25
Technology - Disconnectable Riser Buoy DRB
Jointly developed by FPSOcean and Scana AMT
� Multi-riser system (5 x 8” risers + 5 x control/service lines)
� Weather-vane turret (hydraulic drive)
� Centrally located in moon-pool
� PCT, Norwegian & US patent filed January/February 2007
� Quick dis-connect for operational safety (loss of DP power)
� Emergency release < 45 seconds
� Controlled dis-connect for Hurricane escape
� Dis-connected DRB stabilised in 40-100 m below surface
� Re-connect sea state 3 m Hs
� Re-connect duration < 24 hours

26
Technology – DRB dynamics
Swivel room lay out arrangement
Colour Codes:
� Green: DRB Outer Part -
weather-vane with FPSO;
released to sea
� Yellow: DRB Inner Part -
Geostationary; released to
sea
� Red: QDC upper half linked
to swivel; core geostationary
� Brass: Swivel rings –
weathervane with FPSO
� Dark Grey: Locking arms
� Grey: Hull structure, swivel
handling frame
� Blue: Production Risers &
Jumpers to process deck

27
Operations
Agreement in place with reputable offshore ship managers
� FPSOcean management giving high priority to developing a strong operating
platform with utmost attention to HSE issues
� FPSOcean has established operating agreements with two highly credible
offshore FPS operators in order to serve oil companies in both harsh & benign
environments:
� Bibby Offshore Limited, Aberdeen
� Alliance Marine Services, Houston and Lagos
� Both companies have long standing operating relationships with key clients in
their respective geographical areas and with strong HSE and up-time records

28
Financials - shareholders
20 largest shareholders August 2007
Investor Shares % of total Country
BEAR STEARNS SECURITIES CORP. 1,177,082 15.55% USA
SUNDT AS 820,000 10.84% NOR
BASS INVEST AS 520,527 6.88% NOR
MORGAN STANLEY & CO. INC. 518,430 6.85% GBR
FAIRBANKS JONATHAN B. 412,792 5.45% USA
DEUTSCHE BANK (SUISSE) S.A. 371,520 4.91% CHE
NEXUS CAPITAL AS 270,022 3.57% NOR
TITLIS AS 266,400 3.52% NOR
NORTHERN NAVIGATION INT. 266,000 3.52% LBR
KLAVENESS INVEST AS 246,500 3.26% NOR
GOLDMAN SACHS INTERNATIONAL 204,600 2.70% GBR
CANICA AS 203,600 2.69% NOR
ODIN OFFSHORE 201,000 2.66% NOR
LEHMAN BROTHERS INTERNATL. EUROPE 177,316 2.34% GBR
GOLDMAN SACHS & CO 172,400 2.28% GBR
ING.ONSRUD AS 111,476 1.47% NOR
BANK OF NEW YORK, BRUSSELS BRANCH 107,100 1.42% GBR
KREDIETBANK S.A. LUXEMBOURGEOISE 100,000 1.32% LUX
R AND S FAIRBANKS IRREVOCABLE TR 88,658 1.17% USA
GRIFFIN UMBRELLA FUND PLC 76,000 1.00% IRL
Total number owned by top 20 6,311,423 83.40%
Total number of shares 7,567,381 100%
GBR
Board of Directors:
Erland Bassøe, Chairman
Felix H. Tschudi
Jan R. Næss
Tone Wille
USA
Gro Baade-Mathiesen
NOR

29
Financials – funding status
DeeP Producer 1 fully funded; DeeP Producer 2 initial equity in place
� DPP 1 funding
� USD 50 mill from equity issues (Feb, Jun, Dec 06)
� NOK 210 mill (USD 34 mill) unsecured 2 year bond w/call option
� USD 75 mill 2 priority 5 year bond w/ call option
� USD 50 mill 1 priority bank construction loan
� DPP 2 funding
� USD 34 mill from equity issue (Dec 06)
� Total funding raised is approximately USD 250 mill
� Cash reserve at end of July (including proceeds from unsecured bonds, excluding bank
loan) was approximately USD 100 million

30
Financials – Q2 financial statements
Consolidated profit & loss in USD Q2 Year to date Full year
2007 2007 2006
Income 55 144 92 645 145 279
Administrative expenses 675 317 1 163 076 927 667
Depreciation and write down 19 439 47 423 28 838
Cost of rent 11 947 41 377 42 980
Other losses 0 0 190 231
Other expenses 727 208 1 213 200 1 635 406
Operating result -1 378 767 -2 372 431 -2 679 843
Financial income 2 922 418 3 253 752 757 040
Financial expenses -2 667 220 -2 905 384 -670 451
Net financial expenses 255 198 348 368 86 589
Profit before tax -1 123 569 -2 024 063 -2 593 254
Income tax expenses 0 0 12 489
Net result -1 123 569 -2 024 063 -2 605 743

31
Financials – Q2 financial statements
Consolidated balance sheet in USD 30. June 31. December
ASSETS
Non-current assets
2007 2006
Property, plant and equipment 88 362 447 34 426 956
Intangible assets 135 122 55 626
Deferred taxes 0 0
Current assets
88 497 569 34 482 582
Trade and other accounts receivable 1 510 554 594 694
Derivatives 2 594 886 2 964 002
Cash and cash equivalents 78 000 064 133 412 928
82 105 504 136 971 624
Total assets 170 603 073 171 454 206

32
Financials – Q2 financial statements
EQUITY 30. June 31. December
Equity allocated to the
companies shareholders 2007 2006
Issued capital 2 507 623 2 419 588
Share premium 90 178 698 87 012 762
Other reserves -3 466 262 -2 135 518
Retained earnings -2 521 090 -2 521 090
Result -2 024 063 0
LIABILITIES
Non-current liabilities
84 674 906 84 775 742
Interest-bearing loans and
borrowings 76 573 511 76 724 645
Current liabilities
76 573 511 76 724 645
Trade accounts and other
payables 9 354 656 5 393 819
Income tax payable 0 0
Loan 0 4 560 000
9 354 656 9 953 819
Total liabilities 85 928 167 86 678 464
Total Equity and Liabilities 170 603 073 171 454 206