Presentation to Dockwise. 24 April 2012

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Presentation to

Dockwise

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Disclaimer

This presentation has been prepared by Fairstar Heavy Transport NV (“FHT” or the “company”).

This presentation is for information purposes only. This presentation has not been reviewed or registered with any public authority or stock exchange. Recipients of this presentation may not reproduce, redistribute or pass on, in whole or in part, the presentation to any other person. The distribution of this presentation issued by the company in certain jurisdictions is restricted by law. Persons into whose possession this presentation may come are required by the company to inform themselves about and to comply with all applicable laws and regulations in force in any jurisdiction in or from which it invests or receives or possesses this presentation and must obtain any consent, approval or permission required under the laws and regulations in force in such jurisdiction. FHT shall not have any responsibility or liability for these obligations. In particular, neither this presentation nor any copy of it may be taken or transmitted or distributed, directly or indirectly, into Canada or Japan.

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This presentation includes and is based on, among other things, forward-looking information and statements. Such forward-looking information and statements are based on the current expectations, estimates and projections of FHT or assumptions based on information available to FHT. Such forward-looking information and statements reflect current views with respect to future events and are subject to risks, uncertainties and assumptions. FHT cannot give any assurance as to the correctness of such forward-looking information and statements.

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This presentation speaks as of 24 April 2012. Neither the delivery of this presentation nor any further discussions by FHT with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of FHT since such date. FHT does not intend, and does not assume any obligation, to update or correct any information included in this presentation.

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Economic value of Red Box and Green Box projects

Natuna $ 12M Sunrise $ 75M 2 vessels Ichthys $ 175M+ 4 vessels Kitimat $ 50M 2 vessels Browse $ 175M+ 4 vessels Eldfisk $ 12M Solan $ 10M Moho Nord $ 10M SBM FLNG $ 16M Guara Tupi $ 10M Pluto $ 75M 4 vessels IDG Gas $ 20M 2 vessels CMMP Iraq $ 10M Golden Eagle $ 15M Nemba $ 15M Barzan Offshore $ 25M Shtokman Offshore $ 30M 2 vessels Valemon $ 10M Mafumeira $ 25M Brass LNG $ 18M BSR $ 10M Umm Lulu $ 50M Point Thompson $ 50M Prudhoe Bay $ 50M Arrow $ 75M 3 vessels Gorgon $ 500M+ 9 vessels Yamal $ 300M 4 vessels Wheatstone $ 175M+ 4 vessels AP LNG $ 75M 2 vessels Shtokman $ 100M 4 vessels

 In 2012 and 2013 most of these

projects will award marine transportation

contracts

 The lead time from tender

submission to contract award is on

average 15 months

Total segment value approx USD 350 million

Total segment value approx. USD 2 billion

Sylwin deck $ 10M

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Fairstar current contracted Red Box/Green Box

backlog (4 years)

Vessel

Number of months contracted

FJORD

29 months

FJELL

23 months

FORTE

44 months

FINESSE

26 months

Total

122 months *

Average dayrate

USD 73,000

Total contract backlog value

USD 303 million

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2013 and 2014 assumptions

Revenue

 2013

 Contracted/Options:

• 365 days @ USD

95,000/day (Gorgon)

 Open:

• N/A

 2014

 Contracted/Options:

• 66 days @ USD 95,000/day

(Gorgon)

• 67 days @ USD 78,000/day

(Golden Eagle)

 Open:

• 232 days @ USD 85,000

day (Assuming 80%

utilisation of the “open”

contracts)

Cost

 USD 17,000/day in opex and G&A

FJORD

Revenue

 2013

 Contracted/Options:

• 365 days @ USD

65,000/day (Gorgon)

 Open:

• N/A

 2014

 Contracted/Options:

• 108 days @ USD

65,000/day (Gorgon)

 Open:

• 257 days @ USD 70,000

day (Assuming 80%

utalisation of the “open”

contracts)

Cost

 USD 17,000/day in opex and G&A

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2013 and 2014 assumptions (cont’d)

Revenue

 2013

 Contracted/Options:

• 365 days @ USD

70,000/day (Gorgon)

 Open:

• N/A

 2014

 Contracted/Options:

• 259 days @ USD

70,000/day (Gorgon)

• 106 days @ USD

70,000/day (Ichthys)

 Open:

• N/A

Cost

 USD 17,000/day in opex and G&A

FORTE

Revenue

 2013

 Contracted/Options:

• 63 days @ USD 81,000/day

(Golden Eagle)

• 53 days @ USD 90,000/day

(CMMP/Saipem)

 Open:

• 249 days @ 75,000/day

(Assuming 75% utilisation

of the “open” contracts)

 2014

 Contracted/Options:

• 300 days @ USD

70,000/day (Ichthys)

 Open:

• 65 days @ USD 0 day

Cost

 USD 17,000/day in opex and G&A

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2013 and 2014 Sales and EBITDA

2013

2014

USDm

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2013

2014

Gross Revenue

34,7

32,5

32,1

30,4

24,5

28,4

30,0

129,7

112,9

Revenue (Time Charter Equivalent)

27,8

26,0

25,7

24,3

19,6

22,7

24,0

103,8

90,4

TCE FJORD

8,6

7,8

5,2

6,2

34,6

25,4

TCE FJELL

5,9

3,5

4,7

5,1

23,7

18,5

TCE FORTE

6,4

25,5

TCE FINESSE

6,8

5,1

4,8

3,4

1,9

6,4

20,1

21,0

Operating costs (OPEX/ G&A)

-6,2

-24,8

EBITDA FJORD

7,1

6,2

3,7

4,6

28,4

19,2

EDITDA FJELL

4,4

2,0

3,2

3,5

17,5

12,3

EBITDA FORTE

4,8

19,3

EBITDA FINESSE

5,3

3,6

3,2

1,9

0,4

4,8

13,9

14,8

EBITDA

21,6

19,8

19,5

18,2

13,4

16,5

17,8

79,1

65,6

Source: Fairstar

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100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

apr-10 jul-10 okt-10 jan-11 apr-11 jul-11 okt-11 jan-12 apr-12

% o f ra ting s

Buy Hold Sell

0 5 10 15 20 25 P ric e ( N OK)

Price (NOK) Target price

Analyst perspectives on valuation of Fairstar

# of brokers 6 6 5 6 6 4 4 3 3 4 4 4 4 3 4 4 4 4 4 4 4 4 4 4 4

Broker

Date

Rating

Target

(NOK)

Upside from

current

trading

ABG Sundal Collier

20-Apr-12

Buy

20.60 113%

SEB Enskilda Research

20-Apr-12

Buy

12.00 24%

RS Platou Markets

Buy

13.00 34%

Terra Markets

Buy

14.00 45%

Median

13.50 57%

Average

14.90 45%

Current trading

9.68

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Market perspective on the bid from Dockwise – 1

st

day of trading

0

20

40

60

80

100

120

140 7,5

8,0

8,5

9,0

9,5

10,0

8:

45 9:

45

10 :4

5

11 :4

5

12 :4

5

13 :4

5

14 :4

5

15 :4

5

16 :4

5 Volume ('000 shares)

FAIR - Volume

FAIR - Price

Share Price

(10)

New-build parity analysis

USDm

Replacement cost

FORTE

110 FINESSE

110 FJORD

90 FJELL

90 Total replacement cost

400 Net debt fully funded

255 Implied equity value of Fairstar

145 Total equity value (NOKm)

841 Equity value per share (NOK)

9,4

EBITDA less capex Q3 12 - Q2 14 (contracts)

122 EBITDA less capex Q3 12 - Q2 14 (NPV @ 10%)

110 Value per share of cash flow during newbuild construction period (NOK)

7,1

(11)

An acquistion of Fairstar is value accretive to Dockwise

shareholders up to NOK 14 per Fairstar share

 Assumptions

― Combination of Dockwise and Fairstar financials using Bloomberg estimates with cost synergies

1 _of

USDm 6 per annum (50% in 2013 and 100% in 2014)

― Dockwise takes over all debt of Fairstar and acquires all shares in Fairstar through issuing of new

Dockwise shares at current market value

-2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

NOK 9.30

NOK 12.0

NOK 14.0

2013 accretion

2014 accretion

1) Cost synergies relate to cost savings on Board remuneration of USDm 2.3, advisory costs of USDm 1.6 (audit, tax and legal), listing costs of USDm 0.1, housing and office related expenses of USDm 1.0, sales and marketing of USDm 0.6 and cost savings on supporting staff of approx USDm 0.4

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Contact details - Fairstar Heavy Transport NV

Postal address

Visiting address

P.O. Box 2225

Weena 316-318, Tower A

3000 CE Rotterdam

3012 NJ Rotterdam

The Netherlands

Philip Adkins (CEO)

M +44 (0)7796 681 414

E

[email protected]

This material has been prepared by Fairstar Heavy Transport NV (“FHT").

This material is for distribution only under such circumstances as may be permitted by applicable law. It has no regard to the specific investment objectives, financial situation or particular needs of any recipient. It is published solely for informational purposes. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in the materials. It should not be regarded by recipients as a substitute for the exercise of their own judgement. Any opinions expressed in this material are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of FHT as a result of using different assumptions and criteria. FHT is under no obligation to update or keep current the information contained herein. Neither FHT nor any of its affiliates, nor any of FHT’s or any of its affiliates, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of this material. © 2012 Fairstar Heavy Transport NV. All rights reserved. Fairstar Heavy Transport NV specifically prohibits the redistribution of this material and accepts no liability whatsoever for the actions of third parties in this respect.

Contact

T +31 (0)10-403 5333

F +31 (0)10-403 5344

I

www.fairstar.com