Olympic Shipping investor presentation 27 May 2014

Forside
Olympic Ship AS NOK 500 million Contemplated Bond Issue
Draft investor presentation 27 May 2014

Disclaimer
This presentation has been prepared by Olympic Ship AS(the "Issuer" and together with its direct and indirect subsidiaries referred to as the “Olympic Group") and is furnished solely for
information purposes in connection with a proposed issuance of bonds (the "Bonds") by the Issuer (the "Bond Issue"), as further described herein, and may not be reproduced or redistributed, in
whole or in part, to any other person. The contents of this presentation have not been reviewed by any regulatory authority. The managers for the transaction are Danske Bank, Norwegian
Branch and Sparebank1 Markets AS (the “Managers”). The information contained herein has been prepared by the Issuer to assist interested parties in making their own evaluation of the Issuer
and its creditworthiness and does not purport to be all-inclusive or to contain all information that prospective investors may desire or that may be required in order to properly evaluate the
business, prospects or value of the Issuer. In preparing this material the Issuer may have obtained and relied upon, without independent verification, information available from publicly available
sources and registers. Even if these sources are deemed reliable, the Issuer cannot vouch for the accuracy and completeness of their contents. In any case, this material is incomplete if not
regarded and read in conjunction with the oral briefings and/or other documentation provided by the Issuer. It is emphasized that opinions expressed in this material reflect the Issuer’s
judgement at this date, all of which are accordingly subject to change. The Issuer holds no obligation to update this presentation.
Any transaction involves risk and forward-looking statements concerning future earnings, margins and returns are forecasts subject to risk, uncertainties and other factors, and the Issuer assume
no guarantee of any forward-looking statement concerning future earnings, margin, return or others referred to in this material. In general the Issuer accepts no liability whatsoever arising
directly or indirectly from the use of this material. This presentation contains certain forward-looking statements relating to the business, financial performance and results of the Issuer and/or
the industry in which it operates. 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. The forward-looking statements contained in
this presentation, including assumptions, opinions and views of the Issuer or 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 the Issuer, the Olympic Group, or any such legal person’s officers 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 presentation or the actual occurrence of the forecasted developments. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any
information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and,
accordingly, none of the Issuer, its parent, the Olympic Group or any such legal person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this
presentation.
This presentation is confidential and is being communicated in the United Kingdom to persons who have professional experience in matters relating to investments falling within Article 19(5) of
the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (such persons being referred to as “investment professionals"). This presentation is only directed at qualified
investors and investment professionals and other persons should not rely on or act upon this presentation or any of its contents. In relation to the United States and U.S. persons, this
presentation is strictly confidential and is being furnished solely in reliance upon applicable exemptions from the registration requirements under the U.S. Securities Act of 1933, as amended. The
Bonds have not and will not be registered under the U.S. Securities Act or any state securities laws, and may not be offered or sold within the United States, unless an exemption from the
registration requirements of the U.S. Securities Act is available. Accordingly, any offer or sale of the Bonds will only be offered or sold (i) within the United States, only to Qualified Institutional
Buyers (“QIBs”) in private placement transactions not involving a public offering and (ii) outside the United States in offshore transactions in accordance with regulation S. Any purchaser of
Bonds in the United States, will be required to make certain representations and acknowledgements, including, without limitation that the purchaser is a QIB. Prospective purchasers are hereby
notified that sellers of the Bonds may be relying on the exemption from the provisions of sections of the U.S. Securities Act provided by rule 144a. None of the Bonds have been or will be
qualified for sale under the securities laws of any province or territory of Canada. The Bonds are not being offered and may not be offered or sold, directly or indirectly, in Canada or to or for the
account of any resident of Canada in contravention of the securities laws of any province or territory thereof.
AN INVESTMENT IN THE BONDS INVOLVES RISK, AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE ISSUER AND THE GROUP TO BE
MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION.
SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT; ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE
DESCRIBED IN THIS PRESENTATION.
Investment in the Bonds may be subject to further risk factors. No investment in the Bonds should be made without a thorough analysis of such risk factors. Subject to the disclaimer above, the
information given in this presentation reflects the situation as of 27 May 2014.This presentation is subject to Norwegian law, and any dispute arising in respect of this presentation is subject to
the exclusive jurisdiction of Norwegian courts.

Contents
Investment summary1
Olympic Ship AS2
Financials3
Market outlook4
Risk factors5
Appendix6

Investment highlights
Investment summary Olympic Ship AS Financials Market outlook Risk factors Appendix
• The Olympic Group was established in 1996 and has been an active bond issuer since 2011
• Key part of Offshore cluster in North-western Norway
• Global presence and experience in key offshore markets
• Offices in Rio and Manila
Well established bond
issuer with strong
heritage
• Total fleet value of NOK 8.1 bn. as of March 2014
• Modern and sophisticated fleet with average value adjusted age of ~5 years
• World’s 6th largest owner of subsea vessels
• Fleet development is driven by new technology, focus on environment and achieving better operational solutions
Leading provider of
high end offshore
vessels
• Contract backlog of approx. NOK 4.9 bn. (incl. options) with blue chip counterparts
• Net LTV 51% before contemplated bond issue
• Value adjusted equity of NOK 4.7 bn. (49%)
• Policy of maintaining significant cash buffer ensures financial and operational flexibility
Strong financial
position and track
record
• Management team and owner with significant experience and strong track record from both the offshore support
vessel industry and the financial markets
• The management combines its long term presence in the market with international experience and its network in the
Norwegian maritime cluster and client relationship to develop the business in up coming markets
Solid management
team and owner
• Global E&P spending estimated to grow 8% annually towards 2020 fuelled by a large pipeline of offshore
development projects
• Deepwater production estimated to grow with 11% annually towards 2020
• Strong growth in subsea activity backed by all-time high order backlog, average annual subsea spending growth
estimated at 16.5% to 2020
Positive market outlook
in core segments
- 4 -

Summary of bond terms
Olympic Ship AS Senior Unsecured Bond Issue
Issuer: Olympic Ship AS
Loan Amount: NOK 500 million
Borrowing limit: NOK 750 million
Tenor: 5 years
Settlement: Expected to be 18 June 2014
Coupon: 3M NIBOR + [4.75 – 5.00]% p.a., quarterly interest payment
Purpose: Partly refinancing of OLSH01 PRO and general corporate purposes
Status: Senior unsecured
Amortization: Bullet repayment
Fin. Covenants: Market Adjusted Equity Ratio > 30%
Minimum unrestricted cash of NOK 100 million at Issuer level (unconsolidated)
Change of control: Put at 101% if Stig Remøy reduces his ownership to less than 50.1% of the shares in the Issuer
Call options: 103.50% after 3 years and 101.75% after 4 years
Undertakings: Dividend restrictions (max. 50% of net profit)
Inter alia restrictions on mergers/demergers/change of business/financial assistance/guarantees/subsidiary distribution
Ownership to Material Subsidiaries
Quarterly reporting (IFRS) from 1Q 2014
Documentation: Norwegian
Trustee: Nordic Trustee ASA
Listing: Application to be made for listing on Oslo Børs
Arrangers: Danske Bank, Norwegian Branch and Sparebank1 Markets AS
Investment summary
- 5 -

Bond Loan Issuer
Transaction summary and group overview
• Olympic Ship AS is the Issuer of
the contemplated Bond Issue
• Olympic Ship AS is also the issuer
of the following outstanding
bonds
– Olympic Ship AS 11/15 FRN,
OLSH01 PRO, NOK 350 mill.
amount outstanding
– Olympic Ship AS 12/17 FRN,
OLSH02 PRO, NOK 300 mill.
amount outstanding
• OLSH01 PRO to be repaid with the
proceeds from the contemplated
Bond Issue
• Ship and project management
conducted by Olympic Shipping
AS, and crewing by Olympic
Crewing AS, at market terms
• Stig Remøy owns directly or
indirectly 82.9% of the Issuer
Olympic Holding AS
Stig Remøy
(82.9%)
Comments
Other shareholders in Group
companies:
1) Key management and local
investors
2) Key management
3) Ship yards
4) External KS investors
Olympic Hercules
Olympic Pegasus
Olympic Poseidon
Olympic Hera
Olympic Electra
Olympic Ship AS 92.01% (1)
Olympic Princess
Olympic Elena
Olympic Orion
Olympic Taurus
Olympic Challenger
Olympic Subsea KS 65% (3)
Olympic Promoter
Olympic Kombiskip KS 30% (4)
Olympic Octopus
Olympic Octopus KS 60% (5)
Olympic Commander
Olympic Commander KS 100%
Olympic Zeus
Olympic Explorer III KS 75% (3)
Olympic Progress
Olympic Master KS 51% (4)
Olympic Energy
Olympic Green Energy KS 32% (3)
Olympic Nor AS 100%
Olympic Ares
Olympic Nor II KS 75% (3)
Olympic Shipping
AS 30%
Olympic Crewing AS
100%
- 6 -
Olympic Intervention
Olympic Boa
Olympic Canyon
Olympic Triton
70%
Issuer Group

Summary of risk factors
The Olympic Group is exposed to numerous risk factors. Some of the key risks are set out below. Please see section 5 Risk Factors of
this presentation for a further presentation of some of the relevant risks factors.
• Operating risks: The Group's operations may be suspended because of machinery breakdowns and/or failure of subcontractors to perform or
supply goods or services, personnel shortages etc. which may not be insured and the Group’s operating and maintenance costs, including costs for
drydocking and costs for refurbishments or required upgrading, will not necessarily fluctuate in proportion to changes in operating revenues.
• Employment of vessels: There may be uncertainty as to whether or not the Group will be able to secure new employment of the Vessels without
long-lasting off-hire periods upon expiry of the current charters.
• Provisions of loan agreements: The Group’s bank loan agreements contain customary covenants and event of default clauses, including cross
default provisions, as well as restrictive covenants and performance requirements and dividend restrictions, which may affect operational and
financial flexibility.
• Interest rate and exchange rate: Interest rate fluctuations could affect the Group's profitability, earnings and cash flow and have been partly
hedged.
• Market value of vessels: The market value of the Group's vessels may decrease, and the Group may also be unable to sell or otherwise dispose of
its assets at prices the Group believes is the correct price for such assets.
• Market price of oil and gas: The Group's business is dependent on the price of oil and gas, which for various reasons is likely to vary over time.
The Group's operations, profitability and cash flow are dependent on the level of oil and gas capital spending by the oil companies which, in turn,
is dependent upon the fluctuating market price of oil and gas.
• Competition and volatility: The Group operates in a market which is subject to intense price competition and volatility and an over-supply of
vessels may lead to a reduction in day rates which would negatively impact the Group's revenues, profitability and cash flows and thereby the
Issuer’s ability to service the Bonds.
• Legislation and tax laws: The Group may become subject to future changes to current legislation and tax laws under which the Group operates,
which the Group cannot avoid or influence.
• Brazil: To operate vessels in the Brazilian market implies a risk as for Brazil in general but adds the risk related to the Petrobras own standards and
requirements which differ from traditional contracting. The booming offshore industry in Brazil have resulted in substantial increase in cost and
continuous changing legal environment. A successful performance in Brazil depends on the ability to attract and retain skilled professionals with
appropriate experience and expertise in this strained market.
- 7 -

Company profile
• The Olympic Shipping Group was established in 1996 by Captain
Stig Remøy and is headquartered in Fosnavåg, Norway with
approx. 800 employees
• Olympic Ship is majority owned, directly or indirectly by Stig
Remøy (82.9%)
• The Group owns and operates a diversified fleet of 21 high-end
offshore vessels
– 4 PSV,
– 4 MPSV,
– 4 AHTS,
– 9 subsea vessels (incl. two newbuild)
– 2 offshore construction vessels
• Total fleet value of NOK 8.1 bn. and average value adjusted age of
~5 years
– Among the youngest fleets in the market
• Olympic is the 6th largest owner of subsea vessels in the world
• Global presence with operations in key markets
• Commitment to health, safety and environment
– ISM certified: ISO:9001:2000 and ISO 14001:2004
• Solid financial position at end of Q1 2014:
– Value adjusted equity of NOK 4.7 bn. (49%)
– NOK 562 mill. in liquidity
• May 2014 contract backlog of approx. NOK 4.9 bn. (incl. options)
- 9 -
PSV 5%
AHTS 21%
MPSV 16%
Subsea
39%
OCV 19%
Fleet value* by vessel type
*Consolidated vessels at end of Q1 2014

Olympic history and key milestones
1978: At the age of 19 Stig Remøy invested in a fishing vessel with a market value of NOK 6
mill. The vessel was built in 1941
1980: 21 years old he became a captain onboard factory trawlers operating in the Barents
Sea, the North Sea, the coast of Alaska, Canada, Greenland, New Zealand
1986-92: Investments in Norway, Canada, Alaska and New Zeland, involved in international
fishing
1996: Stig Remøy founded Olympic Shipping AS together with Bjørn Kvalsund. The company
commenced operations with two old offshore vessels and one ocean trawler
1978: the first fishing vessel
1996: the first offshore vessel
2014: delivery of last vessel to date
7
14
21
-
5
10
15
20
25
2005 2009 2014
#ofvessels
1.7
5.8
9.4
-
1
2
3
4
5
6
7
8
9
10
2005 2009 2014
NOKbn.
225
515
771
-
100
200
300
400
500
600
700
800
900
2005 2009 2014
#ofemployees
Development of key parameters 2005 - 2014
Vessels in fleet Fleet value* Employees
- 10 -
*Gross fleet value as of May 2014

Olympic Group business areas
Olympic Group
Olympic Ship ASOlympic Seafood Olympic Shipping AS
• Technical and commercial
management
• 3 Fishing vessels • Comprises the Group’s offshore
activity
• Modern high-end fleet of 21 offshore
vessel
• 4 PSV vessels
• 4 AHTS vessels
• 4 MPSV
• 9 Subsea vessels (incl. 2
newbuilding)
• 2 offshore construction vessels
- 11 -

Business strategy
• Focus on high-end technology in delivering offshore solutionsHigh-end technology
• Technologically advanced offshore vessels, utilizing state of the art
equipment to cater for deepwater activities
Deepwater focus
• To suit operators with extensive knowledge in operating vessels in
harsh and challenging environments
Tailor-made projects
• Focus on key deepwater areas such as Brazil, West Africa, Asia and
Gulf of Mexico
• Focused on green technology having successfully integrated
environmentally focused strategies with operations
Environmentally
friendly
Grow international
presence
- 12 -

Area of operations
Office locationVessel location
• Operations in all major
deepwater and harsh
environment regions
worldwide
– More complex operating
environment requires
advanced vessels and
strong operating track-
record
• Present in focus areas for
E&P companies over the
next years
– Expected 8% growth in
Arctic and North Atlantic
over the next 5 years
– Growth expected in
Brazil, West Africa and
US Gulf
• Established client network
and strong relations with
local parties worldwide
- 13 -
*Including sea food offices

Trends are changing the technology
From shallow to deeper water
From surface to seabed
Environmental demands increasing
- 14 -

Subsea vessels
Fleet overview
AHTS OCV SUBSEA (incl. 2 newbuilds) PSV
Olympic Octopus, 2007
Bhp: 16,085
BP 186 t
MPSV
Olympic Pegasus, 2002
Bhp: 23,155
BP 248 t
Olympic Hercules, 2002
Bhp: 23,155
BP 248 t
Olympic Poseidon, 1998
Bhp: 14,410
BP 162 t
Olympic Zeus, 2009
LOA: 94 m
250 t offshore crane
Olympic Hera, 2009
LOA: 94 m
Olympic Challenger, 2008
LOA: 106 m
Olympic Boa, 2014
LOA: 115 m
Olympic Commander, 2012
DWT: 4,857
Deck: 1,060 m2
Olympic Orion, 2012
DWT: 4,857
Deck: 1,060 m2
Olympic Energy, 2012
DWT: 5,066
Deck: 1,000 m2
Olympic Elena, 2007
DWT: 3,300
Deck: 683 m2
Olympic Promoter, 2005
DWT: 3,266
Deck: 692 m2
Olympic Progress, 2005
DWT: 3,289
Deck: 680 m2
Olympic Electra, 2011
DWT: 3,500
Deck: 745 m2
Olympic Princess, 1999
DWT: 4,159
Deck: 912 m2
Olympic Taurus, 2012
LOA: 94 m
Olympic Intervention, 2008
LOA: 95 m
Olympic Ares, 2013
LOA: 115 m
Olympic Triton, 2007
LOA: 95 m
Olympic Canyon, 2006
LOA: 93 m
- 15 -
Olympic TBN, 2015
MT6021 design
Olympic TBN, 2015
MT6021 MK II design

Contract coverage as of May 2014
• As of May 2014, the company has an order backlog of about approx. NOK 4.9 bn. including options (NOK 2.3 bn. excluding options)
- 16 -
2014 2015 2016 2017 2018 2019
Segment Ship Design Built Ownership 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Charterer Region
Progress UT 755 LN 2005 51% Petrobras Brazil
Promoter UT 755 LN 2005 30% Petrobras Brazil
Elena MT 6009 2007 100% Petrobras Brazil
Energy STX PSV06 LNG 2012 32% Statoil North Sea
Princess MT 6000 1999 100% Team Marine North Sea
Electra MT 6009 2011 100% Centrica North Sea
Commander MT 6015 2012 100% Fugro + Siem North Sea
Orion MT 6015 2012 100% BP North Sea
Hercules Ulstein A101 2002 100% Spot North Sea
Pegasus Ulstein A101 2002 100% Petrobras Brazil
Octopus UT 712 L 2006 60% Spot North Sea
Poseidon UT 722 L 1998 100% Spot North Sea
Canyon MT 6016 2006 100% Canyon India
Triton Ulstein P101 2007 100% Canyon North Sea
Intervention Ulstein P101 2008 100% Oceaneering US GoM
Challenger Aker ROV 02 CD 2008 65% Technip North Sea
Taurus MT 6015 2012 100% Tideway North Sea
Ares MT6022 MKII 2013 75% Bibby North Sea
Boa MT6022 MKII 2014 100% Boa North Sea
Newbuild #1 MT6021 2015 100% Bibby North Sea
Newbuild #2 MT6021 MKII 2015 100%
Zeus Ulstein A122 2009 75% Spot North Sea
Hera Ulstein A122 2009 100% Spot North Sea
PSV
MPSV
AHTS
Subsea
OCV

Strong operational performance
• Recognized for providing “world-class” operations, both in harsh and benign
environments
• Continues high performance has proven valuable for our customers
– Paves the way for securing additionally business in more complex
environments and operations
• Significant focus on health and safety
– Continuously working to improve operation standards and procedure
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sep. Oct. Nov. Dec.
2013 Average last 3 years
Fleet utilization*
Blue chip counterparts
- 17 -
2014
* Fleet utilization is defined as # of days on hire divided by # of days in month across the total fleet of vessels

Newbuilding program and strategy
• The company had a newbuilding program of 8 vessels
• As of Q1 2014 six vessels have been delivered and are in
operation
• Two newbuilding IMR vessels are on order with Kleven
Maritime, Norway for delivery in Q1 2015 and Q2 2015
• After delivery of these vessels 14 out of the total fleet of 22
vessels will be employed in the subsea and construction market
• The strategy is to continue developing vessel opportunities for
advanced vessels going forward. It is a more demanding
operation and Olympic Shipping has established an organisation
and management to be a leading player in this segment
• The MT 6021 Mk II has some additional capacity compared to
the MT 6021
- 18 -
MT 6021
MT 6021 Mk II

Profit and loss
• Growth in fleet size is the key driver of increased
revenue
• Reduced revenue at start of 2013 as a result of
off-hire incidents in Brazil, significant
improvement seen following corrective actions
during 2013
• Contract coverage for 2013 (contracts above 30
days duration) was 63%
• Increased share of local crew in Brazil has
resulted in increasing crew costs
• Vessel operating expenses kept at stable level
despite increased number of vessels under
management
• Maintenance costs not included in operating
expenses but activated and reflected in increased
depreciation
• Total interest costs of NOK 214 mill.
corresponding to an average interest rate of 4.4%
• Increased revenues in Q1 14 due to increased
fleet. New long term contracts secured during
the 1st quarter
• Average interest cost of 4.4% is unchanged from
last year
Profit and loss, NOK mill. 2011A 2012A 2013A 1Q 2013 1Q 2014
Operating income 859 979 1,017 1,220 241 294
Crew costs (308) (378) (392) (96) (97)
Operating expenses vessels (228) (223) (198) (50) (46)
Other operating expenses (41) (78) (63) (16) (13)
EBITDA 403 338 567 79 139
Depreciation (100) (131) (156) (38) (41)
EBIT 303 207 411 41 98
Net financial items 38 (129) (288) (72) (28)
Profit before tax 341 77 123 (31) 70
Tax (30) (11) 19 6 (1)
Net profit 310 66 142 (25) 69
Revenue growth YoY 14.0% 3.8% 20.0% 22.0%
EBITDA margin 41.1% 33.2% 46.4% 32.8% 47.3%
Net profit margin 31.7% 6.5% 11.6% -10.4% 23.5%
- 20 -

Balance sheet
Financials Market outlook Risk factors Appendix
Balance sheet, NOK mill. 2011A 2012A 2013A 1Q 2013 1Q 2014
Intangible fixed assets - - 6 6
Vessels 4,793 5,978 6,549 5,961 6,521
Newbuildings 298 42 55 70 89
Financial fixed assets 46 94 95 90 192
Total fixed assets 5,137 6,114 6,706 6,121 6,808
Stocks 21 26 37 27 21
Receivables 299 269 636 324 631
Investments 103 136 123 136 124
Cash and bank deposits 795 923 664 670 562
Total current assets 1,219 1,354 1,460 1,157 1,338
Total assets 6,356 7,468 8,166 7,279 8,146
Total equity 2,591 2,672 3,063 2,647 3,131
Provisions 12 18 - 12
Bond loans 250 543 644 542 644
Secured loans 2,828 3,578 3,719 3,499 3,621
Other long term liabilities 166 15 30 55
Total long term liabilities 3,257 4,155 4,393 4,053 4,321
Loans due within one year 291 383 429 383 447
Trade creditors 68 103 60 71 105
Other short term liabilities 149 155 221 120 140
Total short term liabilities 508 641 710 579 694
Total equity and liabilities 6,356 7,468 8,166 7,279 8,146
Equity ratio 41 % 36 % 38 % 36 % 38 %
NIBD 2,574 3,582 4,128 3,754 4,150
• Fixed assets increase in line with fleet expansion
• The market value of the fleet at the end of Q1
2014 was NOK 8.1 bn. which gives a market
adjusted equity of NOK 4.7 bn. and market
adjusted equity ratio of 49%
• Working capital has increased following
repayment of short term debt and increased
receivables
• Olympic Princess was merged into Olympic Ship
AS during 2013, this resulted in an increased
equity of NOK 223 mill. and corresponding
increase in accounts receivables
• Long term debt increases with vessel deliveries,
typical gearing of newbuilds is around 70-75%
• The increase in bond loans reflects a tap issue in
OLSH01 PRO of NOK 100 mill.
• Increased fixed assets due to newbuilds which
also increase long term debt
• Reduced working capital due to repayment of
short term debt
- 21 -

Cash flow
Cash flow, NOK mill. 2011A 2012A 2013A 1Q 2013 1Q 2014
Profit before tax 341 77 123 (31) 70
Taxes paid (54) (48) (28) (24) (1)
Gain/(loss) from sale of assets (0) (1) 0 - -
Depreciation 100 131 156 38 41
Change in net financial items 133 208 198 72 53
Change in working capital (38) 103 (96) (109) (86)
Cash flow from operations 481 470 353 (54) 77
Purchase of fixed assets (839) (1,148) (741) (49) (46)
Proceeds from sale of shares 8 62 43 - -
Purchase of shares (26) (40) (33) - -
Change in internal loans - (25) - - -
Cash flow from investments (857) (1,151) (731) (49) (46)
New long term loans 940 1,459 830 - -
Repayment of long term loans (387) (307) (538) (81) (80)
Interest paid (155) (227) (222) (69) (52)
Repayment other long term liab. - (132) - - -
New equity 72 52 48 - -
Changes of ownership 22 (36) 0
Cash flow from financing 491 809 119 (150) (132)
Net change in cash 115 128 (259) (253) (102)
Cash start of year 680 795 923 923 663
Cash at year end 795 923 664 670 562
• The company’s cash position is strong
• Except from cash flow from operations, the net
cash flow is to a large extent a result of the
financing and refinancing of vessels and the
timing of such
• As of year end 2013 the fleet LTV (secured
financing) was 51% and total repayment of long
term loans in 2013 was NOK 538 mill.
• The cash position is typically improved by
refinancing of ships with low gearing, however in
2013 there were no such refinancings
• The company expects to release approximately
NOK 200 mill. through refinancing of ship loans in
2014
• At year end 2013 customer receivables were NOK
50 mill. higher than normal and some derivative
transactions had an impact on working capital
with approximately NOK 40 mill.
• In 2013 the company increased its ownership in
the vessel Olympic Electra from 75% to 100%
• Negative change in cash in Q1 2014 due to:
– Repayment of debt
– Increased short term receivables
– Equity infusion to yard for newbuilds
- 22 -

Orderbook as of YE 2013
- 23 -
Solid contract coverage going forward (based on full year 2014)
-
200
400
600
800
1,000
1,200
1,400
1,600
2014 2015 2016 2017 After 2017
NOKmill.
Firm Option

8,128
3,449
380
1,715
1,350
3,150
1,533
4,091
650
500 562
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
PSV value AHTS value MPSV value Subsea value OCV value Gross
fleet
value
Vessel
bank
debt
Outstanding
bond
loans
Contemplated
new bond
issue
Cash Net
fleet
value
NOKmillion
Fleet and debt overview as of Q1 2014
• Fleet value of NOK 8.1 bn. as of March 2014
• Total bank debt of NOK 4.1 bn. and NOK 650 mill. of bond loans outstanding
• Net LTV of 51% (gross 58%) before new bond issue and repayment of outstanding bonds
• The new bond NOK 500 mill. bond issue will partly or fully refinance the existing NOK 350 mill. bond loan expiring in 2015.
• The issuer expects to hold NOK 100 mill of the contemplated bond issue at its own account
- 24 -

Debt maturity profile
• Existing bank facilities on highly
competitive terms
• CIRR loan/ Export Finance
arrangements
• Financing of newbuildings have 15
years maturity profile
• The new contemplated bond issue
will be used to partly or fully
refinance the existing NOK 350
mill. bond issue maturing in 2015.
• Debt maturity in 2019 as follows:
– Contemplated bond issue: NOK 500m
– Amortization bank debt: NOK 331m
– Balloon repayment NOK 275m
439 467
369
307 337 331
246 405
290 275
350
300
500
-
200
400
600
800
1,000
1,200
2014 2015 2016 2017 2018 2019
NOKmillion
Bank loan installments Bank loan balloons Current bond loans Contemplated new bond issue
- 25 -

Strong underlying demand for offshore vessels
-
100
200
300
400
500
600
700
800
900
2000 2005 2010 2015E 2020E
USDbn
Americas Europe Asia & Oceania Africa Russia & Middle East
10.4%
11.3%
5.3%
3.7%
10.2%
CAGR
2013-'20E
CAGR
13.7% 8.1%
CAGR
Global E&P spending
• Global E&P spending estimated to grow
8% annually towards 2020
• E&P companies focus on cash flow
combined with a relatively flat oil price
development, has put emphasis on
spending efficiency
• Continued growth in E&P spending
fuelled by a large pipeline of offshore
development projects
Source: Rystad Energy and SB1 Markets
- 27 -

Deepwater growth the primary source of production
0
5
10
15
20
25
30
'94'95'96'97'98'99'00'01'02'03'04'05'06'07'08'09'10'11'12'13
BBOE
Shallow water
Midwater
Deep water
Ultra deep water
0
5
10
15
20
'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20
MMBOE/day
DW/UDW (≥3,000 ft.)
Midwater (400-3,00ft.)
Offshore discoveries last 20 years Offshore production by water depth
• 9 out of 10 largest 2013 discoveries was located in deepwater
– Discoveries located in Africa, Gulf of Mexico and Canada
• Deepwater discoveries (reserves) constituted 51% of total
discoveries in 2007-2012 vs. 31% and 18% for onshore and
shallow water, respectively
• Deepwater production (≥3,000 ft.) estimated to grow with
11% annually towards 2020
• In 2013, 12% of total offshore production came from fields
located in deepwater areas. Deepwater share of offshore
production estimated to grow to 19% by 2020
Source: Rystad Energy, IHS and SB1 Markets
- 28 -

Strong growth in Subsea activity backed by all-time
high order backlog
Subsea backlog of SUBC, TEC and SPM• Subsea backlogs currently at all-time high
with book-to-bill ratio (last 12 months)
above 1.0x last 15 quarters
– Book-to-bill ratio above 1.0x indicates
future growth as order intake exceeds
turnover
• Order backlog at all-time high indicates
continued high activity within subsea as
the project lead time typically is around
2-3 years
– High subsea activity will in turn drive
demand for offshore construction vessels
• Average annual subsea spending growth
estimated at 16.5%
* Total orders booked divided by total revenue last 12 months
Source: Company information, Rystad Energy and SB1 Markets
Subsea spending
-
0.25x
0.50x
0.75x
1.00x
1.25x
1.50x
1.75x
2.00x
-
5
10
15
20
25
30
35
40
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
B-t-B LTMUSDbn
TEC Subsea SUBC SPM Offshore B-t-B y/y
-
20
40
60
80
100
120
2000 2005 2010 2015E 2020E
USDbn
Americas Europe Asia & Oceania Africa Russia & Middle East
23.1%
23.1%
16.3%
7.9%
17.4%
CAGR
2013-'20E
CAGR
14.1% 16.5%
CAGR
- 29 -

Increase in subsea tree awards and UDW rig fleet
indicates continued subsea activity growth
365
429 449 474 475 479
188
107
156
185 198 190
452 434
319
373
311
416
553
536
605
659 673 669
-
100
200
300
400
500
600
700
800
'07 '08 '09 '10 '11 '12 '13 '14E '15E '16E '17E '18E
Tree awards
Non-Brazil
Brazil
Total
3.9%
CAGR
0
50
100
150
200
250
'03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14E '15E '16E '17E
# rigs
UDW semi (≥ 7,500 ft.)
UDW drillship (≥ 7,500 ft.)
58%
Growth
Global subsea tree awards Global UDW fleet
• Number of tree awards estimated to grow with 3.9% annually
towards 2018
– 5.6% annual growth outside Brazil
• Most important markets are Brazil, North Sea and West Africa
• Petrobras is the largest customer by far, estimated to award
about 3x as many subsea trees as the second largest customer
• Subsea tree awards and development in the global UDW rig
fleet are key indicators for subsea vessel activity
• The current UDW fleet counts 145 rigs vs. orderbook of 87 rigs,
correspondent to an estimated fleet growth of 60%
– Order book consists of 16 semisubmersibles and 71
drillships
• Growth fuelled by continued deepwater development and tie-
backs to existing installations
Source: Quest Offshore Resources, IHS and SB1 Markets
- 30 -

Total subsea fleet to grow by 25 per cent
Subsea order book count 115 vessels vs. total fleet of 457 vessels (25% growth)
276
91
51 39 30
73
12
24
6
6
26%
13%
47%
15%
20%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
50
100
150
200
250
300
350
400
Multi-Functional Support Diving Support Cable, Umbilicals &
FP/Flowline Lay
ROV / Sub Support Pipe Layer
Fleet growth# of vessels Current Orders Growth
Source: Clarkson and SpareBank1 Markets
- 31 -

AHTS vessel-to-rig ratio to decline over the next years
due to limited AHTS newbuild orderbook
-
0.5x
1.0x
1.5x
2.0x
2.5x
0
50
100
150
200
250
'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14E'15E
AHTS-to-rig# vessels
15,000-20,000 bhp
20,000 - 28,000 bhp
> 28,000 bhp
AHTS/Rig
-
10
20
30
40
50
60
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2011 2012 2013 2014 2015 2016
# rigs
UK NO
+15% firm
High-end AHTS fleet and global AHTS-to-rig ratio North Sea floater drilling fleet
• Few high-end AHTS orders in recent years
• The high-end AHTS fleet currently count 237 vessels, with 32
newbuilds (13.5%) to be delivered within 2015
– 15-20K: 159 vessels/13 newbuilds (8%)
– 20-28K: 58 vessels/10 newbuilds (17%)
– ≥28K: 20 vessels/9 newbuilds (45%)
• New floater rigs entering 2014-2016:
– 7 firm (+15%): Ocean Patriot, Bollsta, Deepsea Aberdeen and 4 x
Songa Cat-D rigs
– 4 speculative SUT additions (+9%): Beacon Atlantic,
COSLProspector, North Dragon and West Rigel
– 3 other additions (+6%): COSL Hai Yang Shi You 982 and 2 x Stena
semi
– Total 14 rigs = 30% increase
Source: IHS and SpareBank1 Markets
- 32 -

AHTS day rates increasing on the back of improved
market conditions
70%
75%
80%
85%
90%
95%
100%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
-
20K
40K
60K
80K
100K
'05 '06 '07 '08 '09 '10 '11 '12 '13 '14
USD
Global AHTS > 15,000 BHP utilization* North Sea AHTS spot dayrates
• Day rates significantly down in 2009-2010 in a combination of
declining demand and excess supply of new vessels
• Day rates have recovered in 2013 due to stable North Sea
AHTS fleet, rising demand and spill-over from improved PSV
market
• Weak 1Q14, however ~7 vessels left North Sea spot market in
May and several will follow in the short term
– Exxon’s/Rosneft’s Kara Sea campaign (around 8-9 vessels of
which 6 AHTS). Expected to leave spot in early June
– 3 AHTS expected to leave for Novaya Zemlya (Gazprom)
– At least 7 vessels in total (~3 AHTS) leaving for Brazil in May/June
* Spot market vessels are included with full utilization
15K
20K
25K
30K
35K
40K
45K
All <15K bhp >15K bhp
USD 1Q12 1Q13 1Q14
- 33 -

PSV market balance supported by larger rigs and
deepwater drilling
-
2x
4x
6x
8x
10x
0
200
400
600
800
1,000
'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14E'15E
Vessels/rig# vessels
PSV > 3,100 dwt (left) UDW rigs > 7,500 ft. (left)
PSV / UDW rig ratio (right)
High-end PSV fleet and global PSV-to-rig ratio PSV order book by delivery year
• From 2008 to 2015, number of UDW rigs will have increased
by 4.8x, while high-end PSVs will have increased by 3.8x
• Deepwater drilling further from shore drives demand for OSV
– Longer distances requires more and/or larger PSV vessels
– Larger rigs/deeper drilling require more cargo/storagespace
– Increased fragmentation of less experienced offshore drillers and
smaller E&P companies
– DP has reduced the need for AHTS vessels
• 23% PSV fleet growth (314 vessels) vs. 29% rig fleet growth
– Nearly 200 PSVs for delivery in 2014. However, slippage has
been as high as 1/3 historically, and based on this one can expect
that significant volumes will be shifted into 2015/2016
• Majority of newbuilds above 4,000 dwt (180 vessels)
Source: IHS and SB1 Markets
0
20
40
60
80
100
120
140
160
180
200
2014 2015 2016 2017
# vessels
≥ 4,000 dwt
3,100-4,000 dwt
<3,100 dwt
- 34 -

New deliveries absorbed in market has driven average
day rates to record levels
PSV utilization* PSV term rates and North Sea spot rates
• Total PSV utilization in the North Sea remain high at ~96%
• Utilization in the PSV spot market at 88.2% in 1Q14, in line
with 1Q13
• Improvement in day rates has been driven by the high end
segment, with rates for smaller PSVs (< 3,100 dwt) being
relatively flat over the last 5-6 years
• Over the course of the last five years the PSV market has
absorbed a net fleet addition of 9.6% per year at increasing
term rates
* Spot market vessels are included with full utilization
80%
82%
84%
86%
88%
90%
92%
94%
96%
98%
100%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Utilization
North Sea utilization
Global utilization
0K
5K
10K
15K
20K
25K
30K
35K
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Global < 3100 dwt Global average
Global > 3100 dwt
Term rates in USD
0K
10K
20K
30K
40K
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2012 2013 2014
North Sea spot in USD
- 35 -

- 37 -
OPERATIONAL RISK
• Operating risks: The Group's operations may be suspended because of machinery breakdowns, and/or failure of subcontractors to perform or
supply goods or services, personnel shortages etc. which may not be insured.
• Employment of vessels: There may be uncertainty as to whether or not the Group will be able to secure new employment of the Vessels without
long-lasting off-hire periods upon expiry of the current charters.
• Counterparty risk: Although the Group has reputable and high end contractual parties, default in payment may significantly and adversely impair
the Group’s liquidity.
• Termination risk: Under certain circumstances the Group’s future contracts may permit a customer to terminate their contract early without the
payment of any termination fee, as a result of non-performance, longer periods of downtime or impaired performance caused by equipment or
operational issues, or sustained periods of downtime due to force majeure events.
• Operating cost vs. operating revenues: The Group’s operating and maintenance costs, including costs for dry docking and costs for
refurbishments or required upgrading, will not necessarily fluctuate in proportion to changes in operating revenues.
• New-building risk: The vessels under construction are currently expected to be delivered on time and budget, however, there is always an
inherent risk related to delays and budget overruns related to new-buildings.
• Disputes: The Group may be subject to disputes with its customers, suppliers, contractors, governmental authorities and other third parties. Such
disputes could result in a loss of revenues and/or claims from such third parties which may be uninsured and have a material adverse effect on
the Group which again may materially affect the ability to service the Bonds.
• Requisition or arrest: The vessels may be requisitioned by a government in the case of war or other emergencies or become subject to arrest or
piracy. This could significantly and adversely affect the earnings of the Group as well as the Group's liquidity and ability to service the Bonds.
• Brazil: To operate vessels in the Brazilian market implies a risk as for Brazil in general but adds the risk related to the Petrobras own standards and
requirements which differ from traditional contracting. The booming offshore industry in Brazil have resulted in substantial increase in cost and
continuous changing legal environment. A successful performance in Brazil depends on the ability to attract and retain skilled professionals with
appropriate experience and expertise in this strained market.
Risk factors

- 38 -
FINANCIAL RISK
• Provisions of loan agreements: The Group’s bank loan agreements contain customary covenants and event of default clauses, including cross
default provisions, as well as restrictive covenants and performance requirements and dividend restrictions, which may affect operational and
financial flexibility.
• Compliance with financial covenants: If the Group is unable to comply with the restrictions and the financial covenants in the agreements
governing its indebtedness, there could be a default under the terms of these agreements, which could result in an acceleration of repayment of
funds that have been borrowed.
• Interest rate and exchange rate: Interest rate fluctuations could affect the Group's profitability, earnings and cash flow. Approx. half of the
secured vessel financing has fixed interest rate borrowing. The Group has a substantial part of its income in foreign currency, mainly USD and
GBP. A part of this is sold on forward contracts to hedge the volatility in the FX market. Only one vessels is financed in currency different from
NOK. The vessels values are more likely nominated in USD than NOK hence the FX hedging is only partly to reflect this.
• Financing of subsidiaries: If the Company fails to support its vessel-owning subsidiary’s debt servicing, the banks providing the subsidiary loan
facilities may become entitled to declare the loan facilities to be in default, following which all amounts under the loan facility will become due
and payable.
• Litigation: The operating hazards inherent in the Group’s business expose the Group to litigation, including personal injury litigation,
environmental litigation, contractual litigation with clients, tax or securities litigation, and maritime lawsuits including the possible arrest of the
Group’s vessels.
• Requisition or arrest of the Vessels: The Group's Vessels could be requisitioned by a government in the case of war or other emergencies or
become subject of arrest or detention.
Risk factors

- 39 -
MARKET RISK
• Market value of vessels: The market value of the Group's vessels may decrease, and the Group may also be unable to sell or otherwise dispose of
its assets at prices the Group believes is the correct price for such assets.
• Market price of oil and gas: The Group's business is dependent on the price of oil and gas, which for various reasons is likely to vary over time.
The Group's operations, profitability and cash flow are dependent on the level of oil and gas capital spending by the oil companies which, in turn,
is dependent upon the fluctuating market price of oil and gas.
• Competition: The Group operates in a market which is subject to intense price competition and volatility and an over-supply of vessels may lead
to a reduction in day rates which would negatively impact the Group's revenues, profitability and cash flows and thereby the Issuer’s ability to
service the Bonds.
POLITICAL AND REGULATORY RISK
• Governmental risk: The Group and its subsidiaries are subject to the international laws and regulations governing the shipping industry. In the
event that the Group is unable at any time to comply with the existing regulations or any changes in such regulations, or any new regulations
introduced by local or international bodies, the operations may be adversely affected.
• Environmental liability: The shipping and offshore business is subject to environmental rules and regulations pursuant to international
conventions and national legislation in relevant jurisdictions. Breach of these rules and regulations may result in fines, penalties and/or claims by
authorities, customers and other third parties. New legislation and/or rules may result in stricter and/or more expensive requirements to be
complied with.
• Political and geo-political risks: Changes in the legislative, political, fiscal and regulatory framework governing the activities of the Group, oil
companies, oil service companies, construction yards and/or major suppliers or service providers on which the Group depend, could have
material impact on the demand for the Group’s services by impacting exploration, production and development activity or affect the Group’s
operations and/or financial condition directly.
• Legislation and tax laws: The Group may become subject to future changes to current legislation and tax laws under which the Group operates,
which the Group cannot avoid or influence.
Risk factors

Management
• Stig Remøy established Olympic Shipping AS in 1996 together with Bjørn Kvalsund. He is the major shareholder and
chairman of the board for Olympic Ship AS and CEO of Olympic Shipping AS.
• Stig is a Master Mariner, graduated from Kristiansand Maritime College and has 15 years of experience as Master on
fishing and offshore vessels.
• Stig has also held board positions with a regional bank and other regional and national enterprises. Ernst and Young
awarded him national Entrepreneur of the Year in 2002.
• Master Mariner, Engineering degree from Gothenburg Technical Institute and a Business & Administration degree
from the University of Agder in Kristiansand
• 10 years on merchant vessels and operation manager with Wilh. Wilhelmsen in Oslo and in Saudi Arabia
• Offshore broker with Westshore Brokers, Leading management positions in Sævik Supply
CEO
Stig Remøy
(b. 1959)
EVP
Bjørn Kvalsund
(b. 1953)
CFO
Per Kyrre Kvien
(b. 1970)
Chief Engineer
Runar Stave
(b.1963)
Head of QA and Crewing
Vegard Knardal
(b. 1974)
• Master of Business from Rice University
• 10 years of CFO experience from various companies
• Significant banking experience, mostly with JPMorgan Chase Bank
• Chief Engineer
• 5 years on fishing vessels and 3 years with Voldnes Skipsverft
• 11 years with Olympic Shipping AS as Head of Technical Department
• MSc NTNU. 4 years as purchaser Trico Supply and Kleven Verft
• 4 years with Olympic Shipping AS as Head of QA and Crewing
Deputy CEO
John Arne Winsnes
(b. 1970)
• Dipl. Kaufmann/Siv .øk. University of Mannheim, Germany
• 4 years as CEO of SpareBank 1 Søre Sunnmøre, 5 years as Financial Manager in Aker Yards ASA
• 6 years with ABB Financial Services / GE Capital, Structured Finance in Energy and Transportation
- 41 -

Board of Directors
• Stig Remøy established Olympic Shipping AS in 1996 together with Bjørn Kvalsund. He is the major shareholder and
chairman of the board for Olympic Ship AS and CEO of Olympic Shipping AS.
• Stig is a Master Mariner, graduated from Kristiansand Maritime College and has 15 years of experience as Master on
fishing and offshore vessels.
• Stig has also held board positions with a regional bank and other regional and national enterprises. Ernst and Young
awarded him national Entrepreneur of the Year in 2002.
• Runar Larsen is self-employed with business activities in Norway and Poland.
• He has been an investor in the Olympic Group since its inception and member of the board of Olympic Ship AS since
2001.
Stig Remøy
(b. 1959)
Chairman
Runar Larsen
(b. 1959)
Svein Tømmerdal
(b. 1940)
• Svein Tømmerdal is Cand.jur from the University of Oslo (1966). He practiced as judge assistant 1967-1969, and
lawyer from March 1969. He became Barrister of the Supreme Court of Norway in February 1976 and has practiced
as attorney since then.
• Board member of different companies in the region of Møre and Romsdal and Sogn and Fjordane. Mayor of the town
of Ålesund from January 1980 until December 1987. He is still in politics for the Conservatives in Ålesund and
Member of the City Council.
Ragnvald Nærø
(b. 1954)
• Ragnvald Nærø is Director Business Development at Statkraft. Before that he worked as Executive Vice President
Communication and Corporate Responsibility in the same company for 9 years.
• Previously he has worked 13 years in Aftenposten, both as a journalist, editorial manager and editor. He has also
been Vice President of the Civil Aviation Administration, Widerøe's Flyveselskap and E-CO Energy.
• He is an educated teacher from Levanger Teachers’ College (1976-79) in Norway, he graduated in 1987 as Master of
Arts in History from the University of Oslo and holds an EMBA from IMD in Switzerland (2011).
- 42 -

Summary of bond loans
Contemplated new bond loan OLSH02 PRO OLSH01 PRO
Issuer: Olympic Ship AS Olympic Ship AS Olympic Ship AS
Loan amount: NOK 500 million NOK 300 million NOK 350 million
Max. principal amount: NOK 750 million NOK 500 million NOK 600 million
Status: Senior unsecured Senior unsecured Senior unsecured
Currently outstanding: n/a NOK 300 million NOK 350 million
Maturity: June 2019 September 2017 February 2015
Coupon: 3M NIBOR + [4.75 - 5.00]% 6M NIBOR + 6.00% 6M NIBOR + 5.25%
Amortization: None None None
Call options: @103.50 after 3 years and @101.75 after 4
years
None None
Change of Control Put option @101 Put option @100 Put option @100
Financial covenants: Market Adjusted Equity Ratio > 30%
Minimum unrestricted cash of NOK 100
million (unconsolidated)
Market Adjusted Equity Ratio > 30%
Market Adjusted Equity Ratio > 30%
Undertakings: Dividend restrictions (max. 50% of net
profit)
Restrictions on mergers/ demergers/
change of business
Restrictions on financial assistance/
guarantees
Subsidiary distribution
Quarterly reporting (IFRS) from 1Q 2014
Dividend restrictions (max. 50% of net
profit)
change of business
guarantees
Dividend restrictions (max. 50% of net
profit)
change of business
guarantees
Listing: Application for Oslo Børs listing Oslo Børs ABM Oslo Børs ABM
- 43 -

Olympic Shipping investor presentation 27 May 2014

Olympic Shipping investor presentation 27 May 2014

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Olympic Shipping investor presentation 27 May 2014