Pareto Securities' Energy Conference

Introduction to Akastor

Karl Erik Kjelstad (CEO)

20 September, 2023

What has happened since inception?

We have made >20 value enhancing transactions and divested companies above BV…

…reducing our NIBD with >NOK 5bn from peak

NIBD (NOKm)

2Q 2015

2Q 2023

1) Pref shares USD 75m + warrants; 2) cash gain; 3) Plus earnout; 4) USD 75m cash + USD 20m seller credit settled in June 2023; 5) Equity value. Proceeds partly in ABL shares, with value based on NOK 15 per ABL share

Akastor investment portfolio

Company

Service offering

Ownership

Global full-service offshore and onshore drilling equipment and service provider

50%

Global provider of subsea well construction and intervention services

50%

Global engineering staffing provider within multiple sectors

~15%1)

3 mid-sized AHTS vessels

100%2)

DRU

contracts

Financial interest in four drilling equipment contracts with Jurong Shipyard

Full economic exposure3)

Independent energy and marine consultancy company

~5%

International upstream oil and gas company

~2%

Independent service provider to the offshore wind industry and other energy sectors

44%

North Sea drilling contractor

~7%

International drilling, well service and engineering company

Warrant structure

  • 1) Economic interest

  • 2) Obligation to share 50% of the sales proceeds from disposal of 2 of the vessels with DDW lenders

  • 3) Carve out from MHWirth in connection with merger with Baker Hughes SDS to form HMH

Net Capital Employed of NOK 4.8bn as of 2Q 2023

Book value per share (NOK)

11.4

2.0

2.6

2.1

0.9

-1.5

17.6

-1.9

15.7

NOK million, 30 June 2023

(414)

(531)

4 820

4 289

3 135

DRU contracts

Other

Net Capital Employed

NIBD

Equity

A global full-service offshore and onshore drilling equipment provider

Company overview

~2 100 own employees and contractors FTEsLarge installed base of 129 key offshore drilling rigs 1)Operational headquarters in Kristiansand, Norway, and Houston, TexasDrilling rig packages Complete drilling rig packages; design & project executionDrilling equipment Product deliveries to offshore, onshore and non-oil (e.g. mining & civil)Aftermarket / Services Aftermarket services, spare parts, overhaul and training to global rig fleet

Digital technology

Digital solutions/ software for enhanced drilling efficiency

  • 1) Key fleet rigs are those that have either a PCS Pure Stack (annular and floater) or ESS topside package. Including rigs under construction and cold stacked rigs

  • 2) Pro-forma financials, IFRS. EBITDA adjusted for costs that are not part of normal operations incl. merger related costs.

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Disclaimer

Akastor ASA published this content on 19 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 September 2023 09:43:06 UTC.