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Credit Investor Presentation 2019 Credit Investor Presentation 2019 May 2019 Presenters Svein Stoknes – Chief Financial Officer Fredrik Berge – Investor Relations Officer Contact IR: [email protected] © 2019 Aker Solutions Content Company Overview Strategy & Market Outlook Financials & Recent Developments Q&A © 2019 Aker Solutions May 16, 2019 Slide 2 Our Vision A leader in forging a sustainable future for the global energy industry and the world it serves 15,000+ 20+ EMPLOYEES COUNTRIES 176+ 50+ YEARS OF EXPERIENCE LOCATIONS © 2019 Aker Solutions Field Planning, Feasibility and Concept Studies Fixed and Floating Production Systems Engineering, Procurement and Management Assistance Subsea Production Systems Subsea Pumps, Compression and Processing We deliver integrated solutions Hook-Up and Completion from subsea to surface and through Maintenance, Modifications and Operations the life of an energy asset Asset Integrity Management Lifecycle Services Carbon Capture and Storage Decommissioning Concept Pre-FEED FEED Detailed Design Fabrication Commissioning Operations Modifications Late Life Decommissioning © 2019 Aker Solutions Our Heritage – The Development of Aker Solutions Sale of P&C* Sale of WIS* Reorganization of Aker Solutions today Aker Solutions Projects & Services Sale of MLS* to Cargotec 2002 2010 2011 2013 2014 2016 Future Demerger of Aker Marine Contractors Demerger of Aker Solutions and Akastor Demerger of EPC business Merger of Aker Maritime and Kværner *Notes: WIS = Well Intervention Services MLS = Mooring and Loading Systems P&C = Process & Construction © 2019 Aker Solutions May 16, 2019 Slide 5 Global Presence Norway Canada Russia United Kingdom United States Italy Cyprus Qatar China Saudi Arabia UAE South Korea India Ghana Nigeria Brunei Republic of Congo Malaysia Tanzania Brazil Angola Mozambique Australia 15,000+ 20+ 50+ EMPLOYEES COUNTRIES LOCATIONS © 2019 Aker Solutions May 16, 2019 Slide 6 SBM Offshore LEASED FPSO Principle Power OFFSHORE WIND Saipem SURF Collaboration Across the Value Chain Cognite ABB DIGITALIZATION POWER AND AUTOMATION Alcatel FIBER OPTIC SOLUTIONS MAN Energy Solutions COMPRESSION © 2019 Aker Solutions May 16, 2019 Slide 7 The Value of Front End Differentiating Front End capabilities – a key enabler Project cost ■ Subsea and Topside expertise ■ Optimized concept Early engagement in study and FRONT END concept engineering – key to Ability to influence meeting cost challenges project cost ■ Reduce costs and risks ■ Accelerate time to first oil Time Improving field economics and ‘design to price’ FRONT END PROJECT EXECUTION LIFE OF FIELD ■ Cooperation and dialogue Concept FEED E P C I C Operation ■ Moving the break-even price in a meaningful way © 2019 Aker Solutions May 16, 2019 Slide 8 Record Demand for Early-Phase Capabilities ■ All-time high of 150 Front End awards in 2018 2018 2017 ■ Strong international growth with studies for international +21% markets more than doubling Total Front-end awards 150 124 ■ 11 FEEDs led to full Projects ■ Increase in studies for larger +121% and more complex projects International Front-end awards 53 24 +70% Early involvement is a key 4Q Front-end awards enabler to secure more work 46 27 (FEED = Front End Engineering and Design) © 2019 Aker Solutions May 16, 2019 Slide 9 Digital Transformation Driving Value Reduce Time Improve Enhance Improve Improve to First Oil Efficiency Quality Uptime Design Quality Agile Concept Selection Reduced CAPEX Increased Collaboration Reduced OPEX Improved Decisions Compressed Timelines Accelerated Engineering Reduced Risk Predictive & Preventive Incorporate operational Maintenance experience © 2019 Aker Solutions Life-of-Field Digital Solutions Integrated. Innovative. Insight. ▪ Reduced Cost ▪ Increased Efficiency ▪ Improved Predictability © 2019 Aker Solutions A New Energy Future Floating Offshore Wind Concept ▪ 11.8% ownership in Principal Power Inc. ▪ WindFloat® – unique patented floating foundation ▪ One of only two field-proved and tested concepts ▪ Existing technology including dynamic offshore power cables, substations, digital solutions for monitoring & remote operations, as well as project management Carbon Capture Utilization and Storage (CCUS) ▪ Northern Lights carbon capture and storage project for Equinor & partners in Norway ▪ Carbon capture and utilization project for Twence at a waste-to- energy plant in Holland ▪ Carbon capture Feasibility study for Preem at Scandinavia’s largest oil refinery in Sweden We create solutions to unlock energy safely Low-carbon solutions and sustainably for ▪ Subsea gas compression, LNG, CO2 removal, Electrification, future generations Energy optimization, Collaboration across value chain etc. © 2019 Aker Solutions May 16, 2019 Slide 12 Setting the Industry Benchmark PROJECT CUSTOMER DESCRIPTION • One of the largest greenfield developments offshore Norway the next decade Johan Castberg • Providing the full Subsea Production System as well as Engineering, Procurement “Major Greenfield and management assistance for construction of the largest FPSO offshore Norway • Aker Solutions has helped Equinor reduce investments by more than 50% in the Barents Sea” (from about NOK 100 to 48bn, or breakeven from $80 USD/bbl to about $31 USD/bbl) Kaombo • Helping Total get the world’s largest subsea development on-stream offshore Angola • Delivering 65 vertical subsea well-sets, 19 subsea manifolds, and associated controls “The World’s Largest systems and work-over and tie-in systems Subsea Development” • The first deliveries started in the second quarter of 2015 Frame Agreements • Two major frame agreements, supporting Brazil's major pre-salt deepwater developments “One of the World's leading • Delivering 60 well-sets with vertical subsea trees, control systems, tools and spares deepwater operators” • Delivering 8 manifolds (water/gas injection) to increase oil recovery Brunei Shell Petroleum • Maintenance and modification management services at more than 200 offshore “Maintenance and Modification installations in the South China Sea • Prolonging the life of the facilities, to support extended life-of-field Management Services” Mariner • Delivering engineering, construction and commissioning work for the major hook-up phase of the Mariner oilfield development in the UK North Sea “Largest Offshore • Also providing maintenance and modifications services through a frame agreement Development in the UK” • Mariner is the largest new offshore development in the UK in more than a decade © 2019 Aker Solutions May 16, 2019 Slide 13 Setting the Industry Benchmark (cont’d) PROJECT CUSTOMER DESCRIPTION • Helping Equinor put on stream one of the largest oil fields offshore Norway, which at its peak will provide an equivalent of 25 % of all Norwegian petroleum production • Provided feasibility and concept studies in 2012-2013 Johan Sverdrup • Executed a major FEED in 2014 which engaged one of the largest FEED teams ever “The Making of a Giant” assembled by Aker Solutions • Transitioning seamlessly into a fully fledged project in 2015 to provide engineering services, procurement and management assistance for the first phase of the development – now into the FEED phase 2 of this development Moho • Delivered 28 well-sets for the Moho Nord project in Congo Brazzaville “Largest Oil Development • The country’s largest oil development • Several new technology qualifications delivered successfully in Congo” • Master Contract, FEED as first call-off – operator Chevron with ExxonMobil & Shell Jansz • Substantial cost and efficiency gains, boosting recovery, Lower carbon footprint “International breakthrough for • Scope includes subsea compression station as well as an unmanned power and control floating platform Subsea Gas Compression” • This technology has already provided great results for Equinor at Åsgard since 2015 • The Zohr field offshore Egypt is one of the largest offshore gas fields in the world Zohr Gas Field • Providing a record 250 km of steel-tube umbilicals, to help the most populous Arab “The World’s largest nation achieve self-sufficiency of natural gas • Customers: Petrobel (Egyptian General Petroleum Corporation, EGPC) and Italian umbilicals system” operator Eni) © 2019 Aker Solutions May 16, 2019 Slide 14 Subsea Gas Compression International Breakthrough ▪ Master Contract with FEED as first call-off ▪ Operator Chevron with ExxonMobil & Shell ▪ Boosting recovery ▪ Substantial cost and efficiency gains ▪ Significant size reduction ▪ Lower carbon footprint © 2019 Aker Solutions Experienced Executive Management CEO Luis Araujo CFO Svein Stoknes Strategy COO Mark Riding Dean Watson Customer Greenfield Brownfield Subsea Lifecycle Front End Products Management Projects Projects Services Knut Nyborg Egil Boyum Valborg Lundegaard Knut Sandvik Linda L. Aase Dean Watson PROJECTS SERVICES Early Client Engagement Project Execution Life-of-Field Services © 2019 Aker Solutions May 16, 2019 Slide 16 HSSE – Health, Safety, Security and Environment 4.50 Total recordable injury frequency Lost time injury frequency 4.00 3.50 3.00 2.50 2.00 1.97 1.50 1.00 0.50 0.55 We put the of our safety 0.00 people first and strive for 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 zero incidents NOTE: the above KPIs are calculated as total number of recordable incidents per 1 million worked man-hours, incl. subcontractors (Total recordable injury frequency: all recordable incidents incl. LTI’s, restricted work cases and medical treatment but not including first aid) (Lost time injury frequency: incidents including work-related
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