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Ocean Yield Builds on Aker's Track Record Within the Offshore Space

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Ocean Yield Builds on Aker's Track Record Within the Offshore Space OCEAN YIELD AS Company Presentation 20 June 2012 Highlights Ocean Yield – A vessels owning company with focus on low risk investments in oil service & industrial shipping • Ocean Yield is 100% owned by Aker and defined as an “industrial holding” Strong sponsor • Planned IPO and listing on OSE; Aker committed to remain a major owner post an IPO Conservative • Focus on diversified investments in oil-service & shipping assets with long term employment investment • Limited direct market exposure, low operational risk and solid counterparties profile Solid financial • Firm EBITDA* backlog of approx. USD 998 million with solid counterparties and operational • Book equity of USD 500 million and equity ratio of 42% platform Experienced • Key management with experience from Ship Finance, shipowners and financial institutions management and board of directors • Board of Directors with extensive experience from oil-service and financial institutions. • Solid market outlook for the oil-service industry Strong outlook • Constrained funding markets makes leasing an attractive alternative for companies with growth ambitions *EBITDA as reported, Pareto estimates 2 Company Overview Ocean Yield profile • A company with long-term employment and risk diversification focus • Conservative business profile with focus on low-risk investments in oil service & industrial maritime assets with long-term contracts • Builds on Aker’s strong offshore- and capital markets track record • Owns three vessels and targets to expand the fleet through acquisition of assets with long-term contracts • Opening Enterprise Value of USD 1,135 million • Average annual EBITDA* of approx. USD 141.5 million during 2012-2017 from existing contracts Enterprise Value as of 31 March 2012 (USDm) Revenues and EBITDA* 2012-2017 (USDm) 1,400.0 200 698.0 64.0 178 178 178 180 175 175 1,200.0 1,135.0 180 148 160 146 142 1,000.0 138 138 137 140 120 800.0 100 600.0 501.0 80 60 400.0 40 20 200.0 0 2012 2013 2014 2015 2016 2017 - Book equity Long-term debt Cash EV Revenue EBITDA Source: Company Source: Pareto *EBITDA as reported, existing contracts only (Pareto estimates) 4 Solid contract backlog and end-users Charterer Rating Market Cap USD 1.2 bn contracted revenues Reliance BBB USD 43.2 bn Aker Solutions BB+ USD 3.5 bn Schlumberger A+ USD 86.0 bn USD 998 mill contracted EBITDA* *EBITDA as reported, incl. mob. fees 5 Attractive asset base with long term contracts Aker Wayfarer – Offshore Construction Vessel • Built in 2010 • Subsea / offshore installation and construction • On bareboat charter to Aker Solutions (rated BB+) until 2020 Dhirubhai-1 – FPSO • Converted into FPSO in 2008 • On bareboat charter to Reliance Industries Ltd. (rated BBB/Baa2) until 2018. • Operations & Maintenance contract with equal tenor, 100% uptime in 2010 and 2011 • Reliance has purchase option valued at USD 255 million at end of charter period Geco Triton – Seismic Survey Vessel • Converted to seismic vessel in 1998 • On bareboat charter to Schlumberger (rated A+/A1) until December 2015 American Shipping Company – Bond Holdings • Company listed on the Oslo Stock Exchange • Owns modern US flag product tanker fleet consisting of 10 vessels • Vessels are on long-term bareboat contracts to OSG until 2014/2016. Contracts in the process of being extended to 2019 subject to documentation and review by OSG. 6 Simplified legal chart Ocean Yield AS* Aker Ship Aker Floating Aker Invest Ocean Lease AS** Production ASA AS Holding AS 10% 90% Aker Invest II KS Aker AFP Aker Ship Lease 1 Aker Ship Contracting FP NOK 1,0 bn Operations AS AS Lease 2 AS American ASA** AMSC bonds Champion Inc. Book Value New Pollock 803 MNOK Inc. (Ring-fenced) 7 Ocean Yield Strategy Operational Strategy Financial Strategy Mission Sound financial profile • Build a company with long-term employment, risk • Equity ratio of 42% diversification and stable dividend • Long-term fixed contracts provide stable earnings • Build on Aker’s oil service and capital markets track through market cycles record • Stable dividend profile • Secure financing ahead of committing to new Target segments transactions • Oil service • Semi- and jackup rigs Diversify debt sources • AHTS and PSV • Bank debt • Offshore installations / Subsea vessels • Export Credit Agencies • Industrial Shipping • Bonds • Car carriers • LNG Strong existing bank relationships • Container vessels • Established lending relationships with 12 banks • Expect to benefit from Aker bank relationships 8 Key investment criteria Market risk Counterparty risk • Firm contracts with a duration of 5-12 years • New charterers expected to have solid • Targeted segments are oil service and credit quality industrial shipping Asset risk • Limited direct market exposure • Minimize asset risk by focusing on quality • Diversified portfolio of assets within several assets of less than 10 years of age markets Operational risk • Expect most new contracts to be bareboat charters Residual value risk • Limited residual value risk due to long-term charters • Can be further mitigated with put/call structures at end of charter 9 Aker – a strong shareholder with long-term perspective Net asset value (NOK bn) NAV of NOK 22.5 bn (including NOK 0.8 bn in unpaid dividends) • Established in 1841 • Industrial holding company that exercises active ownership with a long term investment horizon. • Ownership interests are concentrated within oil-service,oil & gas, fisheries & marine biotechnology • Largest shareholder in seven stock-exchange-listed companies • Extensive network and experience within the offshore space and capital markets • Number of employees in companies controlled by Aker; 24,000 in over 30 countries 10 Experienced management Lars Solbakken – Chief Executive Officer (1957) Employment history: • CEO Norwegian Car Carriers ASA • CEO Ship Finance International Ltd. • General Manager of Fortis Bank (Nederland) N.V., Oslo Branch. • Senior Vice President and Head of Equity Issues and M&A, Christiania Bank • Senior Vice President and Deputy Head of Shipping and Offshore in Christiania Bank • Finance Manager in Wilh. Wilhelmsen ASA Education: • M.Sc. from Norwegian School of Economics and Business Administration Eirik Eide – Chief Financial Officer (1970) Employment history: • CFO Ship Finance International Ltd. • Head of Corporate Finance Orkla Finans AS • Head of Shipping Investments, Orkla Finans AS • Director, Fortis Bank (Nederland) N.V., Oslo Branch. • Senior Vice President, Den norske Bank, (Oslo and London) Education: • M.Sc. from Norwegian School of Management 11 Board of Directors Svein Aaser – Chairman (1946) • Previous CEO in DnB NOR, Hafslund Nycomed, Storebrand Skade, NORA Food Products • Previous President in The Confederation of Norwegian Enterprise (NHO) • Chairman of the Board in Telenor, Det norske Oljeselskap. Board seats in several other companies. Kjell Inge Røkke – Board Member (1958) • Largest shareholder in Aker ASA, through TRG Holding • Board member in Aker ASA, Aker BioMarine ASA, Kværner ASA and Aker Solutions ASA Trond Brandsrud – Board Member (1958) • CFO Aker ASA • Previous CFO in Seadrill and more than 20 years experience from Shell Tom Grøndahl – Board Member (1949) • Previous CFO in DnB NOR ASA • Board member in the Norwegian Securities Dealers Association and deputy board member in Det norske Oljeselskap ASA Katrine Klaveness – Board Member (1977) • Investment Director in Aker ASA • Experience from Siemens and McKinsey & Company 12 Financials Pro-forma consolidated opening Balance Sheet (Q1 2012) Assets USDm USDm Equity and Liabilities Current Assets: Current Liabilities: Cash & Cash Equivalents 64 Current assets 19 84 Short term debt (incl. curr.portion of LTD) Total Current Assets 83 84 Total Current Liabilities Fixed Assets: Long Term Liabilities: Vessels & PPE 946 512 Long term debt Deferred tax assets 9 101 Non-int. bearing debt (mob fees) AMSC bonds (int. bearing) 141 501 Shareholders Equity Restricted cash (int. bearing) 20 1 Pension liabilities Total Fixed Assets 1,116 1,199 Total Long Term Liabilities Total Assets 1,199 1,199 Total Equity and Liabilities Source: Company 14 Solid financial platform Total Assets vs. Liabilities and Equity (USDm)* USD 500 million in equity* – split by asset 1,200 Other Cash Other 1,000 AMSC bonds 64 Geco Triton Shareholder's Aker FPSO 800 Aker Wayfarer Equity 214 Aker Wayfarer 600 Geco Triton Gearing 141 Debt Aker AMSC Bonds ~60% Wayfarer 400 Cash Aker FPSO 200 Debt Aker FPSO 17 65 0 Total Assets Total Equity and Liabilities Int. bearing long term debt – split per vessel (USDm) Solid financial platform • Consolidated book Equity of approx. USD 500 million and equity ratio of 42% at end of Q1 2012 195 • Significant equity in all asset owning subsidiaries Aker FPSO • Currently no debt or corporate guarantees in parent Aker Wayfarer company 387 *Book values as of Q1 2012 Source: Company 15 Financial highlights – Existing contracts only Debt levels 2012-2017 (USDm) Loan-to-Value 2012-2017 (USDm) 600 900 819 527 761 800 583 699 500 179 435 700 541 633 494 561 400 161 600 340 527 443 483 500 387 300 348 435 143 240 324 400 340 274 200 125 141 300 240 197 89 200 236 220 141 100 107 205 190 115 100 89 89 174 159 - 34 - 2012 2013 2014 2015 2016 2017- 2012 2013 2014 2015 2016 2017 AKFP Wayfarer Triton Wayfarer* Dhirubhai-1** Total debt Debt-to-EBITDA* Interest Coverage*** 4.5x 4.3x 18.0x 16.8x 4.0x 16.0x 3.5x 3.3x 14.0x 3.0x 12.0x 11.1x 2.5x 10.1x 2.5x 10.0x 8.8x 8.2x 2.0x 1.8x 8.0x 5.7x 1.5x 1.1x 6.0x 1.0x 0.7x 4.0x 0.5x 2.0x 0.0x 0.0x 2012 2013
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