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Bringing Together Aker Solutions and Kvaerner Bringing Together Aker Solutions and Kvaerner Investor Presentation July, 2020 2020 © Aker Solutions Complementary Capabilities Create Stronger Offering A leading provider of engineering, procurement Creating a leading execution partner and construction (EPC) to deliver low-carbon oil and gas and services to the energy industry renewables projects A leading global provider of products, front-end, engineering, project management and services to the energy industry © 2020 A New Era for an Industry in Transition July 17, 2020 Slide 2 Transaction Summary – A Merger of Equals ■ Aker Solutions and Kvaerner to merge to gain size, combine capabilities and strengthen balance sheet to accelerate transition to sustainable energy production ■ Exchange ratio will be based on one month volume-weighted average price (VWAP) ■ The merger is subject to customary regulatory approvals © 2020 A New Era for an Industry in Transition July 17, 2020 Slide 3 Industrial Rationale Revitalizing growth ■ Mid-term robustness in global Oil & Gas ■ Reposition with size and capabilities to succeed in current market ■ Industry partner for decarbonization and electrification ■ Stable aftermarket service business ■ Forceful transition into Renewables – with integrated solutions Realize customer value and operational excellence ■ Digitalization to reduce cost and increase competitiveness ■ Value chain integration to drive industrialization and value creation ■ Customer Alliances and value chain partnerships to remove inefficiencies Unlock shareholder value by improved cash conversion ■ Optimize footprint ■ Reduce CAPEX ■ Lean organization ■ Operational leverage © 2020 A New Era for an Industry in Transition July 17, 2020 Slide 4 A Supplier Accelerating the Transition to Sustainable Energy Production Enable low-carbon oil and gas Drive differentiation and efficiency in Provide integrated solutions production, building on alliances our industries through technologies for renewable energy with customers and partners and digital solutions industries 2020 © Aker Solutions Positioning for Growth at a Pivotal Time for our Industry Accelerating Transition Radical Improve Efficiency in to Renewables Oil & Gas Deliveries ▪ Broaden portfolio of capabilities & activities ▪ Digitally transform engineering, construction and project management ▪ Differentiation through Front End, system integration & project execution capabilities ▪ Value chain management to optimize time, risk and cost Aker Solutions Leveraging Industrial Building Strategic Software & Digital Technology Partnerships and Alliances ▪ Complementary execution capability in a ▪ Integrated collaboration with customers and digital ecosystem business partners ▪ Embed a digital scalable delivery model to ▪ Extend global reach from existing footprint extend asset value and partnerships © 2020 A New Era for an Industry in Transition July 17, 2020 Slide 6 Energy Outlook - Dual Challenge More Energy Lower Carbon © 2020 A New Era for an Industry in Transition July 17, 2020 Slide 7 Decarbonizing Offshore Oil and Gas Low-Carbon Solutions Electrification Energy Optimization 2020 © Aker Solutions Integrated Offering Covering Asset Lifecycle Integrated offering Partial offering Feasibility Marine Hook Up & Maintenance Decommissioning Engineering Procurement Construction & FEED Operations commissioning & modification & recycling Topsides & Floaters Substructures Subsea Production Systems SURF 2020 © Aker Solutions July 17, 2020 Slide 11 Johan Sverdrup Showcasing Our Capabilities Living Quarters Production Platform 1 Drilling Platform Riser Platform Production Platform 2 Feasibility Optimize FEED Engineering Procurement Construction Transportation Hook Up Commissioning Field EPMA Aker Solutions Aker Solutions Living Quarters Kvaerner / KBR Kvaerner Other Production Platform 1 Aker Solutions & Kvaerner Aker Solutions Other Riser Platform Aker Solutions Other Aker Solutions & Kvaerner Drilling Platform Other Other Other Aker Solutions Production Platform 2 Other Other Other Jacket structures* Kvaerner Other Kvaerner SURF 1 Aker Solutions Other Other SURF 2 Other Other Other Subsea Production System Other Other Other Riser Platform Modification Aker Solutions & Kvaerner Photo:2020 © Equinor Aker Solutions* EPC contract for 3 out of 4 jacket substructures (90% of tonnage) Selected Ongoing Oil & Gas Projects Johan Sverdrup RP Njord Upgrade Hod UWHP Customer: Equinor Customer: Equinor Customer: AkerBP Country: Norway Country: Norway Country: Norway MMO frame agreementsExxon Guyana SPS Breidablikk Lingshui Customers: Several Customer: Equinor Customer: CNOOC Country: Norway, Canada, Brunei, Angola Country: Norway Country: China © 2020 A New Era for an Industry in Transition July 17, 2020 Slide 13 Well Positioned for Several Major O&G Prospects NOAKA EPC Wisting FPSO Jackdaw WHP Customer: Equinor / Aker BP Customer: Equinor Customer: Shell Country: Norway Country: Norway Country: UK Troll West Electrification Exxon Guyana SPS Jansz SSC Customer: Equinor Customer: Exxon Customer: Chevron Country: Norway Country: Guyana Country: Australia © 2020 A New Era for an Industry in Transition July 17, 2020 Slide 14 Solid Foundation for Transition to Renewable Energy Our Core Capabilities… ...are needed in emerging industries Photo: C. Thomas Photo: N. Doherty © 2020 A New Era for an Industry in Transition July 17, 2020 Slide 15 Combining Complimentary Capabilities Within Renewables Offshore Wind CCUS Hydrogen Offering Offering Offering ▪ Integrated delivery of: ▪ Delivery of carbon capture plants ▪ Capabilities to deliver hydrogen ▪ Wind substructures ▪ Project management production facilities ▪ Converter- and substations ▪ Engineering, Procurement and ▪ FEED and project execution ▪ Dynamic cables Construction ▪ System integration - Balance of Plant ▪ Close collaboration with Aker Carbon ▪ Partnership with Aker Offshore Wind Capture Key activities Key activities Key activities ▪ Hywind Tampen, Norway ▪ Norcem, Norway ▪ Nel collaboration ▪ Empire Wind, USA ▪ Twence, Netherlands ▪ ZEEDS © 2020 A New Era for an Industry in Transition July 17, 2020 Slide 16 Leading Supplier to Offshore Wind Project: Hywind Tampen (ongoing) ▪ World’s largest floating offshore wind park (88 MW) ▪ Will supply power to five oil and gas platforms ▪ 200,000 metric tons reduced CO2 per year ▪ EPCI delivery of 11 concrete floating foundations © 2020 A New Era for an Industry in Transition July 17, 2020 Slide 17 Leading Supplier to Carbon Capture Project: Norcem ▪ Integrated project delivery with Aker Carbon Capture ▪ 400,000 tons CO2 captured p.a. ▪ Planned operation in 2024 © 2020 A New Era for an Industry in Transition July 17, 2020 Slide 18 Digital Solutions to Reshape the Industry ▪ Reducing project execution time ▪ Enabling automated operations, saving cost and improving HSSE ▪ Unlock insight and information transparency ▪ Drive standardization to improve efficiency and minimize risk ▪ Reduce cost by enabling predictive maintenance ▪ Create digital interaction through the value chain ▪ Enabler for new business and contract models 2020 © Aker Solutions Building Strong Collaborations and Integrated Deliveries Decarbonizing Aker Solutions Renewables Oil & Gas Attractive Engineering and project realization partner based on core competence, system knowledge and 180 years of industry experience Leverage core customer relationships to transform together… …and collaborate with peers and suppliers for sustainable technology solutions and execution footprint © 2020 A New Era for an Industry in Transition July 17, 2020 Slide 20 Global Presence in Key Energy Hubs Proven model for regional Norway execution with local partners Finland United Kingdom Russia Canada United States Italy Cyprus Qatar Saudi Arabia China UAE India Ghana Brunei Nigeria Malaysia Republic of Congo 25 Countries Tanzania Brazil Angola Mozambique 50+ Locations Australia 15,000 Employees © 2020 A New Era for an Industry in Transition July 17, 2020 Slide 21 Main Businesses Front End and Renewables Topsides and Subsea Electrification, Engineering Facilities Maintenance and Modifications ▪ Software-enabled ▪ Offshore and floating wind ▪ One-stop-shop for oil & ▪ Extensive product and ▪ Solutions for the engineering house with products and services; gas and onshore service offering for subsea electrification of existing oil suite of methods and processing facilities; oil and gas projects; and gas infrastructure ▪ Turbine foundations digital solutions for efficient ▪ Power infrastructure incl. ▪ Floating production units ▪ Subsea production ▪ Specialized on efficient engineering process substations, converter ▪ Topsides and modules systems execution of minor ▪ World class Front End, platforms and cables ▪ Substructures ▪ Subsea processing, maintenance and engineering and system ▪ Project management and ▪ Onshore processing plants boosting and compression modification services marine operations capability with in-depth ▪ Large upgrades and ▪ Subsea power distribution ▪ Engineering, project modifications ▪ Intervention and workover ▪ Digitally enabled asset technical niche execution and delivery of systems and tools integrity services and competences Carbon Capture, Storage ▪ Subsea life cycle services solutions Developing the energy ▪ and Utilization and solutions of the future ▪ Demolition and recycling Hydrogen energy solutions © 2020 A New Era for an Industry in Transition July 17, 2020 Slide 22 Unaudited proforma figures Solid Financial Performance and Value Creation Revenue NOK Billion Oil & Gas Renewables CAPEX
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