Kvaerner’s yard at Stord

19 March 2018 Steinar Røgenes, EVP EPCI Kvaerner at Stord

Core business 1600 employees Module and platform assembly 750 office Onshore plant installation 850 non office Installation and hook-up Platform demolition and recycling

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 2 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Established in 1919 as a herring oil factory

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 3 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” A leading ship yard in the 1970s

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 4 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Oil and gas focused from 1975

GULLFAKS A (1986) OSEBERG A (1988)

Edit date: Via “Presentation Information” in the “Kvaerner” menu STATFJORD A (1977) GULLFAKS C (1989) or via Slide Master 5 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” The Stord Yard

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 6 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” The Stord Yard

Yard numbers Fabrication area 50 000 m2 Assembly area 90 000 m2 Service area 50 000 m2 Edit date: Office buildings 10 000 m2 Via “Presentation Information” Total yard area 200 000 m2 in the “Kvaerner” menu or via Slide Master 7 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Improved productivity with new crane

Old crane: New crane: Lifting capacity: 350 T Lifting capacity: 1050 T Edit date: Total height: 74 m Total height: 115 m Via “Presentation Information” Total width: 125 m Total width: 153 m in the “Kvaerner” menu or via Slide Master 8 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Increased crane coverage and new deep sea quay More flexible yard – tailor made for floating facilities

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 9 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Deep sea quay

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 10 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Quay numbers

266m 17 000m2 100m quay west production area west extension of gantry crane

122m -16m 15t/m2 distance between pier and new water depth area loads quay

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 11 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Johan Castberg with Storen crane and quay expansion

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 12 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” 51 new apprentices in 2017

Edit date: 29 nye lærlinger på Stord 22 nye lærlinger i Verdal Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 1313 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Aasta Hansteen completion project

19 Mars 2018 Hans Bruntveit, Project Director

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Aasta Hansteen field development

Aasta Hansteen spar FPSO

Luva

Snefrid Sør

Edit date: Polarled Haklang Gas export Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 15 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Aasta Hansteen SPAR FPSO

Topside Dry weight: 24 500 tonnes Conventional gas processing plant

Substructure Total length: 200 m Spar deck freeboard: 21 m Hard tank diameter: 50 m

Edit date: Displacement: 146 000 tonnes Via “Presentation Information” Condensate storage: 25 000 Sm3 in the “Kvaerner” menu or via Slide Master 16 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master”

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master Illustration:Statoil17 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Kvaerner’s Aasta Hansteen contracts

Scope: Scope: . Mooring . Fabrication of modules . Upending . Inshore hook-up . Ballasting . Offshore hook-up . Installation of predefined equipment . Commissioning assistance . Make ready for mating . Completion

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 18 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Upending of SPAR substructure

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master Photo: Espen19 Rønnevik© Kvaerner and 2018 Roar 19.03.18Lindefjeld /Statoil “View”/”Master”/”Slide Master” Towed to and anchored at Digernessundet

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master Photo: Statoil © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Submergence test

Executed in Q3 2017

Submergence test down to 6 metres draft

Test to verify that SPAR was ready for mating

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 21 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Mating of topside and hull

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master Photo: Espen Rønnevik© Kvaerner and 2018 Olaf Nagelhus19.03.18 /Statoil “View”/”Master”/”Slide Master” Inshore hook-up scope

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 23 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Current project status for Kvaerner

Platform at Digernessundet, where inshore phase is being completed

Progress according to plan

HSSE: Zero lost time incidents

Sail-away from Stord early April

Edit date: Offshore hook-up to start summer Via “Presentation Information” in the “Kvaerner” menu 2018 or via Slide Master 24 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Decommissioning

19 March 2018 Eirill Hatlevik, Vice President Decommissioning

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Historical Decommissioning projects

ESSO Odin Maureen Alpha Brent Flare Frigg

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 27 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Kvaerner’s Disposal site - Stord

Deconstruction area with controlled drainage and deep water access.

The acquisition of GMC Decom has provided access to machinery, more decom resources, and extended decom area and quay. Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 28 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Capacities

Tonnage at site: 60 000 tonnes Permit to receive relevant hazardous materials and safely dispose these through approved disposal routes Concrete area pads: 40 000m3, total processing area 80 000m3 incl. new areas. Deepwater quaysides with waterdepth - 26m and – 32.5m Access to cranes with high lifting capacity and inhouse multi-wheelers

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 29 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Miller

Client - Saipem UK (BP) Topside: 28 700 tonnes Substructure: 12 000 tonnes First modules received in 2017, remaining 37 000 tonnes to be delivered this summer by Saipem Scope: dismantle and recycle modules

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 30 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Varg A

Client Saipem UK (Repsol) Topsides weight: 900 tonnes Edit date: Scope: deconstruction and recycling of Mono-tower weight: Via “Presentation Information” 3 200 tonnes including concrete in the “Kvaerner” menu topsides and mono-tower or via Slide Master 31 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Nyhamna Subsea compression plant

Edit date: Via “Presentation Information” Removal and disposal of test plant at Nyhamna. Accommodate inspections. in the “Kvaerner” menu Approximate weight 2 200 tonnes. Duration August 2017 to autumn 2018. or via Slide Master 32 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Valhall QP topside & bridge

Call off on frame agreement with Allseas for Aker BP decom work

Edit date: Scope: recycling of the topside and bridge Via “Presentation Information” Work to be completed by spring 2020 Topside & bridge weight: in the “Kvaerner” menu 3 527 tonnes or via Slide Master 33 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Kvaerner – Decommissioning work scope

Plugging and Onshore Offshore removal Studies Preparation abandonment deconstruction and transport of wells and disposal

Overall planning of Shutdown & cleaning Preparation and Make safe decommissioning of process systems removal of jackets, Remove hazardous Removal and disposal Hook-down to topside and subsea materials and equipment studies prepare for removal structures for sale Mapping of hazardous Mapping and Marine operations not Deconstruction & requiring HLV materials removal/ sealing of segregation of materials hazardous materials Inshore Disposal – Reuse and deconstruction and recycling maximised load-in using best practical environmental option Blue text: Kvaerner with relevant competence Green text: Kvaerner already established/starting up principle

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 34 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Johan Sverdrup ULQ topside

Elly Bjerknes, EVP Process Solutions 19 March 2018

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 36 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Execution Locations

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 37 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” ULQ parts

Antenna tower

LQ upper part Heli deck

Leirvik AS Crane LQ 3rd , 4th and 5th

Lay down platform LQ 1st and 2nd

Edit date: Via “Presentation Information” Utility K2JV Poland in the “Kvaerner” menu or via Slide Master 38 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Progress

First cut 31.03.16 First section into the assembly hall Deliveries from 21.10.16 Poland Equipment installed

22 DAYS Last steel section Edit date: installed Load out and jacking Via “Presentation Information” 12.09.2017 Accommodation modules November 2017 Heli deck & heli-hangar in the “Kvaerner” menu installed January 2018 March 2018 or via Slide Master 39 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Remaining main work

First half of 2018: . Installation of accommodation modules . Start loop testing . Heli-deck & heli-hangar installed

Second half of 2018: . Final weighing of topside . Mechanical completion . Completion and testing

Q1 2019: Edit date: . Ready for sail-away and delivery Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 40 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Illustration of ULQ sail-away

For illustration only/Kvaerner

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 41 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Sverdrup riser platform hook-up EPC EPC

Contract value: NOK 450 million Kvaerner works in an integrated team with Aker Solutions Scope: Planning, management and hook-up of the seven platform modules Offshore hook-up and completion work to start early May

Edit date: Via “Presentation Information” in the “Kvaerner” menu Living Quarters (LQ) Process (P1) Drilling (DP) Riser (RP) or via Slide Master 42 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Modules on their way to Norway from Korea Offshore hook-up and completion work will start early May

Edit date: Via “Presentation Information” in the “Kvaerner” menu Photo: Statoil or via Slide Master 43 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Njord A Upgrade Project

Elly Bjerknes, EVP Process Solutions 19 March 2018

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 44 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Edit date: Via “Presentation Information” in the “Kvaerner” menu Illustration: Statoil or via Slide Master 45 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” NJORD LISENCE PARTNERS

50%

20%

20%

7.5%

Edit date: Via “Presentation Information” 2.5% in the “Kvaerner” menu or via Slide Master 46 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Njord A – delivered in September 1997

Edit date: Via “Presentation Information” in the “Kvaerner” menu The platform was towed offshore only 28 months after cutting of the first steel plates. or via Slide Master 47 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” 23 August 2016: Back to Stord the same way it left

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 48 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 49 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” EPC contract signed 17 March 2017

Client Statoil

Project Upgrading of the Njord A semi-submersible platform.

Awarded Frame agreement awarded 1 April 2016, Edit date: EPC awarded 17 March 2017

Contract value Via “Presentation Information” Around NOK 5.5 billion in the “Kvaerner” menu or via Slide Master 50 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Aker Solutions and Kvaerner in Verdal key suppliers

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 51 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Njord: A unique project

First NORSOK project

First production platform on NCS to be upgraded

Greenfield and brownfield in parallel

Hectic dock phase

Partly “hot work”

Edit date: Challenging HSSE Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 52 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Three main phases

PHASE 1: PHASE 2: PHASE 3: Yard stay, inspection, pre-EPC Dock phase: Increased buoyancy Further decom and upgrade work

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 53 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Three main phases

PHASE 1: PHASE 2: PHASE 3: Yard stay, inspection, pre-EPC Dock phase: Increased buoyancy Further decom and upgrade work

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 54 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Main activities in the dock phase

Removal scope . Winches . Helideck . Cranes . Compressors . Lifeboats . Riser guides

Reinforcement of existing pontoons

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 55 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Dry dock numbers 4400 work 3.500 tons of permits sand

45 km welds 60.000 m2 of (Repair rate 0,5%) painting

200 tons of steel 1.100 tons of (6349 items) scaffolding

50.000 l of 1 ton of Edit date: painting welding wire a week Via “Presentation Information” in the “Kvaerner” menu or via Slide Master © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Three main phases

PHASE 1: PHASE 2: PHASE 3: Yard stay, inspection, pre-EPC Dock phase: Increased buoyancy Further decom and upgrade work

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 57 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Installation of blisters

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 58 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Installation of colum top extension

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 59 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Installation of four top deck boxes

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 60 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Installation of winch houses

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 61 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Large scope Structural re-inforcement Shale shakers and flow divider Exhaust system power generators Crane replacement Tote tanks

Escape chute New helideck

Winch house Deckbox extension Trippel lifeboat station Disposal cassion Fairleads Chemical storage tank Evacuation chute Winch house Blister Deckbox extension Freshwater dumpline Edit date: Deluge skid Freshwater generator Via “Presentation Information” Produce water caisson in the “Kvaerner” menu Pontoons Utility room or HiPap Blister Deckbox extension via Slide Master 62 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Fairleads Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Johan Castberg FPSO

Elly Bjerknes, EVP Process Solutions 19 March 2018

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 64 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” The Johan Castberg field

Location: 240 km north of the Snøhvit-field in the Barents Sea

Partners: Statoil (Operator 50%) Eni (30%) and Petoro (20%)

Water depth: 360-390 metres

Production start: 2022

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 65 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Johan Castberg contracts

NOK 3.8 billion contract

Module fabrication contract . 10 modules + flare . Total weight: 14 645 tonnes . Almost 10 000 tonnes of fabrication at Kvaerner

Integration contract . Install prefabricated modules . Hook-up of modules at a total Edit date: topside of more than 18 000 Via “Presentation Information” tonnes in the “Kvaerner” menu or via Slide Master 66 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Johan Castberg FPSO

Flare (Kvaerner/ Modules (Kvaerner subcontract AKSO) and subcontractors )

Turret (SBM)

Helideck (Singapore)

Edit date: LQ (Singapore) Via “Presentation Information” Hull (Singapore) in the “Kvaerner” menu or via Slide Master 67 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Execution locations and scope

Kvaerner’s scope . Fabrication of modules (Verdal and Stord) . Integration and hook-up (Stord) Sandnessjøen Flare Future area . Testing and completion (Stord) Verdal Main subcontractors: Future/SW Filter Pipe rack . Aker Solutions (Egersund and Sandnessjøen) Peak manning: around 2 000 employees 70% and subcontractor personnel Stord Edit date: Gas injection Norwegian Recomp. area Via “Presentation Information” Separation area in the “Kvaerner” menu content Egersund Prod.water/WI or Chemicals via Slide Master 68 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Project phases

2018 to 2020 2019 to 2020 2020 to 2022 Module Interim phase Integration fabrication phase

Fabrication start Assembly of Installation of all in Q4 18 “stick built” modules and modules for Hook-up and This is a placeholder text. Almost 10 000 tonnes of Integration integration This text can be replaced modules to be phase between with your own text. fabricated at Hull arrival from modules and Kvaerner Singapore Hull Q3 2020 Commissioning Edit date: and testing Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 69 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Johan Castberg with Storen crane and quay expansion

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Topsides, floaters & onshore facilities

Jackets

Concrete solutions Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 71 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master” Copyright and disclaimer

Copyright Copyright of all published material including photographs, drawings and images in this document remains vested in Kvaerner and third party contributors as appropriate. Accordingly, neither the whole nor any part of this document shall be reproduced in any form nor used in any manner without express prior permission and applicable acknowledgements. No trademark, copyright or other notice shall be altered or removed from any reproduction.

Disclaimer This Presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Kværner ASA and Kværner ASA’s (including subsidiaries and affiliates) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as “expects”, “believes”, “estimates” or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Kvaerner’s businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the Presentation. Although Kværner ASA believes that its expectations and the Presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Presentation. Kværner ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Kværner ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.

Edit date: Via “Presentation Information” in the “Kvaerner” menu or via Slide Master 72 © Kvaerner 2018 19.03.18 “View”/”Master”/”Slide Master”