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ANNUAL REPORT 2017 OUR MISSION Is to Conduct Integrated Shipping Operations with Advanced Vessels in the Market Segments We Operate In

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ANNUAL REPORT 2017 OUR MISSION Is to Conduct Integrated Shipping Operations with Advanced Vessels in the Market Segments We Operate In ANNUAL REPORT 2017 OUR MISSION is to conduct integrated shipping operations with advanced vessels in the market segments we operate in: Oil and gas Renewable energy Aquaculture ANNUAL REPORT 2017 - SOLSTAD FARSTAD ASA 2 CONTENT Financial highlights 4 Key figures 5 The Board of Directors 6 THE BOARD'S ANNUAL REPORT 1. Business, objectives and strategy 7 2. The Company's activities 7 3. The Market 8 4. Corporate particulars 8 5. Corporate governance and management 8 6. Financial position and development - The Group 9 7. Health, environment, safety and quality assurance 9 8. Market Outlook 10 9. Risk 10 10. Finance - Parent Company 11 11. Going Concern 11 Corporate governance 12 GROUP ACCOUNTS Statement of comprehensive income 15 Statement of financial position 16 Statement of changes in equity 18 Statement of cash flow 19 Notes 20 PARENT ACCOUNTS Profit and loss accounts 59 Balance sheet 60 Statement of cash flow 62 Notes 63 Auditor's Report 72 Fleet overview AHTS 77 Contract overview AHTS 78 Fleet overview PSV 79 Contract overview PSV 80 Fleet overview CSV 81 Contract overview CSV 82 FINANCIAL CALENDAR 2018 Preliminary dates for quarterly reports and ordinary General Meeting in SOFF are: Annual Report 2017: April 16, 2018 Result 1. quarter 2018 / Ordinary General Meeting: May 9, 2018 Result 2. quarter 2018: August 22, 2018 Result 3. quarter 2018: November 6, 2018 Preliminary result 2018: February 20, 2019 ANNUAL REPORT 2017 - SOLSTAD FARSTAD ASA 3 FINANCIAL HIGHLIGHTS FREIGHT REVENUES Reference 2017 2016 2015 2014 2013 LAST FIVE YEARS PROFIT AND LOSS (NOK million) (MNOK) Freight revenues 3,626 2,468 3,546 3,737 3,495 Other income 151 114 110 143 51 3,737 3,626 Operating result before depr/write-downs 654 876 1,429 1,650 1,497 3,546 3,495 Operating result 694 -736 -335 1,252 1,123 Net finance -1,024 -79 -1,244 -1,107 -582 Ordinary profit before tax -330 -815 -1,579 145 541 2,468 Net profit for the year -345 -827 -1,604 113 485 Hereof majority's share -314 -866 -1,581 359 491 BALANCE SHEET Deferred tax asset - 42 38 62 59 Long term assets 32,297 19,318 14,212 15,249 12,137 Current assets 3 628 2,774 2,000 2,497 2,285 Total assets 36,112 22,286 16,236 17,746 15,025 Equity 4,962 3,456 3,668 5,058 4,954 Deferred tax - - - - - Long-term liabilities 29,128 17,566 9,274 10,427 7,700 Current liabilities 2,021 1,006 3,141 2,088 2,264 2017 2016 2015 2014 2013 Interest bearing liabilities 28,840 17,719 11,426 11,217 9,964 Bank overdraft - - 83 122 91 Free and restricted bank deposits 1,875 1,750 1,025 1,321 1,240 FREIGHT REVENUES 2017 Net interest-bearing liabilities 26,965 15,968 10,483 10,018 8,815 QUARTERLY (MNOK) PROFITABILITY 1,358 Operating margin 1 17 % 34 % 39 % 43 % 42 % Earning on equity 2,6 -8 % -23 % -36 % 3 % 11 % Earning on capital employeed 3 -3 % -4 % -2 % 8 % 8 % 1,043 LIQUITDITY Liquid assets 1,875 1,750 1,025 1,321 1,240 Working capital 1,607 1,768 -1,140 409 2,285 679 EBITDA - adjusted 4 885 1,009 1,555 1,717 1,589 546 Current ratio 5 1.8 2.8 0.6 1.2 1.0 CAPITAL Total assets 36,112 22,286 16,236 17,746 15,025 Equity 4,962 3,456 3,668 5,058 4,954 Equity ratio 6 14 % 16 % 23 % 28 % 33 % 1Q / 2017 2Q / 2017 3Q / 2017 4Q / 2017 ANNUAL REPORT 2017 - SOLSTAD FARSTAD ASA 4 KEY FIGURES PER SHARE KEY FIGURES PER SHARE Reference 2017 2016 2015 2014 2013 Result of the year 7 -1.08 -9.76 -41.39 9.37 12.77 EBITDA - adjusted 4 3.04 11.39 40.69 44.79 41.33 Booked equity 8 17.03 39.02 95.99 132.40 128.88 Price Class A-shares/Earnings (P/E) -5.61 -0.61 -0.51 8.43 9.40 Price Class B-shares/Earnings (P/E) - -0.54 - - Price Class A-shares/EBITDA 1.99 0.52 0.52 1.76 2.90 Price Class B-shares/EBITDA - 0.46 - - - Dividend - - 3.50 3.50 5.00 Share capital (NOK millIion) 583.06 177.37 77.37 77.37 77.37 Quoted Class A share price 31.12. (NOK) 6.04 11.50 21.00 79.00 120.00 Quoted Class B share price 31.12. (NOK) - 10.20 - - - Market capitalisation (NOK million) 1 761 996 812 3 056 4 642 Shares per 31.12 (excluding treasury shares) 291,391,777 70,562,402 38,206,866 38,197,727 38,440,155 Class B-shares per 31.12 - 17,999,444 - - - References and definitions: 1. Operating result before depreciation in percentages of total operating income. 2. Result before tax, in percentage of average equity. including non-controlling interests 3. Operating result plus interest income and result from associated company divided by average book shareholders' equity and interest-bearing debt. 4. Operating result before depreciation adjusted operational leases and excess values charter parties from mergers. 5. Current assets divided by current liabilities 6. Booked equity including non-controlling interests in percentage of total assets. 7. Result of the year for the Group divided by number of shares at the end of the year, adjusted for treasury shares. 8. Shareholders' equity divided by outstanding number of shares per 31.12. ANNUAL REPORT 2017 - SOLSTAD FARSTAD ASA 5 THE BOARD OF DIRECTORS From the left: Harald Thorstein - Director, Merete Haugli - Director, Frank O. Reidte - Director Toril Eidesvik - Director, Terje Varebarg - Chairman and Ellen Solstad - Director TERJE VAREBERG (b. 1948) ELLEN SOLSTAD (b. 1974) MERETE HAUGLI (b.1974) Terje Vareberg has an MBA from Norwegian Ellen Solstad has previously been working Merete Haugli has been a board member School of Business Administration 1974. He in RG Hagland AS and Solstad Offshore UK since the company's extraordinary general has worked as Chief Executive Officer in Ltd. Since 2003 she has been in charge of meeting on March 3, 2017. She has experi- Sparebank 1 SR-Bank and as Executive Vice the Solstad family office. Ellen Solstad ence as a board member of a number of President / Deputy CEO in Statoil. Terje holds a bachelor degree from BI Norwegian companies, including Reach Subsea ASA, RS Vareberg has national and international Business School and is board member in Platou ASA, Axactor AB and Norwegian experience from various positions / direc- several companies, among others, Wilson Property ASA. Merete Haugli has her edu- torships. Terje Vareberg was elected as ASA and Solvang ASA. Ellen Solstad was cation from "Bankakademiet" and board member in 2011, and chairman since elected board member at the Company’s Norwegian School of Management (BI). 2014. extraordinary general meeting 13 July 2016 SHARES IN SOLSTAD FARSTAD ASA: 0 SHARES IN SOLSTAD FARSTAD ASA: 84.188 SHARES IN SOLSTAD FARSTAD ASA: 0 FRANK O. REITE (b. 1970) TORIL EIDESVIK (b. 1968) HARALD THORSTEIN (b. 1974) Frank O. Reite first joined Aker in 1995, and Toril Eidesvik is a trained solicitor from UiO Harald Thorstein is currently employed by became CFO in Aker ASA in August 2015. He (1993) and has worked as solicitor with Frontline Corporate Services in London, a came from the position of President & CEO Simonsen Musæus Advokatfirma (from company indirectly controlled by trusts of Akastor, and has previously held a 1994 – 1998) and Gjensidige NOR established by Mr John Fredriksen for the variety of executive positions in the Aker Sparebank (1998 – 2002). In the period benefit of his immediate family, and thus group, including overseeing and developing from 2003 to 2008 she worked as solicitor affiliated with Hemen. Thorstein's experi- Aker's investments in Converto Capital in Caiano AS. From 2009 until 2012 she was ence includes corporate finance advisory Fund AS, Havfisk, Norway Seafoods AS and Managing Director of Green Reefers ASA services in DnB Markets, where he focused Aker Yards ASA. Frank O. Reite has experi- and from 2013 to 2014 she was CEO in the on the offshore and shipping sectors. Prior ence from banking and has served as ship supply company EMS Seven Seas ASA. to that, Thorstein was partner in the stra- Director in Paine & Partners. He is chairman She has long experience as a board mem- tegic advisory firm Arkwright. Harald of several companies within the Aker Group. ber, and today Eidesvik work as CEO in TTS Thorstein has a Master of Science degree Frank O. Reite holds a B.A. in business Group ASA. Toril Eidesvik has been a board within Industrial Economics and Technology administration from Handelshøyskolen BI in member since 2005. Management from the Norwegian Oslo. He was elected board member at the University of Technology and Science. He Company’s extraordinary general meeting SHARES IN SOLSTAD FARSTAD ASA: 3.488 was elected board member at the 13 July 2016. Company’s extraordinary general meeting 25 April 2017. SHARES IN SOLSTAD FARSTAD ASA: 0 SHARES IN SOLSTAD FARSTAD ASA: 0 ANNUAL REPORT 2017 - SOLSTAD FARSTAD ASA 6 THE BOARD'S ANNUAL REPORT Solstad Farstad ASA (“The Company”) is a world leading owner 1. BUSINESS, OBJECTIVES AND STRATEGY and operator of offshore service vessels (OSVs), offering mari- Solstad Farstad ASA’s mission is to conduct integrated shipping time services to the petroleum and renewable energy indus- operations with advanced vessels in its market segments, utiliz- tries.
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