Soiltech

Investor Presentation • Oct 31, 2024

Q3 2024 Presentation 30 October 2024

AN INNOVATIVE TECHNOLOGY COMPANY SOLVING A PRESSING ISSUE, FOR A GREENER FUTURE

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Disclaimer

This presentation (the "Presentation", which term shall be interpreted to include references to this document, the presenters' speeches, the question-and-answer session and any other related verbal or written communication) has been prepared by Soiltech ASA (the "Company" or "Soiltech"), a company with shares admitted to trading on Euronext Expand.

All of the information herein has been prepared by the Company solely for use in relation to this Presentation. The information contained herein does not purport to contain all information concerning the Company. No party has made any kind of independent verification of any of the information set forth herein if not specifically expressed in the Presentation, including any statements with respect to projections or prospects of the business or the assumptions on which such statements are based. The Company does not make any representations or warranty, express or implied, as to the fairness, accuracy, reliability, completeness or correctness of this presentation or of the information contained herein. The information contained in this Presentation is current as of the date hereof and should be considered in the context of the circumstances currently prevailing and has not been, and will not be, updated to reflect material developments which may occur after the date of the Presentation. Neither the Company, nor any of its subsidiary undertakings or affiliates or any such person's directors, officers, employees, advisors or representatives (collectively the "Representatives") shall have any liability whatsoever arising directly or indirectly from the use of this Presentation or in any other written material furnished or information orally transmitted to a recipient of this Presentation.

Included in this Presentation are various "forward-looking statements", including statements regarding the intent, opinion, belief or current expectations of the Company or its management. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance and outcomes to be materially different from any future results, performance or outcomes expressed or implied by such forward-looking statements, including, among others, risks or uncertainties associated with the Company's business, segments, development, growth management, financing, market acceptance and relations with customers, and, more generally, general economic and business conditions, changes in domestic and foreign laws and regulations, taxes, changes in competition and pricing environments, fluctuations in currency exchange rates and interest rates and other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this Presentation. An investment in the Company and its shares involves risks, and several factors could cause the actual results, performance or achievements of the Company as described herein to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this Presentation. Reference is made to the risk factors included in the listing prospectus published by the Company in relation to the listing on Euronext Expand, available on www.soiltech.no.

This Presentation is not a prospectus or similar registration document and does not constitute or form an offer to sell, or a solicitation of an offer to purchase, any securities in any jurisdiction, and neither the issue of this Presentation nor anything contained herein shall form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity. This Presentation should not be considered as a recommendation by the Company, or any other person in respect of the Company, including any affiliated companies or successors, to invest in its securities.

This Presentation is governed by Norwegian law and any disputes related to it are subject to the ordinary courts of Norway.

GOOD DELIVERY ACROSS THE FULL TECHNOLOGY PORTFOLIO

• Q3 Adjusted EBITDA of NOK 13.4 million
• Q3 Revenues of 67.6 million
• Q3 Profit before tax of NOK 3.5 million before IPO expenses
• 100% commercial uptime

WELL POSITIONED TO TAKE ADVANTAGE OF MARKET OPPORTUNITIES

• Environmental regulations for discharge to sea and air continues to tighten
• Demand for sustainable waste management services increasing
• Proactive investment of around NOK 100 million in new equipment available for future projects

NEW CONTRACTS SECURED WITH INDUSTRY LEADING COMPANIES

• Call-offs under frame agreements with Equinor and Transocean
• Contracts with PGNIG and COSL Drilling
• Contract with Pipetech international for pipe cleaning on refinery

Strong recurring blue-chip client base

Contract Status Norway

NORWAY			2024				2025			2026			2027			2028			2029
Rig Name	Rig Type	/ Client End client	Q1	Q2		Q3 Q4	Q1		Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Askeladden	Jackup	Equinor*
Askepott	Jackup	Equinor*
Oseberg B	Platform	Equinor*
Oseberg Sør	Platform	Equinor*
Heidrun	Platform	Equinor*
Visund	Platform	Equinor*
Statfjord B	Platform	Equinor*
Njord B	FSU	Equinor***
Noble Invincible	Jackup	Noble Drilling / Aker BP**
Noble Integrator	Jackup	Noble Drilling / Aker BP**
Deepsea Aberdeen	Semisub	Odfjell Drilling / Equinor
Deepsea Atlantic	Semisub	Odfjell Drilling / Equinor
Deepsea Stavanger	Semisub	Odfjell Drilling / Equinor
Deepsea Yantai	Semisub	PGNIG/DNO
Transocean Enabler	Semisub	Transocean / Equinor
Transocean Spitsbergen	Semisub	Transocean / Equinor
COSLPromoter	Semisub	COSL Drilling / Equinor
Shelf Drilling Barsk	Jackup	Shelf Drilling / Equinor
Brage	Platform	Odfjell Tech. / OKEA
West Phoenix	Semisub	Seadrill / Vår Energi

* Frame contract until 31.05.2034. POs are renewed annually

** Frame contract

*** Services are provided on a call-out basis

Note: Contract start, and length is Soiltech's best estimate. Contracts normally follow the rig's contract. When change in client there may be periods without operation. Rigs may carry out Special Periodic Surveys and rig moves where there are no activity.

Contract Status International

INTERNATIONAL				2024			2025				2026				2027
Rig Name	Rig Type	Client / End client	Location	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Swift 10	Jackup	Wintershall Dea	Netherlands
Noble Resolute	Jackup	Petrogas	Netherlands
Noble Voyager	Drillship	Noble Drilling***	Suriname
Noble Resilient	Jackup	/ Wintershall Dea Petrogas	/ Denmark UK
Endeavor Ocean	Semisub	Shell	UK
Valaris JU 121	Jackup	Shell	UK
Mariner A	Platform	/ Odfjell Technology Equinor*	UK
Transocean Barents	Semisub	/ / Total Transocean ENI	/ Lebanon Cyprus
Ran	Jackup	Harbour Energy	Mexico
Island Innovator	Semisub	Tullow Oil	Mauritania
Upper Zakum	Land rig	Offshore ADNOC	Abu Dhabi
Fawley Refinery	Refinery	/ Pipetech Exxon	UK

* Frame contract until 31.05.2034. POs are renewed annually

** Frame contract

*** Services are provided on a call-out basis

Note: Contract start, and length is Soiltech's best estimate. Contracts normally follow the rig's contract. When change in client there may be periods without operation. Rigs may carry out

Special Periodic Surveys and rig moves where there are no activity.

SOILTECH
			FOR A GREENER FUTURE

INCOME STATEMENT (NOK 1,000)	Q3 2024	Q3 2023	YTD 2024	YTD 2023
Revenues	67 647	66 381	193 362	171 268
Operating cost	(40 524)	(39 852)	(118 031)	(102 233)
Gross profit	27 122	26 529	75 331	63 035
Gross profit margin	40 %	40 %	39 %	40 %
SG&A	(13 695)	(10 783)	(37 859)	(31 412)
Adjusted EBITDA	13 427	15 746	37 472	37 623
Adjusted EBITDA margin	20 %	24 %	19 %	22 %
Adjustments*	(5)	(486)	1 335	(1 582)
EBITDA	13 422	15 260	38 807	36 042
Depreciation	(6 144)	(4 491)	(16 079)	(13 235)
Expenses related to IPO **	(13 581)	0	(17 549)	0
Operating profit	(6 303)	10 769	5 179	22 806
Operating profit margin	-9 %	16 %	3 %	13 %
Net financial items	(3 751)	(2 534)	(9 439)	(5 312)
Profit before tax	-10 054	8 235	-4 260	17 495
Profit before tax margin	-15 %	12 %	-2 %	10 %

Profit before tax

Q3 Profit before tax (excluding expenses related to IPO) came to MNOK 3.5.

YTD 2024 Profit before tax (excluding expenses related to IPO) came to MNOK 13.3.

BALANCE SHEET (NOK 1,000)	30.09.2024	31.12.2023
Total assets	408 323	350 681
Total equity	192 297	170 565
Equity ratio %	47 %	49 %

Cash flow (NOK 1,000)	YTD 2024	YTD 2023
Profit before tax	-4 260	17 495
Net cashflow from operating activities	19 624	23 360
Net cashflow from investing activities	(32 553)	(41 192)
Net cashflow from financing activities	20 057	14 844
Total net cash flow	7 128	-2 988
Cash at beginning of period	26 783	38 832
Cash at end of period 30.09	33 911	35 844

Net interest bearing debt
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Net interest bearing debt as of Q3 is MNOK 149.7, an increase from MNOK 111.2 as of end 2023. This is due to investments in new equipment for further growth.

Liquidity
Unused portion of bank credit facility as of 30.09.2024 is MNOK 39.6, giving available cash as of Q3 MNOK 73.5.

Outlook

• Cleaner production of energy and reduced pollution of the oceans are key drivers for Soiltech's growth
• Tightening of environmental regulations in EU and world-wide for discharge to sea and air
• In the short term we anticipate higher activity in Q4
• We expect this upward trend to gain significant momentum through 2025 and into 2026

Summary

• High activity in the quarter
• Around NOK 100 million in new equipment available for future projects
• New contracts secured with industry leading companies
• Tightening of environmental regulations in EU and rest of the world, driving Soiltech's growth
• Short term we anticipate higher activity in Q4
• This upward trend is expected to gain significant momentum through 2025 and into 2026

Contact: Tove Vestlie (CFO) Tove.vestlie@soiltech.no

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Soiltech AS Koppholen 25, 4313 Sandnes, Norway www.soiltech.no

Soiltech UK 12 Carden Place, AB10 1UR, Aberdeen

Soiltech Abu Dhabi Gibca Tower, Khalifa 3rd Street, Abu Dhabi