Fjord Defence Group ASA

Investor Presentation • May 7, 2024

Presentation Q1 2024

7 May 2024

Disclaimer

• · The information in this presentation has been prepared by Aquila Holdings ASA (the "Company"). By attending the media of by reading the presentation slides, you agree to be bound by the following limitations and provisions:
• · This presentation has been prepared by the Company and be a of the cate hereof. By relying on this presentation you accept the that the presentation does not cover all matters relevant of an assessment of an investment in the company.
• · No representation or waranty (expressed or in reliance should be placed on, any information, induding projections, estimates, targes and opinions, contained herein, and no lability whatsoever is accepted as misstatements contained herein, and, accordingly, none of the Company, any achise or any soch persons offices or employees accepts any incirecty or incirecty from the use of this presentation The information herein's subject to charge completion, supplements or amendments without notice.

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• · The presentation is based on the economic regultions as n effect on the late hereof, and may contain certain by their nature, forward-looking statements in over isk and une reflect the Company's current expectations and assumptions as to future events and circumstances hat may not prove accurate it should be unders and affect the information contained in this document, which neither the Company nor its a diseas are under an obligation to update, revise or affirm.
• · This complete presentation is for informational procession the Constitute an offer to sell shares in the presentation is not a prospects, discosser document or offering accument and does not purport to be completed as tem or condition of the Transaction of the Transaction is stricts confidential and may not be reproduced or redistributed, in whole or in part, to any other person.
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• · The contents of this presentation are not to be construct or tax abine. Each respient should consult with its own legal business investment ard ax adviser as to legal, business, investment and tax advice.
• · Any investment in the Company in other in estars who understand the risks associated with this type of investment and who can afford a loss of all or part of the investment. Investors should carefully revear of in the following sides before making any investment decision.
• · The presentation and any purported lability in connection with it is subject to the exclusive jurisdiction of the Novegian oourts.

Quarterly highlights

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  • Late sales USD 1.1 million .
  • Utsira reprocessing USD 1.2 million .
• · Fair value of multi-client library USD 29.5 million
• · Fair value of investment portfolio USD 5.7 million
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• · Cash earnings (loss) for the quarter USD 0.3 million, after USD 0.1 million non-recurring legal expenses**
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* Bank deposits, net trade receivable and marketable securities ** Revenue, cost of sales, SG&A

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Utsira North Sea Gulf of Suez Sett inn bilde Sett inn bilde USD 23.5m USD 5.9m

Financial assets

• · Ocean bottom node operations sold to TGS (Magseis Fairfield) in March 2022
• · Earnout structure with cap of USD 12.0 million over three years
  • · · Year-three floor payment of USD 1.5 million, subject to certain milestones
  • •
• · Booked value of financial asset USD 2.0 million

Investments

• · Selected investments in listed and unlisted securities
• Fair value of investment portfolio USD 5.7 million at end Q1 2024
  • · Capsol Technologies USD 4.8 million; acquired 396,825 shares at price of NOK 12.60 per share through a NOK 88 million primary equity offering in the quarter
  • Dolphin Drilling USD 0.5 million; divested 850,000 shares at a price of NOK 8.25 per share in the quarter

Net asset value

• Multi-client library valued at NOK 1.46 per share (book value USD 29.5 million)
• Other seismic assets NOK 0.10 per share (book value USD 2.0 million)
• Investments based on market trading prices constituting NOK 0.28 per share (book value USD 5.7 million)

Net Asset Value per Share (NOK) 3 0.23 2 0.28 1.77 -0.29 0.10 2 1.46 1 1 0 Multi-client library Other seismic assets NAV

Comprehensive income

USD millions

Comprehensive income	Q1 2024	Q1 2023
Revenue	2.3	2.9
Changes in fair value of investments (loss)	(0.7)	0.8
Cost of sales	(1.5)	(2.1)
Selling, general and administrative expenses	(0.5)	(0.5)
Amortization multi-client	(1.6)	(1.6)
Operating profit (loss)	(2.0)	(0.5)
Net financial income (loss)	(0.1)	0.1
Income tax (expense)	0.0	0.0
Profit (loss) for the period	(2.1)	(0.4)
Other comprehensive income (loss) for the period
Total comprehensive income (loss) for the period	(2.1)	(0.4)

• · Revenue relates to Utsira reprocessing and late sales
• Cost of sales primarily related to Utsira reprocessing costs
• SG&A includes non-recurring costs of approximately USD 0.1 million related to legal services
• · Cash earnings (loss) USD 0.3 million, after USD 0.1 million non-recurring legal expenses*

* Revenue, cost of sales, SG&A

Financial position

USD millions

Assets	31.03.2024	31.12.2023
Multi-client library	29.5	31.1
Investments	5.7	6.6
Financial assets	2.0	2.0
Trade receivables	1.5	1
Other current assets	1.0	1.3
Bank deposits, cash in hand	2.1	2.0
Total assets	41.8	43.9

Equity and Liabilities	31.03.2024	31.12.2022
Equity	35.9	38.1
Trade payables	0.8	0.5
Taxes payables	2.3	2.3
Other current liabilities	29	29
Total equity and liabilities	41.8	43.9

• · Seismic investments representing approximately 75% of total assets
• · No financial indebtedness
• · Equity ratio 85.8%
• Available liquid funds USD 8.7 million*
• Net asset value NOK 1.77 per share

* Bank deposits, net trade receivable and marketable securities

Cash flow

USD millions

Cash flow	Q1 2024	Q1 2023
Profit (loss) before tax	(2.1)	(0.4)
Depreciation, amortization and net impairment	1.6	1.6
Changes in fair value of investments	0.7	(0.8)
Other working capital changes	(0.2)	2.4
Cash flow from operating activities	(0.0)	2.8
Cash received/paid from investments	0.2
Cash flow from investment activities	0.2
Cash flow from financing activities
Investment in own shares	(0.1)	(1.1)
Cash flow from financial activities	(0.1)	(1.1)
Net change in cash	0.1	1.7
Cash and cash equivalents balance 01.01	2.0	2.2
Cash and cash equivalents balance per 31.03	2.1	3.9

Outlook

• Solid industry fundamentals supportive of seismic demand
  • · All major agencies expect growing demand for oil and gas
  • · Market becoming increasingly conscious about energy security in tandem with energy transition → good for oil & gas
• · Multi-client late sales remains lumpy and unpredictable
  • · Driven by licensing rounds and internal oil company scheduling
  • · Long-term underlying multi-client values and future sales potential still attractive
• · Aquila continues to review strategic transactions, both within and outside of the seismic sector
• Distributions to shareholders and/or share repurchases evaluated on a continuing basis

OBN multi-client library and investments.

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