Hunter Group ASA

Investor Presentation • May 28, 2018

Disclaimer

This presentation (the "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 Dwellop AS ("the "Company").

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 the Company, oil prices, exploration and production spending levels in the oil industry, 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 the Company 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. The Company is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither the Company nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.

This Presentation reflects the conditions and views as of the date set out on the front page of this Presentation. The information contained herein is subject to change, completion, or amendment without notice. In furnishing this Presentation, the Company undertakes no obligation to provide the recipient with access to any additional information.

An investment in the Company involves risk, and several factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this Presentation, including, among others, risks or uncertainties associated with the Company's business, segments, development, growth management, financing, market ac ceptance 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 materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this Presentation. The Company does not intend, and does not assume any obligation, to update or correct the information included in this Presentation.

This Presentation does not constitute an offer or an invitation to buy, subscribe or sell shares of the Company or any other securities in any jurisdiction.

This Presentation must be read in connection with other publicly available information about the Company. The contents of this Presentation are not to be construed as financial, legal, business, investment, tax or other professional advice.

This Presentation is subject to Norwegian law. Any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of the Norwegian courts with Oslo District Court as legal venue in the first instance.

DWELLOP AT A GLANCE

• A company with a long history, strong customer relations with a good reputation in well intervention niche markets.
• Delivering topside handling equipment for well intervention and P&A operations.
• The market is in strong growth, hence, great new project opportunities.

Platform for value creation and growth in the oil service space

Dwellop is an IOR technology company providing systems for recovering more oil and gas from the well.

The P&A technology provides efficient operations in old wells.

• ▪Organic growth and accretive deals
• Capitalize on changing market dynamics in the industry
• Future investments to encompass both new and bolt-on acquisitions -

▪Targeting next generation oil service companies

• Increased Oil Recovery ("IOR")
• Differentiating technologies
• Competitive cost
• Focusing on oil companies' opex, rather than capex
• Target to become a significant player within its market niche

Going forward

• Growth plan
• Fuel organic growth by expanding leasing business model
• Expand after market services
• Strategic partnership / alliances Accretive bolt-on acquisitions
• Near term ambitions
• Two work-over rigs annually
• WIS products in excess of NOK 100m
• Combined EBITDA margin of around 20%
• Long term ambitions
• Turnover exceeding NOK 1bn
• Maintain strong EBITDA margin

Objective to intervention become the leading offshore well technology provider

	Work-over rigs (WOR)	Well intervention systems (WIS)
▪	Cantilevered & standalone solutions	▪ Topside handling equipment for coil tubing and wireline
▪	Proven technology	operations ▪ Wide portfolio of recognized and field proven solutions, vetted globally
▪	Generic solution to ensure cost-effective and safe well intervention and P&A1 operations
		• After Market - Rental

• *This ambition is based on rig contracts being signed mid 2018. Without rig contracts the prognosis is turnover in 2018 of 97 MNOK with a break even result.
• *2018: order intake Q1 for WIS is 30 MNOK, 95% higher than 2017.
• General comment; very versatile performance as a result of being a project organisation.

The rationale for well intervention

Production over time (years)

International oil major:

"Well intervention is extremely good business. The cost per barrel from well intervention is 5-10 times less than drilling new wells. We need efficient handling systems".

Increased incremental return on existing offshore infrastructure

Well intervention market – work-over rig

Shallow offshore platforms & wells1

8,000 platforms 24 yrs avg age of wells

3.3 wells per platform

• EOR through either production / development drilling or well intervention
• Saudi Aramco alone has a continuously demand for about 15 units²to change electrical submersible pumps (ESP) ▪
• Today it exists 20 liftboats able to carry the work-over rig; in addition to 8- 10 under construction³

Large – Existing – Growing – Expanding

• 1) Selected regions shallow water platforms (less than 65m water depth) and corresponding data. Source Infield Systems, Maybank and Triyards
• 2) 700 wells, average 16 days incl mob to change an ESP pump with two years lifespan
• 3) GMS and management

Work-over rig | A versatile solution

Low weight 440 MT – Cantilever reach – Safer operation

Renowned portfolio of well intervention systems

Powerstand Rough design, proper guiding and tubing protection combined with minimum weight, represent valuable profit with respect to rig-up and operation.

Advanced Tension Frame Providing optimum work conditions for coiled tubing operations on floaters such as semi-submersible rigs and drill ships.

Jacking Frame Enabling increased productivity and safety during coiled tubing operations on fixed installations and TLP`s by ensuring efficient injector handling.

Well Intervention Towers Enabling safe and efficient coiled tubing and wireline operations on fixed platforms by improving rigging time, access and safety.

Cost efficient – Safe operation – High quality – Vetted globally

Client relations

- solid track record and growing client base