Wilh. Wilhelmsen ASA

Investor Presentation • Sep 17, 2014

Capital Markets Day 2014 Energy / Offshore supply base market

Nils Petter Dyvik Wilh. Wilhelmsen Holding ASA

17 September 2014

Fossil fuels will be main energy source going forward, but renewable energy will have highest % growth rate

E&P spending likely to pick-up from 2015 onwards at a growth rate of 3-5%

Source: Rystad Energy, *Includes exploration CAPEX

New offshore developments will be key to deliver on global energy demand in 2025

55% of the new volumes in 2025 will come from offshore projects

10-20% yearly activity growth in offshore wind construction will further strengthen supply base market

Offshore wind farm capacity, known projects

Source: Rystad Energy

Regional growth expected in the Offshore Supply Base market

Map of high growth provinces

Offshore supply bases to grow from a market size of USD 3.8 billion globally in 2014 to USD 10.4 billion USD in 2025

Source: Rystad Energy

Energy exposure and future energy focus

WILH. WILHELMSEN HOLDING ASA

FUTURE ENERGY FOCUS FOR THE GROUP

• Further develop offshore oil and gas offer across the Group
• Strengthen offshore supply bases
• Increase focus on renewable energy and offshore wind
• Utilize Group network and capabilities for international expansion

NorSea Group positioned for future growth

• Strong and strategic presence in Norway, Denmark and UK
• Solid customer portfolio within oil and gas industry
• Moving into renewable energy through offshore wind

AMBITIONS

• Protect current market share in Norway
• Grow market share in UK sector
• Further utilize the presence in Greenland
• Large potential in developing regions like Australia
• Become a global player within offshore supply bases

WWH INVESTMENT IN NSG

- Equity investment (2012/14):	USD 85M
- Net result up to 30.6.14:	USD 20M
- Book value 30.6.14:	USD 100M
- Shareholder loan:	USD 14M

Other international:

• Australia, Perth
• Pipeline projects (West Timor)
• Various wind project locations (Turkey, China)

Presentation at WWH Capital Markets Day 17 September 2014 By CFO Steinar Modalslid-Meling

NorSea Group AS – Key Facts

Owners:

Wilh. Wilhelmsen Holding Invest AS	40 %
Simon Møkster Eiendom AS	27,9 %
Eidesvik Eiendomsinvest AS	27,9 %
Management	4,2 %

Business Concept:

To be the leading provider of supply base, integrated logistics solutions and marine services to the offshore industry.

Business Segments:

• Supply base and port operations
• Infrastructure development, operations and ownership
• Maritime logistics and Marine Engineering Services
• Product specific companies and departments

NorSea Group AS – Corporate Structure

NorSea Group, a strong presence around the North Sea and North Atlantic Basin

Overview of NSG value chain and services offered

NorSea Group, a complete supplier of logistics solutions to the energy market

Marine shore base services, stevedoring, receipt and dispatch of goods, mooring, port and agency services, customs clearance, warehousing and storage facilities, road/sea/airport transport, bulk and bunker services.

NorSea AS Stordbase AS CCB AS Vestbase AS Helgelandsbase AS Norbase AS Polarbase AS Danbor AS NSG UK Ltd

Basics Value added

Maritime Logistics Services (MLS) Chartering of vessels, vessel services, Sublet / deviation trips

Maritime Waste Management (MWM)

Total waste management operation, Downstream Solutions, Training courses, Project management, Advisory service

Maritime Engineering Services (NSG Maritime) Vessel and rig inspections, verification and inspections, design and engineering

Tracking and RFID solutions (Smart Management) RFID solutions

IRM Rig Services Classification of ships and rigs. Inspection, repair and maintenance

SubSea Services Vessel and rig inspections, verification and inspections, design and engineering

Offshore Wind Industry Support Assembly of structures, logistic support, maintenance of structures Logistics Centre Total logistics management and coordination, including 3 party services as freight forwarding, agency services, helicopter, customs handling.

Offshore solutions (Danbor) Steel production, coating, offshore manpower, catering

Real Estate and Infrastructure

Dusavik Base, a "one stop shop" service centre

Our bases are typically hosts and landlord for 40–60 companies within the oil and gas industry.

• Oil og Gas Companies
• Drilling and rig companies
• Dry bulk and drilling fluid suppliers
• Subsea equipment and services
• Subsea construction, ROV and IRM companies

• Mechanical work shops and machining

• Lifting equipment and inspections

• Containers and cargo units (CCU's)
• Inspections companies
• Engineering and construction
• Waste handling and storage
• Warehouse and storage services

Customers

Main segments

Operators O&G companies with operator status on NCS

Independents Smaller, drilling oriented companies / consortiums

Subsea contractors and IRM Contractors developing subsea fields and supporting installations

Subsea system integrators Developers of subsea installations and integrated system solutions

Major bulk and fuel companies Provides drilling fluids, cement, chemicals and fuel, and handles drill waste for Operators/drilling companies

Other service companies Other service providers for offshore activity

Rig & vessel owners Owners / operators of rigs / vessels

8 Offshore Wind Power Offshore wind power manufacturers and operators

18

Wind turbine market a huge potential for NSG

CAPEX Split

Wind turbine market a huge potential for NSG

• 4 to 12 new models expected to reach market in the next decade
• Healthy level of competition within Europe
• UK will account for 11% of the global O&M market in 2020
• Increased share of European energy will come from renewable energy
• 117.3 GW of installed wind energy capacity in the EU (110.7 GW onshore / 6.6 GW offshore)
• Availability of skilled technicians for Wind Farm Service is a key challenge in the O&M market
• Offshore wind attracts higher O&M in comparison to onshore wind
• Many wind manufacturers are planning to double or triple their workforce in the next 3-4 years
• Annual installations of wind power have increased over the last 13 years, from 3.2 GW in 2000 to 11.2 GW in 2013, a compound annual growth rate of 10%

NorSea Group AS – Balance Sheet

	June-14	June-12		June-14	June-12
Non-Current assets			Equity
Property/tangible assets	3 329	2 668	Paid in capital	1 257	1 150
Investments associates	1 213	649	Minority interest	23	18
Goodwill	3	6	Other Equity	244
Other non-current assets	13	77	Total equity	1 524	1 168
Total non-current assets	4 557	3 400

Current Assets			Non-current liabilities
Accounts receivables	509	388	Long term debt	2 175	1 651
Other current assets	135	109	Shareholder loans	519	549
Cash	101	23	Other non-current liabilities	304	3
Total current assets	744	520	Total non-current liabilities	2 997	2 203

June-14	June-12	June-14	June-12

Non-current liabilities
Long term debt	2 1 7 5	1 651
Shareholder loans	519	549
Other non-current liabilities	304	З
Total non-current liabilities	2997	2.203

Short term debt	161	133
Payables	245	218
Public duties payable	79	58
Dividend	30	30
Other current liabilities	265	110
Total non current liabilities	780	549
Total equity and liabilities	5 301	3 920
Equity ratio	29 %	30 %
…Including shareholder loans	39 %	44 %

30.06.2012 Balance is the restructured"opening" pro-forma balance on WWHI Share Purchase (not audited)

NorSea Group AS – Key Figures

									Correlation
									Revenue vs. investments					0,83
									EBIDTA vs Investments					0,96
							* data from SSB		EBIT vs Investments					0,96
Key figures NorSea-group (MNOK)
	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	1H'2014
Total revenue	521	567	509	1 085	1 340	1 584	1 276	1 399	1 692	2 479	2 359	2 785	1 583
> whereof marine chartering (MLS)	111	144	128	349	552	750	364	297	455	1 050	877	1 194	527
> whereof supply ships (VD/SM/VF)					72	83	91	98	89	91	74	60	29
Adjusted revenue (excl. CCB/Marine)	410	423	381	736	716	751	821	1 004	1 148	1 338	1 408	1 531	1 027
EBITDA - before extraordinary cost	66	96	89	169	193	226	181	197	244	295	309	350	193
(excl. CCB/Marine)
EBIT - before extraordinary cost	38	66	61	139	155	181	137	157	183	221	257	275	163
(excl. CCB/Marine)
Net Group Results Before Tax*	20	39	47	139	140	173	96	144	149	174	208	175	131
* Excluding agio/disagio on debt, 2012: 357 incl. Profit from sale of 2 supply vessels
CCB AS & KS-100 %*		2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	1H'2014
Revenue		320	176	269	317	463	509	900	574	615	1935	688	695
EBITDA		60	47	66	73	104	112	163	151	165	367	230	100
EBIT		43	34	49	53	79	87	133	117	125	322	166	67
* NSG ownes 50% of CCB