Akastor

Investor Presentation • Apr 30, 2025

Quarterly presentation – Akastor ASA 1Q 2025

April 30, 2025

Akastor © 2025

1Q 2025 Highlights

• EBITDA (adj.) of USD 33 million in the quarter.
• Order intake of USD 198 million in the quarter, with a book-to-bill of 1x.
• Free Cash Flow of USD 15 million.
• Strong operational performance across all vessels.
• Akastor increased its ownership in AKOFS Offshore to 66.7% following the completion of the buy-out of Mitsui's stake alongside MOL.

• AKOFS Santos ranked #1 in Petrobras' tender for a fouryear MPSV contract starting July 2026, pending final negotiations.
  • Refinancing of AKOFS Seafarer completed early Q2 through a new USD 110 million non-recourse bank RCF.

▪ Agreement to sell Skandi Peregrino for USD 25 million signed, with completion expected in Q2 2025. Upon closing, Akastor plans to distribute a significant portion of net proceeds as dividend to shareholders.

NET CAPITAL EMPLOYED 1)

Financial update

Ownership agenda

Q&A

Summary and outlook

• Order intake of USD 198 million in the quarter, with a bookto-bill of 1x.
• EBITDA1) of USD 33 million in the quarter, down 2% year-onyear, with 16.5% adj. EBITDA margin impacted by product mix.
• USD 15 million in unlevered Free Cash Flow2) generated in 1Q 2025.
• Signed a new riser multi-year service agreement supporting long term visibility on service activity.
• HMH is adapting to market trends through productivity and cost measures while actively assessing the potential impact of increased macroeconomic uncertainty and new tariffs.

HMH highlights | 1Q 2025

• Revenues up 3% year-on-year driven by projects activity, partly offset by lower service volume, and down 14% quarter-on-quarter due to lower services volume and non-repeat of prior quarter contract service agreement performance.
• EBITDA down 2% year-on-year on lower service volume and down 31% quarter-on-quarter driven by lower service volume, and non-repeat of contract services agreements performance.
• Order intake down 5% year-on-year driven by lower spare orders, and down 6% quarter-on-quarter driven by lower equipment volume.
• Unlevered Free Cash Flow positive USD 15 million in the quarter. USD 47 million cash & cash equivalent at end of 1Q 2025.

Proforma financials, IFRS

1Q24 2Q24 3Q24 4Q24 1Q25

EQUIPMENT BACKLOG 2) USD millions

EBITDA MARGIN (Adj.) 17.2 20.0 21.7 20.4 16.5

1Q24 2Q24 3Q24 4Q24 1Q25

FREE CASH FLOW 3) USD millions

Akastor © 2025 1) EBITDA adjusted for non-recurring expenses or costs defined as outside of normal company operations (USD 3 million adjustment in the period, including specific costs related to a cost reduction program). 2) Equipment backlog defined as order backlog within Projects, Products and Other.

3) Free Cash Flow (unlevered) defined as cash generated from operating activities, less capex and development costs, and presented before interest payments.

Product line highlights

Aftermarket Services

• Revenue down 10% year-on-year driven by lower overhaul and repair activity, and down 19% quarter-on-quarter driven by high contribution from contract service agreement in prior quarter and lower digital technology volume.
• Order intake for 1Q 25 was USD 102 million, up 22% year-on year and up 12% quarter-on-quarter driven by overhaul and repair order intake.

Spares

• Revenue flat year-on-year and up 8% quarter-on-quarter driven by improved convertibility of existing backlog.
• Order intake for 1Q25 was USD 61 million, down 17% year-on-year and down 2% quarter-on-quarter following the trend of restrained spending by customers due to concern about lower utilization.

Projects, Products & Other

▪ Revenue up 34% year-on-year driven by project milestones, and down 25% quarter-on-quarter driven by product volume.

Akastor © 2025 Slide 6 1) Aftermarket Services: Includes services provided on installed drilling equipment and integrated digital solutions.

2) Spares: Comprises replacement parts for installed equipment.

3) Projects, Products & Other: Includes drilling equipment packages for new or reactivated rigs, standalone drilling products, and equipment for mining and other industries.

1Q24 2Q24 3Q24 4Q24 1Q25

Net interest-bearing debt

• Net debt of USD 153 million as per end of period (excl. shareholder loans).
• Leverage, NIBD/LTM EBITDA (adj.), at 1.0x per 1Q 2025.
• RCF undrawn per Q1 2025 (USD 15 million, net repaid during the quarter).

IBD as per end of period	Amount	Key terms
Senior Secured Bond	200	Nordic Bond raised in 4Q 2023. Maturity November 2026. Fixed rate 9.875%.
Super Senior Secured RCF	0	USD 50m facility, maturity May 2026. Margin 350 – 425 bps.
Gross Interest-Bearing Debt	200
Net shareholder loans 1)	126	Subordinated, 8% PIK interest

Financial update

Ownership agenda

Q&A

Net Capital Employed

Net Capital Employed per 1Q 2025 1) Development in 1Q 2025

Net interest-bearing debt

Net debt development

NOK million

1Q 2025 highlights

• Net cash position of NOK 19 million at quarter-end, including Akastor corporate cash with NOK 262 million invested in a short-term fixed-income liquidity fund1), partly offset by DDW Offshore net debt of NOK 252 million.
• Net investment cost in 1Q in connection with the increase of Akastor's exposure towards AKOFS Offshore of NOK 35 million.
• "Other" (as shown in graph) includes a final NOK 64 million payment settling the guaranteed preferred return to Mitsui and MOL, as well as non-cash FX gains of NOK 26 million.

NOK million	10 2025
Non-current bank debt	207
Current bank debt	75
Liquidity fund investment 1)	-262
Cash and cash equivalents	-41
Net bank debt	-19
AKOFS receivable	-491
HMH receivable 2)	-255
Other receivables	-43
Mitsui seller credit	80
Net interest-bearing debt (NIBD)	-729

External financing facilities and liquidity

Overview of financing facilities

Facility	Size	Maturity	Margin
Revolving Credit Facility (Akastor corporate)	USD 30 million	June 2026	4.0%
Share financing facility (Akastor corporate)	NOK 70 million [1]	Uncommitted	1.5%
Term loan (DDW Offshore)	USD 27 million	September 2026	10.85% [2]

• One instalment paid on DDW term loan in period, reducing outstanding balance to USD 27 million.
• No draw on corporate facilities per end of period.

Liquidity as of 31 March 2025

• Liquidity fund investment included in overview, as holding is convertible to cash on short notice.
• Cash includes NOK 33 million within DDW Offshore.
• Revolving Credit Facility remained fully undrawn per end of period.

Income statement 1Q 2025

NOK million	1Q 2025	1Q 2024
Revenue	76	43
Other income	0	599
Revenue and other income	76	642
EBITDA	3	573
EBIT	-11	567
Net financial items	-154	48
Profit (loss) from equity-accounted investments	-31	-21
Profit (loss) before tax	-197	593
Tax income (expense)	O	O
Profit (loss) from cont. operations	-197	593
Net profit (loss) from disc. operations	0	-1
Profit (loss) for the period	-197	593

Revenue and other income (NOK million)	1Q 2025	1Q 2024
DDW Offshore	75	39
Other	1	603
Reported Group revenue and other income	76	642
EBITDA (NOK million)	1Q 2025	1Q 2024
DDW Offshore	28	-8
Other	-25	581
Reported Group EBITDA	3	573

COMMENTS

• AKOFS Offshore remains classified as a joint venture and accounted for using the equity method in the consolidated financial statements.
• Joint venture holdings, including HMH and AKOFS, are not consolidated in the Akastor group financials. Consolidated revenue and EBITDA thus only represent a minor part of Akastor's investments.

Income statement 1Q 2025 (cont.)

NOK million	1Q 2025	1Q 2024
Revenue	76	43
Other income	0	599
Revenue and other income	76	642
EBITDA	3	573
EBIT	-11	567
Net financial items	-154	48
Profit (loss) from equity-accounted investments	-31	-21
Profit (loss) before tax	-197	593
Tax income (expense)	0	O
Profit (loss) from cont. operations	-197	593
Net profit (loss) from disc. operations	0	-1
Profit (loss) for the period	-197	593

NOK million	10 2025	10 2024
Odfjell Drilling	11	5
NFS Fircroft	-8	-1
Other investments	-6	-14
Contribution from financial investments	-2	-9
Net interest on borrowings	7	-33
Net foreign exchange gain (loss)	-159	96
Other financial income (expenses)	0	-6
Net financial items	-154	48
HMH	24	57
AKOFS Offshore	-50	-76
Other	-4	-2
Profit (loss) from equity-accounted investments	-31	-21

COMMENTS

• Net financial items include noncash items from financial investments and a non-cash net foreign exchange loss of NOK 159 million.
• Equity-accounted investments contributed negatively with NOK 31 million (non-cash for Akastor).

Financial update

Ownership agenda

Q&A

Portfolio overview

Company	Service offering	Ownership
	Full-service drilling equipment and service provider	50%
	Engineering staffing and solution provider for technical industries	~15%1)
	Subsea well construction and intervention services	66.7%
	Owner of 3 mid-sized AHTS vessels	100%
	Owner and operator of harsh environment drilling units	1.3%
	Energy and marine consultancy company	~5%
	International upstream oil and gas company	~2%
	Independent service provider to offshore wind and other energy sectors	36%
	Legacy drilling contractor	~7%

Business model

• Global full-service offshore and onshore drilling equipment provider with a broad portfolio of products and services.
• Large installed base providing firm foundation for strong customer relationship and recurring streams.

Quarterly highlights

• Revenues up 3% year-on-year driven by project milestones.
• EBITDA (adj.) of USD 33 million in quarter, with a margin of 16.5%.
• Despite restrained spending by customers due to concern about lower utilization, order intake came in at USD 198 million in the quarter, with a book-to-bill of 1x.
• Free Cash Flow positive USD 15 million in the quarter.

Ownership agenda

• Expand the business through organic growth and valueadding acquisitions.
• Maintain a leading market position via customercentric R&D, catalyzed by digital technologies.
• Targeting to make investment liquid.

Large installed base of 120 offshore drilling rigs2)

1) EBITDA adjusted for non-recurring expenses or costs defined as outside of normal company operations (USD 3 million adjustment in 1Q 25).

Akastor © 2025 Slide 16 2) Includes floaters, jack-ups, and fixed platforms with HMH BOP pure stacks or topside packages. Down four units from Q4 due to retirement of three floaters (Valaris DPS-3, DPS-5, DPS-6) and one jack-up reclassified due to BOP stack change. Includes 15 cold-stacked units, down two from Q4 as two rigs were retired.

NES Fircroft

Business model

• World's leading engineering staffing and solution provider for highly technical industries spanning a range of staffing services: Contract, Permanent Hire & Managed Solutions.
• Diversified range of high growth and strategic endmarkets with a recurring client base within different sectors: Oil & Gas, Power & Renewables, Infrastructure, Life Sciences, Mining, Automotive and Chemicals.

Quarterly highlights1)

• Despite a challenging environment for permanent placements, NESF delivered a 7% increase in EBITDA year-over-year and an improvement in gross margins to 12.3%.
• Net debt reduction of USD 7 million compared to 4Q 2024, improving NIBD/EBITDA ratio to 1.5x.
• Named a Top Staffing Company to Work For in 2025 by the World Staffing Awards.

Ownership agenda

• Pursue growth through both organic initiatives and selective M&A.
• Optimize value at exit.

1Q24 2Q24 3Q24 4Q24 1Q25

Leading global provider of engineering workforce management solutions with approx. 90 global offices

Net Interest-Bearing Debt per 1Q 251) of USD 215 million (excl. IDF draw of 108 million)

Akastor © 2025 Slide 17 1) Fiscal year end 31st October. Figures presented on 100% basis.

2) Underlying EBITDA comprises earnings before interest, tax, depreciation and amortization and before exceptional items and management recharges. This is considered a better approximation of profit as it is calculated by excluding all non-trading expenditure and non-cash items from operating profit.

AKOFS Offshore

Business model

• Vessel-based subsea well construction and intervention services covering all phases from conceptual development to project execution and offshore operations.
• Operates two SESV vessels in Brazil on contract with Petrobras and one LWI vessel in Norway on contract with Equinor.

Quarterly highlights

• Aker Wayfarer and AKOFS Santos delivered revenue utilization of 94% and 98%, respectively. AKOFS Seafarer delivered technical uptime above 95%, with revenue utilization of 85% due to weather.
• AKOFS Santos ranked #1 in Petrobras' tender for a four-year MPSV contract starting July 2026, pending final negotiations.
• Refinancing of AKOFS Seafarer completed early April through a non-recourse USD 110 million reducing revolving bank facility with maturity in December 2028. Proceeds to be used to refinance bank loan and a NOK 105 million shareholder loan, finance upcoming SPS, and general corporate purposes.

Ownership agenda

• Secure delivery on order backlog.
• Explore strategic initiatives.

DDW Offshore

Business model

• Owns three Anchor Handling Tug Supply (AHTS) vessels with capability to operate and support clients on a world-wide basis.
• The vessels are specially designed to perform anchor-handling, towing, and supply services at offshore oil and gas fields.

Quarterly highlights

• Agreement to sell Skandi Peregrino for USD 25 million signed in quarter, with completion expected in Q2 2025. Net proceeds after debt repayment estimated to about USD 15 million.
• Skandi Emerald operated at 100% utilization under its contract with Petrofac.
• Skandi Atlantic began its new one-year contract in January, achieving 88% utilization during period.
• Skandi Peregrino recorded 0% utilization during transit to Australia. Start-up of the new contract delayed due to technical issues, with commencement expected in Q2.

Ownership agenda

• Secure fleet utilization.
• Optimize value at exit.

Key priorities for Akastor going forward

Akastor © 2025

DISTRIBUTION TO SHAREHOLDERS (CASH OR SHARES) TARGETING TO DISTRIBUTE PROCEEDS FROM FUTURE REALIZATIONS TO SHAREHOLDERS

Slide 20

Akastor © 2025 Slide 21

Financial update

Ownership agenda

Q&A

Appendix

Selected transactions since inception in 2014

Akastor © 2025 Slide 23 1) Pref shares USD 75m + warrants; 2) cash gain; 3) Plus earnout; 4) USD 75m cash + USD 20m seller credit settled in June 2023; 5) Equity value. Proceeds partly in ABL shares, with value based on NOK 15 per ABL share; 6) of which 50% shared with the DDW Offshore lenders; 7) Value of shares received per day of receival.

Consolidated Income Statement

	First Quarter
NOK million	2025	2024
Revenues and other income	76	642
Operating expenses	-73	-69
EBITDA	3	573
Depreciation	-14	-6
Operating profit (loss)	-11	567
Net financial items	-154	48
Profit (loss) from equity-accounted investments	-31	-21
Profit (loss) before tax	-197	газ
Tax income (expense)
Profit (loss) from continuing operations	-197	593
Net profit (loss) from discontinued operations		-1
Profit (loss) for the period	-197	593
Attributable to:
Equity holders of Akastor ASA	-197	593 :

Consolidated Statement of Financial Position

	March 31	December 31
NOK million	2025	2024
Property, plant and equipment	347	390
Right-of-Use assets	8	ರಿ
Non-current interest bearing receivables	500	485
Equity-accounted investments	3 533	3 733
Other investments	1 183	1 251
Other non-current assets	ਜ	।
Total non-current assets	5 570	5 868
Current operating assets	149	108
Current interest-bearing receivables	336	304
Liquidity fund investment	262	376
Cash and cash equivalents	41	47
Total current assets	787	835
Total assets	6 357	6 704
Equity attributable to equity holders of Akastor ASA	5 528	5 859
Total equity	5 528	5 859
Employee benefit obligations	72	76
Non-current liabilities	195	195
Non-current borrowings	254	292
Non-current lease liabilities	ব	5
Total non-current liabilities	525	568
Current operating liabilities	145	191
Current borrowings	155	82
Current lease liabilities	এ	4
Total current liabilities	304	277
Total equity and liabilities	6 357	6 704

Consolidated Statement of Cash flows

	First Quarter
NOK million	2025	2024
Profit (loss) for the period	-197	593
(Profit) loss for the period - discontinued operations	0
Depreciations, amortization and impairment - continuing operations	14	റ
Other adjustments for non-cash items and changes in operating assets and liabilities	162	-649
Net cash from operating activities	-20	-49
Payments for Property, Plant and Equipment	-0	-58
Payments related to sale proceeds adjustment for prior years' divestments	-51	-2
Proceeds from finance lease receivables	O	5
Net changes in liquidity fund investments	118	0
Investment in joint ventures	-35	-14
Net cash from investing activities	31	-୧୨
Net changes in external borrowings	-19	75
Instalment of lease liabilities	-1	-10
Net cash from financing activities	-20	65
Effect of exchange rate changes on cash and cash equivalents	3
Net increase (decrease) in cash and cash equivalents	-6	-46
Cash and cash equivalents at the beginning of the period	47	144
Cash and cash equivalents at the end of the period	41	ට ව

Alternative Performance Measures (1 of 2)

Akastor discloses alternative performance measures as a supplement to the consolidated financial statements. Such performance measures are used to provide an enhanced insight into the operating performance, financing abilities and future prospects of the group.

These measures are calculated in a consistent and transparent manner and are intended to provide enhanced comparability of the performance from period to period. It is Akastor's experience that these measures are frequently used by securities analysts, investors and other interested parties.

• EBITDA earnings before interest, tax, depreciation and amortization, corresponding to "Operating profit before depreciation, amortization and impairment" in the consolidated income statement
• EBIT earnings before interest and tax, corresponding to "Operating profit (loss)" in the consolidated income statement
• Net current operating assets (NCOA) a measure of working capital. It is calculated by current operating assets minus current operating liabilities, excluding current financial investments
• Net capital employed (NCE) a measure of all assets employed in the operation of a business. It is calculated by net current operating assets added by non-current assets minus deferred tax liabilities, employee benefit obligations, other non-current liabilities and total lease liabilities
• Gross debt sum of current and non-current borrowings, which do not include lease liabilities
• Net debt gross debt minus cash and cash equivalents and highly liquid investments held in liquidity fund
• Net interest-bearing debt (NIBD) net debt minus non-current and current interest-bearing receivables
• Equity ratio a measure of investment leverage, calculated as total equity divided by total assets at the reporting date
• Liquidity reserve comprises cash and cash equivalents, highly liquid investments held in liquidity fund and undrawn committed credit facilities

Alternative Performance Measures (2 of 2)

NOK million		March 31 2025	December 31 2024
	Non-current borrowings	254	292
	Current borrowings	155	82
Gross debt		409	373
Less:
	Cash and cash equivalents	41	47
	Liquidity fund investment	262	376
	Net debt (Net cash)	106	-49
Less:
	Non-current interest-bearing receivables	500	485
	Current interest-bearing receivable	336	304
	Net interest-bearing debt (NIBD)	-729	-839

NOK million	March 31 2025	December 31 2024
Total equity	5 528	5 859
Divided by Total assets	6 357	6 704
Equity ratio	87%	87%
Cash and cash equivalents	41	47
Liquidity fund investment	262	376
Undrawn committed credit facilities	315	340
Liquidity reserve	617	763

NOK million	March 31 2025	December 31 2024
Current operating assets	149	108
Less: Current operating liabilities	145	191
Net current operating assets (NCOA)	4	-84
Plus:
Total non-current assets	5 570	5 868
Less:
Non-current interest-bearing receivables	500	485
Employee benefit obligations	72	76
Other non-current liabilities	195	195
Total lease liabilities	8	9
Net capital employed (NCE)	4 799	5 020

Key figures | Group

AKASTOR GROUP

NOK million	1Q 24	2Q 24	3Q 24	4Q 24	1Q 25	YTD
Revenue and other income	642	ਰ ਹ	පිටි ම	90	76	76
EBITDA	573	28	25	23	3	ദ
EBIT	567	19	8	27	-11	-11
NCOA	872	-180	-84	-84	4	4
Net capital employed	5 523	4 714	4 832	5 020	4 799	4 799

Key figures | Split per company (1/4)

HMH

Figures presented on 100% basis

USD million	1Q 24	2Q 24	3Q 24	4Q 24	1Q 25	YTD 2025
Revenue	ਰਤੋਤ	208	210	232	198	198
EBITDA (adj) [1]	33	42	46	47	33	33
EBITDA	32	40	44	47	29	29
EBIT	20	28	32	35	15	15
Order intake	209	179	194	211	198	198
Equipment backlog 12]	249	229	220	205	185	185
NIBD (incl. shareholder loans)	265	289	316	289	279	279

Key figures | Split per company (2/4)

AKOFS OFFSHORE

Figures presented on 100% basis

USD million	1Q 24	2Q 24	3Q 24	4Q 24	10 25	YTD 2025
Revenue and other income	32	35	38	34	34	34
EBITDA	ி	10	11	8	10	10
EBIT	-1	-0	।	-2	O	O
CAPEX and R&D capitalization	1	1	ട്	।	2	2
Net capital employed	309	305	297	271	281	281
Order intake				296	-	-
Order backlog	321	285	252	506	491	491
NIBD (incl. shareholder loans and lease liabilities)1)	361	363	358	352	295	295

Key figures | Split per company (3/4)

DDW Offshore

NOK million	1Q 24	2Q 24	3Q 24	4Q 24	1Q 25	YTD 2025
Revenue and other income	રેત્વે જણાવી તેમ જ દૂધની ડેરી જેવી સવલતો પ્રાપ્ય થયેલી છે. આ ગામમાં પ્રાથમિક શાળા, પંચાયતઘર, આંગણવાડી તેમ જ દૂધની ડેરી જેવી સવલતો પ્રાપ્ય થયેલી છે. આ ગામમાં પ્રાથમિક શાળા, પ	57	97	85	75	75
EBITDA	-8	15	40	44	28	28
EBIT	-12	7	24	49	15	ਹੈ 2
NCOA	14	-19	43	25	33	33
Net capital employed	316	338	388	415	380	380

Key figures | Split per company (4/4)

OTHER HOLDINGS

NOK million	1Q 24	2Q 24	3Q 24	4Q 24	1Q 25	YTD 2025
Revenue and other income	603	34	2	5	1	।
EBITDA	587	ਹਤ	-15	-21	-25	-25
EBIT	579	12	-16	-22	-26	-26
NCOA	858	-160	-127	-109	-29	-29
Net capital employed	1 620	843	832	891	902	902

Copyright and disclaimer

Copyright

Copyright of all published material including photographs, drawings and images in this document remains vested in Akastor and third party contributors as appropriate. Accordingly, neither the whole nor any part of this document shall be reproduced in any form nor used in any manner without express prior permission and applicable acknowledgements. No trademark, copyright or other notice shall be altered or removed from any reproduction.

Disclaimer

Presentation of quarterly results is not audited and may deviate from statutory reporting. This Presentation includes and is based, inter alia, on forwardlooking 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 Akastor ASA and Akastor ASA's (including subsidiaries and affiliates) lines of business. 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 Akastor ASA. oil prices, 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 Akastor ASA 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. Akastor ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Akastor ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.

AKASTOR ASA

Oksenøyveien 10, NO-1366 Lysaker, Norway P.O. Box 124, NO-1325 Lysaker, Norway

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