ABL Group — Investor Presentation 2015

Sep 3, 2015

Pareto Conference – Oslo, Norway

3 September 2015

DISCLAIMER

• This Presentation has been produced by Aqualis ASA (the "Company" or "Aqualis ") solely for use at the presentation to investors and other stake holders and may not be reproduced or redistributed, in whole or in part, to any other person. This presentation is strictly confidential, has not been reviewed or registered with any public authority or stock exchange, and may not be reproduced or redistributed, in whole or in part, to any other person. To the best of the knowledge of the Company, the information contained in this Presentation is in all material respect in accordance with the facts as of the date hereof, and contains no material omissions likely to affect its importance. However, no representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither the Company nor any of its subsidiary companies or any such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this Presentation. This Presentation contains information obtained from third parties. Such information has been accurately reproduced and, as far as the Company is aware and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information to be inaccurate or misleading.
• This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or any of its parent or subsidiary undertakings or any such person's officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results.
• 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 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 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.
• By attending or receiving this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company's business. This Presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such an offer or solicitation in such jurisdiction.

Background summary

• Young Company
• Started trading in March 2013
• Headquartered in Oslo
• Expanding Global office network
• Well financed
• Listed on Oslo Main Bors
• ISO 9001: 2003 Accredited

Courtesy Oslo BØRS

• Servicing the offshore energy markets Oil and Gas + Renewables (Wind and Solar)
• Multi disciplined and experienced staff
• Approved by main International Underwriters for MWS
• Working direct for Oil Companies / Shipyards / Offshore Contractors / Asset Owners
• Ambitious growth plans and targets
• Evolving into an Energy Consulting Company
• Purchased 49.9% of Adler Solar with closing expected Q3 2015

Energy consultancy services

• Tristein AS was merged with Aqualis Offshore AS effective 1 January 2015
• Adler Solar MOU signed 1st September 2015. Closing expected in Q3 2015

The combined Energy Consulting Group

Global Presence – 18 Offices in 13 Countries

ADLER Solar in Germany

• Office and service center Anzing near Munich
• Service teams and PV experts

ADLER Solar global network

Since starting operation, Aqualis have quickly become a market leader in energy consulting due to the following key reasons:

• Fully Independent
• Highly Competent and experienced Management Team
• Global Network of offices
• Strong financial backing
• Employee ownership
• Broad service offering
• Efficient, Client focused, dynamic, flexible

Aqualis Offshore – service offering

Service offering

10

Selected clients

Offshore Wind Consultants – in brief

• Incorporated in November 2011
• Based in London, England
• Globally focused specialised consultancy providing independent services to offshore renewables industry
• Recognised as one of the leading service providers of consultancy services for offshore wind projects
• Will provide access to the offshore wind and renewables industry, in addition to enhance the overall service offering

Service offering

Consultancy services

Due diligence

Project management support services

Engineering services

Expert witness

Selected clients

• Vattenfall
• East Anglia Offshore Wind
• Gwynt y Mor Offshore Wind Limited
• RWE Innogy GmbH
• Galloper Offshore Wind Limited
• Trianel GmbH
• Dong Energy
• Mainstream Renewable Power Limited
• Navitus Bay Offshore Park
• Iberdrola Renewables
• ScottishPower
• SNC Lavalin Capital

Adler service portfolio

Our service portfolio in accordance with the "lifecycle" of a PV system

Before grid connection: < 2 years		After grid connection: < 25 years
Planning	Delivery	Construction	Operation	End of Life
Engineering Services Surveys, expert reports, analysis Planning support Technical documentation Procurement Consultation Procurement of components Procurement logistics F048 / 04.15 V 3.0	PV test center Incoming goods inspection offsite Incoming goods inspection onsite (MBJ) Logistics Logistics Management Transportation Warehousing	Engineering Services Technical consultation Construction supervising and monitoring Expert reports Measurements for the commissioning Documentation 9/3/2015	Engineering Services Expert reports Technical Due Diligence Failure and damage analysis, measurements, tests Warranty/guarantee check PV test center (onsite or offsite) Visual inspection, testing, measurements, repair Service Teams Maintenance, inspection, fault clearance Repair and Replacement Dialog Center Customer support Warranty management Procurement Spare parts / components 14	Engineering Services Repowering Service Teams Replacement / exchange of components Dismantling Packing Logistics Transportation Warehousing Spare part management Recycling Sales support Marketing of modules and components on the secondary market

Adler target groups

Manufacturers	Wholesaler	Plant managers / operators	Insurance companies
- After-Sales-Services - Warranty and claim management - Inspection, analysis, diagnosis - Repair and spare part management / logistics	- Incoming goods inspection - Warranty and claim management - Logistics and warehouse management	- Maintenance - Inspection - Fault clearance - Cleaning and grass/tree cutting - Warranty and damage handling	- On-site inspection - Expert reports - Spare part management - Plausibility checks - Damage data bank
PV experts	Engineering companies	EPC / Installers	Owners
- Installation / removal - On-site testing - Off-site testing (Service Center) - Support with expert reports - Spare part management and logistics	- Planning support - Construction supervising - Expert reports - Technical Due Diligence - Acceptance Measurements	- Consulting - Claim and warranty management - On-site testing - Experts reports - Spare parts and logistics	- Problem analysis, testing, repair - Incoming goods inspection - Guarantee check - Expert reports - Spare parts and logistics
Banks / funds	Energy providers	Consulting	Governmental / public sector
- Expert Reports - Technical Due Diligence - Bankability tests	- Consulting - Training - Expert reports - Installation - Removal	- Reference Deloitte - tbd …	- Reference dena - tbd …

Existing target groups (proactive sales activities) > 1 year

New target groups (proactive sales activities) < 1 year

Potential target groups for active sales activities

Revenues – quarterly development

(1) Tristein AS included from May 2014; OWC Ltd from July 2014

Recruitment – quarterly development

(1) Numbers include contractors on 100% utilization equivalent basis

(2) Tristein AS included from May 2014; OWC Ltd from July 2014

Backlog – monthly development

USD thousands

* Includes OWC from November 2014

Solid financial position (30.06.15)

• No interest-bearing debt
• 85% equity ratio
• Strong liquidity position:
• USD 20.4m in cash and cash equivalents

Top 20 shareholders (30.06.15)

NAME	COUNTRY	# OF SHARES	% HELD
STRATA MARINE & OFFSHORE AS	NORWAY	5450973	12,62 %
GROSS MANAGEMENT AS	NORWAY	5281109	12,23 %
AQUALIS HOLDCO LIMITED	UK	2187500	5,06 %
ARCTIC FUNDS PLC	BELGIUM	1761830	4,08 %
PERSHING LLC	USA	1395789	3,23 %
QVT FUND V LP	BELGIUM	1190105	2,76 %
BINKLEY CAPITAL AS	NORWAY	1133664	2,62 %
T10 INVEST AS	NORWAY	979660	2,27 %
AGITO HOLDING AS	NORWAY	900000	2,08 %
FERNCLIFF LISTED DAI AS	NORWAY	843310	1,95 %
LENOX	SINGAPORE	830583	1,92 %
DIAB	USA	814648	1,89 %
SAXO BANK A/S	DENMARK	718812	1,66 %
VERDIPAPIRFONDET DNB SMB	NORWAY	712973	1,65 %
SIX SIS AG	SWITZERLAND	660487	1,53 %
ALSTO CONSULTANCY LTD	SEYCHELLES	598122	1,38 %
BONNON	UK	555074	1,29 %
THEOFANATOS	BRAZIL	512188	1,19 %
OFFSHORE & MARINE CONSULTING AS	NORWAY	500094	1,16 %
AMAN MARINE LIMITED	UNITED ARAB EMIRATES	492187	1,14 %
		27519108	63,71 %

Ferncliff and associated companies + Gross: approx. 27%

Management and employees: approx. 23%

Sample Key Contracts

2015 – main new contract wins

• Pre-engineering work for European floatover project for Petrofac
• Project management services to Indonesian mining company Newmont for upcoming second phase of pipetrailing and replacement
• Large FMEA audits on 3 x accommodation units for COSCO Shipyard
• Re-award of annual DP trials of 4 x shuttle tankers in South America for HHI, Korea
• Call-out contract from Saipem for site specific location approvals for fleet of semisubmersible and jack up drilling units
• MWS services to Seadrill for dry transportation of several units
• MWS services to Smart Cargo for dry transportation of oil barges from China to Nigeria
• Supervision of floatover installation offshore Malaysia for Swiber, Malaysia
• Attendance for offload of jack up drilling rig in Vietnam on behalf of POSH Terasea
• Provision of offshore marine representation to Vattenfall for the second phase of its offshore project
• Provision of Rig Move Master for McDermotts offshore Saudi Arabia

Jack Up Rig Moving

Since starting trading, we have focussed on jack up rig moving operations globally

Our SoW is either provision of Towmasters / Rig Movers or covering the MWS

We have been well supported by the market – rig owners / underwriters / oilco's

And have been awarded rig moving and Rig Move Master contracts by McDermott's / ONGC / Saudi Aramco and have an on going contracts in Norway

Global Spread of Jack Up Rig Moving Operations

• Now attending on over 10% of the global Jack Up Rig fleet
• Largest independent company involved in Jack Up rig moving in Middle East
• Second largest rig moving company in NCS after Statoil

Mekers Liftboat 103-4 Basic Design

Principal dimensions

Hull Length overall	68.00 m
Hull beam molded	40.00 m
Hull depth molded	7.20 m
Draft	4.00 m
Leg length	103 m
Displacement	abt. 8,400 MT
Open deck area	abt. 1,200 m2

Operating Environmental Limits

Water Depth	70 m
Max. wave height	6.1 m
Period of Max. wave	8 sec
Current Speed	1.5 knots

Mekers Liftboat 103-4 Construction Monitoring

• 2 Units being built at Dajin Shipyard, Jiangsu Province, China
• Construction to commence Sept. 2015 and Jan. 2016 for delivery 18 months later
• Full site team provided by Aqualis for Construction Monitoring throughout
• Full basic design to be provided by Aqualis Offshore through Houston office

Capacities
Total Variable Load	1,500 MT	Hydraulic Jacking System
Deck Variable Load	800 MT	Pinions / gear boxes	48
Fuel Oil	480 MT	Available Jacking capacity	150 MT
Potable water	500 MT	Storm Holding capacity	315 MT
Deck Strength	7.5 t/m2	Min Jacking Speed - Hull elevating	1.0 m/ min
		Main Machinery Equipment
Complement	250+50 Men	Main generator	8 X 940 kW
Propulsion		Emergency generator	250 kW
Azimuthing thrusters	4 X 1500 kW	Deck cranes
		Main crane:	2X200 MT @ 49 m

PT Newmont – Replacement of Tailing Line 2015

• Annual replacement of subsea tailing lines from a mine at Sumbawa, Indonesia.
• Modified HDPE pipe tow-out methodology and continuously upgrades of equipment have reduced the duration of the offshore campaign significantly over the years.

Deliveries:

• Project Management
• Contractual Management
• Vessel Suitability Surveys
• Document Review
• Calculations
• CAD Storyboards
• Equipment preparations
• Inspection of CPI
• Marine Representatives
• Reporting

Technical due diligence

We offer technical due diligence to owners and financial institutions to assess the project risk prior to the project execution; during the construction phase; prior to acquisition of an asset.

With our assistance, owners and financial institutions can obtain an objective expert view on the actual project performance or asset value, as an important input to the decision making process related to loans or acquisitions.

• Audits of new semi-submersibles under construction, for bank syndicate
• Technical Due Diligence of existing floating production units as basis for acquisition of company
• Audit of existing semi-submersible during yard stay, for bank syndicate
• Evaluation of all 30 semi-submersibles on the Norwegian Continental Shelf, for acquisition planning
• Audit of new semi-submersibles under construction, prior to further drawings on loans

DP Projects

• FMEA Sevan DP3 Accommodation units Cosco Nantong
• FMEA HHI DP2 Shuttle Tankers HHI
• FMEA DP2 DSV Ajang Harapan Harapan Shipping
• DP Technical Authority Support for Brunei Shell Petroleum
• DP Technical Authority Project Support Shell Prelude (Australia)
• DP Technical Authority Project Support Shell Malakai (Malaysia)
• DP Technical Authority Project Support Shell Gumusut (Malaysia)
• DP Technical Authority Project Support Shell Malampya (Philippines)
• DP Project Support Technip Laila D12 (Malaysia)
• BG Group DP 2 Shuttle Tanker Acceptance Trials
• Sino Repsol DP 2 Shuttle Tanker Acceptance Trials
• Petrobras DP 2 Shuttle Tanker Acceptance Trials
• Marine Containment Vessel (GOM) ExxonMobil ASOG
• FMEA and Trails for GMS, Abu Dhabi liftboat fleet

SK316 Topside Floatover Installation – Marine Operations

• Joined AHT Swiber Else-Marie in Singapore for 6 nos. anchor pre-lay operation prior to topside arrival in field.
• Attendance on the AHT during the floatover installation.
• Topside installation barge "Holmen Pacific" Departed MMHE yard on her way to NC3 gas field located in SK316 Block,~200km North of Bintulu, Sarawak
• 2 x Floatover Superintendent and 1 x Marine Operations Superintendent will join offshore for the floatover installation.

Scope of work includes:

• Documents Review and Comments
• Tug suitability surveys
• FPSO Inspection at the yard and attendance during sailaway

FPSO Installation in Bertam Field, Offshore West Malaysia oWater depth 76m o14 mooring lines

Floatover of Floating Structures – Feasibility Study for DSME

• Hull Overall 88.3 x 88.3m
• Column Width 18.15m
• Column Height 60.50m
• Pontoon Width 14.10m
• Pontoon Height 10.50m
• Hull Weight 20,000MT
• Topside Overall 88.3(L) x 76.0(B) x 12.5m(H)
• Topside Weight 18,000MT

T-shape Barge

Floatover of Floating Structures – Feasibility Study for DSME

Floatover Preparation for Hull Structure

• Determine operation site nearby yard.
• Water depth to be confirmed; Hull draft + 5m (UKC).
• No obstacle for operation; traffic, sea farm, etc.
• Positioning for Hull to be used withe her existing positioning systems.
• Mating aids like LMU, fenders, mooring systems, etc. to be prepared.

Floatover of Floating Structures – Feasibility Study for DSME

FPSOlutions

FPSOLUTIONS provides a unique one-stop service solution to the client from long tow to field installation of floating structures, including mooring lines hook up and deck operation. The project team consists of key personnel with necessary experience and skills to ensure a successful tow and installation.

The solutions include:

• Overall project management
• Supply ocean towing tugs and AHTS
• Perform towage and installation engineering
• Provide Risk and Safety Management
• Perform mooring analysis and design
• Develop marine operation procedures
• Pre-sail away activities in the yard
• Perform marine operations towage, positioning, handover and deck operation
• Provide and manage 3 rd party services – Marine Training Simulation, Tug Management System, Weather Forecast and Monitoring Services

FPSOlutions

FPSOlutions advantages:

• A single towage and installation contractor
• Provides customers a seamless interface
• Effective contractual and operation controls
• Cost efficiency management

FPSOlutions is an alliance between POSH Terasea Offshore Pte Ltd and Aqualis Offshore Pte Ltd.

POSH Terasea is a specialist offshore marine service contractor, primarily focusing on niche specialty services like towage and mooring installation of FPSOs, Floating Production Systems, semi-submersibles and other offshore installations. It operates a fleet of new high horse power ocean towing tugs of between 150 to 250 tons bollard pull.

ICHTHYS CPF positioning

POSH TERASEA and AQUALIS OFFSHORE will jointly execute the project management and execution of the CPF position keeping scope of work, consisting of:

• Project management, interfaces/ coordination and meetings
• Review position keeping design basis and analysis performed by MCS Kenny
• Prepare quality and HSE plans
• Prepare position keeping procedures and drawings
• Prepare position keeping simulation scenarios
• Prepare tug management system (TMS) specification
• Prepare offshore weather forecast specification
• Prepare offshore emergency response plan (ERP)
• Prepare offshore bridging document

Provide a position keeping team to direct and control the position keeping tugs

In summary, since the birth of Aqualis, the company has developed rapidly into a leading energy consultancy in the market based on the following core fundamentals:

• Evolving into an energy consultancy across both the oil and gas sector as well as the renewable division in both solar and wind
• Highly Competent and experienced Management Team located around a global network represented in all the major energy hubs
• Client focused, working closely together to achieve a common goal as a partnership rather than just as a vendor
• Fast growing company always looking to strengthen its position in the energy industry by both organic and inorganic means

Thank You – Any Questions?