DNB Investor Conference April 4, 2019

aqualis.no

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.
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Aqualis at a glance – A leading global energy consultancy

2018 Highlights Growth continues - Led by offshore renewables

Expansion of Global Footprint 2018/19

Aqualis has opened 3 new offices in 2018/19

Perth, Western Australia to support oil & gas and renewables developments
Taipei, Taiwan to support offshore renewables
Boston, Mass., USA to support offshore renewables

Offshore Oil & Gas

- Service offering covering the life cycle of offshore assets

Marine project / asset life cycle

	Project initiation	Engineering / design phase	Project procurement	Construction		Hook-up and commissioning	Asset management	De commissioning
e or h s Offs e c vi s er ali s u q A	Engineering (niche-focus): Basic / conceptual design / FEED Modifications and upgrades of drilling rigs / FPSOs / FSOs / lift boats Transportation & installation analysis		Construction yard supervision: Site attendance on behalf of owners, shipyards, financial institutions, 3rd parties Conversions, upgrades & New-builds Due diligence / compliancy; financial community focus		Rig moving Float-overs management	Marine operations: Transport and installation services; "moving of offshore assets" Site attendance & procedure	Mooring analyses audits	Inspection & approvals: Marine warranty services Condition and suitability surveys / DP inspections and audits Jack-up site assessments

Aqualis' key competencies cover both offshore opex and capex cycles

Offshore Oil & Gas – Blue Chip Client base

Rig market development

Working offshore rig count Rig contracting activity

Source: SpareBank 1 Markets & IHS Markit, Jan 2019 Source: SpareBank 1 Markets & IHS Markit, Jan 2019

Aqualis Offshore attends of approximately 20% of the global jack up fleet during rig moves. Main areas of focus are:

India
Middle East KSA / Qatar / UAE / Egypt
Asia Pacific Malaysia / Thailand / Brunei
Mexico
North Sea

Scopes of work include provision of:

MWS
Towmasters
Client Reps
Geotechnical
Site Specific Engineering

Bahrain LNG Terminal Project – multi faceted loadout/marine installation operation completed

Loadout of the 7200 MT topside took place in Thailand onto a smaller installation "Giant 5" barge
Barge and topside piggy backed onto a large self propelled dry transportation HLV
Topside and installation barge discharged offshore Bahrain
Topside installed by floatover within shallower water terminal area
Installation of the jacket, fabricated in South Korea, was engineered and managed by Aqualis in May 2018

Egina FPSO Station Keeping

Samsung Heavy Industries was awarded the Engineering, Supply, Construction and Commissioning of the EGINA FPSO Unit.
As part of this scope SHI transported the FPSO from Geo-Je, South Korea to Lagos, Nigeria and later towed out to the EGINA field to hook-up the FPSO to preinstalled moorings where it was held on station while the facility is being moored
Egina FPSO is spread moored on 16 lines (4x4). Located approx. 200km off coast of Nigeria in water depth ~1470m
Station keeping used 4+1 tugs with 24/7 Station keeping masters provided by Aqualis Offshore

FPSO P-67 Dry Transportation China-Brazil

▪ MWS for the dry transportation of FPSO P-67 from China to Brasil and inshore mooring at Rio de Janeiro.

▪ Largest ever cargo transported by a Heavy Transport Vessel at 80,000 MT and 288m length

Wind Turbine Installation Vessel – Construction supervision

Aqualis completed the construction supervision of Ouyang Offshore's new-build self-elevating wind turbine installation vessel, OuYang 1, at Dayang Offshore Equipment yard in Jiangsu, China. The delivery ceremony was held in January 2019
Construction supervision for Ouyang Offshore's second wind turbine installation vessel, OuYang 2, is ongoing

▪ A wind turbine installation vessel can rapidly raise its hull clear of the water to provide a stable platform for offshore construction and O&M works

GOM - MP261JP Platform Decommissioning Project

• Removal of jacket and Topside using Versabar's VB 10000 twin truss crane

OWC Provides Advisory Services Across the Market

Projects

Development, Engineering, Commercial, Technical & Project Management Support over Whole Lifecycle

Transactions

Technical Due Diligence Advisory

Business Intelligence

Market &Technology Studies & Strategy

Experience Snapshot In Some Segments

Of projects

27 GW (50 projects)

6.5 GW

5.1 GW

We have worked on many projects world wide since 2011

Due Diligence

We have undertaken peer reviews & TDD at many critical stages of projects

Geotech & engineering

We have experience of soil conditions world wide. We also optimise, reduce costs and reduce uncertainty of substructure concepts

Subsea cables

We design & evaluate risks of cable routes, determine or evaluate installation methodologies & advise on O&M & repair issues

Offshore substations

We can advise on specification, siting, procurement & construction of offshore & onshore transmission assets

Project management

We have realised full projects & support developers during preconstruction & construction

3 GW

19 GW

13 GW

Global offshore wind market development

Offshore wind capacity development Comments

Industry analyst expect the global offshore wind market to grow at 17% compound annual return from 2018 to 2025
Strong growth both in Europe and in emerging markets. Europe's share of global offshore wind capacity expected to fall from 76% in 2018 to 62% in 2025
China expected to constitute 21% of the global installed base in 2025

Source: SB1M June 2018, 4C offshore, WindEurope 2017

Triton Knoll Offshore Wind Farm

Triton Knoll offshore wind farm is a 90 x 9.5 MW Offshore Wind Farm of 860 MW in the UK.

OWC were contracted to provide specific specialist project management services for Innogy's flagship offshore wind project
This award followed on from supporting Innogy (RWE) on previous projects such as Gwynt y Môr, Nordsee Ost and Galloper offshore wind farms
OWC carried out the work with personnel from its office in London, UK

Project Management Consultancy

The project:
- Confidential Taiwan Offshore Wind project
- c400 MW project
- Circa EUR 2.3 BN of CAPEX
- Jacket-foundation project in a highly seismic area
Client: Confidential
OWC Scope:
- We are embedded into the project team 16 roles including: EPC Director, Foundation Package Manager, Site Conditions Manager, Geotechnical Engineers, Risk Manager, Interface Manager, Transportation and Installation Team, GIS Engineer, Permitting/Environmental Support
- We are using its experience across Europe to advise the Client, help set up controls to understand risk, and reduce CAPEX/DEVEX
- Site Investigation (managed by OWC) completed in 2018
- Design/Certification process ongoing, as well as contract negotiation
- OWC brings deep OW experience, local regulatory knowledge and APAC supply chain knowledge (via Aqualis Offshore, group company)

Offshore Wind Consultants – offshore wind focus

Development in Revenues ¹(USDk)

(1) Unaudited pro forma figures

Revenues and adjusted EBIT trend

Revenue LTM (USDm) Adjusted EBIT ¹ LTM (USDm, %)

(1) Adjusted EBIT: Earnings before interest and taxes adjusted for goodwill impairments, share of net profit / (loss) from associates and impairment of loan to and investment in associates

Strong balance sheet

Figures as of Q4 2018
Cash balance of USD 5.5 million
No interest bearing debt
Equity ratio of 83%

Top 20 shareholders

#	Name	Shares	%
1	Gross AS Management	7 367 996	17 4 ,
2	Carnegie Investment Bank AB	2 453 386	5 8 ,
3	AS Tigerstaden	1 886 663	4 5 ,
4	Danske Bank A/S	1 702 046	4 0 ,
5	Mp Pensjon PK	1 463 128	3 5 ,
6	AG Lgt Bank	1 402 923	3 3 ,
7	Oma Invest AS	1 400 000	3 3 ,
8	Saxo A/S Bank	1 264 743	3 0 ,
9	Nordnet Bank AB	1 238 872	2 9 ,
10	Badreddin Diab	1 001 302	2 4 ,
11	Aksjehand/Analyse Dnb Nor Markets ,	971 735	2 3 ,
12	Philip Alan Lenox	830 583	2 0 ,
13	Magne Gislerød	800 000	1 9 ,
14	Capital AS Acme	637 500	1 5 ,
15	Six Sis AG	631 192	1 5 ,
16	Alsto Consultancy Ltd	598 122	1 4 ,
17	Theofanatos Andreas	512 188	1 2 ,
18	Ian Dennis Bonnon	508 260	1 2 ,
19	Kula Invest AS	504 362	1 2 ,
20	Kim Magnus Boman	500 000	1 2 ,
	Top shareholders 20	675 27 001	65 4 ,

Source: VPS, 13.02.2019

Appendix

Alternative Performance Measures

The European Securities and Markets Authority (ESMA) issued guidelines on Alternative Performance Measures ("APMs") that came into force on 3 July 2016. The Company has defined and explained the purpose of the following APMs:

EBITDA

Management believes that "EBITDA" which excludes gain (loss) on disposal of interest in associates, depreciation, amortisation and impairments is a useful measure because it provides useful information regarding the Company's ability to fund capital expenditures and provides a helpful measure for comparing its operating performance with that of other companies. A reconciliation between reported operating profit (loss) (EBIT) and EBITDA is shown below. EBITDA may not be comparable to other similarly titled measures from other companies.

Adjusted operating profit (loss)

Management believes that "Adjusted operating profit (loss)" which excludes gain (loss) on disposal of interest in associates and impairments of goodwill is a useful measure because it provides an indication of the profitability of the Company's operating activities for the period without regard to significant events and/or decisions in the period that are expected to occur less frequently. A reconciliation between reported operating profit (loss) (EBIT) and adjusted operating profit (loss) is shown below.

Adjusted profit (loss) after taxes

Management believes that "Adjusted profit (loss) after taxes" which excludes gain (loss) on disposal of interest in associates and impairments of goodwill is a useful measure because it provides an indication of the profitability of the Company's operating activities for the period without regard to significant events and/or decisions in the period that are expected to occur less frequently. A reconciliation between reported profit (loss) after taxes and adjusted profit (loss) after taxes is shown below.

Order backlog

Order backlog is defined as the aggregate value of future work on signed customer contracts or letters of award. Aqualis' services are shifting towards "call out contracts" which are driven by day-to-day operational requirements. An estimate for backlog on "call out contacts" are only included in the order backlog when reliable estimates are available. Management believes that the order backlog is a useful measure in that it provides an indication of the amount of customer backlog and committed activity in the coming periods.

Working capital and working capital ratio

Working capital is a measure of the current capital tied up in operations. The amount of working capital will normally be dependent on the revenues earned over the past quarters. Working capital may not be comparable to other similarly titled measures from other companies. Working capital ratio provides an indication of the working capital tied up relative to the average quarterly revenue over the past two quarters.