ABL Group — Investor Presentation 2022

Aug 31, 2022

2022 Q2 results

31 August 2022

abl-group.com

1. Highlights Reuben Segal, CEO

1. Financial review Dean Zuzic, CFO

Reuben Segal, CEO

Disclaimer

• This Presentation has been produced by ABL Group ASA (the "Company" or "ABL Group") 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.

Q2 2022 Highlights

• Revenue of USD 41.4m, up 8% compared to Q2 2021 (USD 38.3m)
• Revenue growth primarily driven by renewables consultancy OWC (+25% YoY) and specialist engineers Longitude (+35% YoY)
• Adjusted EBIT of USD 4.7m (Q2 21: USD 2.8m)
• Adjusted EBIT margin of 11.3% (Q2 21: 7.2%)
• EBIT of USD 3.9m (Q2 21: USD 2.3m)
• Net cash of USD 8.7m (Q1 22: USD 10.4m)
• Cash outflow driven by dividend and debt repayment of USD 3.7m
• Semi-annual dividend of NOK 0.3 per share paid in June
• Sale of Adjusting business unit completed end of May
• Acquisition of Add Energy completed in July

Our Markets

Renewables hits milestone 30% of revenues LTM

6

(1) OWC segment includes activities in OWC, Innosea and East Point Geo entities

ABL Group Service Portfolio

CONSULTING & ENGINEERING

• Owner's engineering
• Technical due diligence
• Site investigations
• Geotechnical & geophysical
• Marine operations
• Construction supervision • Advance analysis & simulation
• Client reps & secondments
• Marine design, upgrade & conversion • Cable engineering • HSEQ & risk engineering • Clean shipping • Digital services • Asset & integrity management • Well engineering, management & servicing • Well control

LOSS PREVENTION

Marine surveys, inspections & audits

• Vessel and marine
• assurance
• Rig inspections and assurance
• Industrial standard audit
• Vessel condition survey
• Pre-purchase survey

Marine warranty survey

• Renewables
• Oil & gas
• Operations
• Project cargo
• Rig moving
• Decommissioning

LOSS MANAGEMENT

Marine casualty support & management

• Salvage & wreck removal
• Hull & machinery (H&M) claims
• P&I claims

Expert witness & litigation

• Energy expert witness & litigation
• Marine expert witness & litigations

• Marine casualty investigations

• In July, ABL Group acquired 100% of the shares of energy and engineering consultancy Add Energy

• ABL Group also acquired substantially all interest-bearing debt in Add Energy from its main lender DNB
• Total consideration of NOK 21.75 million for acquisition of the equity and interest-bearing debt
• The share purchase was settled through a NOK 1.75 million cash consideration to Add Energy's shareholders
• The debt purchase was settled through issuance of NOK 20 million in ABL Group ASA shares to DNB²
• Add Energy will operate as an independent business unit within ABL Group in the medium term, reporting to Dr RV Ahilan, ABL Group's chief energy transition officer

Add Energy key financials (NOK million)
2017 2018 2019 2020 20211
Revenue	312	343	304	291	209
EBITDA (adj)	24	11	13	19	-9

"It is fair to say that Add Energy recently has underperformed financially. However, we share a large amount of common clients, and we know that there are great value creation opportunities in translating their regional based business to our extensive global office network. ABL Group has a proven track record of scaling up consultancy businesses, to the benefit of clients, and we will apply this successful blueprint to Add Energy too,"

Dr RV Ahilan

Chief Energy Transition Officer ABL Group

8

² 1,582,279 new shares, based on a subscription price of NOK 12.64 per share (15-day VWAP as of 8 July 2022) Note: Add Energy will be consolidated from Q3 2022

Add Energy – Transaction rationale

Broadens group service offering to asset integrity ✓ management and OPEX services for O&G and renewables

Improving global energy transition offering through carbon ✓ storage, geothermal and energy efficiency services

Opportunities to globalise Add Energy's services using our ✓ international network and for cross-selling to our client base

Combining with a talent-rich company, adding +140 experts ✓ and skilled consultants to our global team

✓ Attractive entry point amid improving demand for O&G services

Bringing in complementary OPEX O&G services and new energy transition capabilities

Some of Add Energy's capabilities

Asset and Integrity Management Enhancing plant and business performance in the safest and most efficient way possible

Well Engineering and Management Assure safety, regulatory compliance and efficiency in your drilling, production and decommissioning projects

Safety and Risk Engineering Technical assurance of safety and mitigation of risks

Training and Advisory Access solutions to enhance performance, reduce cost and assure integrity

Decarbonization and Energy Transition Accelerating your transition to net-zero

Software Unlock performance improvements opportunities, optimize costs and assure integrity of your facility

Sale of Adjusting business unit completed in May

• ABL has sold its Adjusting business to the management of the business unit (now trading as SteegeXP)
• Revenues of approximately USD 10 million in 2021, predominantly from the oil and gas sector
• Rationale
• Negative synergies: Clients perceived conflicts of interest with other business lines, especially following LOC acquisition
• High level of working capital causing subpar return on capital
• The enterprise value of the transaction was approximately USD 5.8 million
• Cash consideration of approximately USD 0.2 million
• Seller's credit of USD 1 million to be repaid over 15 months from completion
• Accounts receivable of approximately USD 4.5 million related to the Adjusting Business remains with ABL Group and will be gradually collected as cash
  • Option to sell any uncollected amounts to SteegeXP 18 months from completion, subject to certain restrictions
• Reduced shareholder dilution
• 1.3 million share options with exercise price NOK 3.32 terminated as a result of Adjusting employees leaving ABL

Global partner, local expert – Reached 1,000 employee milestone

Global footprint provides clients with local expertise and swift response

RENEWABLES

Project: Owner's engineer on the Valorous floating wind project

• OWC awarded contract for owner's engineering services for the pre-FEED of the Valorous floating wind project
• Developed by Blue Gem Wind (JV between Total and Simply Blue Group)
• Valorous will be located approx. 47 km southwest of Wales, at water depths of 70-84 metres, and is estimated to feature up to 27 floating wind turbines
• The scope of work is to deliver owner's engineering for:
• Pre-lease engineering and consenting scope
• Deliverables for lease application in upcoming Celtic Sea leasing round
• Prepare the project for pre-FEED
• Follows OWC's work as owner's engineer on Blue Gem Wind's Erebus floating wind project

"We are pleased to continue the relationship with OWC and partners. Project design and development is a core skill of the UK supply chain, and we are delighted to award this contract to a UK business."

David Groves

Commercial Manager Blue Gem Wind

RENEWABLES

Project: Lender's Technical Advisor on Hollandse Kust Zuid

• OWC has been awarded a contract to provide lender's technical advisor (LTA) on the 1.5GW Hollandse Kust Zuid offshore wind farm
• Milestone award for OWC in strategically important LTA market
• Hollandse Kust Zuid will be the world's biggest offshore wind project upon completion
• It will be located approx. 20 km from the coast, featuring 140 turbines of 11 MW each and 2 offshore wind substations
• The scope of work includes:
• Technical due diligence on all aspects of project design, delivery, and operations
• Concluding report to lenders, and to help ensure as part of construction monitoring that permitting, design, manufacturing, and construction expenditure progresses in line with project lenders' assumptions

OIL & GAS

Project: MWS for Jansz-lo Compression

• ABL Australasia has been awarded an MWS contract for Chevron's Jansz-lo Compression (J-IC) project, a modification of the existing Gorgon development, offshore Western Australia
• ABL will be providing MWS approvals over four groups of activities as follows:
• OIC Offshore Installation Contract
• FCS Field Control Station (Construction and Transportation to Australia)
• HVPACTS High Voltage Power and Communication Transmission System
• High Value and General Project Cargo
• The scopes of work will be managed from our Perth offices but will involve collaborative delivery utilizing numerous ABL entities, predominantly in Asia and Europe, between Q3 2022 and Q1 2026

MARITIME / ENERGY TRANSITION

Project: NEOM Green Hydrogen Project

• ABL Group's independent engineering and design arm, Longitude Engineering, are providing engineering support to Air Products – the primary EPC contractor on the NEOM green hydrogen project, Saudi Arabia
• The NEOM Green Hydrogen Company (NGHC) aims to build the world's largest green hydrogen production facility from local onshore wind and solar power, which will then be exported globally as green ammonia
• The green ammonia will be converted back into green hydrogen to fuel the transport sector
• Scope of work relates to the export jetty and interface between ammonia tankers and the jetty, including:
• Engineering review of FEED design
• Pre-EPC risk review to minimize cost, schedule and safety risks
• EPC tendering support and review
• Engineering support at detailed design and construction

Staff growth continues, to be accelerated by Add Energy acquisition

• Average staff levels up 2% from Q1 to Q2
• Sale of Adjusting reduced permanent headcount by 37 from end of May
  • Staff levels increased 4% in rest of business
• Acquisition of Add Energy will increase total headcount by approximately 140 from July
• Subcontractor share of 30%, up from 29% in Q1
• Subcontractor model provides a flexible cost base
• Subcontractors mainly utilised in renewables and oil & gas sectors, to accommodate seasonal and cyclical variations
• Targeted recruitment underway for additional technical staff

Highlights Q2 2022 Staff level development¹(Not including Add Energy)

1. Highlights Reuben Segal, CEO

2. Financial review Dean Zuzic, CFO

Reuben Segal, CEO

Revenue and adjusted EBIT

Revenue (reported) LOC

Adjusted EBIT

19 Note: LOC results consolidated from 1Q21. Unless otherwise noted, figures prior to 1Q21 are as reported as AqualisBraemar. Adjusted EBIT: Refer to Alternative Performance Measures in Appendix

Segment revenues and EBIT

• Revenue growth primarily driven by renewables consultancy OWC (+25% YoY) and specialist engineers Longitude (+35% YoY)
• Group EBIT margin increase mainly driven by improved profitability in Europe (9% margin), OWC (9%) and Longitude (21%)
• Continued strong EBIT contribution from Asia Pacific (11% margin) and Middle East (15%)

20 1) Adjusted EBIT: Refer to Alternative Performance Measures in Appendix

3) Other revenue consists of eliminations. Other EBIT consists of group overheads and eliminations

Income Statement

USD thousands

Consolidated income statement	Q2 2022	Q2 2021	1H 2022	1H 2021	FY 2021
Revenue	41 367	38 266	81 010	74 964	150 748
Total revenue	41 367	38 266	81 010	74 964	150 748
Staff costs	(20 624)	(20 868)	(41 767)	(41 163)	(81 978)
Other operating expenses	(16 117)	(14 218)	(31 002)	(27 690)	(57 605)
Depreciation , amortisation and impairment	(758)	(899)	(1 567)	(1 971)	(3 790)
Operating profit (loss) (EBIT)	3 868	2 281	6 673	4 140	7 375
Gain / bargain purchase disposal of subsidiaries on	8 4	-	8 4	-	5 4
Finance income	1 6	4	5 8	4 1	112
Finance expenses	(278)	(243)	(393)	(406)	(765)
Net foreign exchange gain (loss)	(843)	(175)	(424)	(495)	(592)
Profit (loss) before income tax	2 847	1 866	5 998	3 281	6 184
Income tax expenses	(703)	(778)	(880)	(1 065)	(2 965)
Profit (loss) after tax	2 145	1 088	5 118	2 216	3 218

• Revenues of USD 41.3 million for Q2, up 8% from Q2 2021 (USD 38.3 million)

• EBIT of USD 3.9 million (Q2 21: USD 2.3m)
• Adjusted EBIT of USD 4.7m (Q2 21: USD 2.8m)
• Adjusted EBIT margin of 11.3%
• EBIT adjustments relate to share-based compensation, amortisation of intangible assets, M&A transaction costs and other extraordinary or non-cash items
• Depreciation, amortization and impairment (USD 0.8 million) includes approximately USD 0.3 million depreciation of right-of-use assets (IFRS 16) and USD 0.1 million amortization of intangible assets

Strong financial position, returning excess cash to shareholders and banks

Highlights Q2 2022

• Net cash¹ of USD 8.7 million (Q1 22: USD 10.4 million)
• USD 18.7 million cash (Q1 22: USD 21.2 million)
• USD 10.0 million bank debt (Q1 22: 10.8 million)
• Capitalised lease of USD 8.4 million (Q1 22: USD 3.9 million)
• Net cash flow of USD -1.8 million
• USD 2.8 million cash flow from operations
• USD -4.7 million cash flow from investing and financing, primarily dividends, debt repayment and lease payments
• Working capital of USD 35.9 million
• Down from USD 36.4 million in Q1, driven by Adjusting sale
• Working capital as % of quarterly revenue down to 89%
• Up to USD 5.5 million working capital related to Adjusting to be gradually freed up over next 18 months

Working capital² (% of quarterly revenue)

Semi-annual dividend of NOK 0.3 per share paid in June

• NOK 0.3 per share dividend paid in June, corresponding to USD 2.9 million
• Returning capital to shareholders remains a strategic priority for ABL Group
• ABL Group has implemented a semi-annual dividend schedule
• Based on the authorisation granted at the AGM, the Board expects to resolve and declare an additional dividend during the second half of 2022 based on profitability and improved working capital
• Total dividend paid 2021: NOK 0.5 per share, corresponding to approx. USD 5.4 million

Paid and proposed dividends (NOK/share)

H1 2020 H2 2020 H1 2021 H2 2021 H1 2022

1. Highlights Reuben Segal, CEO

2. Financial review Dean Zuzic, CFO

Reuben Segal, CEO

Summary and outlook

• Highest quarterly revenues, EBIT and EBIT margin in company's history
• Lower activity in existing ABL business should be expected in Q3 in line with normal seasonality
• Acquisition of Add Energy to boost revenue growth in Q3 and onwards
• Current low profitability of Add Energy will impact group EBIT margin in the short term
• Strong market outlook across the energy sector as focus turns to energy security
• Renewables: Continued strong growth in existing and new geographies
• O&G: Expected major activity growth in 2022 and beyond from low levels
• Rates are improving and expected to continue, staying ahead of the curve
• Improving capital efficiency and returning cash to shareholders
• Semi-annual dividend of NOK 0.3 per share paid in June, corresponding to USD 2.9 million
• The Board expects to resolve and declare an additional dividend during the second half of 2022
• Ambition: 50% renewables and energy transition services in business mix by 2025
• We will continue to be active in consolidation of the energy consultancy industry

Appendix

© 2012-2022 ABL Group

ABL Group targets

• Financial targets
• Organic revenue growth of 5 percent over a business cycle
• Renewables and energy transition services target at 50% of revenue in 2025
• Adjusted EBIT margin of 10 percent (excluding effects from IFRS 16 Leases and items affecting comparability) over a business cycle
• More efficient cash management and working capital use in the group
• Dividend policy: The Company's intention is to pay a semi-annual dividend in support of its objective to maximise capital efficiency. The majority of the Company's free cash flow is intended to be distributed, subject to maintaining a robust cash buffer to satisfy commitments and support working capital requirements, planned capital expenditure and growth opportunities

OIL & GAS

Jackup activity up 10% from trough, E&P capex growing from low levels

E&P spending (Y/Y chg)

RENEWABLES

Project: ABL to support Hollandse Kust Noord as MWS

• Awarded contract to provide marine warranty surveyor (MWS) services for the Hollandse Kust Noord offshore wind farm
• Hollandse Kust Noord offshore wind farm will have a 759 MW nominal capacity, located 18.5 km from shore. It will include 69 turbines of 11MW, situated 1 km apart and installed in 15-28 m of water depth
• The 1st turbine will be put in water by 2023

"The Hollandse Kust Noord offshore wind farm will have a big impact on the offshore wind energy market. With CrossWind and partners actively involved with R&D to identify innovation and renewable technology clustering to maximise efficiency, this is a great project to be involved in. We are excited to get started." Jetze-Dirk Spijksma

Project Manager at ABL's Dutch operations ABL Group

¹ Billing ratio excludes management, business development, administrative support staff and temporary redundancies. Figure calculated as billable hours over available hours. Available hours excludes paid absence (public holidays, time off in-lieu, compassionate leave, authorized annual leave) and unpaid absence (sabbatical and other unpaid leave).

General (1/2)

Basis of preparations

This presentation provides consolidated financial highlights for the quarter of the Company and its subsidiaries. The consolidated financial information is not reported according to requirements in IAS 34 (Interim Financial Reporting) and the figures are not audited.

The accounting policies adopted in the preparation of this presentation are consistent with those followed in the preparation of the last annual consolidated financial statements for the year ended 31 December 2021. A description of the major changes and the effects are included in note 2 (standards issued but not yet effective) of the ABL annual report 2021 available on www.abl-group.com.

The Company has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

Alternative Performance Measures (APMs)

ABL discloses APMs in addition to those normally required by IFRS. APMs are meant to provide an enhanced insight into the operations, financing and future prospects of the company. Certain items may not be indicative of the ongoing operating result of the company and are excluded from the alternate profit measures. Profit measures excluding those adjustment items are presented as an alternative measures to improve comparability of the underlying business performance between the periods. The Company has defined and explained the purpose of the following APMs:

Adjusted EBITDA which excludes depreciation, amortization and impairments, share of net profit (loss) from associates, transaction costs related to acquisitions, restructuring and integration costs 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. EBITDA may not be comparable to other similarly titled measures from other companies.

Adjusted EBIT which excludes amortisation and impairments, share of net profit (loss) from associates, transaction costs related to acquisitions, restructuring and integration costs 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.

Adjusted profit (loss) after taxes which excludes amortisation and impairments, share of net profit (loss) from associates, transaction costs related to acquisitions, restructuring and integration costs and certain finance income 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.

Order backlog is defined as the aggregate value of future work on signed customer contracts or letters of award. ABL's services are shifting towards "call-out contracts" which are driven by day-to-day operational requirements. An estimate for backlog on "call-out contracts" 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 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 includes trade and other receivables and contact assets, trade and other payables, current tax payable, and contract liabilities. 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.

General (2/2)

Alternative Performance Measures (APMs) continued

Return on equity (ROE)

ROE is calculated as the adjusted profit (loss) for the period attributable to equity holders of the parent, divided by average total equity for the period. The adjusted profit (loss) is annualised for interim period reporting. This measure indicates the return generated by the management of the business based on the total equity.

Return on capital employed (ROCE)

ROCE is calculated as the adjusted EBIT for the period, divided by average capital employed for the period. Capital employed is defined as total assets less non-interest bearing current liabilities. The adjusted EBIT is annualised for interim period reporting. This measure indicates the return generated by the management of the business based on the capital employed.

Net cash

Net cash is calculated as the cash and cash equivalents minus interest-bearing debt excluding lease liabilities. This is a useful measure because it provides an indication of the company's liquidity, without being affected by drawdown and repayment of bank debt or the length of the group's office leases. ABL Group's lease liabilities predominantly relate to office leases of varying length, and depreciation of such leases is included in the Operating Profit (EBIT) and Adjusted EBIT measures.

Adjustment items

USD thousands
Adjustment items (EBITDA)	Q2 20	Q3 20	Q4 20	FY 20	Q1 21	Q2 21	Q3 21	Q4 21	FY 2021	Q1 22	Q2 22
Restructuring and integration costs	5 5	5 2	3 0	185	283	3 6	2 9	1 4	362	-	-
Other special items (incl . share-based expenses)	7 6	8 0	8 3	318	106	353	531	485	1 475	209	456
Transaction related M&A costs to	130	1 0	1 253	1 393	7 6	-	-	-	7 6	-	262
Total adjustment items (EBITDA)	262	141	1 367	1 897	465	389	560	500	1 914	209	718
Adjustment items (EBIT)	Q2 20	Q3 20	Q4 20	FY 20	Q1 21	Q2 21	Q3 21	Q4 21	FY 2021	Q1 22	Q2 22
Adjustment items (EBITDA)	262	141	1 367	1 897	465	389	560	500	1 914	209	718
Amortisation and impairment	-	-	-	-	8 9	8 9	8 9	8 9	356	8 9	8 9
Total adjustment items (EBIT)	262	141	1 367	1 897	554	478	649	589	2 270	298	808
Adjustment items (profit (loss) after taxes)	Q2 20	Q3 20	Q4 20	FY 20	Q1 21	Q2 21	Q3 21	Q4 21	FY 2021	Q1 22	Q2 22
(EBIT) Adjustment items	262	141	1 367	1 897	554	478	649	589	2 270	298	808
Fair value adjustments	109	6 7	874	(130)	-	-	-	-	-	-	-
Gain / of on bargain purchase disposal subsidiaries	-	-	-	-	-	-	-	(54)	(54)	-	(84)
Total adjustment items (profit (loss) after taxes)	370	208	2 240	1 767	554	478	649	535	2 216	298	723

APMs and Key Figures

USD thousands
Profitability measures	Q2 20	Q3 20	Q4 20	FY 20	Q1 21	Q2 21	Q3 21	Q4 21	FY 2021	Q1 22	Q2 22
Operating profit (loss) (EBIT)	1 577	506	(416)	2 946	1 859	2 281	1 319	1 916	7 375	2 806	3 868
Depreciation , amortisation and impairment	363	392	360	1 477	1 072	899	820	998	3 790	810	758
EBITDA	1 940	898	(56)	4 423	2 932	3 180	2 139	2 914	11 165	3 615	4 625
Total adjustment items (EBITDA)	262	141	1 367	1 897	465	389	560	500	1 914	209	718
Adjusted EBITDA	2 201	1 040	1 311	6 320	3 397	3 568	2 699	3 414	13 078	3 825	5 344
Operating profit (loss) (EBIT)	1 577	506	(416)	2 946	1 859	2 281	1 319	1 916	7 375	2 806	3 868
Total adjustment items (EBIT)	262	141	1 367	1 897	554	478	649	589	2 270	298	808
Adjusted EBIT	1 839	648	951	4 843	2 413	2 758	1 968	2 505	9 645	3 104	4 675
Profit (loss) after taxes	1 171	199	(2 691)	1 513	1 128	1 088	(143)	1 145	3 218	2 974	2 145
Total adjustment items (profit (loss) after taxes)	370	208	2 240	1 767	554	478	649	535	2 216	298	723
(loss) Adjusted profit after taxes	1 541	407	(451)	3 280	1 682	1 566	507	1 680	5 435	3 272	2 868
Basic earnings per share (USD)	0.02	0.00	(0.04)	0.02	0.01	0.01	(0.00)	0.01	0.03	0.03	0.02
Adjusted basic earnings per share (USD)	0.02	0.01	(0.01)	0.05	0.02	0.02	0.01	0.02	0.06	0.03	0.03

APMs and Key Figures

USD thousands
Net Cash	Q2 20	Q3 20	Q4 20	FY 20	Q1 21	Q2 21	Q3 21	Q4 21	FY 2021	Q1 22	Q2 22
Cash and cash equivalents	10 987	14 123	30 642	30 642	28 319	24 532	23 212	19 815	19 815	21 212	18 711
Less: Interest bearing bank borrowings	-	-	15 083	15 083	15 096	13 310	12 504	11 661	11 661	10 817	9 997
Net Cash	10 987	14 123	15 558	15 558	13 223	11 222	10 708	8 154	8 154	10 395	8 714
USD thousands
Working capital	Q2 20	Q3 20	Q4 20	FY 20	Q1 21	Q2 21	Q3 21	Q4 21	FY 2021	Q1 22	Q2 22
Trade and other receivables	26 568	24 714	41 498	41 498	45 954	51 977	51 898	43 235	43 235	44 920	45 588
Contract assets	9 264	9 873	12 916	12 916	14 952	14 905	18 490	18 101	18 101	18 302	14 009
Trade and other payables	(8 300)	(9 392)	(25 207)	(25 207)	(28 123)	(30 239)	(33 594)	(24 467)	(24 467)	(24 864)	(22 032)
Contract liabilities	(1 011)	(990)	(757)	(757)	(764)	(1 189)	(934)	(949)	(949)	(1 708)	(1 638)
Income tax payable	(235)	(293)	(907)	(907)	(809)	(747)	(673)	(398)	(398)	(291)	(77)
Net working capital	26 285	23 912	27 543	27 543	31 210	34 708	35 188	35 523	35 523	36 359	35 851
Working capital ratio	135%	127%	79%	79%	87%	93%	92%	94%	94%	94%	89%
Return on equity (ROE)	3.2%	0.8%	-0.8%	5.8%	2.5%	2.3%	0.7%	2.5%	8.2%	4.8%	4.2%
(ROCE) Return on capital employed	3.5%	1.2%	1.3%	6.7%	2.6%	3.0%	2.2%	2.8%	10.7%	3.4%	5.1%
Operational metrics	Q2 20	Q3 20	Q4 20	FY 20	Q1 21	Q2 21	Q3 21	Q4 21	FY 2021	Q1 22	Q2 22
Order backlog the end of the period (USD million) at	20.5	28.3	76.0	76.0	71.3	64.6	60.4	63.2	63.2	69.6	61.8
(1) Average number of full-time equivalent employees	448	465	462	452	895	922	922	960	925	946	970
period(2) Average billing ratio during the	74%	69%	72%	72%	76%	75%	75%	73%	75%	75%	78%

1) Full time equivalent numbers include subcontractors on 100% utilization equivalent basis

2) Billing ratio for technical staff includes subcontractors on 100% basis

Consolidated Statement of Income

USD thousands
Consolidated income statement	Q2 20	Q3 20	Q4 20	FY 20	Q1 21	Q2 21	Q3 21	Q4 21	FY 2021	Q1 22	Q2 22
Revenue	19 232	18 431	19 565	77 015	36 698	38 266	37 986	37 797	150 748	39 643	41 367
Total revenue	19 232	18 431	19 565	77 015	36 698	38 266	37 986	37 797	150 748	39 643	41 367
Staff costs	(9 920)	(10 198)	(10 964)	(41 495)	(20 295)	(20 868)	(20 590)	(20 225)	(81 978)	(21 143)	(20 624)
Other operating expenses	(7 372)	(7 335)	(8 657)	(31 096)	(13 472)	(14 218)	(15 257)	(14 658)	(57 605)	(14 885)	(16 117)
Depreciation , amortisation and impairment	(363)	(392)	(360)	(1 477)	(1 072)	(899)	(820)	(998)	(3 790)	(810)	(758)
Operating profit (loss) (EBIT)	1 577	506	(416)	2 946	1 859	2 281	1 319	1 916	375 7	2 806	3 868
Gain on bargain purchase / disposal of subsidiaries	-	-	-	-	-	-	-	5 4	5 4	-	8 4
Finance income	(81)	(62)	(655)	399	3 7	4	2 3	4 8	112	4 2	1 6
Finance expenses	(32)	(31)	(170)	(271)	(162)	(243)	(164)	(196)	(765)	(115)	(278)
foreign (loss) Net exchange gain	(70)	2 8	(1 088)	(568)	(320)	(175)	(683)	585	(592)	418	(843)
Profit (loss) before income tax	1 394	441	(2 328)	2 507	1 414	1 866	495	2 408	6 184	3 151	2 847
Income tax expenses	(223)	(242)	(363)	(993)	(286)	(778)	(638)	(1 263)	(2 965)	(177)	(703)
Profit (loss) after tax	1 171	199	(2 691)	513 1	1 128	1 088	(143)	145 1	3 218	2 974	145 2
Other comprehensive income
Currency translation differences	553	397	2 367	1 626	666	738	(328)	(1 551)	(475)	(360)	(1 503)
Income effect tax	-	-	3 0	3 0	-	-	-	(343)	(343)	-	-
Other comprehensive income for the period	553	397	2 398	1 657	666	738	(328)	(1 894)	(818)	(360)	(1 503)
Total comprehensive income for the period	1 724	596	(293)	3 170	1 794	1 826	(470)	(749)	2 400	2 613	641
Total comprehensive income for the period is attributable to:
Equity holders of the parent company	1 724	596	(293)	3 170	1 762	1 772	(504)	(705)	2 325	2 610	634
Non-controlling interests	-	-	-	-	3 1	4 5	3 3	(44)	7 5	3	8

Consolidated Statement of Financial Position

USD thousands
Consolidated balance sheet	Q2 20	Q3 20	Q4 20	Q1 21	Q2 21	Q3 21	Q4 21	Q1 22	Q2 22
Property , plant and equipment	475	452	1 213	1 350	1 284	1 169	1 137	1 345	1 787
Right-of-use assets	1 757	1 485	4 707	4 046	3 363	2 938	3 629	3 619	8 046
Goodwill and intangible assets	12 681	12 838	26 665	27 105	27 033	26 779	27 465	27 313	26 937
Deferred tax assets	425	407	1 395	1 987	2 287	2 180	1 708	1 780	1 702
Trade and other receivables	26 568	24 714	41 498	45 954	51 977	51 898	43 235	44 920	45 588
Contract assets	9 264	9 873	12 916	14 952	14 905	18 490	18 101	18 302	14 009
Cash and cash equivalents	10 987	14 123	30 642	28 319	24 532	23 212	19 815	21 212	18 711
Total assets	62 156	63 892	119 036	123 712	125 382	126 665	115 090	118 492	116 779
EQUITY AND LIABILITIES
Equity	48 913	49 589	65 319	67 687	69 290	68 526	66 865	69 934	67 868
Deferred liabilities tax	365	346	682	648	658	649	1 259	1 237	1 122
Long borrowings term	-	-	6 414	6 431	6 386	4 171	3 328	2 483	1 664
Lease liabilities (non-current)	655	370	2 340	1 837	1 660	1 409	2 481	2 463	6 656
(non-current) Provisions and other payables	1 536	1 754	5 147	5 114	5 247	5 496	5 661	5 781	5 692
Trade and other payables	8 300	9 392	25 207	28 123	30 239	33 594	24 467	24 864	22 032
Contract liabilities	1 011	990	757	764	1 189	934	949	1 708	1 638
Short borrowings term	-	-	8 669	8 664	6 924	8 333	8 333	8 333	8 333
Lease liabilities (current)	1 141	1 160	2 552	2 388	1 804	1 673	1 349	1 397	1 698
Income payable tax	235	293	907	809	747	673	398	291	7 7
Provisions (current)	-	-	1 042	1 247	1 238	1 207	-	-	-
Total equity and liabilities	62 156	63 892	119 036	123 712	125 382	126 665	115 090	118 492	116 779

Consolidated Statement of Cash Flow

USD thousands
Consolidated cashflow statement	Q2 20	Q3 20	Q4 20	FY 2020	Q1 21	Q2 21	Q3 21	Q4 21	FY 2021	Q1 22	Q2 22
Profit (loss) before taxes	1 394	441	(2 328)	2 507	1 414	1 866	495	2 408	6 184	3 151	2 847
Adjustments for:
Depreciation , amortisation and impairment	363	392	360	1 477	1 072	899	820	998	3 790	810	758
Non-cash employee benefits expense – share-based payments	7 4	8 1	8 3	317	106	353	532	484	1 475	456	209
Interest costs - net	(9)	(2)	(1)	(18)	4 8	213	118	110	488	5 1	172
Increase (Decrease) in fair value of consideration warrants	109	6 7	676	(328)	-	-	-	-	-	-	-
Gain on bargain purchase / disposal of subsidiaries	-	-	-	-	-	-	-	(54)	(54)	-	(84)
Changes in working capital:
Changes in trade and other receivables	1 378	1 244	517	2 201	(6 493)	(5 977)	(3 506)	9 052	(6 923)	(1 885)	3 624
Changes in trade and other payables	(1 011)	922	2 675	2 499	2 924	2 836	3 100	(9 112)	(252)	1 277	(2 993)
Income paid taxes	(265)	(81)	(764)	(1 190)	(606)	(299)	(1 019)	(1 270)	(3 194)	(288)	(947)
Unrealised effect of in exchange movements rates	590	289	1 495	1 009	455	(1 079)	(71)	(1 006)	(1 700)	(209)	(748)
Cash flow from (used in) operating activities	2 622	3 354	2 712	8 474	(1 080)	(1 188)	469	1 611	(187)	3 362	2 840
Payments for plant and equipment property,	(27)	(45)	(29)	(150)	(109)	(143)	(98)	(184)	(534)	(425)	(692)
Interest received	9	2	1	1 8	8	8	1 5	2 2	4 5	7	1 0
Net cash acquired (paid) on acquisition of subsidiary	-	-	(14 606)	(14 619)	1	0	-	(556)	(554)	-	-
Cash (used in) flow from investing activities	(18)	(43)	(14 634)	(14 751)	(100)	(135)	(83)	(717)	(1 035)	(418)	(682)
Dividends paid to company's shareholders	(1 472)	-	(1 559)	(3 030)	-	(2 807)	-	(2 668)	(5 476)	-	(2 917)
Principal elements of lease payments	(285)	(298)	(225)	(1 096)	(823)	(671)	(561)	(547)	(2 601)	(537)	(302)
Proceeds from loans and borrowings	-	-	14 621	14 621	-	-	-	-	-	-	-
Repayment of borrowings	-	-	-	-	(34)	(1 495)	(806)	(1 087)	(3 422)	(903)	(762)
Proceeds from issuance of shares capital	-	-	15 317	15 317	(13)	2 314	-	-	2 301	-	-
Cash flow from (used in) financing activities	(1 756)	(298)	28 154	25 811	(870)	(2 658)	(1 367)	(4 302)	(9 198)	(1 440)	(3 981)
Net change in cash and cash equivalents	847	3 013	16 233	19 534	(2 050)	(3 981)	(981)	(3 408)	(10 419)	1 505	(1 823)
Cash and cash equivalents the beginning of the period at	10 079	10 987	14 123	10 930	30 642	28 319	24 532	23 212	30 642	19 815	21 212
Effects of exchange rate changes on cash and cash equivalents	6 1	123	286	177	(273)	194	(339)	1 1	(407)	(108)	(678)
Cash and cash equivalents at the end of the period	10 987	14 123	30 642	30 642	28 319	24 532	23 212	19 815	19 815	21 212	18 711

Revenues and EBIT

- split per segments

USD thousands
Revenues	Q2	Q3	Q4	FY	Q1	Q2	Q3	Q4	FY	Q1	Q2
	20	20	20	20	21	21	21	21	2021	22	22
Middle	5	4	5	22	7	7	6	7	28	7	7
East	595	019	738	365	230	775	282	186	473	789	929
Asia	5	5	5	22	8	9	9	11	39	9	8
Pacific	256	638	610	249	959	129	950	237	275	598	646
Europe	3	3	3	14	10	10	10	9	40	9	11
	378	176	803	269	387	317	419	464	586	846	409
Americas	3	3	3	13	6	6	6	6	26	7	7
	317	271	585	183	170	901	532	717	320	173	187
OWC	3	4	3	14	4	6	6	6	24	7	7
	708	302	438	162	610	077	665	759	110	199	587
Longitude	-	-	-	-	2 015	2 285	2 351	2 232	8 882	2 356	3 083
Eliminations	(2	(1	(2	(9	(2	(4	(4	(5	(16	(4	(4
	022)	975)	609)	214)	672)	217)	211)	798)	899)	318)	474)
Total	19	18	19	77	36	38	37	37	150	39	41
revenues	232	431	565	015	698	266	986	797	748	643	367

Operating profit (loss) (EBIT)	Q2 20	Q3 20	Q4 20	FY 20	Q1 21	Q2 21	Q3 21	Q4 21	FY 2021	Q1 22	Q2 22
Middle East	479	(25)	387	1 707	699	874	158	656	2 387	1 053	1 215
Asia Pacific	666	574	362	1 907	691	105	1 151	1 301	3 248	1 155	966
Europe	300	103	(32)	829	489	824	145	269	1 727	515	1 068
Americas	230	9 4	2 3	225	205	794	422	9 6	1 518	254	171
OWC	403	445	314	1 365	371	440	397	9	1 216	530	670
Longitude	-	-	-	-	331	167	3 9	8 0	617	119	655
Corporate group costs	(501)	(685)	(1 470)	(3 087)	(927)	(924)	(992)	(495)	(3 338)	(820)	(878)
Total EBIT	1 577	506	(416)	2 946	1 859	2 281	1 319	1 916	375 7	2 806	3 868

Trade receivable & Cash and cash equivalents

- split per segments

Total trade receivables	22 268	18 862	32 856	32 856	32 299	35 750	33 043	33 631	33 631	35 376	36 743
Longitude	-	-	1 636	1 636	2 105	1 805	1 479	1 884	1 884	1 680	2 118
OWC	1	1	1	1	1	3	2	3	3	3	3
	501	551	094	094	942	445	779	004	004	234	896
Americas	3	3	7	7	6	6	6	6	6	6	6
	323	372	286	286	462	864	633	494	494	078	231
Europe	4	2	8	8	232	312	8	8	8	987	9
	069	952	411	411	7	7	271	274	274	7	126
Asia	6	6	8	8	8	9	7	7	7	10	8
Pacific	597	050	091	091	243	327	631	611	611	206	896
Middle	6	4	6	6	6	6	6	6	6	6	6
East	778	937	338	338	316	997	251	363	363	190	477
Trade	Q2	Q3	Q4	FY	Q1	Q2	Q3	Q4	FY	Q1	Q2
receivables	20	20	20	20	21	21	21	21	2021	22	22
USD thousands

Cash and cash equivalents	Q2 20	Q3 20	Q4 20	FY 20	Q1 21	Q2 21	Q3 21	Q4 21	FY 2021	Q1 22	Q2 22
Middle East	1 574	1 291	2 185	2 185	2 426	2 064	2 388	2 402	2 402	3 018	2 840
Asia Pacific	3 159	2 981	6 526	6 526	826 5	3 901	4 416	4 707	4 707	4 408	4 825
Europe	1 064	1 202	5 464	5 464	5 517	4 624	3 780	3 398	3 398	4 015	2 849
Americas	780	546	4 665	4 665	3 738	3 735	3 065	2 781	2 781	3 519	3 188
OWC	923	1 266	3 822	3 822	3 683	3 485	3 548	3 356	3 356	3 448	2 262
Longitude	-	-	1 191	1 191	1 353	1 209	1 053	1 139	1 139	811	527
Corporate group	3 488	6 836	6 789	6 789	5 777	5 515	4 962	2 032	2 032	1 994	2 220
Total cash and cash equivalents	10 987	14 123	30 642	30 642	28 319	24 532	23 212	19 815	19 815	21 212	18 711

Top 20 shareholders

#	of Name shareholder	. of No shares	ownership %
1	GROSS	14	15
	MANAGEMENT	890	0%
	AS	351
2	HOLMEN SPESIALFOND	9 650 000	9 7%
3	BJØRN STRAY	6 017 743	6 0%
4	MELESIO	4	4
	INVEST	611	6%
	AS	016
5	SOBER AS	3 500 000	3 5%
6	MUSTANG	2	2
	CAPITAL	830	8%
	AS	334
7	CAPITAL	2	2
	AS	539	6%
	KRB	065
8	HAUSTA	2	2
	INVESTOR	500	5%
	AS	000
9	VALOREM AS	2 268 000	2 3%
10	MP	2	2
	PENSJON	151	2%
	PK	128
11	TRAPESA AS	2 143 041	2 2%
12	LGT	1	1
	BANK	798	8%
	AG	003
13	AMPHYTRON	1	1
	INVEST	600	6%
	AS	339
14	ASA	1	1
	DNB	582	6%
	BANK	279
15	CATILINA	1	1
	INVEST	555	6%
	AS	339
16	BADREDDIN DIAB	1 517 695	1 5%
17	GINKO AS	1 428 480	1 4%
18	CARNEGIE INVESTMENT BANK AB	1 300 000	1 3%
19	THE BANK OF NEW YORK MELLON	1 261 662	1 3%
20	ACME	1	1
	CAPITAL	150	2%
	AS	000
	Top	66	66
	20	294	6%
	shareholders	475
	Other shareholders	33 210 387	33 4%
	outstanding	99	100
	Total	504	0%
	shares	862

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