Akastor — Investor Presentation 2014

Apr 30, 2014

Preferred partner

Aker Solutions Splits Into Two Companies

Fornebu, April 30, 2014 Øyvind Eriksen, Executive Chairman

Boosting Value Through Two New Companies

New Aker Solutions

• Swifter realization of synergies, operational excellence and organic growth in fast-growing deepwater and subsea markets
• Two reporting segments: Subsea and Field Design
• Luis Araujo as CEO

Akastor

• Oilfield services investment company that will develop and unlock full value potential of portfolio of businesses
• Drilling Technologies, Aker Oilfield Services, Surface Products, Process Systems and Business Solutions
• Selected property and financial assets
• Frank Ove Reite as CEO

Implement current shareholder structure in both companies

Logical Step in Streamlining Process

Fundamental Differences

New Aker Solutions Akastor

Customers	Oil exploration and production companies	Large portion offshore yards, oilfield service companies
Geographical footprint	Regional market focus (eg. NCS, Brazil, West Africa)	Global market focus
Market drivers	Stable, long-term growth in field developments	More cyclical (eg. Drilling Technologies driven by new-build rig orders)
Technology	Subsea technology and field design	Topside and onshore technology
Capital intensity	Low to medium intensity	Medium to high intensity
Investment needs	Limited needs for new, large investments	Capital investments needed for businesses in early development phase

New Aker Solutions

Benefits and Opportunities

• Narrower business scope
• Fewer strategic compromises
• Significant operational, commercial synergies
• More targeted strategy
• Uniquely positioned to develop subsea factory
• Experienced management focused on operational excellence

Positioned to Capture Subsea, Deepwater Growth

Strong growth outlook	Well-positioned to capture growth in deepwater and ■ subsea markets (NCS, Brazil, West Africa) Strong position to build on in subsea and engineering ■ segments
High barriers to entry	Leading market position on the NCS ■
	Global leadership in key subsea segments and made ■ good progress globally in MMO and engineering segments
	Unique engineering, equipment and integration ■ capabilities for designing and building subsea factory
Asset-light, high-return business model	Strong cash generation ■
	Targeting high returns on capital employed ■
	Cyclicality offset by MMO, framework contracts, service ■ revenue and Johan Sverdrup contract
Dedicated to operational excellence	Experienced management team ■ Focus on capturing growth and delivering operational ■ excellence with minimal distractions from restructuring and M&A activities

Leaner and more focused company that will be able to offer customers unique and cost-effective subsea technology and field design

Lump Sum and Reimbursable Business Models

Experienced Management

Luis Araujo (54) Chief Executive Officer

• Over 30 years international industry experience, including as Wellstream CEO
• Joined Aker Solutions in 2011 as regional president for Brazil and led successful turnaround of subsea unit
• Instrumental in securing major subsea orders from Petrobras

Svein Oskar Stoknes (44)

Chief Financial Officer

• Head of finance for the subsea business since 2011 after joining Aker Solutions in 2007
• Extensive international experience in finance and M&A
• Former work places include Tandberg, Citigroup, Norwegian Trade Council and ABB Group

Akastor

Oil Services Investment Company

Benefits and Opportunities

• Strategic flexibility
• Standalone business opportunities
• Focus on developing in key markets
• Industry expertise
• Increased management attention
• Long-term perspective

Maximizing Value in Portfolio of Companies

Drilling Technologies	Drilling Technologies	No 2 global offshore drilling systems and lifecycle services company ■ High barriers to entry allow capital to be reinvested profitably over long term ■ Greater flexibility to pursue strategic partnerships ■
	Aker Oilfield Services	Three top-of-the-line well-intervention/SURF vessels ■ Well-positioned to secure key contracts ■
	Surface Products	Strong market position in SE Asia for surface trees ■ A major investment/contract opportunity to enter the Middle East ■
	Process Systems	Expertise in gas, water and oil processing creates growth opportunities ■ Strong demand for products in Norway, Americas, Asia Pacific ■
	Business Solutions	Provides specialist business services in HR, recruitment, payroll, finance, ■ information technology and more Scalable for growth with Aker Solutions, Kvaerner and Jacobs as three initial ■ customers
	Real estate & financial assets	Financial assets and property accounting for about 20 percent of the balance ■ sheet

Strong Management

Frank Ove Reite (43) Chief Executive Officer

• Managing partner and co-founder of Converto since 2009
• Extensive experience developing businesses including Norway Seafoods, American Seafoods and Aker Yards
• Previous positions include as CEO of Kredittbanken in Ålesund, operating director at private-equity firm Paine & Partners

Leif Borge (51) Chief Financial Officer

• Held CFO positions in Aker Solutions, Aker Yards since 2002
• Extensive experience from industrial and financial companies

Financial Breakdown

New Aker Solutions

Revenue: NOK 29.2 billion EBITDA: NOK 2.3 billion EBITDA margin: 8% Capital employed: NOK 9 billion Employees: 20,500 Countries: 19

*Preliminary pro forma earnings for the twelve months ended March 31, 2014. Number of employees and countries as of March 31, 2014

Akastor

Revenue: NOK 14.7 billion EBITDA: NOK 1.5 billion EBITDA margin: 10% Capital employed: NOK 12 billion Employees: 7,500 Countries: 26

Key Dates

August 18 Extraordinary general shareholder meeting to vote on split

Week 38-39 Investor roadshow

Week 40 Demerger and listing of new Aker Solutions on the Oslo stock exchange

Strong Foundation for Growth

New Aker Solutions

• Positioned for growth in deepwater, subsea markets
• Strong project management, field design skills
• Faster realization of synergies
• Targeting high and predictable returns
• Focused on operational excellence and organic growth

Akastor

• Oilfield services investment company
• Unlocking value from portfolio of businesses offering growth in key markets
• Market leading in offshore drilling systems, services
• Top-of-the-line well-intervention and SURF vessels

Copyright and disclaimer

Copyright

Copyright of all published material including photographs, drawings and images in this document remains vested in Aker Solutions 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

This Presentation includes and is based, inter alia, on forward-looking 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 Aker Solutions ASA and Aker Solutions 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 Aker Solutions' businesses, 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 Aker Solutions 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. Aker Solutions ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Aker Solutions ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.

Aker Solutions consists of many legally independent entities, constituting their own separate identities. Aker Solutions is used as the common brand or trade mark for most of these entities. In this presentation we may sometimes use "Aker Solutions", "we" or "us" when we refer to Aker Solutions companies in general or where no useful purpose is served by identifying any particular Aker Solutions company.