Aker Solutions — Earnings Release 2016

Feb 9, 2017

4Q16

Fornebu, February 9, 2017 Luis Araujo and Svein Stoknes

Agenda

Introduction

Luis Araujo Chief Executive Officer

Financials Svein Stoknes Chief Financial Officer

Q&A Session Luis Araujo Svein Stoknes

Key Developments

• Major projects progress as planned
• Global improvement program ahead of schedule

• Company reorganization takes effect in November

• Steady underlying margins, aided by strong execution

• Market remains challenging, though signs of brownfield recovery

• Solid financial position with liquidity buffer of NOK 7.5 billion

• Robust order backlog of about NOK 31 billion
• New orders include two framework agreements with BP

Acquisition of 70 percent of Brazilian C.S.E. Mecânica e Instrumentação Ltda

Key Figures | 2016

Key Figures | 4Q 2016

New Orders

Two contracts from DEA Norge for the Dvalin natural gas development

Two framework agreements with BP globally for concept and front-end engineering services

Contract to build pipeline facilities, modifications and tie-ins for the Mongstad terminal

Contract of about NOK 1 billion for work in the subsea area for an undisclosed customer

24 study awards for projects in Europe, West Africa, the U.S. and Asia Pacific

Contract from Statoil for the hook-up of the riser platform for the Johan Sverdrup field

#thejourney

Achieved two-thirds of 30% cost-efficiency target

LEAN TRAINING 74%

of employees completed Lean White Belt training

TRANBY RECORD

TARGET REACHED

Engineering and procurement services costs down

MAINTENANCE AND LEAN AWARD MODIFICATIONS

40% efficiency

Egersund fabrication yard won Lean award for productivity improvement

Outlook

• Market outlook for oil services remains challenging
• Some signs of brownfield recovery, as oil prices seen stabilizing and industry cost cuts having an effect
• Lower project break-even costs likely to spur more project sanctions this year
• Healthy tendering in main markets
• Well placed in key regions to capture long-term, global deepwater and subsea market growth
• Vigilant about workforce capacity

Agenda

Introduction Luis Araujo Chief Executive Officer

Financials

Svein Stoknes Chief Financial Officer

Q&A Session Luis Araujo Svein Stoknes

4Q 2016 | Income Statement

• Revenue for 4Q 2016 down 22% versus last year, reflecting lower order intake, project phasing and slowdown in services
• Underlying 4Q 2016 EBITDA reached NOK 539 million, a margin of 8.8% versus 8.9% a year earlier

(NOK million)	4Q 2016	4Q 2015	2016	2015
Revenue	6,138	7,864	25,557	31,896
EBITDA	380	182	1,929	1,841
EBITDA margin	6.2%	2.3%	7.5%	5.8%
EBITDA ex. special items1	539	695	2,121	2,638
EBITDA margin ex. special items 1	8.8%	8.9%	8.3%	8.3%
Depreciation, amortization and impairment	(611)	(337)	(1,242)	(882)
EBIT	(232)	(155)	687	958
EBIT margin	(3.8%)	(2.0%)	2.7%	3.0%
EBIT ex. special items 1	342	481	1,343	1,918
EBIT margin ex. special items 1	5.6%	6.1%	5.3%	6.0%
Net financial items	(95)	(102)	(354)	(320)
FX on disqualified hedging instruments	(34)	(21)	(59)	46
Income (loss) before tax	(360)	(278)	273	685
Income tax	92	28	(121)	(302)
Net income (loss)	(268)	(250)	152	383
Earnings (loss) per share (NOK)	(1.07)	(0.83)	0.21	1.44
Earnings per share (NOK) ex. special items1	0.62	0.96	2.23	3.94

1 Special items include costs linked to restructuring, onerous lease provisions, the impact of currency derivatives not qualifying for hedge accounting, transaction costs related to recent acquisitions, and impairment charges on technology and property. See first page of additional information section for full details on special items.

4Q 2016 | Cashflow and Financial Position

• 4Q 2016 cashflow from operations was NOK 1.5 billion, reflecting favorable NCOA in the quarter
• Expect NCOA to move over time towards more normalized level of around NOK 1 to 1.5 billion
• Robust 4Q 2016 financial position with net interest bearing items of NOK 1 billion and gross debt NOK 4 billion; leverage and gearing below target range
• Total liquidity buffer at NOK 7.5 billion from NOK 2.5 billion cash and NOK 5 billion RCF
• Group ROACE excluding impact from special items reached 10.4%, reflecting recent and ongoing investments

Debt maturity profile

NOK million

Net current operating assets (NCOA) NOK million

Subsea

• Good progress on major projects, according to plan
• 4Q 2016 revenue down 29% vs. last year to NOK 3.4 billion
• 4Q 2016 EBITDA1 margin at 9.7%, down year-on-year
• 4Q 2016 EBIT1 margin decreased to 4.9% from 6.6% a year earlier
• 4Q 2016 order intake at NOK 2.6 billion, equivalent to 0.8x book-to-bill
• End 4Q 2016 order backlog at NOK 14.5 billion

Field Design

• Impacted by activity slowdown in the UK and Asia Pacific
• 4Q 2016 revenue down 12% vs. last year to NOK 2.8 billion
• 4Q 2016 EBITDA1 margin of 8.2% driven by strong operational performance

• 4Q 2016 EBIT1 margin of 7.2%, up year-on-year from 6.4%

• 4Q 2016 order intake at NOK 1.5 billion, equivalent to 0.5x book-to-bill

• End 4Q 2016 order backlog at NOK 16.7 billion

Order Backlog1 Gives Good Visibility

4Q 2016 Order backlog by execution date

NOK billion

Order backlog by business area NOK billion

¹ Firm backlog only, excludes majority of service business and potential additional revenue from existing agreements and options

Order backlog and intake evolution

End 4Q 2016 order backlog by region NOK billion

Financial Guidance

• Positive long-term offshore, deepwater outlook
• Near-term uncertainty on timing of awards
• Aim to at least maintain market share in main subsea, field design markets

Margins and returns

• We aim to gradually move toward peer group margin levels in Subsea
• We expect gradual recovery in Field Design
• We aim for Subsea ROACE of 20-25% over medium term

Revenue Balance sheet

• Capex and R&D ≈ 2-3% of revenue
• Several major capex investment plans finished in 2016
• Working capital: likely to fluctuate around large project work but on average will be ≈ 5-7% of group revenue

Financial policy

• Net interest-bearing debt/EBITDA ≈ 1
• Net interest-bearing debt/Equity < 0.5
• Dividend payments should over time amount to 30-50% of net profit

Agenda

Introduction Luis Araujo Chief Executive Officer

Financials Svein Stoknes Chief Financial Officer

Q&A Session

Luis Araujo Svein Stoknes

Additional information

Special Items

NOK million
Special items (EBITDA)	1Q 2015	2Q 2015	3Q 2015	4Q 2015	YTD 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	YTD 2016
Onerous leases1	52	58	40	114	265	-	4	39	39	82
Restructuring2	0	2	41	373	416	15	19	0	130	163
Non-qualifying hedges	18	36	25	15	94	-4	-11	-11	-18	-44
Other costs3	4	4	4	11	22	3	15	-35	9	-10
Total special items EBITDA	75	99	110	513	797	13	27	-6	160	192
Special items (EBIT)
Impairments4	26	3	11	123	163	-	50	-0	414	464
Total	100	102	121	636	960	13	77	-7	574	656

1) Onerous lease costs of NOK 39 million are primarily related to the "other" segment 2) Restructuring cost in 4Q from NOK 70 million in our "other" segment, NOK 31 million in Subsea and NOK 29 million in Field Design 3) Other costs primarily transaction costs related to the acquisition in Brazil of C.S.E. and India

4) Impairments are related to Subsea (NOK 391 million) and Engineering (NOK 23 million)

Income Statement

NOK million
Income statement consolidated	4Q 2014	FY 2014	1Q 2015	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016
Revenue	9,155	32,971	8,500	8,048	7,484	7,864	31,896	6,463	6,969	5,987	6,138	25,557
EBITDA	786	2,675	591	547	521	182	1,841	508	563	477	380	1,929
Of which related to hedging	(91)	(86)	(18)	(36)	(25)	(15)	(94)	4	11	11	18	44
Depreciation, amortization and impairment	(228)	(665)	(183)	(171)	(192)	(337)	(882)	(195)	(245)	(191)	(611)	(1,242)
EBIT	557	2,010	409	376	329	(155)	958	314	319	286	(232)	687
Net financial items	(197)	(245)	(82)	(106)	(30)	(102)	(320)	(59)	(95)	(105)	(95)	(354)
Foreign exchange on disqualified hedging instruments	115	51	11	41	15	(21)	46	4	(25)	(4)	(34)	(59)
Net income (loss) before tax	476	1,817	338	310	315	(278)	685	258	199	177	(360)	273
Income tax	(117)	(516)	(118)	(102)	(110)	28	(302)	(89)	(68)	(56)	92	(121)
Net income (loss) for the period	359	1,300	220	209	205	(250)	383	169	131	120	(268)	152
EBITDA margin	8.6 %	8.1 %	7.0 %	6.8 %	7.0 %	2.3 %	5.8 %	7.9 %	8.1 %	8.0 %	6.2 %	7.5 %
Basic earnings per share (NOK)	1.30	4.71	0.79	0.73	0.75	-0.83	1.44	0.53	0.37	0.37	-1.07	0.21

Balance Sheet

NOK million Assets 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 1Q 2016 2Q 2016 3Q 2016 4Q 2016 Property, plant and equipment 3,603 3,586 3,754 3,792 3,962 3,882 3,934 3,735 3,808 Intangible assets 6,143 6,238 6,388 6,518 6,539 6,403 6,306 6,305 6,298 Financial assets (non-current) 17 17 17 17 16 16 16 67 132 IB receivables (non-current) 9 10 10 10 20 20 27 27 34 IB receivables (current) 82 8 8 - 117 76 91 90 437 Other current assets 14,197 14,381 14,520 15,252 13,213 11,909 10,478 9,075 8,308 Cash and cash equivalents 3,339 2,816 1,958 2,651 3,862 3,497 2,861 2,299 2,480 Total assets 27,391 27,055 26,654 28,241 27,729 25,802 23,713 21,599 21,497

Debt and equity	4Q 2014	1Q 2015	2Q 2015	3Q 2015	4Q 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016
Total equity attributable to the parent	5,677	5,707	5,836	6,326	6,397	6,278	6,399	6,289	6,278
Non-controlling interests	216	239	241	253	234	249	278	287	138
Non IB liabilities (non-current)	1,391	1,338	1,445	1,472	881	833	805	1,029	940
Interest bearing debt (non-current)	3,154	3,142	3,685	3,122	3,137	3,343	1,934	2,154	1,844
Non IB liabilities (current)	16,279	16,049	15,356	16,584	16,520	14,444	11,965	9,801	10,187
Interest bearing current liabilities	674	581	91	483	561	655	2,332	2,040	2,110
Total liabilities and equity	27,391	27,055	26,654	28,241	27,729	25,802	23,713	21,599	21,497
Net current operating assets, excluding held for sale	-688	90	656	315	-1,607	-933	-100	416	-904
Net interest bearing items	397	889	1,801	943	-301	406	1,287	1,777	1,002
Equity	5,893	5,945	6,077	6,579	6,630	6,527	6,677	6,576	6,415
Equity ratio (in %)	21.5	22.0	22.8	23.3	23.9	25.3	28.2	30.4	29.8

NOK million
Cashflow	4Q 2014	FY 2014	1Q 2015	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016
EBITDA continuing operations	785	2,675	591	547	521	182	1,841	508	563	477	380	1,929
Change in cashflow from operating activities	1,271		(30) (1,005)	(627)	311	1,414	93		(836) (1,094)	(769)	1,081	(1,617)
Net cashflow from operating activities	2,057	2,645	(414)	(80)	832	1,595	1,934	(327)	(530)	(291)	1,460	312
Acquisition of property, plant and equipment	(315)	(816)	(118)	(297)	(165)	(261)	(841)	(94)	(53)	(87)	(95)	(329)
Payments for capitalized developement	(195)	(554)	(109)	(125)	(94)	(121)	(449)	(93)	(65)	(41)	(97)	(297)
Acquisition of subsidiaries, net of cash acquired	(36)	(51)	-	-	-	(3)	(3)	-	-	(0)	(210)	(210)
Change in current interest-bearing receivables	364	364	-	1	(1)	(0)	(0)	-	-	-	(351)	(351)
Cashflow from other investing activities	(314)	(311)	(0)	2	(0)	(7)	(5)	2	(14)	21	(8)	1
Net cashflow from investing activities		(496) (1,368)	(227)	(419)	(261)		(392) (1,299)	(185)	(133)	(106)		(762) (1,186)
Change in external borrowings	(170)	34	31	49	(8)	25	98	238	99	(18)	(290)	29
Paid dividends to majority	632	(2,734)	-	(394)	-	-	(394)	-	-	-	(0)	(0)
Other financing activities	(125)	(129)	65	(4)	9	(96)	(26)	36	(28)	(19)	(232)	(243)
Net cashflow from financing activities	462	(2,829)	95	(349)	2	(71)	(323)	274	71	(37)	(522)	(213)
Effect of exchange rate changes on cash and cash
equivalents	377	428	22	(10)	120	79	211	(128)	(43)	(128)	4	(294)
Net increase (decrease) in cash and cash equivalents	2,271	(1,124)	(523)	(859)	693	1,211	523	(366)	(636)	(562)	181	(1,382)
Cash and cash equivalents as at the beginning of the period	1,074	4,463	3,339	2,816	1,958	2,651	3,339	3,862	3,496	2,861	2,299	3,862
Cash and cash equivalents as at the end of the period	3,345	3,339	2,816	1,958	2,651	3,862	3,862	3,496	2,861	2,299	2,480	2,480

Split Per Segment

NOK million
Revenue	4Q 2014	FY 2014	1Q 2015	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016
Subsea	5,461	19,293	5,077	4,820	4,452	4,752	19,101	3,864	4,264	3,501	3,368	14,996
Field Design	3,688	13,710	3,467	3,293	2,990	3,170	12,920	2,650	2,725	2,519	2,777	10,670
Other	90	205	41	50	104	79	273	25	48	(9)	25	88
Eliminations	(85)	(236)	(85)	(115)	(62)	(137)	(398)	(76)	(68)	(24)	(31)	(198)
Revenues	9,155	32,971	8,500	8,048	7,484	7,864	31,896	6,463	6,969	5,987	6,138	25,557

EBITDA	4Q 2014	FY 2014	1Q 2015	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016
Subsea	584	2,058	507	487	433	352	1,778	367	399	355	296	1,417
Field Design	293	868	183	190	170	(1)	543	162	182	161	225	730
Other	(91)	(252)	(99)	(130)	(82)	(169)	(480)	(21)	(18)	(38)	(141)	(219)
EBITDA	786	2,675	591	547	521	182	1,841	508	563	477	380	1,929

EBIT	4Q 2014	FY 2014	1Q 2015	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016
Subsea	417	1,536	353	344	278	70	1,045	213	194	202	(257)	352
Field Design	220	725	154	161	138	(50)	404	128	149	129	173	580
Other	(80)	(251)	(99)	(130)	(86)	(175)	(490)	(27)	(24)	(45)	(148)	(245)
EBIT	557	2,010	409	376	329	(155)	958	314	319	286	(232)	687

Split Per Segment

NCOA	4Q 2014	1Q 2015	2Q 2015	3Q 2015	4Q 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016
Subsea	(332)	18	724	611	(472)	(124)	640	1,134	561
Field Design	71	212	54	(238)	(861)	(538)	(456)	(533)	(937)
Other	(427)	(140)	(122)	(58)	(275)	(271)	(283)	(185)	(528)
NCOA	(688)	90	656	315	(1,607)	(933)	(100)	416	(904)

'1Q 2016,	2Q 2016	3Q 2016	4Q 2016
(124)	640	1,134	561
(538)	(456)	(533)	(937)
(271)	(283)	(185)	(528)
(933)	(100)	416	(904)

Net capital employed	4Q 2014	1Q 2015	2Q 2015	3Q 2015	4Q 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016
Subsea	3,989	4,322	5,157	5,130	4,702	4,923	5,751	7,091	6,388
Field Design	11	384	206	(106)	(362)	(161)	42	(160)	(352)
Other	3,685	3,887	4,007	4,146	3,689	3,773	3,559	2,564	2,357
Net capital employed	7,685	8,593	9,370	9,170	8,029	8,535	9,351	9,495	8,393

1Q 2016	2Q 2016	3Q 2016	4Q 2016
4,923	5,751	7,091	6,388
(161)	42	(160)	(352)
3,773	3,559	2,564	2,357
8,535	9,351	9,495	8,393

Order intake	4Q 2014	FY 2014	1Q 2015	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016
Subsea	2,630	27,306	1,998	1,782	2,537	1,343	7,660	1,916	2,158	626	2,583	7,283
Field Design	3,539	9,899	7,045	1,657	1,444	5,118	15,263	4,129	1,264	2,921	1,517	9,831
Other	134	190	50	55	64	118	287	25	46	(10)	25	86
Eliminations	(100)	(260)	(81)	(58)	(88)	(191)	(418)	(74)	(67)	(23)	(31)	(196)
Order intake	6,203	37,135	9,012	3,436	3,957	6,388	22,793	5,996	3,400	3,514	4,094	17,004

Order backlog	48,289	48,322	44,029	40,657	39,684	38,493	35,008	31,671	31,188
Eliminations	(6)	(3)	54	30	(27)	(25)	(24)	(22)	(23)
Other	(15)	(6)	0	(42)	0	0	0	0	0
Field Design	14,609	17,927	16,453	15,131	17,235	18,275	16,735	16,688	16,711
Subsea	33,702	30,403	27,522	25,538	22,476	20,242	18,298	15,005	14,500
Order backlog	4Q 2014	1Q 2015	2Q 2015	3Q 2015	4Q 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016

1Q 2016	2Q 2016	3Q 2016	4Q 2016
20,242	18,298	15,005	14,500
18,275	16,735	16,688	16,711
$\mathbf{0}$	0	0	0
(25)	(24)	(22)	(23)
38,493	35,008	31,671	31,188

Organizational Set-Up Reflects Our Business Workflow

Early client engagement

Project execution Life-of-field services

New Reporting Segments

Aker Solutions – Proforma

NOK million	1Q 2015	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016
Aker Solutions
Operating revenue and other income	8,500	8,048	7,484	7,864	31,896	6,463	6,969	5,987	6,138	25,557
EBITDA	591	547	521	182	1,841	508	563	477	380	1,929
EBITDA margin	7.0 %	6.8 %	7.0 %	2.3 %	5.8 %	7.9 %	8.1 %	8.0 %	6.2 %	7.5 %
EBITDA ex. special items	666	646	631	695	2,638	521	590	471	539	2,121
EBITDA margin ex. special items	7.9 %	8.1 %	8.5 %	8.9 %	8.3 %	8.0 %	8.5 %	7.9 %	8.8 %	8.3 %
EBIT	409	376	329	-155	958	314	319	286	-232	687
EBIT margin	4.8 %	4.7 %	4.4 %	-2.0 %	3.0 %	4.9 %	4.6 %	4.8 %	-3.8 %	2.7 %
EBIT ex. special items	509	478	450	481	1,918	327	395	280	342	1,343
EBIT margin ex. special items	6.0 %	6.0 %	6.1 %	6.1 %	6.0 %	5.0 %	5.7 %	4.7 %	5.6 %	5.3 %
Net current operating assets	90	656	315	-1,607	-1,607	-933	-100	416	-904	-904
Net capital employed	8,593	9,370	9,170	8,029	8,029	8,535	9,351	9,495	8,393	8,393
Order intake	9,012	3,436	3,957	6,388	22,793	5,996	3,400	3,514	4,094	17,004
Order backlog	48,322	44,029	40,657	39,684	39,684	38,493	35,008	31,671	31,188	31,188

Split Per Segment, Projects – Proforma

NOK million	1Q 2015	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016
Operating revenue and other income	6,913	6,454	5,988	6,335	25,690	5,051	5,474	5,003	5,100	20,627
EBITDA	456	406	322	175	1,358	378	409	400	360	1,547
EBITDA margin	6.6 %	6.3 %	5.4 %	2.8 %	5.3 %	7.5 %	7.5 %	8.0 %	7.0 %	7.5 %
EBITDA ex. special items	456	408	361	524	1,749	386	436	393	387	1,602
EBITDA margin ex. special items	6.6 %	6.3 %	6.0 %	8.3 %	6.8 %	7.6 %	8.0 %	7.9 %	7.6 %	7.8 %
EBIT	319	280	182	-91	689	233	205	250	-210	478
EBIT margin	4.6 %	4.3 %	3.0 %	-1.4 %	2.7 %	4.6 %	3.7 %	5.0 %	-4.1 %	2.3 %
EBIT ex. special items	345	285	231	370	1,231	241	283	242	231	997
EBIT margin ex. special items	5.0 %	4.4 %	3.9 %	5.8 %	4.8 %	4.8 %	5.2 %	4.9 %	4.5 %	4.8 %
Net current operating assets	-1,456	-786	-1,098	-2,477	-2,477	-1,805	-1,309	-223	-1,297	-1,297
Net capital employed	2,666	3,514	3,321	2,899	2,899	3,239	4,020	5,880	4,710	4,710
Order intake	8,089	1,878	2,650	5,299	17,915	4,276	3,200	2,696	3,435	13,607
Order backlog	38,447	33,982	30,457	29,804	29,804	28,631	26,484	23,819	22,327	22,327
Subsea Projects
Operating revenue and other income	4,101	3,754	3,524	3,899	15,278	2,992	3,360	2,873	2,693	11,917
Order intake	1,489	1,505	2,025	1,109	6,128	592	1,729	101	2,372	4,794
Order backlog	24,022	21,905	20,203	17,721	17,721	15,011	13,484	10,440	10,297	10,297
Field Design Projects
Operating revenue and other income	2,854	2,747	2,504	2,506	10,610	2,075	2,130	2,133	2,414	8,751
Order intake	6,643	382	705	4,273	12,003	3,699	1,487	2,598	1,070	8,854
Order backlog	14,433	12,048	10,267	12,110	12,110	13,645	13,024	13,402	12,054	12,054

Split Per Segment, Services – Proforma

NOK million	1Q 2015	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016
Operating revenue and other income	1,620	1,654	1,456	1,551	6,281	1,476	1,449	1,019	1,057	5,001
EBITDA	234	271	281	176	962	151	173	115	161	601
EBITDA margin	14.5 %	16.4 %	19.3 %	11.4 %	15.3 %	10.2 %	12.0 %	11.3 %	15.3 %	12.0 %
EBITDA ex. special items	234	271	283	199	988	158	176	116	168	618
EBITDA margin ex. special items	14.5 %	16.4 %	19.5 %	12.9 %	15.7 %	10.7 %	12.2 %	11.4 %	15.9 %	12.4 %
EBIT	188	226	234	111	759	108	138	81	127	454
EBIT margin	11.6 %	13.6 %	16.1 %	7.2 %	12.1 %	7.3 %	9.5 %	8.0 %	12.0 %	9.1 %
EBIT ex. special items	188	226	237	147	797	115	141	81	134	471
EBIT margin ex. special items	11.6 %	13.6 %	16.3 %	9.4 %	12.7 %	7.8 %	9.7 %	8.0 %	12.6 %	9.4 %
Net current operating assets	1,687	1,564	1,471	1,145	1,145	1,143	1,493	824	921	921
Net capital employed	2,041	1,849	1,703	1,441	1,441	1,522	1,772	1,052	1,326	1,326
Order intake	1,110	1,388	1,336	1,196	5,029	1,783	150	852	676	3,461
Order backlog	10,000	9,929	10,149	9,920	9,920	9,897	8,516	7,842	8,849	8,849

Split Per Segment, Other – Proforma

NOK million	1Q 2015	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016
Operating revenue and other income	41	50	104	79	273	25	48	-9	25	88
EBITDA	-99	-130	-82	-169	-480	-21	-18	-38	-141	-219
EBITDA ex. special items	-24	-32	-13	-29	-99	-22	-23	-37	-16	-98
EBIT	-99	-130	-86	-175	-490	-27	-24	-45	-148	-245
EBIT ex. special items	-25	-32	-17	-35	-110	-29	-29	-44	-23	-124
Net current operating assets	-140	-122	-58	-275	-275	-271	-283	-185	-528	-528
Net capital employed	3,887	4,007	4,146	3,689	3,689	3,773	3,559	2,564	2,357	2,357
Order intake	50	55	64	118	287	25	46	-10	25	86
Order backlog	-6	0	-42	0	0	0	0	0	0	0

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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.

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