Aker Solutions — Earnings Release 2022

Jul 14, 2022

2Q 2022

Fornebu, July 14, 2022 Kjetel Digre and Idar Eikrem

2Q 2022 | On-track with Financial Targets

10.6 NOK BILLION 0 2 4 6 8 10 12 2Q21 3Q21 4Q21 1Q22 2Q22

Revenue Excluding special items EBITDA 691 NOK MILLION 0 200 400 600 800 2Q21 3Q21 4Q21 1Q22 2Q22 Excluding special items

Order Intake Order Backlog

Financials

• On-track with financial targets
• Top and bottom lines increased
• Subsea and EMM segments with continued strong performance
• Renewables and Field Development segment with a loss provision on a renewables project in the period, and strong performance in field development projects in the period
• Continued high FEED and tender activity across segments ■ Supporting the potential for record high order intake in 2022

Transformation

• Further strengthening Engineering Consultancy services
• More than 1,000 new employees recruited globally, year-to-date
• Received >50,000 tons of topsides for decommissioning

Outlook and Developments

• Continue to see increased activity levels
• Monitoring global supply chain situation proactively
• Strong focus on energy security, increasing demand

2Q 2022 | Operational Highlights

2Q 2022 | New Orders

Electrification, Maintenance and Modifications

• Three-year extension of maintenance and modifications frame agreement with ConocoPhillips on the NCS
• NOK 3.9 billion Growth in scope on existing contracts and frame agreements

Subsea

• Halten East Subsea Production System and Umbilicals for Equinor
• Yellowtail Umbilicals for ExxonMobil in Guyana
• NOK 3.7 billion Five-year strategic partnership contract with Vår Energi for Subsea projects on NCS

Renewables and Field Development

• Keadby 3 Carbon Capture FEED for SSE Thermal in the UK
• Growth in scope across several existing contracts, incl. Johan Castberg and a contract

1 Due to contractual obligations

NCS Incentives Securing Solid Activity-level through 2028

– at the same time grow and transform within Renewables & Energy Transition

Outlook

■ Well positioned in key growth markets

• Capitalize on near-term cyclical recovery
• Increase focus on alliances and partnerships within renewables
• Well positioned to capitalize on longer-term structural changes in the energy markets
• Tendering for NOK 105 billion and high ongoing FEED activity
• Potential for record-high order intake in 2022
• Deliver predictable project execution and solid HSSE performance
• All supporting long-term growth

Financial Performance

Idar Eikrem, CFO

2Q 2022 | On-track with Financial Targets

NOK million	2Q 2022	2Q 2021	1H 2022	1H 2021	2021
Revenue		10,635 7,020	18,926	13,490	29,473
Revenue ex. special items		10,581 7,018	18,882	13,487	29,464
EBITDA	653		388 1,251		817 1,842
EBITDA margin	6.1%	5.5%	6.6%	6.1%	6.2%
EBITDA ex. special items1	691		392 1,274		820 1,871
EBITDA margin ex. special items1	6.5%	5.6%	6.7%	6.1%	6.4%
Depreciation, amortization and impairment		(284) (278) (551) (539) (1,149)
EBIT	369	110	700	279	693
EBIT margin	3.5%	1.6%	3.7%	2.1%	2.4%
EBIT ex. special items1	418	126	735	294	775
EBIT margin ex. special items1	4.0%	1.8%	3.9%	2.2%	2.6%
Net financial items	(32)	(80)	(48)		(33) (173)
FX on disqualified hedging instruments	83	7	48	(3)	(0)
Income (loss) before tax	420	37	701	243	520
Income tax	(145)	22		(250) (157) (271)
Net income (loss)	276	60	451	86	249
Net income (loss) ex. special items1	231	66	431	100	313
Earnings per share (NOK)	0.55	0.12	0.88	0.18	0.52
Earnings per share (NOK) ex. special items1	0.46	0.14	0.85	0.21	0.65
Dividend per share (NOK)	-	-	-	-	0.20

¹Special items mainly include gain/loss on sale of assets, restructuring costs, impairments and costs linked to the impact of currency derivatives not qualifying for hedge accounting. See the appendix for details on special items

Financials continue on-track with targets, with a strong financial position

• Revenue of NOK 10.6 billion
• Reflecting increased progress in project portfolio
• EBITDA¹ of NOK 691 million (6.5% margin)
• Subsea segment with continued strong performance
• EMM solid performance in the period
• Renewables and Field Development segment with a loss provision on a renewables project in the period, and strong performance in field development projects in the period
• EPS¹ for the quarter increased to NOK 0.46 from NOK 0.14 a year ago
• Positive outlook for project sanctioning
• Very high ongoing FEED and tender activity across segments
• Expecting significant increase in secured backlog when FEEDs convert to projects towards end of 2022

Solid Finances – Net Cash Position of NOK 3.1 billion 2

Working capital¹ at minus NOK 2.3 billion

■ Continued good progress triggering milestones and pre-payments

Cash flow from operations at minus NOK 28 million

■ Driven by change in working capital

Cash flow from investing activities at minus NOK 44 million

■ Included a smaller acquisition of Frontica Engineering

Net cash position² of NOK 3.1 billion

Available liquidity of NOK 10.0 billion

■ Cash NOK 5.0 billion and RCF NOK 5.0 billion

Working Capital¹NOK billion

Debt Maturity Profile²NOK billion

Net Interest-Bearing Debt and Leverage1,2 (covenants at 3.5x)

²Excluding the effects of IFRS 16 as covenants are based on frozen GAAP ¹See definition under Alternative Performance Measures in the appendix

Renewables and Field Development

Revenue EBITDA and Margin¹

Order Intake Order Backlog

¹Excluding special items

Financials and Highlights

• Revenue of NOK 4.0 billion
• Increased progress on recently awarded work
• EBITDA¹ of NOK 76 million (1.9% margin)
• A loss provision on a renewables project in the period
• Strong performance in field development projects in the period
• Several projects in early phases of execution
• Strong order intake of NOK 6.0 billion (1.5x book-to-bill)
• Keadby 3 Carbon Capture FEED
• Growth in scope across several existing contracts, incl. Johan Castberg and a contract for an undisclosed customer²
• Solid order backlog of NOK 15.1 billion
• Revenue expected to increase by around 30% in 2022
• Progress increasing on recently awarded work
• Likely higher revenue in 2H 2022 versus 1H 2022
• High tendering activity

²Due to contractual obligations

Electrification, Maintenance and Modifications (EMM)

Revenue EBITDA and Margin¹

Order Intake Order Backlog

2Q 21 3Q 21 4Q 21 1Q 22 2Q 22

¹Excluding special items

Financials and Highlights

• Revenue of NOK 3.2 billion
• Continued good progress on ongoing work
• EBITDA¹ of NOK 189 million (6.0% margin)
• Continued solid performance on ongoing projects and multiyear frame agreements
• Solid order intake of NOK 3.9 billion (1.2x book-to-bill)
• Three-year extension of maintenance and modifications frame agreement with ConocoPhillips, and other growth in scopes

■ Strong order backlog of NOK 20.6 billion

• Excluding potential growth in existing contracts and frame agreements, and value of extension options
• Revenue expected to increase by around 17% in 2022
• EMM has a more stable revenue profile driven by large multiyear frame agreements for Operations and Maintenance of offshore infrastructure
• Increasing demand for Electrification projects, and for Maintenance and Modifications of existing infrastructure

0

Subsea

Revenue EBITDA and Margin¹

Order Intake Order Backlog

Financials and Highlights

• Revenue of NOK 3.4 billion
• Continued good progress in project portfolio
• EBITDA¹ of NOK 525 million (15.5% margin)
• Continued solid performance in ongoing projects
• Supported by robust project portfolio with high portion of standardized equipment
• Now expect EBITDA-margin around 15% for 2022
• Order intake of NOK 3.7 billion (1.1x book-to-bill)
• Halten East Subsea System and Umbilicals for Equinor
• Yellowtail Umbilicals for ExxonMobil in Guyana
• Growth in scope on existing contracts
• Solid order backlog of NOK 16.7 billion
• Excluding short-cycled or book-and-turn service work
• Revenue expected to increase by around 35% in 2022
• Progress increasing on recently awarded work
• Likely higher revenue in 2H 2022 versus 1H 2022
• High tendering activity

¹Excluding special items

Solid Order Backlog and Visibility

Order Backlog by Execution Year NOK billion

Renewables and Energy Transition¹ NOK billion, %

Strong Order Intake Over Time NOK billion

(Book-to-bill is based on revenue from customer contracts, see APM in the Appendix for details)

Solid Order Backlog Development NOK billion

Summary Outlook

• On-track with financial targets
• Dividend of NOK 0.20 per share paid for fiscal year 2021
• Very high tendering activity
• Selective approach in tendering
• Several important large single-source FEEDs currently ongoing
• Positive outlook for project sanctioning
• Potential for record high order intake in 2022
• Re-focusing renewables on alliances and partnerships

• Solid financial position

• 2022 overall revenue is now expected to be up by around 30% from 2021

• 2022 overall underlying EBITDAmargin continues to be expected up from 2021
• Working Capital fluctuates with large project work and is expected to trend in the range around NOK - 2,500 to -1,000 million in 2022
• Target annual dividends of 30- 50% of Net Profit over time

Q&A

2022 © Aker Solutions

Additional Information

Guidance – Additional Items

• Net financial items¹ about minus NOK 60 million, per quarter
• D&A² about NOK 1.1 to 1.2 billion, per year
• 'Other' EBITDA³ about minus NOK 125 million, per quarter

¹ Excluding the effects of currency and non-qualifying hedges ² Depreciation and Amortization (includes the effects of IFRS 16) ³ Unallocated costs and idle IT & office costs

Forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections.

Our Transition Journey and Targets

NOK 1 billion+ Annual Free Cash Flow²

³Scope 1 & 2 emissions, with 2019 as baseline ¹See Appendix for definition of Energy Transition ²On average annually towards 2025, excl. dividends and after lease payments

Significantly Reduced Capex 2019-2021

Capex (% of revenue) Capex (nominal)

NOK 1.5 billion Overhead Cost Savings

All numbers in NOK billion

Forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections.

High Demand for Early-Phase Capabilities

• 31 front-end contracts won in 2Q
• 39% related to Renewables and Energy Transition work in 1H 2022
• Several large projects related to the expected uptick in NCS activity are currently in FEED phase

Typical Ongoing Studies

• Oil and Gas
• Decarbonization and Electrification
• High voltage power systems and HVDC platforms
• Offshore wind and substations
• CCUS value chain
• Hydrogen value chain

	1H 2022	1H 2021
Total front-end studies	69	76
Energy transition share of total studies	39%	25%
FEEDs converted to projects	11	3

Renewables and Energy Transition

NOK million
Revenue	2Q 2020	3Q 2020	4Q 2020	FY 2020	1Q 2021	2Q 2021	3Q 2021	4Q 2021	FY 2021	1Q 2022	2Q 2022
Total revenue (excl. special items)	6,724	6,393		6,839 28,548	6,469	7,018	7,311		8,666 29,464		8,301 10,581
Revenue from Renewables and Energy Transition	371	283	469	1,579	649	976	1,070	1,602	4,297	1,558	1,901
Energy Transition share	6 %	4 %	7 %	6 %	10 %	14 %	15 %	18 %	15 %	19 %	18 %
Order Intake	2Q 2020	3Q 2020	4Q 2020	FY 2020	1Q 2021	2Q 2021	3Q 2021	4Q 2021	FY 2021	1Q 2022	2Q 2022
Total order intake	10,289	9,135		6,774 34,163		9,444 12,232	9,532		9,257 40,466		7,039 13,647
Order intake from Renewables and Energy Transition	956	244	1,856	3,513	3,510	7,529	4,259		1,293 16,591	709	3,238
Energy Transition share	9 %	3 %	27 %	10 %	37 %	62 %	45 %	14 %	41 %	10 %	24 %
Order Backlog	2Q 2020	3Q 2020	4Q 2020	FY 2020	1Q 2021	2Q 2021	3Q 2021	4Q 2021	FY 2021	1Q 2022	2Q 2022
Total order backlog										35,591 38,142 37,979 37,979 40,507 45,786 48,436 49,168 49,168 48,013 52,722
Order backlog from Renewables and Energy Transition	2,934	2,895	4,282	4,282						7,143 13,696 16,886 16,577 16,577 15,727 17,065
Energy Transition share	8 %	8 %	11 %	11 %	18 %	30 %	35 %	34 %	34 %	33 %	32 %
Definition
Revenue, order intake and order backlog from work related to renewables and transitional solutions incl. advanced and cleaner These solutions and technologies include offshore wind, carbon capture, utilization and storage (CCUS), electrification of offshore and onshore facilities, hydrogen facilities, decommissioning & recycling and subsea gas compression.									fossil-fuel solutions (ref. UN SDG 7.a).
These figures are compiled from a bottom-up approach of projects and work in Aker Solutions for the the relevant periods. The figures are unaudited and subject to change.

Definition

Transition Journey Well Underway

Selection of Work Related to Renewables and Energy Transition

Type	Project	Main scope	Customer	Region
Offshore Wind	Hywind Tampen	Floating foundations for wind turbine generators	Equinor	NOR
	Sunrise Wind	1 HVDC platform (electricity conversion)	Ørsted and Eversource	US
	Norfolk (preferred bidder)	1-3 HVDC platforms (electricity conversion)	Vattenfall	UK
	East Anglia 3 (selected)	1 HVDC platform (electricity conversion)	ScottishPower Renewables	UK
Carbon Capture, Utilization and	Norcem CCUS	Carbon capture facility at HeidelbergCement's Norcem facility	Aker Carbon Capture	NOR
Storage (CCUS)	Northern Lights	Storage of captured CO2. In EPC for Phase 1 and FEED awarded for Phase 2	Equinor, with Shell and Total	NOR
	Net Zeero Teesside (FEED)	Carbon capture facility at Net Zero Teesside Power plant	BP and partners	UK
	Keadby 3 (FEED)	Carbon capture facility at Keadby 3 Power plant	SSE Thermal	UK
Hydrogen	Undisclosed (study)	200-600 MW green hydrogen and ammonia plant	Aker Clean Hydrogen	NOR
	Hydrogen Technology center Mongstad (study)	Blue hydrogen, CO2 liquefaction and test qualification for conversion of gas power generator	Equinor	NOR

Type	Project	Main scope	Customer	Region
Low-Carbon Solutions (for O&G)	Jansz-Io	Subsea Gas Compression	Chevron	AUS
Electrification (for O&G)	Troll West Electrification	Electrification, from shore	Equinor	NOR
Recycling and Decommissioning	Heimdal and Veslefrikk	Decommissioning with 98% recycling target (>65,000 tons)	Heerema Marine Contractors	NOR
	Valhall and Hod	Decommissioning with 98% recycling target (>30,000 tons)	Allseas	NOR
	Gyda	Decommissioning with 98% recycling target (>25,000 tons)	Allseas	NOR
Aquaculture	Arctic Offshore Farming	Offshore fish farming facility	Norway Royal Salmon	NOR
	Ocean Farm 1	Offshore fish farm upgrades and net replacement	SalMar Aker Ocean	NOR
	Ocean Farm 2 (FEED)	Offshore fish farming facility	SalMar Aker Ocean	NOR

Special Items

NOK million, (Gain) / Loss

Special items (EBITDA)	2Q 2020	3Q 2020	4Q 2020	FY 2020	1Q 2021	2Q 2021	3Q 2021	4Q 2021	FY 2021	1Q 2022	2Q 2022
Restructuring	117	183	61	516	2	3	19	0	25	1	0
Non-qualifying hedges	(8)	(1)	(5)	(4)	(7)	(2)	(1)	3	(7)	(18)	32
Gain on dividend distribution of CCUS and AOW shares	-	(804)	(3)	(808)	-	-	-	-	-	-	-
(Gain) loss on sale of subsidiaries	-	-	(42)	(42)	-	-	-	-	-	-	-
(Gain) loss on sale of PPE	-	(3)	0	(3)	-	-	-	-	-	-	-
Other special items	13	(1)	27	39	2	3	1	6	12	2	6
Total special items EBITDA	121	(626)	38	(302)	(2)	4	18	9	29	(14)	38
Special items (EBIT)
Impairments	3	19	457	1,027	2	11	(19)	58	52	-	11
Total special items EBIT	124	(607)	495	725	(1)	16	(0)	67	81	(14)	49

The table shows the Special items to be added to reported figures to get underlying figures

Income Statement

NOK million
Income statement consolidated	2Q 2020	3Q 2020	4Q 2020	FY 2020	1Q 2021	2Q 2021	3Q 2021	4Q 2021	FY 2021	1Q 2022	2Q 2022
Revenue	6,721	7,198		6,875 29,396	6,470	7,020	7,314		8,668 29,473		8,291 10,635
Operating expenses									(6,340) (6,122) (6,792) (27,857) (6,041) (6,632) (6,873) (8,085) (27,631) (7,693) (9,982)
EBITDA	382	1,077	83	1,539	429	388	441	583	1,842	598	653
Of which related to hedging	8	1	5	4	7	2	1	(3)	7	18	(32)
Depreciation and amortization	(334)	(302)		(303) (1,287)	(259)	(266)	(282)		(289) (1,097)	(267)	(273)
Impairment	(3)	(19)		(457) (1,027)	(2)	(11)	19	(58)	(52)	-	(11)
EBIT	45	755	(677)	(776)	169	110	178	237	693	331	369
Net interest cost	(80)	(99)	(103)	(404)	62	(75)	(67)	(61)	(141)	(67)	(57)
Net other financial items	(88)	(16)	(61)	(134)	(24)	2	0	(10)	(32)	17	108
Net financial cost	(169)	(115)	(165)	(538)	38	(73)	(67)	(71)	(173)	(50)	51
Net income (loss) before tax	(124)	641		(842) (1,314)	206	37	111	166	520	281	420
Income tax	14	(350)	(2)	(206)	(180)	22	(11)	(103)	(271)	(105)	(145)
Net income (loss) for the period	(110)	291		(844) (1,520)	27	60	100	63	249	175	276
Net income attributable to:
Equity holders of the parent company	(116)	296		(852) (1,540)	27	61	104	62	254	164	269
Non-controlling interests	6	(6)	8	20	(0)	(1)	(5)	1	(5)	11	7
EBITDA margin	5.7 %	15.0 %	1.2 %	5.2 %	6.6 %	5.5 %	6.0 %	6.7 %	6.2 %	7.2 %	6.1 %
Basic earnings per share (NOK) Dividend per share (NOK)	(0.24) -	0.60 -	(1.73) -	(3.13) -	0.05 -	0.12 -	0.21 -	0.13 -	0.52 0.20	0.34 -	0.55 -

Cash Flow

NOK million
Cash flow	2Q 2020	3Q 2020	4Q 2020	FY 2020	1Q 2021	2Q 2021	3Q 2021	4Q 2021	FY 2021	1Q 2022	2Q 2022
Net profit	(110)	291		(844) (1,520)	27	60	100	63	249	175	276
Change in cash flow from operating activities	19	604	1,455	2,421	455	200	476	1,418	2,549	1,409	(303)
Net cash flow from operating activities	(91)	894	611	901	482	259	576	1,481	2,799	1,584	(28)
Acquisition of property, plant and equipment	(90)	(47)	(74)	(431)	(25)	(26)	(42)	(125)	(218)	(33)	(91)
Payments for capitalized development	(44)	(59)	(9)	(197)	(29)	(32)	(34)	(48)	(144)	(29)	(26)
Acquisition of subsidiaries, net of cash acquired	-	-	-	-	-	-	-	-	-	(126)	8
Change in current interest-bearing receivables	-	-	(0)	(0)	20	(16)	-	(0)	4	(9)	(0)
Sub-lease income received	32	(1)	45	107	32	31	31	31	125	28	32
Interest received	38	20	17	95	161	14	21	24	220	19	32
Cash flow from other investing activities	(75)	193	74	155	9	1	1	8	18	3	1
Net cash flow from investing activities	(139)	107	53	(271)	168	(28)	(23)	(111)	6	(147)	(44)
Change in external borrowings	(13)		(29) (2,053)	(733)	(41)	(47)	(222)	(42)	(352)	(491)	(22)
Lease installments paid	(150)	(148)	(204)	(669)	(194)	(126)	(158)	(201)	(680)	(175)	(166)
Paid dividends	-	(19)	-	(19)	-	-	-	(3)	(3)	-	(97)
Interest paid	(105)	(115)	(94)	(451)	(97)	(75)	(85)	(83)	(340)	(87)	(87)
Other financing activities	(0)	(5)	(16)	(86)	(22)	0	(26)	(2)	(49)	(0)	0
Net cash flow from financing activities	(269)		(316) (2,367) (1,958)		(354)	(249)	(490)		(331) (1,424)	(753)	(372)
Net increase (decrease) in cash and cash equivalents	(499)	685		(1,703) (1,328)	296	(18)	63	1,040	1,381	685	(443)
Cash and cash equivalents as at the beginning of the period	4,996	4,392	5,037	4,483	3,171	3,457	3,459	3,504	3,171	4,560	5,198
Effect of exchange rate changes on cash and cash equivalents	(106)	(41)	(163)	16	(10)	19	(17)	16	8	(47)	272
Cash and cash equivalents at the end of the period	4,392	5,037	3,171	3,171	3,457	3,459	3,504	4,560	4,560	5,198	5,026

Balance Sheet – Assets

NOK million
Assets	2Q 2020	3Q 2020	4Q 2020	1Q 2021	2Q 2021	3Q 2021	4Q 2021	1Q 2022	2Q 2022
Property, plant and equipment	4,051	3,912	3,567	3,400	3,397	3,262	3,231	3,269	3,424
Intangible assets including Goodwill	6,155	6,002	5,825	5,806	5,768	5,743	5,724	5,808	6,101
Right-of-use assets and investment property	3,558	3,451	2,938	2,926	2,837	2,623	2,803	2,746	2,824
Deferred tax assets	1,121	837	464	527	500	520	581	540	671
Non-current lease receivables	755	720	668	582	551	708	634	569	572
Investments in other companies	265	159	318	313	296	336	262	221	94
Interest-bearing receivables	237	229	196	200	202	250	206	209	212
Other non-current assets	24	22	9	10	5	5	22	19	28
Total non-current assets		16,167 15,332 13,984		13,764	13,556	13,446	13,463	13,381	13,927
Current tax assets	100	98	83	81	76	89	69	62	79
Inventories	278	237	255	285	280	252	293	211	229
Trade receivables	3,846	3,120	2,945	3,816	3,762	3,727	4,677	4,256	4,782
Customer contract assets and other receivables	6,062	5,965	4,655	3,686	3,632	4,027	3,713	3,833	4,648
Prepayments	1,697	1,656	1,312	1,359	1,507	2,039	1,774	1,940	1,652
Derivative financial instruments	244	186	223	162	290	168	175	450	502
Interest-bearing receivables	140	211	200	174	173	137	143	143	150
Cash and cash equivalents	4,389	5,037	3,171	3,457	3,459	3,504	4,560	5,198	5,026
Total current assets		16,757 16,510 12,843		13,021	13,179	13,943	15,405	16,091	17,068
Total assets		32,924 31,842 26,827		26,785	26,735	27,389	28,868	29,472	30,995

Balance Sheet – Liabilities and Equity

NOK million
Liabilities and equity	2Q 2020	3Q 2020	4Q 2020	1Q 2021	2Q 2021	3Q 2021	4Q 2021	1Q 2022	2Q 2022
Total equity attributable to the parent	9,879	9,141	7,870	7,784	7,903	7,870	7,833	8,011	8,727
Non-controlling interests	78	58	38	38	37	35	28	39	64
Total equity	9,957	9,199	7,908	7,822	7,940	7,904	7,861	8,050	8,791
Non-current borrowings	4,580	4,535	2,513	2,503	2,498	944	925	907	958
Non-current lease liabilities	4,846	4,757	4,468	4,339	4,183	4,048	4,056	3,874	3,942
Pension obligations	887	974	1,082	1,049	1,025	1,002	1,010	987	982
Deferred tax liabilities	548	553	223	405	336	296	333	320	517
Other non-current liabilities	3	3	5	6	2	2	4	30	25
Total non-current liabilities	10,864 10,822		8,291	8,304	8,043	6,292	6,327	6,118	6,423
Current tax liabilities	222	223	108	61	59	72	69	73	55
Current borrowings	242	250	202	160	125	1,454	1,434	963	996
Current lease liabilities	628	627	643	617	649	679	692	665	707
Provisions	678	632	590	627	720	721	784	901	1,804
Trade payables	3,315	2,725	2,125	2,137	1,338	1,906	1,429	2,007	2,360
Other payables	6,016	6,359	5,696	5,320	6,206	6,676	7,372	7,568	7,505
Customer contract liabilities	824	824	1,010	1,201	1,332	1,426	2,656	2,542	1,974
Derivative financial instruments	177	180	254	535	323	260	242	585	380
Total current liabilities		12,102 11,821 10,628		10,658	10,752	13,193	14,679	15,305	15,781
Total liabilities and equity		32,924 31,842 26,827		26,785	26,735	27,389	28,868	29,472	30,995

Split Per Segment

NOK million
Revenue 2Q 2020 3Q 2020 4Q 2020 FY 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022	2Q 2022
Renewables and Field Development 2,303 2,538 2,879 10,829 2,750 2,655 2,499 2,721 10,625 2,795	3,958
Electrification, Maintenance and Modifications 2,111 1,877 2,052 8,733 1,863 2,360 2,406 2,568 9,197 2,490	3,160
Subsea 2,484 2,091 1,939 9,457 1,907 2,046 2,385 3,374 9,712 2,983	3,386
Other 25 861 52 982 31 22 70 81 204	51 152
Eliminations (202) (168) (48) (606) (81) (64) (45) (76) (266)	(27) (20)
Revenue 6,721 7,198 6,875 29,396 6,470 7,020 7,314 8,668 29,473	8,291 10,635
EBITDA 2Q 2020 3Q 2020 4Q 2020 FY 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022	2Q 2022
Renewables and Field Development 177 123 245 434 248 94 89 104 535	101 76
Electrification, Maintenance and Modifications 28 64 (188) 27 74 124 113 92 402	140 189
Subsea 223 238 (11) 569 172 224 330 518 1,244	429 525
Other (47) 652 37 509 (64) (53) (91) (131) (340)	(73) (137)
EBITDA 382 1,077 83 1,539 429 388 441 583 1,842	598 653
EBITDA margin 2Q 2020 3Q 2020 4Q 2020 FY 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022	2Q 2022
Renewables and Field Development 7.7 % 4.9 % 8.5 % 4.0 % 9.0 % 3.5 % 3.6 % 3.8 % 5.0 %	3.6 % 1.9 %
Electrification, Maintenance and Modifications 1.3 % 3.4 % -9.2 % 0.3 % 4.0 % 5.2 % 4.7 % 3.6 % 4.4 %	5.6 % 6.0 %
Subsea 9.0 % 11.4 % -0.6 % 6.0 % 9.0 % 10.9 % 13.8 % 15.4 % 12.8 % 14.4 %	15.5 %
EBITDA margin 5.7 % 15.0 % 1.2 % 5.2 % 6.6 % 5.5 % 6.0 % 6.7 % 6.2 %	7.2 % 6.1 %
EBIT 2Q 2020 3Q 2020 4Q 2020 FY 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022	2Q 2022
Renewables and Field Development 55 88 189 153 193 28 19 78 317	31 0
Electrification, Maintenance and Modifications 67 23 (185) (234) 44 94 84 51 273	114 163
Subsea 9 34 (304) (623) 27 69 169 362 627	282 377
Other (87) 610 (377) (72) (96) (81) (94) (254) (524)	(96) (171)
EBIT 45 755 (677) (776) 169 110 178 237 693	331 369
EBIT margin 2Q 2020 3Q 2020 4Q 2020 FY 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022	2Q 2022
Renewables and Field Development 2.4 % 3.5 % 6.6 % 1.4 % 7.0 % 1.0 % 0.8 % 2.9 % 3.0 %	1.1 % 0.0 %
Electrification, Maintenance and Modifications 3.2 % 1.2 % -9.0 % -2.7 % 2.4 % 4.0 % 3.5 % 2.0 % 3.0 %	4.6 % 5.1 %
Subsea 0.4 % 1.6 % -15.7 % -6.6 % 1.4 % 3.4 % 7.1 % 10.7 % 6.5 %	9.4 % 11.1 %

Split Per Segment

NOK million
NCOA	2Q 2020	3Q 2020	4Q 2020		1Q 2021	2Q 2021	3Q 2021	4Q 2021		1Q 2022	2Q 2022
NCOA	929	312	(280)		(118)	(398)		(666) (1,784)		(2,791) (2,307)
Order intake	2Q 2020	3Q 2020	4Q 2020	FY 2020	1Q 2021	2Q 2021	3Q 2021	4Q 2021	FY 2021	1Q 2022	2Q 2022
Renewables and Field Development	3,834	2,304		3,368 11,402	2,630	1,231	4,952		5,214 14,028	1,543	6,040
Electrification, Maintenance and Modifications	3,231	4,353		1,910 13,792	4,068	2,202	2,180	1,432	9,882	4,459	3,858
Subsea	3,145	2,331	1,948	9,076	2,788	8,829	2,481		2,738 16,837	1,094	3,686
Other and eliminations	79	147	(453)	(107)	(43)	(29)	(81)	(128)	(281)	(57)	64
Order intake	10,289	9,135		6,774 34,163		9,444 12,232	9,532		9,257 40,466		7,039 13,647
Order backlog	2Q 2020	3Q 2020	4Q 2020		1Q 2021	2Q 2021	3Q 2021	4Q 2021		1Q 2022	2Q 2022
Renewables and Field Development	8,129		8,001 10,632		10,063		8,818 11,599 14,058			12,590 15,139
Electrification, Maintenance and Modifications		16,228 18,760 16,527					18,954 18,769 18,576 17,553			19,345 20,626
Subsea		11,037 11,198 10,912					11,675 18,365 18,470 17,826			16,145 16,705
Other and eliminations	197	182	(91)		(185)	(167)	(209)	(269)		(67)	252
Order backlog		35,591 38,142 37,979					40,507 45,786 48,436 49,168			48,013 52,722
Own employees	2Q 2020	3Q 2020	4Q 2020		1Q 2021	2Q 2021	3Q 2021	4Q 2021		1Q 2022	2Q 2022
Renewables and Field Development	4,131	4,002	4,675		4,535	4,550	4,452	4,553		4,795	4,962
Electrification, Maintenance and Modifications	6,033	5,624	5,694		5,925	6,200	6,216	6,085		5,792	4,435
Subsea	3,461	3,169	3,500		3,431	3,428	3,465	3,607		3,736	3,927
Other	2,285	2,024	625		600	611	755	767		802	1,007
Own employees		15,910 14,819 14,494					14,491 14,789 14,888 15,012			15,125 14,331

Split Per Segment – Excluding Special Items

2Q 2020	3Q 2020	4Q 2020	FY 2020	1Q 2021	2Q 2021	3Q 2021	4Q 2021	FY 2021	1Q 2022	2Q 2022
204	193	259	549			89	108	540	102	76
	66			76	126		92	420	140	189
286		16	748	172	224	336	512	1,244	429	525
									(88)	(99)
503	451	121	1,236	427	392	459	593	1,871	583	691
		84 (71)	242 (50)	(124) (30)	161 (222)	248 (69)	95 (53)	126 (92)	(120)	(333)

EBITDA margin (excl. special items)	2Q 2020	3Q 2020	4Q 2020	FY 2020	1Q 2021	2Q 2021	3Q 2021	4Q 2021	FY 2021	1Q 2022	2Q 2022
Renewables and Field Development	8.9 %	7.6 %	9.0 %	5.1 %	9.0 %	3.6 %	3.6 %	4.0 %	5.1 %	3.6 %	1.9 %
Electrification, Maintenance and Modifications	4.0 %	3.5 %	-6.1 %	1.8 %	4.1 %	5.3 %	5.2 %	3.6 %	4.6 %	5.6 %	6.0 %
Subsea	11.5 %	11.6 %	0.8 %	7.9 %	9.0 %	11.0 %	14.1 %	15.2 %	12.8 %	14.4 %	15.5 %
EBITDA margin (excl. special items)	7.5 %	7.0 %	1.8 %	4.3 %	6.6 %	5.6 %	6.3 %	6.8 %	6.4 %	7.0 %	6.5 %

EBIT (excl. special items)	2Q 2020	3Q 2020	4Q 2020	FY 2020	1Q 2021	2Q 2021	3Q 2021	4Q 2021	FY 2021	1Q 2022	2Q 2022
Renewables and Field Development	140	153	206	324	193	29	19	44	285	32	3
Electrification, Maintenance and Modifications	38	20	(123)	22	46	96	97	52	291	114	163
Subsea	96	61	(208)	(45)	22	72	176	359	630	282	377
Other	(105)	(86)	(57)	(351)	(93)	(71)	(115)	(152)	(431)	(111)	(125)
EBIT (excl. special items)	169	148	(182)	(51)	168	126	178	303	775	316	418

EBIT margin (excl. special items)	2Q 2020	3Q 2020	4Q 2020	FY 2020	1Q 2021	2Q 2021	3Q 2021	4Q 2021	FY 2021	1Q 2022	2Q 2022
Renewables and Field Development	6.1 %	6.0 %	7.1 %	3.0 %	7.0 %	1.1 %	0.8 %	1.6 %	2.7 %	1.1 %	0.1 %
Electrification, Maintenance and Modifications	1.8 %	1.1 %	-6.0 %	0.3 %	2.5 %	4.1 %	4.0 %	2.0 %	3.2 %	4.6 %	5.1 %
Subsea	3.8 %	2.9 %	-10.7 %	-0.5 %	1.2 %	3.5 %	7.4 %	10.6 %	6.5 %	9.5 %	11.1 %
EBIT margin (excl. special items)	2.5 %	2.3 %	-2.7 %	-0.2 %	2.6 %	1.8 %	2.4 %	3.5 %	2.6 %	3.8 %	4.0 %

Order Backlog by Market

NOK billion, % Order Backlog by Market 2Q 2021 2Q 2022 Africa 1 % 2 % Asia Pacific 23 % 17 % North America 6 % 11 % Norway 65 % 58 % Europe 1 % 7 % South America 4 % 4 % Total 100 % 100 % Total amount in NOK billion 45.8 52.7

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