Aker Solutions — Investor Presentation 2017

Jul 12, 2017

2Q 2017

Fornebu, July 12, 2017 Luis Araujo and Svein Stoknes

Agenda | 2Q 2017

Key Developments

• Major projects progress as planned
• Global improvement program makes good headway, supporting margins

• Market remains challenging, though signs of recovery

• Robust order backlog of NOK 30.7 billion

• New orders include umbilicals contract for Mozambique's first offshore field development and 41 early-phase studies

• Solid financial position with liquidity buffer of NOK 4.9 billion

• Acquisition of Reinertsen's Norway oil and gas business

• Integration of C.S.E. in Brazil makes good headway
• Benefiting from new, organizational setup and synergies from acquisitions

Key Figures | 2Q 2017

Revenue EBITDA Order Intake

Order Backlog

New Orders

Contract for three umbilicals for Mozambique's Coral South project

Engineering and procurement services framework agreement for as many as 10 years

Order for two subsea trees for Kameleon and Storklakken discoveries

Subsea equipment order for Norwegian Sea Snefrid Nord find

41 study awards for projects in Norway, the UK, the U.S., Brazil, Australia and Malaysia

Order for four subsea trees for Visund and Fram Øst fields

#thejourney

Global improvement program targeting minimum 30 percent improvement in cost-efficiency across company

Achieved more than 80 percent of cost-efficiency target

2Q 2017

NOK 9,000,000,000

Collaborating to Drive Industry Improvements

Alliance with Aker BP and Subsea 7

• Operator and suppliers work as integrated team, reusing solutions and best practices
• Completed tie-in of two subsea wells at Volund field 20 percent below targeted budget and nine months faster than at comparable projects

International Association of Oil & Gas Producers

• Aker Solutions selected by IOGP to help drive standardization on an industrywide level
• Will provide project management and technical specialist services for phase two of JIP33, a joint industry project to standardize equipment and packages

Outlook

• Market outlook for oil services remains challenging amid project postponements, volatile oil price
• Some signs of recovery, as industry improvement measures having an effect
• Lower break-even costs likely to spur more project sanctions this year
• Healthy tendering in main markets
• Well placed in key regions to capture longterm, global deepwater and subsea market growth
• Vigilant about workforce capacity
• Taking part in industry collaboration to drive sustainable change

Agenda | 2Q 2017

2Q 2017 | Income Statement

NOK million	2Q 2017	2Q 2016	1H 2017	1H 2016	2016
Revenue	5,425	6,969	10,598	13,432	25,557
EBITDA	305	563	660	1,072	1,929
EBITDA margin	5.6%	8.1%	6.2%	8.0%	7.5%
EBITDA ex. special items1	400	590	763	1,111	2,121
EBITDA margin ex. special items 1	7.4%	8.5%	7.2%	8.3%	8.3%
Depreciation, amortization and impairment	(206)	(245)	(411)	(440)	(1,242)
EBIT	99	319	249	632	687
EBIT margin	1.8%	4.6%	2.4%	4.7%	2.7%
EBIT ex. special items 1	199	395	356	722	1,343
EBIT margin ex. special items 1	3.7%	5.7%	3.4%	5.4%	5.3%
Net financial items	(60)	(95)	(124)	(154)	(354)
FX on disqualified hedging instruments	12	(25)	17	(22)	(59)
Income (loss) before tax	51	199	143	457	273
Income tax	(17)	(68)	(47)	(157)	(121)
Net income (loss)	33	131	95	300	152
Earnings (loss) per share (NOK)	0.08	0.37	0.32	0.90	0.21
Earnings per share (NOK) ex. special items1	0.34	0.66	0.57	1.22	2.23

• Revenue for 2Q 2017 down 22% vs last year
• Reflecting lower activity levels, especially for subsea projects
• Underlying 2Q 2017 EBITDA reached NOK 400 million
• EBITDA margin of 7.4% versus 8.5% a year earlier

¹Special items include integration and restructuring costs mainly related to recent acquisitions, onerous leases and costs linked to the impact of currency derivatives not qualifying for hedge accounting. See appendix for full details on special items.

2Q 2017 | Cash flow and Financial Position

• Cash flow from operations minus NOK 457 million
• Working capital minus NOK 454 million
• Net debt NOK 1,686 million and leverage 1.2x
• Gross debt at NOK 3.2 billion
• Available liquidity NOK 4.9 billion (cash NOK 1.2 billion and RCF NOK 3.7 billion)

Debt Maturity Profile¹NOK million

¹RCF of NOK 5 billion, drawn NOK 1.3 billion, maturing in 2019

Net Interest-Bearing Debt Development NOK million

Working Capital NOK million

Projects

• Good progress on major projects, according to plan
• Revenue down 23% vs last year to NOK 4.2 billion
• EBITDA margin¹ of 7%, compared with 8% a year earlier

EBITDA and Margin¹ NOK million, %

¹Excludes special items

• Order intake of NOK 2.6 billion, equivalent to 0.6x book-to-bill
• Order backlog of NOK 23.4 billion

EBIT and Margin¹

Working Capital NOK billion

• Impacted by lower activity levels
• Revenue down 44% vs last year to NOK 1.9 billion
• Order intake of NOK 0.9 billion, equivalent to 0.5x book-to-bill
• Backlog of NOK 7.7 billion

Order Intake

NOK billion

Projects | Subsea Projects | Field Design

• Brownfield activity improving
• Revenue up 10% vs last year to NOK 2.4 billion
• Order intake of NOK 1.7 billion, equivalent to 0.7x book-to-bill
• Backlog of NOK 15.6 billion

2Q 2017 Order Backlog by Execution Date

NOK billion

Revenue

Services

• Impacted by activity slowdown in subsea services and a maturing production asset services portfolio
• Revenue down 20% vs last year to NOK 1.2 billion
• EBITDA margin¹ of 12.7% driven by a continued favorable activity mix

EBITDA and Margin¹

NOK million, %

■ EBIT margin¹ of 8.8%, down year-on-year from 9.7%

• Order intake of NOK 0.4 billion, equivalent to 0.3x book-to-bill
• Order backlog of NOK 7.3 billion

EBIT and Margin¹

Working Capital NOK billion

Order Backlog Gives Reasonable Visibility

2Q 2017 Order Backlog by Execution Date NOK million

Order Backlog and Intake Evolution NOK million

Order Backlog by Segment NOK million

End 2Q 2017 Order Backlog by Region NOK million

Financial Guidance

Revenue

• Positive long-term offshore, deepwater outlook
• Near-term uncertainty on timing of awards
• 2017 Projects revenue expected down around 15% from 2016
• 2017 Services revenue expected down around 5% from 2016
• Overall 2017 revenue down 10-15% year-on-year

Margins

• Softer underlying EBITDA margin in Projects year-on-year
• Stable underlying EBITDA margin in Services year-on-year
• Underlying EBITDA margin for the group overall slightly down from 1Q levels

Balance Sheet and Cash flow

• Capex and R&D ≈ 2% of revenue
• Several major capex investment plans completed in 2016
• Working capital likely to fluctuate around large project work but trend toward 5-7% of group revenue over next 12 -18 months
• Target net interest-bearing debt / EBITDA ≈ 1, but will remain above conservative target level through 2017
• Dividend payments should over time amount to 30-50% of net profit

Agenda | 2Q 2017

Introduction Luis Araujo Chief Executive Officer Financials Svein Stoknes Chief Financial Officer Q&A Session Luis Araujo CEO Svein Stoknes CFO Questions Answers

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	1Q 2017	2Q 2017
Onerous leases	52	58	40	114	265	-	4	39	39	82	-	6
Restructuring1	0	2	41	373	416	15	19	0	130	163	-1	81
Non-qualifying hedges	18	36	25	15	94	-4	-11	-11	-18	-44	3	4
Other costs	4	4	4	11	22	3	15	-35	9	-10	6	3
Total special items EBITDA	75	99	110	513	797	13	27	-6	160	192	7	95
Special items (EBIT)
Impairments	26	3	11	123	163	-	50	-0	414	464	-0	5
Total	100	102	121	636	960	13	77	-7	574	656	7	100

1) Restructuring and integration costs in 2Q relates mainly to the recent acquisition of Reinertsen

Income Statement

NOK million
Income statement consolidated	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017	2Q 2017
Revenue	8,048	7,484	7,864	31,896	6,463	6,969	5,987	6,138	25,557	5,173	5,425
Operating expenses	(7,501)	(6,963)		(7,682) (30,055)	(5,955)	(6,405)	(5,509)		(5,759) (23,628)	(4,817)	(5,120)
EBITDA	547	521	182	1,841	508	563	477	380	1,929	355	305
Of which related to hedging	(36)	(25)	(15)	(94)	4	11	11	18	44	(3)	(4)
Depreciation and amortization	(168)	(180)	(214)	(719)	(195)	(195)	(192)	(197)	(778)	(205)	(201)
Impairment	(3)	(11)	(123)	(163)	(0)	(50)	0	(414)	(464)	(0)	(5)
EBIT	376	329	(155)	958	314	319	286	(232)	687	150	99
Net interest cost	(54)	(66)	(99)	(272)	(94)	(106)	(109)	(111)	(420)	(74)	(67)
Foreign exchange on disqualified hedging instruments	41	15	(21)	46	4	(25)	(4)	(34)	(59)	5	12
Other financial items	(51)	36	(3)	(48)	34	12	4	16	66	10	6
Net financial items incl. disqualified hedging instruments	(65)	(15)	(123)	(273)	(56)	(120)	(109)	(128)	(414)	(58)	(48)
Net income (loss) before tax	310	315	(278)	685	258	199	177	(360)	273	92	51
Income tax	(102)	(110)	28	(302)	(89)	(68)	(56)	92	(121)	(30)	(17)
Net income (loss) for the period	209	205	(250)	383	169	131	120	(268)	152	62	33
Net income attributable to:
Equity holders of the parent company	199	203	(225)	392	144	100	102	(289)	57	63	23
Non-controlling interests	9	2	(25)	(8)	25	31	19	21	95	(1)	10
EBITDA margin	6.8%	7.0%	2.3%	5.8%	7.9%	8.1%	8.0%	6.2%	7.5%	6.9%	5.6%
Basic earnings per share (NOK)	0.73	0.75	-0.83	1.44	0.53	0.37	0.37	-1.07	0.21	0.23	0.08

Balance Sheet

NOK million
Assets	2Q 2015	3Q 2015	4Q 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	1Q 2017	2Q 2017
Property, plant and equipment	3,754	3,792	3,962	3,882	3,934	3,735	3,808	3,721	3,564
Intangible assets	6,388	6,518	6,539	6,403	6,306	6,305	6,314	6,280	6,525
Financial assets (non-current)	17	17	16	16	16	67	132	184	148
IB receivables (non-current)	10	10	20	20	27	27	34	41	18
IB receivables (current)	8	-	117	76	91	90	437	470	298
Trade receivables	5,020	4,645	4,264	4,813	3,836	3,585	3,541	2,961	2,968
Accrued revenue	5,832	5,956	4,670	4,682	4,355	3,447	2,630	2,849	2,635
Other current assets	3,668	4,651	4,279	2,414	2,287	2,043	2,137	1,466	2,076
Cash and cash equivalents	1,958	2,651	3,862	3,497	2,861	2,299	2,480	2,020	1,211
Total assets	26,654	28,241	27,729	25,802	23,713	21,599	21,512	19,992	19,443

Debt and equity	2Q 2015	3Q 2015	4Q 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	1Q 2017	2Q 2017
Total equity attributable to the parent	5,836	6,326	6,397	6,278	6,399	6,289	6,278	6,546	6,651
Non-controlling interests	241	253	234	249	278	287	138	138	110
Non IB liabilities (non-current)	1,445	1,472	881	833	805	1,029	956	870	880
Interest-bearing debt (non-current)	3,685	3,122	3,137	3,343	1,934	2,154	1,844	1,822	1,729
Trade payables	1,834	1,416	1,669	1,208	1,334	922	1,030	902	1,156
Amounts due to customers for construction work, incl advances	5,674	6,137	5,995	4,944	3,329	2,690	2,509	2,160	1,484
Accrued operating and financial cost	2,431	2,968	2,435	2,547	2,076	2,036	2,183	2,254	2,447
Interest-bearing current liabilities	91	483	561	655	2,332	2,040	2,110	1,677	1,484
Other non IB liabilities (current)	5,418	6,064	6,421	5,744	5,226	4,153	4,465	3,623	3,503
Total liabilities and equity	26,654	28,241	27,729	25,802	23,713	21,599	21,512	19,992	19,443
Net current operating assets, excluding held for sale	656	315	-1,607	-933	-100	416	-904	-974	-454
Net interest-bearing items	1,801	943	-301	406	1,287	1,777	1,002	968	1,686
Equity	6,077	6,579	6,630	6,527	6,677	6,576	6,415	6,684	6,761
Equity ratio (in %)	22.8	23.3	23.9	25.3	28.2	30.4	29.8	33.4	34.8

Cashflow

NOK million
Cashflow	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017	2Q 2017
EBITDA continuing operations	547	521	182	1,841	508	563	477	380	1,929	355	305
Change in cashflow from operating activities	(627)	311	1,414	93		(836) (1,094)	(769)	1,081	(1,617)	(257)	(762)
Net cashflow from operating activities	(80)	832	1,595	1,934	(327)	(530)	(291)	1,460	312	98	(457)
Acquisition of property, plant and equipment	(297)	(165)	(261)	(841)	(94)	(53)	(87)	(95)	(329)	(31)	(38)
Payments for capitalized developement	(125)	(94)	(121)	(449)	(93)	(65)	(41)	(97)	(297)	(42)	(35)
Acquisition of subsidiaries, net of cash acquired	-	-	(3)	(3)	-	-	(0)	(210)	(210)	(4)	(217)
Change in current interest-bearing receivables	1	(1)	(0)	(0)	-	-	-	(351)	(351)	-	179
Cashflow from other investing activities	2	(0)	(7)	(5)	2	(14)	21	(8)	1	0	3
Net cashflow from investing activities	(419)	(261)		(392) (1,299)	(185)	(133)	(106)		(762) (1,186)	(76)	(109)
Change in external borrowings	49	(8)	25	98	238	99	(18)	(290)	29	(475)	(218)
Paid dividends to majority	(394)	-	-	(394)	-	-	-	(0)	(0)	-	(0)
Other financing activities	(4)	9	(96)	(26)	36	(28)	(19)	(231)	(243)	(20)	(33)
Net cashflow from financing activities	(349)	2	(71)	(323)	274	71	(37)	(522)	(213)	(494)	(251)
Effect of exchange rate changes on cash and cash equivalents	(10)	120	79	211	(128)	(43)	(128)	4	(294)	13	8
Net increase (decrease) in cash and cash equivalents	(859)	693	1,211	523	(366)	(636)	(562)	181	(1,382)	(459)	(809)
Cash and cash equivalents as at the beginning of the period	2,816	1,958	2,651	3,339	3,862	3,496	2,861	2,299	3,862	2,480	2,020
Cash and cash equivalents as at the end of the period	1,958	2,651	3,862	3,862	3,496	2,861	2,299	2,480	2,480	2,020	1,211

Split Per Segment

NOK million
Revenue	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017	2Q 2017
Projects	6,454	5,988	6,335	25,690	5,051	5,474	5,003	5,100	20,627	4,066	4,232
Services	1,654	1,456	1,551	6,281	1,476	1,449	1,019	1,057	5,001	1,068	1,156
Other	50	104	79	273	25	48	(9)	25	88	41	43
Eliminations	(111)	(64)	(101)	(349)	(88)	(1)	(26)	(44)	(159)	(2)	(5)
Revenue	8,048	7,484	7,864	31,896	6,463	6,969	5,987	6,138	25,557	5,173	5,425
EBITDA	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017	2Q 2017
Projects	406	322	175	1,358	378	409	400	360	1,547	269	213
Services	271	281	176	962	151	173	115	161	601	152	144
Other	(130)	(82)	(169)	(480)	(21)	(18)	(38)	(141)	(219)	(66)	(52)
EBITDA	547	521	182	1,841	508	563	477	380	1,929	355	305
EBITDA margin	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017	2Q 2017
Projects	6.3%	5.4%	2.8%	5.3%	7.5%	7.5%	8.0%	7.0%	7.5%	6.6%	5.0%
Services	16.4%	19.3%	11.4%	15.3%	10.2%	12.0%	11.3%	15.3%	12.0%	14.2%	12.5%
EBITDA margin	6.8%	7.0%	2.3%	5.8%	7.9%	8.1%	8.0%	6.2%	7.5%	6.9%	5.6%
EBIT	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017	2Q 2017
Projects	280	182	(91)	689	233	205	250	(210)	478	129	79
Services	226	234	111	759	108	138	81	127	454	113	99
Other	(130)	(86)	(175)	(490)	(27)	(24)	(45)	(148)	(245)	(92)	(79)
EBIT	376	329	(155)	958	314	319	286	(232)	687	150	99
EBIT margin	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017	2Q 2017
Projects	4.3%	3.0%	-1.4%	2.7%	4.6%	3.7%	5.0%	-4.1%	2.3%	3.2%	1.9%
Services	13.6%	16.1%	7.2%	12.1%	7.3%	9.5%	8.0%	12.0%	9.1%	10.6%	8.5%
EBIT margin	4.7%	4.4%	-2.0%	3.0%	4.9%	4.6%	4.8%	-3.8%	2.7%	2.9%	1.8%

Split Per Segment

NOK million
NCOA	2Q 2015	3Q 2015	4Q 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	1Q 2017	2Q 2017
Projects	(786)	(1,098)	(2,477)	(1,805)	(1,309)	(223)	(1,297)	(810)
Services	1,564	1,471	1,145	1,143	1,493	824	921	640
Other	(122)	(58)	(275)	(271)	(283)	(185)	(528)	(803)
NCOA	656	315	(1,607)	(933)	(100)	416	(904)	(974)

Order intake	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017	2Q 2017
Projects	1,878	2,650	5,299	17,915	4,276	3,200	2,696	3,435	13,607	4,096	2,582
Services	1,388	1,336	1,196	5,029	1,783	150	852	676	3,461	494	373
Other	55	64	118	287	25	46	(10)	25	86	10	67
Eliminations	115	(93)	(225)	(439)	(87)	4	(24)	(42)	(150)	(8)	1
Order intake	3,436	3,957	6,388	22,793	5,996	3,400	3,514	4,094	17,004	4,591	3,022

Order backlog	2Q 2015	3Q 2015	4Q 2015
Projects	33,982	30,457	29,804
Services	9,929	10,149	9,920
Other	0	(42)	0
Eliminations	118	93	(39)
Order backlog	44,029	40,657	39,684

Split Per Segment – Underlying Margins

NOK million
EBITDA (excl. special items)	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017	2Q 2017
Projects	408	361	524	1,749	386	436	393	387	1,602	269	295
Services	271	283	200	988	158	176	116	168	618	152	147
Other	(32)	(13)	(29)	(99)	(22)	(23)	(37)	(16)	(98)	(59)	(42)
EBITDA (excl. special items)	646	631	695	2,638	521	590	471	539	2,121	363	400
EBITDA margin (excl. special items)	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017	2Q 2017
Projects	6.3%	6.0%	8.3%	6.8%	7.6%	8.0%	7.9%	7.6%	7.8%	6.6%	7.0%
Services	16.4%	19.5%	12.9%	15.7%	10.7%	12.2%	11.4%	15.9%	12.4%	14.2%	12.7%
EBITDA margin (excl. special items)	8.1%	8.5%	8.9%	8.3%	8.0%	8.5%	7.9%	8.8%	8.3%	7.0%	7.4%
EBIT (excl. special items)	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017	2Q 2017
Projects	285	231	370	1,231	241	283	242	231	997	129	161
Services	226	237	147	797	115	141	81	134	471	113	101
Other	(32)	(17)	(35)	(109)	(29)	(29)	(44)	(23)	(124)	(85)	(64)
EBIT (excl. special items)	478	450	481	1,919	327	395	280	342	1,343	157	199
EBIT margin (excl. special items)	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017	2Q 2017
Projects	4.4%	3.9%	5.8%	4.8%	4.8%	5.2%	4.9%	4.5%	4.8%	3.2%	3.8%
Services	13.6%	16.3%	9.4%	12.7%	7.8%	9.7%	8.0%	12.6%	9.4%	10.6%	8.8%
EBIT margin (excl. special items)	6.0%	6.1%	6.1%	6.0%	5.0%	5.7%	4.7%	5.6%	5.3%	3.0%	3.7%

Projects | Subsea and Field Design

NOK million
Revenue	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017	2Q 2017
Subsea	3,754	3,524	3,899	15,278	2,992	3,360	2,873	2,693	11,917	2,182	1,883
Field Design	2,747	2,504	2,506	10,610	2,075	2,130	2,133	2,414	8,751	1,887	2,353
Eliminations	(46)	(39)	(70)	(197)	(16)	(15)	(3)	(7)	(41)	(3)	(4)
Revenues	6,454	5,988	6,335	25,690	5,051	5,474	5,003	5,100	20,627	4,066	4,232

Order intake	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017	2Q 2017
Subsea	1,505	2,025	1,109	6,128	592	1,729	101	2,372	4,794	692	929
Field Design	382	705	4,273	12,003	3,699	1,487	2,598	1,070	8,854	3,408	1,654
Eliminations	(9)	(80)	(83)	(216)	(15)	(15)	(3)	(7)	(40)	(4)	(2)
Order intake	1,878	2,650	5,299	17,915	4,276	3,200	2,696	3,435	13,607	4,096	2,582

Order backlog	2Q 2015	3Q 2015	4Q 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	1Q 2017	2Q 2017
Subsea	21,905	20,203	17,721	15,011	13,484	10,440	10,297	8,814
Field Design	12,048	10,267	12,110	13,645	13,024	13,402	12,054	13,758	15,642
Eliminations	29	(13)	(27)	(25)	(24)	(23)	(24)	27
Order backlog	33,982	30,457	29,804	28,631	26,484	23,819	22,327	22,599	23,371

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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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