Aker Solutions — Investor Presentation 2017

May 9, 2017

1Q 2017

Fornebu, May 9, 2017 Luis Araujo and Svein Stoknes

Agenda | 1Q 2017

Key Developments

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

• Market remains challenging, though some signs of recovery

• Robust order backlog of about NOK 30.7 billion

• New orders include FEED for Johan Sverdrup's phase two and 30 early-phase studies

• Solid financial position with liquidity buffer of NOK 7 billion

• Acquisition of Reinertsen's Norwegian oil and gas assets

• Integration of C.S.E. in Brazil proceeds as planned
• New companywide structure fully operational

Key Figures | 1Q 2017

Revenue EBITDA Order Intake

Order Backlog

New Orders

Front-end engineering and design contract for second phase of Johan Sverdrup development

Order for hook-up of riser platform for Johan Sverdrup field

Front-end engineering and design order for North Sea Pil & Bue development

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

Engineering contract for upgrading of Njord A platform in Norway

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

Leading Carbon Capture Technology

• Aker Solutions in April won orders for carbon capture concept studies for Yara ammonia plant and Norcem cement facility in Norway
• Yara and Norcem in running for government funding to build and operate a full-scale carbon capture plant by 2022
• Studies put Aker Solutions in strong position to take part in future developments
• Company's carbon capture technology is commercially ready and applicable to different types of industrial emissions
• Paris climate accord has increased global interest in company's capture technology

Growing a World-Class Services Business

• Acquisitions of majority stake in C.S.E. in Brazil and Reinertsen's oil and gas assets in Norway
• Boosting position in major services markets
• Integration processes proceeding as planned, driving synergies and strengthening core competencies

#thejourney

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

More than two-thirds of 30% cost-efficiency target achieved

1Q 2017

9,000,000,000 NOK

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 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 | 1Q 2017

1Q 2017 | Income Statement

NOK million	1Q 2017	1Q 2016	2016
Revenue	5,173	6,463	25,557
EBITDA	355	508	1,929
EBITDA margin	6.9%	7.9%	7.5%
EBITDA ex. special items1	363	521	2,121
EBITDA margin ex. special items 1	7.0%	8.0%	8.3%
Depreciation, amortization and impairment	(205)	(195)	(1,242)
EBIT	150	314	687
EBIT margin	2.9%	4.9%	2.7%
EBIT ex. special items 1	157	327	1,343
EBIT margin ex. special items 1	3.0%	5.0%	5.3%
Net financial items	(63)	(59)	(354)
FX on disqualified hedging instruments	5	4	(59)
Income (loss) before tax	92	258	273
Income tax	(30)	(89)	(121)
Net income (loss)	62	169	152
Earnings (loss) per share (NOK)	0.23	0.53	0.21
Earnings per share (NOK) ex. special items1	0.23	0.56	2.23

• Revenue for 1Q 2017 down 20% vs last year
• Reflecting lower activity levels, especially in subsea projects
• Underlying 1Q 2017 EBITDA reached NOK 363 million
• EBITDA margin of 7% versus 8% a year earlier

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

1Q 2017 | Cashflow and Financial Position

• Cashflow from operations NOK 98 million
• Working capital minus NOK 974 million
• Net debt NOK 968 million and leverage 0.8x
• Gross debt at NOK 3.5 billion
• Available liquidity NOK 7 billion (cash NOK 2 billion and RCF NOK 5 billion)

Working Capital NOK million

Debt Maturity Profile¹NOK million

¹RCF of NOK 5 billion, drawn NOK 0 billion, maturing in 2019

Net Interest-Bearing Debt Development NOK million

Projects

• Good progress on major projects, according to plan
• Revenue down 20% vs last year to NOK 4.1 billion
• EBITDA margin¹ of 6.6%, compared with 7.6% a year earlier

Revenue NOK billion

EBITDA and Margin¹ NOK million, %

¹Excludes special items

• EBIT margin¹ of 3.2%, down from 4.8% a year earlier
• Order intake of NOK 4.1 billion, equivalent to 1.0x book-to-bill
• Order backlog of NOK 22.6 billion

EBIT and Margin¹

Working Capital NOK billion

• Impacted by lower activity levels
• Revenue down 27% vs last year to NOK 2.2 billion
• Order intake of NOK 0.7 billion, equivalent to 0.3x book-to-bill
• Backlog of NOK 8.8 billion

Order Intake

NOK billion

Projects | Subsea Projects | Field Design

• New projects not yet offsetting maturing backlog
• Revenue down 10% vs last year to NOK 1.9 billion
• Order intake of NOK 3.4 billion, equivalent to 1.8x book-to-bill
• Backlog of NOK 13.8 billion

1Q 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 28% vs last year to NOK 1.1 billion
• EBITDA margin¹ of 14.2% driven by favorable activity mix and strong operational performance

EBITDA and Margin¹

NOK million, %

■ EBIT margin¹ of 10.6%, up year-on-year from 7.8%

• Order intake of NOK 0.5 billion, equivalent to 0.5x book-to-bill
• Order backlog of NOK 8.1 billion

EBIT and Margin¹

NOK million, %

Working Capital NOK billion

Revenue

Order Backlog Gives Good Visibility

1Q 2017 Order Backlog by Execution Date NOK million

Order Backlog and Intake Evolution NOK million

Order Backlog by Segment NOK million

End 1Q 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 15-20% from 2016
• 2017 Services revenue expected around 2016 levels
• 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 group overall slightly down from current levels

Balance Sheet and Cashflow

• 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 exceed conservative target level through 2017
• Dividend payments should over time amount to 30-50% of net profit

Agenda | 1Q 2017

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

General

Basis for Preparation

This presentation provides financial highlights for the quarter for Aker Solutions, a Norwegian limited company listed on the Oslo Stock Exchange. The same financial reporting principles as presented in the 2016 Annual Report have been used when preparing the financial information in this presentation. The financial information does not meet the requirements in IAS 34 (Interim Financial Reporting) and the figures are not audited.

No significant new accounting principles have been adopted in the period. New accounting principles expected to impact the company in the future, such as IFRS 9, 15 and 16, are described in the 2016 annual report.

Alternative Performance Measures

Aker Solutions discloses alternative performance measures in addition to those normally required by IFRS, as such performance measures are frequently used by securities analysts, investors and other interested parties. Alternative performance measures are meant to provide an enhanced insight into the operations, financing and future prospects of the company.

Profit Measures

EBITDA is short for earnings before interest, taxes, depreciation and amortization. EBITDA corresponds to the "operating income before depreciation, amortization and impairment" in the consolidated income statement.

EBIT is short for earnings before interest and taxes. EBIT corresponds to "operating income" in the consolidated income statement.

Margins such as EBITDA margin and EBIT margin is used to compare relative profit between periods. EBITDA margin and EBIT margin are calculated as EBITDA or EBIT divided by revenue.

Special items may not be indicative of the ongoing operating result or cash flows of the company. Profit measure excluding special items is presented as an alternative measures to improve comparability of the underlying business performance between the periods.

Special Items Impacting Profit Measures

NOK million	Projects		Services		Other/eliminations		Aker Solutions
	1Q 2017				1Q 2016 1Q 2017 1Q 2016 1Q 2017 1Q 2016 1Q 2017 1Q 2016		group
Revenue	4 066 5 051 1 068 1 476						39 (63) 5 173 6 463
Non-qualifying hedges					(5)	20	(5)	20
Sum of special items excluded from revenue	-	-	-	-	(5)	20	(5)	20
Revenue ex. special items	4 066 5 051 1 068 1 476						34 (43) 5 168 6 483
EBITDA	269				378 152 151 (66) (21) 355 508
Restructuring cost		8		7		(1) -	(1)	15
Non-qualifying hedges					3	(4)	3	(4)
Transaction costs and other					6	3	6	3
Sum of special items excluded from EBITDA	-		8 -	7	7	(2)	7	13
EBITDA ex. special items	269				386 152 158 (59) (22) 363 521
EBITDA margin	6,6%	7,5%	14,2%	10,2%			6,9%	7,9%
EBITDA margin ex. special items	6,6%	7,6%	14,2%	10,7%			7,0%	8,0%
EBIT	129				233 113 108 (92) (27) 150 314
Sum of special items excluded from EBITDA	-		8 -	7	7	(2)	7	13
Sum of special items excluded from EBIT	-		8 -	7	7	(2)	7	13
EBIT ex. special items	129				241 113 115 (85) (29) 157 327
EBIT margin	3,2%	4,6%	10,6%	7,3%			2,9%	4,9%
EBIT margin ex. special items	3,2%	4,8%	10,6%	7,8%			3,0%	5,0%

General

Order Intake Measures

Order intake, order backlog and book-to-bill ratio are presented as alternative performance measures as they are indicators of the company's revenues and operations in the future.

Order intake includes new signed contracts in the period in addition to growth in existing contracts. For construction contracts, the order intake is based on the signed contract value excluding potential options and change orders. For service contracts, the order intake is based on the estimated value of firm periods in the contracts.

Order backlog represents the estimated value of remaining work on signed contracts.

Book-to-bill ratio is calculated as order intake divided by revenue in the period. A book-to-bill ratio higher than 1 means that the company has secured more contracts in the period than what has been recognized as revenue in the same period.

NOK million			Projects - Subsea Projects - Field	Design		Projects		Services	Other/ eliminations			Total
			1Q 2017 1Q 2016 1Q 2017 1Q 2016 1Q 2017 1Q 2016 1Q 2017 1Q 2016 1Q 2017 1Q 2016 1Q 2017 1Q 2016
Revenue	2,182	2,992	1,887	2,075	4,066	5,051	1,068		1,476 39 (63)		5,173	6,463
Order intake	692 592		3,408	3,699	4,096		4,276 494	1,783		2 (62)		4,591 5,996
Book-to-bill ratio	0.3	0.2	1.8	1.8	1.0	0.8	0.5	1.2			0.9	0.9

Financing Measures

Alternative financing and equity measures are presented as they are indicators of the company's ability to obtain financing and service its debts. Net Current Operating Assets (NCOA) or working capital is a measure of the current capital necessary to maintain operations. Working capital includes trade receivables, trade payables, accruals, provisions and current tax assets and liabilities

NOK million	1Q 2017	4Q 2016
Inventory	524	575
Trade and other receivables	6,528 7,398
Current tax assets	244	242
Trade and other payables	(7,164) (8,002)
Provisions	(1,063) (1,087)
Current tax liabilities	(43)	(30)
Net current operating assets (NCOA)	(974)	(904)

Gross Debt and Net Interest-Bearing Debt are measures that shows the overall debt situation. Net debt is calculated by netting the value of a company's liabilities and debts with its cash and other similar short-term financial assets.

NOK million	1Q 2017	4Q 2016
Current borrowings	1,677	2,110
Non-current borrowings	1,822	1,844
Current interest-bearing receivables	(470)	(437)
Non-current interest-bearing receivables1	(41)	(34)
Cash and cash equivalents	(2,020) (2,480)
Net interest-bearing debt	968	1,002

Income Statement

NOK million
Income statement consolidated	1Q 2015	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017
Revenue	8,500	8,048	7,484	7,864	31,896	6,463	6,969	5,987	6,138	25,557	5,173
Operating expenses	(7,909)	(7,501)	(6,963)		(7,682) (30,055)	(5,955)	(6,405)	(5,509)		(5,759) (23,628)	(4,817)
EBITDA	591	547	521	182	1,841	508	563	477	380	1,929	355
Of which related to hedging	(18)	(36)	(25)	(15)	(94)	4	11	11	18	44	(3)
Depreciation and amortization	(157)	(168)	(180)	(214)	(719)	(195)	(195)	(192)	(197)	(778)	(205)
Impairment	(26)	(3)	(11)	(123)	(163)	(0)	(50)	0	(414)	(464)	(0)
EBIT	409	376	329	(155)	958	314	319	286	(232)	687	150
Net interest cost	(53)	(54)	(66)	(99)	(272)	(94)	(106)	(109)	(111)	(420)	(74)
Foreign exchange on disqualified hedging instruments	11	41	15	(21)	46	4	(25)	(4)	(34)	(59)	5
Other financial items	(30)	(51)	36	(3)	(48)	34	12	4	16	66	10
Net financial items incl. disqualified hedging instruments	(71)	(65)	(15)	(123)	(273)	(56)	(120)	(109)	(128)	(414)	(58)
Net income (loss) before tax	338	310	315	(278)	685	258	199	177	(360)	273	92
Income tax	(118)	(102)	(110)	28	(302)	(89)	(68)	(56)	92	(121)	(30)
Net income (loss) for the period	220	209	205	(250)	383	169	131	120	(268)	152	62
Net income attributable to:
Equity holders of the parent company	213	199	203	(225)	392	144	100	102	(289)	57	63
Non-controlling interests	6	9	2	(25)	(8)	25	31	19	21	95	(1)
EBITDA margin	7.0 %	6.8 %	7.0 %	2.3 %	5.8 %	7.9 %	8.1 %	8.0 %	6.2 %	7.5 %	6.9 %
Basic earnings per share (NOK)	0.79	0.73	0.75	-0.83	1.44	0.53	0.37	0.37	-1.07	0.21	0.23

Balance Sheet

NOK million

Assets	1Q 2015	2Q 2015	3Q 2015	4Q 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	1Q 2017
Property, plant and equipment	3,586	3,754	3,792	3,962	3,882	3,934	3,735	3,808	3,721
Intangible assets	6,238	6,388	6,518	6,539	6,403	6,306	6,305	6,314	6,280
Financial assets (non-current)	17	17	17	16	16	16	67	132	184
IB receivables (non-current)	10	10	10	20	20	27	27	34	41
IB receivables (current)	8	8	-	117	76	91	90	437	470
Trade receivables	4,402	5,020	4,645	4,264	4,813	3,836	3,585	3,541	2,961
Accrued revenue	5,870	5,832	5,956	4,670	4,682	4,355	3,447	2,630	2,849
Other current assets	4,109	3,668	4,651	4,279	2,414	2,287	2,043	2,137	1,466
Cash and cash equivalents	2,816	1,958	2,651	3,862	3,497	2,861	2,299	2,480	2,020
Total assets	27,055	26,654	28,241	27,729	25,802	23,713	21,599	21,512	19,992

Debt and equity	1Q 2015	2Q 2015	3Q 2015	4Q 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	1Q 2017
Total equity attributable to the parent	5,707	5,836	6,326	6,397	6,278	6,399	6,289	6,278	6,546
Non-controlling interests	239	241	253	234	249	278	287	138	138
Non IB liabilities (non-current)	1,338	1,445	1,472	881	833	805	1,029	956	870
Interest bearing debt (non-current)	3,142	3,685	3,122	3,137	3,343	1,934	2,154	1,844	1,822
Trade payables	1,496	1,834	1,416	1,669	1,208	1,334	922	1,030	902
Amounts due to customers for construction work, incl advances	5,341	5,674	6,137	5,995	4,944	3,329	2,690	2,509	2,160
Accrued operating and financial cost	3,007	2,431	2,968	2,435	2,547	2,076	2,036	2,183	2,254
Interest bearing current liabilities	581	91	483	561	655	2,332	2,040	2,110	1,677
Other non IB liabilities (current)	6,205	5,418	6,064	6,421	5,744	5,226	4,153	4,465	3,623
Total liabilities and equity	27,055	26,654	28,241	27,729	25,802	23,713	21,599	21,512	19,992
Net current operating assets, excluding held for sale	90	656	315	-1,607	-933	-100	416	-904	-974
Net interest-bearing items	889	1,801	943	-301	406	1,287	1,777	1,002	968
Equity	5,945	6,077	6,579	6,630	6,527	6,677	6,576	6,415	6,684
Equity ratio (in %)	22.0	22.8	23.3	23.9	25.3	28.2	30.4	29.8	33.4

Cashflow

NOK million
Cashflow	1Q 2015	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017
EBITDA continuing operations	591	547	521	182	1,841	508	563	477	380	1,929	355
Change in cashflow from operating activities	(1,005)	(627)	311	1,414	93		(836) (1,094)	(769)	1,081	(1,617)	(257)
Net cashflow from operating activities	(414)	(80)	832	1,595	1,934	(327)	(530)	(291)	1,460	312	98
Acquisition of property, plant and equipment	(118)	(297)	(165)	(261)	(841)	(94)	(53)	(87)	(95)	(329)	(31)
Payments for capitalized developement	(109)	(125)	(94)	(121)	(449)	(93)	(65)	(41)	(97)	(297)	(42)
Acquisition of subsidiaries, net of cash acquired	-	-	-	(3)	(3)	-	-	(0)	(210)	(210)	(4)
Change in current interest-bearing receivables	-	1	(1)	(0)	(0)	-	-	-	(351)	(351)	-
Cashflow from other investing activities	(0)	2	(0)	(7)	(5)	2	(14)	21	(8)	1	0
Net cashflow from investing activities	(227)	(419)	(261)		(392) (1,299)	(185)	(133)	(106)		(762) (1,186)	(76)
Change in external borrowings	31	49	(8)	25	98	238	99	(18)	(290)	29	(475)
Paid dividends to majority	-	(394)	-	-	(394)	-	-	-	(0)	(0)	-
Other financing activities	65	(4)	9	(96)	(26)	36	(28)	(19)	(231)	(243)	(20)
Net cashflow from financing activities	95	(349)	2	(71)	(323)	274	71	(37)	(522)	(213)	(494)
Effect of exchange rate changes on cash and cash equivalents	25	(13)	128	83	223	(128)	(42)	(136)	16	(292)	13
Net increase (decrease) in cash and cash equivalents	(520)	(861)	701	1,215	535	(367)	(634)	(571)	192	(1,380)	(459)
Cash and cash equivalents as at the beginning of the period	3,339	2,819	1,958	2,659	3,339	3,862	3,496	2,862	2,291	3,862	2,480
Cash and cash equivalents as at the end of the period	2,819	1,958	2,659	3,874	3,874	3,496	2,862	2,291	2,484	2,483	2,020

Split Per Segment

NOK million
Revenue	1Q 2015	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017
Projects	6,913	6,454	5,988	6,335	25,690	5,051	5,474	5,003	5,100	20,627	4,066
Services	1,620	1,654	1,456	1,551	6,281	1,476	1,449	1,019	1,057	5,001	1,068
Other	41	50	104	79	273	25	48	(9)	25	88	41
Eliminations	(73)	(111)	(64)	(101)	(349)	(88)	(1)	(26)	(44)	(159)	(2)
Revenue	8,500	8,048	7,484	7,864	31,896	6,463	6,969	5,987	6,138	25,557	5,173
EBITDA	1Q 2015	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017
Projects	456	406	322	175	1,358	378	409	400	360	1,547	269
Services	234	271	281	176	962	151	173	115	161	601	152
Other	(99)	(130)	(82)	(169)	(480)	(21)	(18)	(38)	(141)	(219)	(66)
EBITDA	591	547	521	182	1,841	508	563	477	380	1,929	355
EBITDA margin	1Q 2015	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017
Projects	6.6 %	6.3 %	5.4 %	2.8 %	5.3 %	7.5 %	7.5 %	8.0 %	7.0 %	7.5 %	6.6 %
Services	14.5 %	16.4 %	19.3 %	11.4 %	15.3 %	10.2 %	12.0 %	11.3 %	15.3 %	12.0 %	14.2 %
EBITDA margin	7.0 %	6.8 %	7.0 %	2.3 %	5.8 %	7.9 %	8.1 %	8.0 %	6.2 %	7.5 %	6.9 %
EBIT	1Q 2015	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017
Projects	319	280	182	(91)	689	233	205	250	(210)	478	129
Services	188	226	234	111	759	108	138	81	127	454	113
Other	(99)	(130)	(86)	(175)	(490)	(27)	(24)	(45)	(148)	(245)	(92)
EBIT	409	376	329	(155)	958	314	319	286	(232)	687	150
EBIT margin	1Q 2015	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017
Projects	4.6 %	4.3 %	3.0 %	-1.4 %	2.7 %	4.6 %	3.7 %	5.0 %	-4.1 %	2.3 %	3.2 %
Services	11.6 %	13.6 %	16.1 %	7.2 %	12.1 %	7.3 %	9.5 %	8.0 %	12.0 %	9.1 %	10.6 %
EBIT margin	4.8 %	4.7 %	4.4 %	-2.0 %	3.0 %	4.9 %	4.6 %	4.8 %	-3.8 %	2.7 %	2.9 %

Split Per Segment

Order intake	1Q 2015	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017
NCOA	90	656	315	(1,607)		(933)	(100)	416	(904)		(974)
Other	(140)	(122)	(58)	(275)		(271)	(283)	(185)	(528)		(803)
Services	1,687	1,564	1,471	1,145		1,143	1,493	824	921		640
Projects	(1,456)	(786)	(1,098)	(2,477)		(1,805)	(1,309)	(223)	(1,297)		(810)
NCOA	1Q 2015	2Q 2015	3Q 2015	4Q 2015		1Q 2016	2Q 2016	3Q 2016	4Q 2016		1Q 2017
NOK million

Order intake	9,012	3,436	3,957	6,388	22,793	5,996	3,400	3,514	4,094	17,004	4,591
Eliminations	(237)	115	(93)	(225)	(439)	(87)	4	(24)	(42)	(150)	(8)
Other	50	55	64	118	287	25	46	(10)	25	86	10
Services	1,110	1,388	1,336	1,196	5,029	1,783	150	852	676	3,461	494

Projects 8,089 1,878 2,650 5,299 17,915 4,276 3,200 2,696 3,435 13,607 4,096

Order backlog	1Q 2015	2Q 2015	3Q 2015	4Q 2015
Projects	38,447	33,982	30,457	29,804
Services	10,000	9,929	10,149	9,920
Other	(6)	0	(42)	0
Eliminations	(119)	118	93	(39)
Order backlog	48,322	44,029	40,657	39,684

Split Per Segment – Underlying Margins

NOK million
EBITDA (excl. special items)	1Q 2015	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017
Projects	456	408	361	524	1,749	386	436	393	387	1,602	269
Services	234	271	283	199	988	158	176	116	168	618	152
Other	(24)	(32)	(13)	(29)	(99)	(22)	(23)	(37)	(16)	(98)	(59)
EBITDA (excl. special items)	666	646	631	695	2,638	521	590	471	539	2,121	363

EBITDA margin (excl. special items)	1Q 2015	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017
Projects	6.6 %	6.3 %	6.0 %	8.3 %	6.8 %	7.6 %	8.0 %	7.9 %	7.6 %	7.8 %	6.6 %
Services	14.5 %	16.4 %	19.5 %	12.9 %	15.7 %	10.7 %	12.2 %	11.4 %	15.9 %	12.4 %	14.2 %
EBITDA margin (excl. special items)	7.9 %	8.1 %	8.5 %	8.9 %	8.3 %	8.0 %	8.5 %	7.9 %	8.8 %	8.3 %	7.0 %

EBIT (excl. special items)	1Q 2015	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017
Projects	345	285	231	370	1,231	241	283	242	231	997	129
Services	188	226	237	147	797	115	141	81	134	471	113
Other	(24)	(32)	(17)	(35)	(109)	(29)	(29)	(44)	(23)	(124)	(85)
EBIT (excl. special items)	509	478	450	481	1,919	327	395	280	342	1,343	157

EBIT margin (excl. special items)	1Q 2015	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017
Projects	5.0 %	4.4 %	3.9 %	5.8 %	4.8 %	4.8 %	5.2 %	4.9 %	4.5 %	4.8 %	3.2 %
Services	11.6 %	13.6 %	16.3 %	9.4 %	12.7 %	7.8 %	9.7 %	8.0 %	12.6 %	9.4 %	10.6 %
EBIT margin (excl. special items)	6.0 %	6.0 %	6.1 %	6.1 %	6.0 %	5.0 %	5.7 %	4.7 %	5.6 %	5.3 %	3.0 %

Projects | Subsea and Field Design

NOK million
Revenue	1Q 2015	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017
Subsea	4,101	3,754	3,524	3,899	15,278	2,992	3,360	2,873	2,693	11,917	2,182
Field Design	2,854	2,747	2,504	2,506	10,610	2,075	2,130	2,133	2,414	8,751	1,887
Eliminations	(42)	(47)	(40)	(70)	(198)	(16)	(16)	(3)	(7)	(41)	(3)
Revenues	6,913	6,454	5,988	6,335	25,690	5,051	5,474	5,003	5,100	20,627	4,066
Order intake	1Q 2015	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017
Subsea	1,489	1,505	2,025	1,109	6,128	592	1,729	101	2,372	4,794	692
Field Design	6,643	382	705	4,273	12,003	3,699	1,487	2,598	1,070	8,854	3,408
Eliminations	(43)	(9)	(80)	(83)	(216)	(15)	(16)	(3)	(7)	(41)	(3)
Order intake	8,089	1,878	2,650	5,299	17,915	4,276	3,200	2,696	3,435	13,607	4,096

Order backlog	1Q 2015	2Q 2015	3Q 2015	4Q 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016
Subsea	24,022	21,905	20,203	17,721	15,011	13,484	10,440	10,297
Field Design	14,433	12,048	10,267	12,110	13,645	13,024	13,402	12,054
Eliminations	(8)	29	(13)	(27)	(25)	(24)	(23)	(24)
Order backlog	38,447	33,982	30,457	29,804	28,631	26,484	23,819	22,327

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