Aker Solutions — Investor Presentation 2017

Feb 7, 2018

Fornebu, February 7, 2018 Luis Araujo and Svein Stoknes

Agenda | 4Q 2017

Main Developments

• Increasing signs of recovery, though market still challenging
• Major projects progressing as planned amid good HSSE performance
• Achieved 30% cost-efficiency improvement goal, now targeting additional savings
• Highest quarterly order intake in nearly four years, spurred by Norway contracts
• Awarded 27 front-end contracts in 4Q and record 124 in 2017

• Solid order backlog of NOK 34.6 billion

• Steady tendering activity

• Robust financial position with liquidity of NOK 5.7 billion
• Improvement efforts and strong execution supporting margins
• Entry into floating wind market

Key Figures | 4Q 2017

Reported Excl. special items

Revenue EBITDA Order Intake

Order Backlog

4Q 16 1Q 17 2Q 17 3Q 17 4Q 17

Key Figures | 2017

Reported Excl. special items

Revenue EBITDA Order Intake

Order Backlog

50

© 2018 Aker Solutions

New Orders

Johan Castberg subsea production system and topside design orders from Statoil

Contract from Sembcorp Marine to design Johan Castberg FPSO living quarters

Subsea services framework agreement for Statoil-operated fields offshore Norway

Subsea orders for Ærfugl, Skogul and Valhall Flank West developments operated by Aker BP

Order from Maersk Drilling for topside modification of Repsoloperated Yme redevelopment

World's largest umbilicals system order from Petrobel for Egypt's Zohr gas field

Record Demand for Early-Phase Capabilities

• Awarded 27 front-end contracts in 4Q, resulting in all-time high of 124 awards in 2017
• One third won with subsea alliance partners
• 26 concept studies led to FEEDs
• A record 12 FEEDs led to fully-fledged projects

	2017	2016
Total front-end awards	124 +53%	81
Concept studies leading to FEEDs	26 +160%	10
FEEDs leading to projects	12 +100%	6

FEED: Front-end engineering and design

Achieved target to boost cost-efficiency by at least 30 percent by end of 2017

Minimum 20 percent additional cost-efficiency improvement by end of 2021

Sustainable Energy Solutions

• Offshore Floating Wind
• Subsea Gas Compression
• Electrification
• Carbon Capture

Outlook

• Market outlook for oil services remains challenging, though increasing signs of recovery
• Industry improvement measures are lowering break-even costs and spurring project sanctions
• Steady tendering in main markets, where key projects are seen sanctioned over next six months
• Well placed in key regions to capture offshore market growth
• Building on capabilities in delivering sustainable energy solutions

Agenda | 4Q 2017

4Q 2017 | Income Statement

(NOK million)	4Q 2017	4Q 2016	2017	2016
Revenue	6,444	6,138	22,461	25,557
EBITDA	458	380	1,519	1,929
EBITDA margin	7.1%	6.2%	6.8%	7.5%
EBITDA ex. special items1	482	539	1,665	2,121
EBITDA margin ex. special items1	7.5%	8.8%	7.4%	8.3%
Depreciation, amortization and impairment	(353)	(611)	(948)	(1,242)
EBIT	105	(232)	571	687
EBIT margin	1.6%	(3.8%)	2.5%	2.7%
EBIT ex. special items1	277	342	876	1,343
EBIT margin ex. special items1	4.3%	5.6%	3.9%	5.3%
Net financial items1	(34)	(95)	(213)	(354)
FX on disqualified hedging instruments	3	(34)	41	(59)
Income (loss) before tax	73	(360)	399	273
Income tax	(54)	92	(160)	(121)
Net income (loss)	19	(268)	239	152
Earnings per share (NOK)	0.09	(1.07)	0.81	0.21
Earnings per share (NOK) ex. special items1	0.55	0.62	1.54	2.23

• Revenue for 4Q 2017 up 5% vs. last year
• Reflecting higher activity level in Field Design and growth in Services
• Underlying 4Q 2017 EBITDA of NOK 482 million

■ EBITDA margin of 7.5% versus 8.8% a year earlier

¹Special items mainly includes restructuring costs, impairment, onerous lease cost and costs linked to the impact of currency derivatives not qualifying for hedge accounting. See appendix for full details on special items.

4Q 2017 | Cashflow and Financial Position

• Cashflow from operations NOK 1.2 billion
• Working capital minus NOK 844 million
• Net debt NOK 970 million and leverage 0.7x
• Gross debt of NOK 3.1 billion
• Available liquidity NOK 5.7 billion (cash NOK 2 billion and RCF NOK 3.75 billion)
• Successful bond issue of NOK 1.5 billion and RCF renewal agreed¹ , both in 1Q 2018

Working Capital NOK million

1 Pending finalization of documentation

Debt Maturity Profile²NOK million

²RCF of NOK 5 billion, drawn NOK 1,250 million, maturing in 2019

Net Interest-Bearing Debt Development NOK million

Projects

• Major projects continue to progress as planned on strong execution
• Revenue up 2% to NOK 5.2 billion vs a year earlier
• EBITDA margin¹ of 7.8% vs 7.6% a year earlier

EBITDA and Margin¹

NOK million, %

¹Excludes special items

• Strong order intake of NOK 9.7 billion, equal to 1.9x book-to-bill
• Order backlog of NOK 25 billion

EBIT and Margin¹

Working Capital NOK billion

Revenue NOK billion

• Subsea activity up from previous quarters, however slightly down from a year earlier
• Very strong order intake of NOK 5.7 billion, equal to 2.3x book-to-bill
• Backlog of NOK 9.5 billion

Revenue NOK billion

Order Intake

NOK billion

Projects | Subsea Projects | Field Design

• Brownfield activity continues to improve
• Revenue rose 15% to NOK 2.8 billion vs year earlier
• Order intake of NOK 4.0 billion, equal to 1.4x bookto-bill
• Backlog of NOK 15.2 billion

4Q 2017 Order Backlog by Execution Date

Services

• Increased activity level within production asset services
• Revenue rose 11% to NOK 1.2 billion vs year earlier

• EBITDA margin¹ of 12.9% vs 15.9% a year earlier

• EBIT margin¹ of 8.4% vs 12.6% a year earlier

• Strong order intake of NOK 3.6 billion, equal to 3.1x book-to-bill
• Order backlog of NOK 9.7 billion

EBIT and Margin¹

NOK million, %

13%

134

4Q 16

0

50

100

150

200

250

300

113

1Q 17

11%

101

2Q 17

9%

119

3Q 17

10%

98

4Q 17

0%

2%

4%

6%

8%

10%

12%

14%

8%

EBITDA and Margin¹

NOK million, %

¹Excludes special items

Working Capital NOK billion

Order Backlog Gives Reasonable Visibility

4Q 2017 Order Backlog by Execution Date NOK million

Order Backlog and Intake Evolution NOK million

Order Backlog by Segment NOK million

End 4Q 2017 Order Backlog by Market NOK million

Financial Guidance

Revenue and Margin

• Positive long-term offshore, deepwater outlook
• Markets remain challenging but increasing signs of a gradual recovery
• Steady tendering, continued uncertainty on timing of awards
• Strong order intake improves visibility
• 2018 overall revenue seen somewhat up year-on-year
• 2018 overall underlying margins seen remaining around 2017 levels

Balance Sheet and Cashflow

• Capex and R&D ≈ 2% of annual revenue, with flexibility
• 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 our conservative target level through 2018
• Dividend payments should over time amount to 30-50% of net profit

Agenda | 4Q 2017

Additional Information

Special Items

NOK million
Special items (EBITDA)	1Q 2015	2Q 2015	3Q 2015	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017	2Q 2017	3Q 2017	4Q 2017	FY 2017
Onerous leases	52	58	40	114	265	-	4	39	39	82	-	6		- 33	40
Restructuring	0	2	41	373	416	15	19	0	130	163	(1)	81	8	(2)	86
Non-qualifying hedges	18	36	25	15	94	(4)	(11)	(11)	(18)	(44)	3	4	10	(6)	10
Demerger and other costs	4	4	4	11	22	3	15	(35)	9	(10)	6	3	2	(0)	10
Total special items EBITDA	75	99	110	513	797	13	27	(6)	160	192	7	95	20	24	146
Special items (EBIT)
Impairments	26	3	11	123	163	-	50	(0)	414	464	(0)	5	6	148	158
Total	100	102	121	636	960	13	77	(7)	574	656	7	100	25	172	304

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 in the annual report.

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

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 of 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
					4Q 2017 4Q 2016 4Q 2017 4Q 2016 4Q 2017 4Q 2016		4Q 2017	4Q 2016
Revenue	5,179	5,100	1,170	1,057	94	(19)	6,444	6,138
Non-qualifying hedges	-	-	-	-	(24)	(19)	(24)	(19)
Sum of special items excluded from revenue	-	-	-	-	(24)	(19)	(24)	(19)
Revenue ex. special items	5,179	5,100	1,170	1,057	70	(38)	6,420	6,119
EBITDA	415	360	151	161	(109)	(141)	458	380
Restructuring cost	(7)	53	(0)	7	5	70	(2)	130
Onerous lease cost	(3)	(26)	0	-	36	65	33	39
Non-qualifying hedges	-	-	-	-	(6)	(18)	(6)	(18)
Transaction costs and other	-	-	-	-	(0)	9	(0)	9
Sum of special items excluded from EBITDA	(10)	27	(0)	7	34	125	24	160
EBITDA ex. special items	405	387	151	168	(74)	(16)	482	539
EBITDA margin	8.0%	7.0%	12.9%	15.3%			7.1%	6.2%
EBITDA margin ex. special items	7.8%	7.6%	12.9%	15.9%			7.5%	8.8%
EBIT	203	(210)	98	127	(196)	(148)	105	(232)
Sum of special items excluded from EBITDA	(10)	27	(0)	7	34	125	24	160
Impairments	84	414	0	-	64	-	148	414
Sum of special items excluded from EBIT	74	442	0	7	99	125	172	574
EBIT ex. special items	276	231	98	134	(97)	(23)	277	342
EBIT margin	3.9%	(4.1%)	8.4%	12.0%			1.6%	(3.8%)
EBIT margin ex. special items	5.3%	4.5%	8.4%	12.6%			4.3%	5.6%
Net income							19	(268)
Sum of special items excluded from EBIT							172	574
Non-qualifying hedges							(3)	34
Tax effects on special items							(43)	(151)
Net income ex. special items							145	188
Net income to non-controlling interests							5	(21)
Average number of shares								271,532,588 270,751,471
Earnings per share1							0.09	(1.07)
Earnings per share ex. special items2							0.55	0.62

1) Earnings per share is calculated using Net income, adjusted for non-controlling interests, divided by average number of shares

2) Earnings per share ex. special items is calculated using Net income ex. Special items, adjusted for non-controlling interests, divided by average number of shares

General

Order Intake Measures

Order intake, order backlog and book-to-bill ratios 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 expansion of 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 executed in the same period.

NOK Million	Order intake	Revenue	Book-to-bill	Order intake	Revenue	Book-to-bill
Projects - Subsea	5,661	2,471	2.3	2,372	2,693	0.9
Projects - Field Design	4,001	2,776	1.4	1,070	2,414	0.4
Projects	9,669	5,179	1.9	3,435	5,100	0.7
Services	3,581	1,170	3.1	676	1,057	0.6
Other/eliminations	133	94		(17)	(19)
Aker Solutions	13,383	6,444	2.1	4,094	6,138	0.7

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	4Q 2017	3Q 2017
	Inventory Trade and other receivables Current tax assets Trade and other payables Provisions Current tax liabilities Net current operating assets (NCOA)	428 6,843 174 (7,304) (942) (43) (844)	403 6,451 208 (6,093) (898) (56) 15
4Q 2017 4Q 2016	Gross Debt and Net Interest-Bearing Debt are measures that shows the overall debt situation. Net

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.

Net debt leverage is a key financial measure that is used by management to assess the borrowing capacity of a company. It is calculated as net debt (total principal debt outstanding less unrestricted cash) divided by adjusted EBITDA for the last twelve month period.

NOK million	4Q 2017	3Q 2017
Current borrowings	539	544
Non-current borrowings	2,576	3,230
Gross debt	3,114	3,773
Current interest-bearing receivables	(128)	(279)
Non-current interest-bearing receivables1	(39)	(18)
Cash and cash equivalents	(1,978)	(1,449)
Net debt	970	2,028

1) Non-current interest-bearing receivables are included in Other non-current assets in consolidated balance sheet.

Income Statement

NOK million
Income statement consolidated	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017	2Q 2017	3Q 2017	4Q 2017	FY 2017
Revenue	7,864	31,896	6,463	6,969	5,987	6,138	25,557	5,173	5,425	5,419	6,444	22,461
Operating expenses		(7,682) (30,055)	(5,955)	(6,405)	(5,509)		(5,759) (23,628)	(4,817)	(5,120)	(5,017)		(5,986) (20,941)
EBITDA	182	1,841	508	563	477	380	1,929	355	305	401	458	1,519
Of which related to hedging	(15)	(94)	4	11	11	18	44	(3)	(4)	(10)	6	(10)
Depreciation and amortization	(214)	(719)	(195)	(195)	(192)	(197)	(778)	(205)	(201)	(180)	(205)	(792)
Impairment	(123)	(163)	(0)	(50)	0	(414)	(464)	(0)	(5)	(4)	(148)	(156)
EBIT	(155)	958	314	319	286	(232)	687	150	99	217	105	571
Net interest cost	(99)	(272)	(94)	(106)	(109)	(111)	(420)	(74)	(67)	(50)	(66)	(256)
Foreign exchange on disqualified hedging instruments	(21)	46	4	(25)	(4)	(34)	(59)	5	12	20	3	41
Other financial items	(3)	(48)	34	12	4	16	66	10	6	(5)	32	43
Net financial items incl. disqualified hedging instruments	(123)	(273)	(56)	(120)	(109)	(128)	(414)	(58)	(48)	(34)	(31)	(172)
Net income (loss) before tax	(278)	685	258	199	177	(360)	273	92	51	183	73	399
Income tax	28	(302)	(89)	(68)	(56)	92	(121)	(30)	(17)	(59)	(54)	(160)
Net income (loss) for the period	(250)	383	169	131	120	(268)	152	62	33	124	19	239
Net income attributable to:
Equity holders of the parent company	(225)	392	144	100	102	(289)	57	63	23	110	25	221
Non-controlling interests	(25)	(8)	25	31	19	21	95	(1)	10	15	(5)	18
EBITDA margin	2.3 %	5.8 %	7.9 %	8.1 %	8.0 %	6.2 %	7.5 %	6.9 %	5.6 %	7.4 %	7.1 %	6.8 %
Basic earnings per share (NOK)	(0.83)	1.44	0.53	0.37	0.37	(1.07)	0.21	0.23	0.08	0.40	0.09	0.81

Balance Sheet

NOK million
Assets	4Q 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	1Q 2017	2Q 2017	3Q 2017	4Q 2017
Property, plant and equipment	3,962	3,882	3,934	3,735	3,808	3,721	3,564	3,341	3,316
Intangible assets	6,539	6,403	6,306	6,305	6,314	6,280	6,525	6,344	6,447
Financial assets (non-current)	16	16	16	67	132	184	148	124	158
IB receivables (non-current)	20	20	27	27	34	41	18	18	39
IB receivables (current)	117	76	91	90	437	470	298	279	128
Trade receivables	4,264	4,813	3,836	3,585	3,541	2,961	2,968	2,533	2,876
Accrued revenue	4,670	4,682	4,355	3,447	2,630	2,849	2,635	3,015	3,148
Other current assets	4,279	2,414	2,287	2,043	2,137	1,466	2,076	1,755	1,646
Cash and cash equivalents	3,862	3,497	2,861	2,299	2,480	2,020	1,211	1,449	1,978
Total assets	27,729	25,802	23,713	21,599	21,512	19,992	19,443	18,858	19,736
Debt and equity	4Q 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	1Q 2017	2Q 2017	3Q 2017	4Q 2017
Total equity attributable to the parent	6,397	6,278	6,399	6,289	6,278	6,546	6,651	6,501	6,981
Non-controlling interests	234	249	278	287	138	138	110	113	67
Non IB liabilities (non-current)	881	833	805	1,029	956	870	880	901	877
Interest-bearing debt (non-current)	3,137	3,343	1,934	2,154	1,844	1,822	1,729	3,230	2,576
Trade payables	1,669	1,208	1,334	922	1,030	902	1,156	1,162	1,865
Amounts due to customers for construction work, incl advances	5,995	4,944	3,329	2,690	2,509	2,160	1,484	777	1,206
Accrued operating and financial cost	2,435	2,547	2,076	2,036	2,183	2,254	2,447	2,581	2,237
Interest-bearing current liabilities	561	655	2,332	2,040	2,110	1,677	1,484	544	539
Other non IB liabilities (current)	6,421	5,744	5,226	4,153	4,465	3,623	3,503	3,049	3,390
Total liabilities and equity	27,729	25,802	23,713	21,599	21,512	19,992	19,443	18,858	19,736
Net current operating assets, excluding held for sale	(1,607)	(933)	(100)	416	(904)	(974)	(454)	15	(844)
Net interest-bearing items	(301)	406	1,287	1,777	1,002	968	1,686	2,028	970
Equity	6,630	6,527	6,677	6,576	6,415	6,684	6,761	6,614	7,047
Equity ratio (in %)	23.9	25.3	28.2	30.4	29.8	33.4	34.8	35.1	35.7

NOK million
Cashflow	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017	2Q 2017	3Q 2017	4Q 2017	FY 2017
EBITDA continuing operations	182	1,841	508	563	477	380	1,929	355	305	401	458	1,519
Change in cashflow from operating activities	1,414	93		(836) (1,094)	(769)	1,081	(1,617)	(257)	(762)	(615)	702	(932)
Net cashflow from operating activities	1,595	1,934	(327)	(530)	(291)	1,460	312	98	(457)	(214)	1,160	587
Acquisition of property, plant and equipment	(261)	(841)	(94)	(53)	(87)	(95)	(329)	(31)	(38)	(7)	(108)	(185)
Payments for capitalized developement	(121)	(449)	(93)	(65)	(41)	(97)	(297)	(42)	(35)	(42)	(58)	(176)
Acquisition of subsidiaries, net of cash acquired	(3)	(3)	-	-	(0)	(210)	(210)	(4)	(217)	0	(0)	(221)
Change in current interest-bearing receivables	(0)	(0)	-	-	-	(351)	(351)	-	179	-	85	264
Cashflow from other investing activities	(7)	(5)	2	(14)	21	(8)	1	0	3	22	(15)	10
Net cashflow from investing activities		(392) (1,299)	(185)	(133)	(106)		(762) (1,186)	(76)	(109)	(26)	(96)	(308)
Change in external borrowings	25	98	238	99	(18)	(290)	29	(475)	(218)	586	(655)	(762)
Paid dividends to majority		- (394)	-	-	-	(0)	(0)	-	(0)	0	0	(0)
Other financing activities	(96)	(26)	36	(28)	(19)	(231)	(243)	(20)	(33)	5	(26)	(73)
Net cashflow from financing activities	(71)	(323)	274	71	(37)	(522)	(213)	(494)	(251)	591	(680)	(835)
Effect of exchange rate changes on cash and cash equivalents	79	211	(128)	(43)	(128)	4	(294)	13	8	(113)	146	54
Net increase (decrease) in cash and cash equivalents	1,211	523	(366)	(636)	(562)	181	(1,382)	(459)	(809)	238	529	(502)
Cash and cash equivalents as at the beginning of the period	2,651	3,339	3,862	3,496	2,861	2,299	3,862	2,480	2,020	1,211	1,449	2,480
Cash and cash equivalents as at the end of the period	3,862	3,862	3,496	2,861	2,299	2,480	2,480	2,020	1,211	1,449	1,978	1,978

Split Per Segment

NOK million
Revenue	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017	2Q 2017	3Q 2017	4Q 2017	FY 2017
Projects	6,335	25,690	5,051	5,474	5,003	5,100	20,627	4,066	4,232	4,184	5,179	17,660
Services	1,551	6,281	1,476	1,449	1,019	1,057	5,001	1,068	1,156	1,165	1,170	4,560
Other	79	273	25	48	(9)	25	88	41	43	75	105	264
Eliminations	(101)	(349)	(88)	(1)	(26)	(44)	(159)	(2)	(5)	(6)	(11)	(24)
Revenue	7,864	31,896	6,463	6,969	5,987	6,138	25,557	5,173	5,425	5,419	6,444	22,461
EBITDA	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017	2Q 2017	3Q 2017	4Q 2017	FY 2017
Projects	175	1,358	378	409	400	360	1,547	269	213	320	415	1,217
Services	176	962	151	173	115	161	601	152	144	157	151	605
Other	(169)	(480)	(21)	(18)	(38)	(141)	(219)	(66)	(52)	(76)	(109)	(303)
EBITDA	182	1,841	508	563	477	380	1,929	355	305	401	458	1,519
EBITDA margin	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017	2Q 2017	3Q 2017	4Q 2017	FY 2017
Projects	2.8 %	5.3 %	7.5 %	7.5 %	8.0 %	7.0 %	7.5 %	6.6 %	5.0 %	7.6 %	8.0 %	6.9 %
Services	11.4 %	15.3 %	10.2 %	12.0 %	11.3 %	15.3 %	12.0 %	14.2 %	12.5 %	13.5 %	12.9 %	13.3 %
EBITDA margin	2.3 %	5.8 %	7.9 %	8.1 %	8.0 %	6.2 %	7.5 %	6.9 %	5.6 %	7.4 %	7.1 %	6.8 %
EBIT	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017	2Q 2017	3Q 2017	4Q 2017	FY 2017
Projects	(91)	689	233	205	250	(210)	478	129	79	197	203	608
Services	111	759	108	138	81	127	454	113	99	119	98	429
Other	(175)	(490)	(27)	(24)	(45)	(148)	(245)	(92)	(79)	(99)	(196)	(466)
EBIT	(155)	958	314	319	286	(232)	687	150	99	217	105	571
EBIT margin Projects	4Q 2015 -1.4 %	FY 2015 2.7 %	1Q 2016 4.6 %	2Q 2016 3.7 %	3Q 2016 5.0 %	4Q 2016 -4.1 %	FY 2016 2.3 %	1Q 2017 3.2 %	2Q 2017 1.9 %	3Q 2017 4.7 %	4Q 2017 3.9 %	FY 2017 3.4 %
Services	7.2 %	12.1 %	7.3 %	9.5 %	8.0 %	12.0 %	9.1 %	10.6 %	8.5 %	10.2 %	8.4 %	9.4 %
EBIT margin	-2.0 %	3.0 %	4.9 %	4.6 %	4.8 %	-3.8 %	2.7 %	2.9 %	1.8 %	4.0 %	1.6 %	2.5 %

Split Per Segment

NOK million
NCOA	4Q 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	1Q 2017	2Q 2017	3Q 2017	4Q 2017
Projects	(2,477)	(1,805)	(1,309)	(223)	(1,297)	(810)	(239)	151
Services	1,145	1,143	1,493	824	921	640	603	595
Other	(275)	(271)	(283)	(185)	(528)	(803)	(818)	(731)
NCOA	(1,607)	(933)	(100)	416	(904)	(974)	(454)	15

Order intake	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017	2Q 2017	3Q 2017	4Q 2017	FY 2017
Projects	5,299	17,915	4,276	3,200	2,696	3,435	13,607	4,096	2,582	1,830	9,669	18,177
Services	1,196	5,029	1,783	150	852	676	3,461	494	373	668	3,581	5,116
Other	118	287	25	46	(10)	25	86	10	67	67	238	381
Eliminations	(225)	(439)	(87)	4	(24)	(42)	(150)	(8)	1	(9)	(105)	(121)
Order intake	6,388	22,793	5,996	3,400	3,514	4,094	17,004	4,591	3,022	2,556	13,383	23,553

Order backlog	4Q 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	1Q 2017	2Q 2017	3Q 2017	4Q 2017
Projects	29,804	28,631	26,484	23,819	22,327	22,599	23,371	20,684	24,807
Services	9,920	9,897	8,516	7,842	8,849	8,146	7,328	6,569	9,743
Other	0	0	0	0	0	(31)	(7)	(14)	135
Eliminations	(39)	(34)	8	10	12	(4)	4	(0)	(103)
Order backlog	39,684	38,493	35,008	31,671	31,188	30,709	30,695	27,239	34,581

1Q 2017	2Q 2017	3Q 2017	4Q 2017
22,599	23,371	20,684	24,807
8,146	7,328	6,569	9,743
(31)	(7)	(14)	135
4)		(0)	(103)
30,709	30,695	27,239	34,581

Split Per Segment – Underlying Margins

NOK million
EBITDA (excl. special items)	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017	2Q 2017	3Q 2017	4Q 2017	FY 2017
Projects	524	1,749	386	436	393	387	1,602	269	295	323	405	1,292
Services	200	988	158	176	116	168	618	152	147	157	151	607
Other	(29)	(99)	(22)	(23)	(37)	(16)	(98)	(59)	(42)	(59)	(74)	(234)
EBITDA (excl. special items)	695	2,638	521	590	471	539	2,121	363	400	421	482	1,665

EBITDA margin (excl. special items)	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017	2Q 2017	3Q 2017	4Q 2017	FY 2017
Projects	8.3 %	6.8 %	7.6 %	8.0 %	7.9 %	7.6 %	7.8 %	6.6 %	7.0 %	7.7 %	7.8 %	7.3 %
Services	12.9 %	15.7 %	10.7 %	12.2 %	11.4 %	15.9 %	12.4 %	14.2 %	12.7 %	13.5 %	12.9 %	13.3 %
EBITDA margin (excl. special items)	8.9 %	8.3 %	8.0 %	8.5 %	7.9 %	8.8 %	8.3 %	7.0 %	7.4 %	7.8 %	7.5 %	7.4 %

EBIT (excl. special items)	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017	2Q 2017	3Q 2017	4Q 2017	FY 2017
Projects	370	1,231	241	283	242	231	997	129	161	207	276	773
Services	147	797	115	141	81	134	471	113	101	119	98	432
Other	(35)	(109)	(29)	(29)	(44)	(23)	(124)	(85)	(64)	(83)	(97)	(329)
EBIT (excl. special items)	481	1,919	327	395	280	342	1,343	157	199	243	277	876

EBIT margin (excl. special items)	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017	2Q 2017	3Q 2017	4Q 2017	FY 2017
Projects	5.8 %	4.8 %	4.8 %	5.2 %	4.9 %	4.5 %	4.8 %	3.2 %	3.8 %	4.9 %	5.3 %	4.4 %
Services	9.4 %	12.7 %	7.8 %	9.7 %	8.0 %	12.6 %	9.4 %	10.6 %	8.8 %	10.2 %	8.4 %	9.5 %
EBIT margin (excl. special items)	6.1 %	6.0 %	5.0 %	5.7 %	4.7 %	5.6 %	5.3 %	3.0 %	3.7 %	4.5 %	4.3 %	3.9 %

Projects | Subsea and Field Design

NOK million
Revenue	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017	2Q 2017	3Q 2017	4Q 2017	FY 2017
Subsea	3,899	15,278	2,992	3,360	2,873	2,693	11,917	2,182	1,883	1,801	2,471	8,336
Field Design	2,506	10,610	2,075	2,130	2,133	2,414	8,751	1,887	2,353	2,386	2,776	9,402
Eliminations/other	(70)	(197)	(16)	(15)	(3)	(7)	(41)	(3)	(4)	(4)	(67)	(78)
Revenues	6,335	25,690	5,051	5,474	5,003	5,100	20,627	4,066	4,232	4,184	5,179	17,660

Order intake	4Q 2015	FY 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	FY 2016	1Q 2017	2Q 2017	3Q 2017	4Q 2017	FY 2017
Subsea	1,109	6,128	592	1,729	101	2,372	4,794	692	929	494	5,661	7,776
Field Design	4,273	12,003	3,699	1,487	2,598	1,070	8,854	3,408	1,654	1,335	4,001	10,398
Eliminations/other	(83)	(216)	(15)	(15)	(3)	(7)	(40)	(4)	(2)	1	8	3
Order intake	5,299	17,915	4,276	3,200	2,696	3,435	13,607	4,096	2,582	1,830	9,669	18,177

Order backlog	4Q 2015	1Q 2016	2Q 2016	3Q 2016	4Q 2016	1Q 2017	2Q 2017	3Q 2017	4Q 2017
Subsea	17,721	15,011	13,484	10,440	10,297	8,814	7,727	6,200	9,532
Field Design	12,110	13,645	13,024	13,402	12,054	13,758	15,642	14,476	15,249
Eliminations/other	(27)	(25)	(24)	(23)	(24)	27	3	7	26
Order backlog	29,804	28,631	26,484	23,819	22,327	22,599	23,371	20,684	24,807

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