Aker Solutions — Investor Presentation 2020

Jul 15, 2020

2Q 2020

Fornebu, July 15, 2020 Luis Araujo and Ole Martin Grimsrud

Agenda | 2Q 2020

Introduction Luis Araujo Chief Executive Officer Q&A Session Luis Araujo CEO Ole Martin Grimsrud CFO Questions Answers Financials Ole Martin Grimsrud Chief Financial Officer

Main Developments

• Managing the COVID-19 pandemic
• Oil prices increased

• Brent spot price above USD 40 per barrel

• Strong project execution

• Key deliveries to Castberg, Troll, Lingshui and Mero 1
• NOK 1 billion cost-out plan on track
• ~90% implemented

■ Market activity on the Norwegian continental shelf boosted by government incentives

Key Figures | 2Q 2020

Revenue EBITDA Order Intake

Order Backlog

New Orders

Subsea production system for the Breidablikk project

Subsea production system for Askeladd Vest development

Maintenance & modifications work offshore Norway

Asset integrity management services contract in Canada

Umbilicals contract for King's Quay development in the U.S.

EPC agreement for full-scale CCS plant in Brevik, Norway

Continued Demand for Early-Phase Capabilities

• Awarded 47 front-end contracts in 2Q, resulting in a total of 89 won to date in 2020
• Eight of these have led on to FEED studies
• Five have led on to full projects
• 20 of the 89 studies were related to renewables and low-carbon solutions

	1H 2020	1H 2019
Total front-end studies	89	74
Concept Studies Leading to FEEDs	8	17
FEEDS Leading to projects	5	2

FEED: Front-end engineering and design

Market Update and Outlook

Increased activity on the Norwegian continental shelf following tax relief agreement.

Low-Carbon Projects

• Electrification
• Wind for oil

International

• Brownfield projects sanctioned
• Few greenfield opportunities near-term

Agenda | 2Q 2020

Questions

Introduction

Luis Araujo Chief Executive Officer

Financials

Ole Martin Grimsrud Chief Financial Officer

Answers

Q&A Session

Luis Araujo CEO Ole Martin Grimsrud CFO

2Q 2020 | Income Statement

NOK million	2Q 2020	2Q 2019	1H 2020	1H 2019	2019
Revenue	5,361	7,525	11,871	14,781	29,263
EBITDA	232	623	381	1,257	2,244
EBITDA margin	4.3%	8.3%	3.2%	8.5%	7.7%
EBITDA ex. special items1	353	629	667	1,266	2,316
EBITDA margin ex. special items1	6.6%	8.4%	5.6%	8.6%	7.9%
Depreciation, amortization and impairment	(294)		(525) (1,145)		(834) (1,539)
EBIT	(63)	98	(764)	423	705
EBIT margin	(1.2%)	1.3%	(6.4%)	2.9%	2.4%
EBIT ex. special items1	62	325	74	655	1,081
EBIT margin ex. special items1	1.1%	4.3%	0.6%	4.4%	3.7%
Net financial items	(132)	(112)	(273)	(208)	(535)
FX on disqualified hedging instruments	(11)	(5)	1	(8)	(0)
Income (loss) before tax	(206)		(20) (1,036)	206	170
Income tax	35	8	135	(68)	(87)
Net income (loss)	(171)	(11)	(901)	137	83
Net income (loss) ex. special items1	(56)	169	(219)	327	353
Earnings per share (NOK)	(0.65)	(0.11)	(3.38)	0.43	0.15
Earnings per share (NOK) ex. special items1	(0.23)	0.56	(0.87)	1.13	1.54

• Second quarter revenue decreased by 29% year-on-year
• Mainly driven by Field Design, as previously guided following the record activity last year, and impacts of COVID-19
• Second quarter underlying EBITDA decreased year-on-year to NOK 353 million
• Underlying EBITDA margin of 6.6% versus 8.4% a year earlier and 4.8% in 1Q 2020
• Improved EBITDA margins from last quarter from swift implementation of the NOK 1 billion cost reduction program
• Second quarter restructuring charges of NOK 117 million
• Mainly related to additional right-sizing of the organization to match activity level where necessary
• Earnings per share of negative NOK 0.65
• Earnings per share excluding special items, were negative NOK 0.23 kroner versus positive NOK 0.56 kroner a year earlier

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

2Q 2020 | Cashflow and Financial Position

• Working capital1 at NOK 920 million
• Cashflow from operations at NOK 48 million
• Cashflow from investments at minus NOK 156 million
• Net interest-bearing debt2 of NOK 2.4 billion and leverage2 2.1x (covenants at 3.5x)
• Available liquidity of NOK 5.5 billion (cash NOK 2.5 billion and RCF NOK 3.0 billion)

1 See definition under Alternative Performance Measures in the half-year report

Debt Maturity Profile2 NOK million

Net Interest-Bearing Debt and Leverage1,2 Working Capital NOK million, x times ¹ NOK million

2 Excluding the effects of IFRS 16 as covenants are based on frozen GAAP

Projects

• Lower activity driven by Field Design following the record activity last year and impacts of Covid-19
• Revenue down 33% year-on-year to NOK 4.1 billion

• EBITDA margin1 of 6.6% vs 7.9% a year earlier

• EBIT margin1 of 1.8% vs 4.5% a year earlier

• Strong order intake of NOK 6.3 billion, equal to 1.6x book-to-bill
• Order backlog of NOK 16.0 billion

EBITDA and Margin1

NOK million, %

EBIT and Margin1

Working Capital NOK billion

Revenue

• Activity driven by continued progress on ongoing projects and impacts of Covid-19
• Revenue down 19% year-on-year to NOK 1.9 billion
• Order intake of NOK 3.0 billion, equal to 1.6x book-to-bill
• Backlog of NOK 7.4 billion

Projects | Subsea Projects | Field Design

• Normalized activity as previously guided, following record year in 2019
• Revenue down 41% year-on-year to NOK 2.2 billion
• Order intake of NOK 3.4 billion, equal to 1.6x book-to-bill
• Backlog of NOK 8.5 billion

Services

• Topside brownfield maintenance activity impacted by COVID-19, activity more resilient within Subsea Lifecycle Services
• Revenue down 15% year-on-year to NOK 1.3 billion
• EBITDA margin1 of 9.8% vs 14.0% a year earlier

EBITDA and Margin1

NOK million, %

■ EBIT margin1 of 4.9% vs 9.8% a year earlier

• Order intake of NOK 0.6 billion, equal to 0.5x book-to-bill
• Order backlog of NOK 10.9 billion

EBIT and Margin1

Working Capital NOK billion

Revenue

Order Backlog Gives Reasonable Visibility

2Q 2020 Order Backlog by Execution Date NOK billion

Order Backlog by Segment NOK billion

Order Backlog and Intake Development NOK billion

Order Backlog by Market

Financial Guidance

Revenue and Margin

• First half 2020 with unprecedented impacts of the COVID-19 pandemic combined with steep decline in oil demand and commodity prices, resulting in significant slowdown in activity
• Exiting 2Q 2020 with improved outlook for project sanctioning following government measures and rebalancing of oil market with increased commodity prices
• Main financial priority remains cash conservation and protecting the company's balance sheet and financial performance
• Continued strict focus on cost and capital reduction measures, including significant initiatives aiming to reduce the company's fixed cost level by a total of about NOK 1 billion on an annualized basis versus 2019
• Overall 2020 revenues currently expected at around NOK 21-22 billion, with underlying EBITDA margin for group overall expected at around year-to-date levels

Balance Sheet and Cashflow

• Working Capital likely to fluctuate with large project work and expected to trend around the NOK 1.0 billion level going forward
• Capex and R&D in 2020 expected to be reduced by about 40% versus 2019, to around NOK 500 million
• Capex and R&D in 2021 targeted to be reduced by another 30% versus 2020, to around NOK 350 million
• Covenants are at 3.5x Net Interest-Bearing Debt / EBITDA for both bonds and RCF (excl. special items and IFRS 16)

(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)

Agenda | 2Q 2019

Introduction

Luis Araujo Chief Executive Officer

Financials

Ole Martin Grimsrud Chief Financial Officer

Q&A Session

Luis Araujo CEO Ole Martin Grimsrud CFO

Special Items

NOK million, (Gain) / Loss

Special items (EBITDA)	2Q 2018	3Q 2018	4Q 2018	FY 2018	1Q 2019	2Q 2019	3Q 2019	4Q 2019	FY 2019	1Q 2020	2Q 2020
Restructuring	5	31	(3)	39	3	10	12	46	70	155	117
Non-qualifying hedges	(4)	(3)	(1)	(11)	(2)	(4)	5	1	0	10	(8)
(Gain) loss sale of PPE	-	-	-	(50)	-	-	-	-	-	-	-
Onerous leases under IAS 171)	-	-	15	15	(0)	(0)	0	(0)	(0)	(0)	0
Other special items	1	2	0	8	2	(0)	(1)	(0)	1	(0)	13
Total special items EBITDA	2	30	12	2	3	6	16	46	72	165	121
Special items (EBIT)
Impairments	0	1	6	22	2	221	0	81	304	548	3
Total special items EBIT	2	31	18	24	5	228	16	128	376	713	124

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

1)Onerous lease provisions under IAS 17 and IAS 37 were presented as part of EBITDA prior to 1.1.2019

Income Statement

NOK million
Income statement consolidated	2Q 2018	3Q 2018	4Q 2018	FY 2018	1Q 2019	2Q 2019	3Q 2019	4Q 2019	FY 2019	1Q 2020	2Q 2020
Revenue	6,254	6,541		6,954 25,232	7,256	7,525	7,134		7,348 29,263	6,510	5,361
Operating expenses			(5,815) (6,078) (6,471) (23,422) (6,622) (6,902) (6,581) (6,914) (27,019) (6,361) (5,129)
EBITDA	439	463	483	1,810	634	623	553	434	2,244	149	232
Of which related to hedging	4	3	1	11	2	4	(5)	(1)	(0)	(10)	8
Depreciation and amortization	(184)	(179)	(190)	(739)	(307)	(304)	(308)		(315) (1,234)	(302)	(291)
Impairment	(0)	(1)	(6)	(22)	(2)	(221)	(0)	(81)	(304)	(548)	(3)
EBIT	254	282	287	1,049	325	98	245	37	705	(701)	(63)
Net interest cost	(58)	(45)	(57)	(229)	(105)	(112)	(115)	(119)	(451)	(122)	(78)
Foreign exchange on disqualified hedging instruments	(18)	(3)	2	(16)	(3)	(5)	6	2	(0)	13	(11)
Other financial items	(5)	(1)	(5)	(12)	9	(1)	4	(96)	(84)	(19)	(54)
Net financial items incl. disqualified hedging instruments	(81)	(49)	(60)	(258)	(99)	(118)	(105)	(213)	(535)	(128)	(144)
Net income (loss) before tax	173	233	227	792	226	(20)	140	(176)	170	(829)	(206)
Income tax	(57)	(78)	(50)	(238)	(77)	8	(47)	28	(87)	99	35
Net income (loss) for the period	117	155	178	554	149	(11)	93	(148)	83	(730)	(171)
Net income attributable to:
Equity holders of the parent company	115	136	158	511	148	(30)	81	(158)	41	(742)	(177)
Non-controlling interests	2	19	20	43	1	18	12	10	41	12	6
EBITDA margin	7.0 %	7.1 %	7.0 %	7.2 %	8.7 %	8.3 %	7.8 %	5.9 %	7.7 %	2.3 %	4.3 %
Basic earnings per share (NOK)	0.42	0.50	0.58	1.88	0.54	(0.11)	0.30	(0.58)	0.15	(2.73)	(0.65)

Balance Sheet – Assets

NOK million
Assets	2Q 2018	3Q 2018	4Q 2018	1Q 2019	2Q 2019	3Q 2019	4Q 2019	1Q 2020	2Q 2020
Property, plant and equipment	2,977	2,905	3,044	2,945	2,916	3,031	3,065	3,235	2,905
Intangible assets	5,646	5,596	5,686	5,690	5,578	5,669	5,710	5,589	5,423
Right-of-use assets	-	-	-	4,184	3,848	3,796	3,628	3,710	3,494
Deferred tax assets	644	607	663	782	751	858	871	1,093	1,121
Lease receivables	-	-	-	715	665	652	663	829	755
Other investments	97	48	79	157	157	94	93	93	92
Other non-current assets	87	79	84	85	168	242	268	309	370
Total non-current assets	9,451	9,235				9,556 14,557 14,084 14,343 14,298 14,857 14,161
Current tax assets	134	122	109	101	92	106	120	117	93
Inventories	308	277	326	320	353	397	369	329	270
Trade receivables	2,838	3,258	3,236	4,150	4,063	4,061	3,182	3,503	3,617
Customer contract assets and other receivables	3,575	3,597	3,652	3,996	4,147	4,611	4,846	5,731	4,868
Prepayments	1,394	1,126	1,348	1,522	1,918	1,653	1,564	1,633	1,536
Derivative financial instruments	209	236	218	110	86	118	156	469	204
Interest-bearing receivables	103	62	47	144	122	126	130	143	140
Cash and cash equivalents	2,440	2,392	2,473	1,872	2,228	1,758	1,898	2,818	2,460
Total current assets			11,001 11,070 11,408 12,215 13,009 12,830 12,265 14,742 13,188
Total assets			20,452 20,305 20,964 26,772 27,092 27,174 26,563 29,599 27,349

Balance Sheet – Liabilities and Equity

NOK million
Liabilities and equity	2Q 2018	3Q 2018	4Q 2018	1Q 2019	2Q 2019	3Q 2019	4Q 2019	1Q 2020	2Q 2020
Total equity attributable to the parent	6,828	6,849	7,502	7,241	7,044	7,355	7,134	7,411	6,532
Non-controlling interests	28	45	106	107	123	110	97	78	78
Total equity	6,856	6,893	7,608	7,348	7,167	7,466	7,231	7,489	6,610
Non-current borrowings	2,703	2,777	1,788	1,764	2,714	2,720	3,280	4,643	4,580
Non-current lease liabilities	-	-	-	5,203	5,029	4,989	4,889	5,108	4,799
Pension obligations	538	529	572	566	562	557	663	666	656
Deferred tax liabilities	227	240	266	247	211	328	269	235	242
Other non-current liabilities	83	90	10	3	14	19	22	1	3
Total non-current liabilities	3,551	3,636	2,636	7,782	8,530	8,613		9,123 10,653 10,280
Current tax liabilities	37	98	68	121	79	48	81	174	221
Current borrowings	118	117	1,125	1,125	865	907	217	230	242
Current lease liabilities	-	-	-	563	556	565	571	628	608
Provisions	962	932	906	717	582	444	521	602	555
Trade payables	2,166	2,105	1,680	2,044	2,087	1,894	2,000	2,855	3,087
Other payables	5,815	5,855	6,062	6,128	6,364	6,727	6,021	5,956	5,084
Customer contract liabilities	685	416	709	831	730	389	677	673	516
Derivative financial instruments	262	254	172	112	132	122	121	340	144
Total current liabilities	10,045						9,776 10,721 11,641 11,396 11,095 10,209 11,457 10,458
Total liabilities and equity							20,452 20,305 20,964 26,772 27,092 27,174 26,563 29,599 27,349

Cashflow

NOK million
Cashflow	2Q 2018	3Q 2018	4Q 2018	FY 2018	1Q 2019	2Q 2019	3Q 2019	4Q 2019	FY 2019	1Q 2020	2Q 2020
EBITDA	439	463	483	1,810	634	623	553	434	2,244	149	232
Change in cashflow from operating activities	(121)	(506)	(370)	(890)	(937)	(568)	(726)	306	(1,925)	(449)	(184)
Net cashflow from operating activities	318	(44)	113	921	(303)	55	(173)	740	319	(299)	48
Acquisition of property, plant and equipment	(99)	(107)	(94)	(331)	(77)	(107)	(204)	(211)	(599)	(195)	(74)
Payments for capitalized development	(42)	(43)	(61)	(174)	(35)	(44)	(82)	(67)	(228)	(80)	(39)
Acquisition of subsidiaries, net of cash acquired	(0)	-	-	(0)	(14)	(21)	0	(0)	(35)	-	-
Change in current interest-bearing receivables	-	40	21	62	-	22	-	-	22	-	-
Sub-lease income received	-	-	-	-	28	34	22	29	113	31	32
Cashflow from other investing activities	39	50	(27)	147	(60)	(76)	16	(68)	(188)	(17)	(74)
Net cashflow from investing activities	(102)	(59)	(160)	(297)	(159)	(192)	(248)	(317)	(916)	(261)	(156)
Change in external borrowings	(388)	110	(26)	(99)	(22)	697	43	(124)	594	1,362	(13)
Lease installments paid	-	-	-	-	(134)	(136)	(138)	(152)	(559)	(161)	(145)
Other financing activities	1	(1)	0	(0)	(0)	0	(44)	(5)	(49)	(49)	18
Net cashflow from financing activities	(387)	108	(26)	(99)	(156)	561	(138)	(281)	(14)	1,152	(140)
Effect of exchange rate changes on cash and cash equivalents	4	(53)	153	(30)	17	(68)	89	(1)	37	328	(110)
Net increase (decrease) in cash and cash equivalents	(167)	(48)	81	495	(601)	356	(470)	140	(575)	920	(358)
Cash and cash equivalents as at the beginning of the period	2,607	2,440	2,392	1,978	2,473	1,872	2,228	1,758	2,473	1,898	2,818
Cash and cash equivalents as at the end of the period	2,440	2,392	2,473	2,473	1,872	2,228	1,758	1,898	1,898	2,818	2,460

Split Per Segment

NOK million
Revenue	2Q 2018	3Q 2018	4Q 2018	FY 2018	1Q 2019	2Q 2019	3Q 2019	4Q 2019	FY 2019	1Q 2020	2Q 2020
Projects	4,862	5,211		5,608 19,920	5,952	6,015	5,627		5,658 23,253	5,119	4,058
Services	1,337	1,277	1,324	5,096	1,299	1,503	1,549	1,645	5,995	1,386	1,281
Other	58	72	78	298	42	35	(23)	121	176	29	53
Eliminations	(3)	(19)	(56)	(82)	(37)	(28)	(19)	(76)	(160)	(23)	(31)
Revenue	6,254	6,541		6,954 25,232	7,256	7,525	7,134		7,348 29,263	6,510	5,361
EBITDA	2Q 2018	3Q 2018	4Q 2018	FY 2018	1Q 2019	2Q 2019	3Q 2019	4Q 2019	FY 2019	1Q 2020	2Q 2020
Projects	325	372	346	1,354	477	470	455	333	1,736	173	233
Services	172	183	188	678	186	205	162	168	721	62	85
Other	(58)	(92)	(50)	(222)	(30)	(52)	(64)	(67)	(213)	(86)	(87)
EBITDA	439	463	483	1,810	634	623	553	434	2,244	149	232
EBITDA margin	2Q 2018	3Q 2018	4Q 2018	FY 2018	1Q 2019	2Q 2019	3Q 2019	4Q 2019	FY 2019	1Q 2020	2Q 2020
Projects Services	6.7 % 12.9 %	7.1 % 14.3 %	6.2 % 14.2 %	6.8 % 13.3 %	8.0 % 14.3 %	7.8 % 13.6 %	8.1 % 10.5 %	5.9 % 10.2 %	7.5 % 12.0 %	3.4 % 4.5 %	5.7 % 6.6 %
EBITDA margin	7.0 %	7.1 %	7.0 %	7.2 %	8.7 %	8.3 %	7.8 %	5.9 %	7.7 %	2.3 %	4.3 %
EBIT	2Q 2018	3Q 2018	4Q 2018	FY 2018	1Q 2019	2Q 2019	3Q 2019	4Q 2019	FY 2019	1Q 2020	2Q 2020
Projects	201	254	214	843	280	189	251	117	837	(403)	47
Services	131	141	145	511	120	122	100	58	399	(123)	12
Other	(78)	(114)	(72)	(305)	(75)	(213)	(105)	(137)	(531)	(175)	(122)
EBIT	254	282	287	1,049	325	98	245	37	705	(701)	(63)
EBIT margin	2Q 2018	3Q 2018	4Q 2018	FY 2018	1Q 2019	2Q 2019	3Q 2019	4Q 2019	FY 2019	1Q 2020	2Q 2020
Projects	4.1 %	4.9 %	3.8 %	4.2 %	4.7 %	3.1 %	4.5 %	2.1 %	3.6 %	-7.9 %	1.1 %
Services	9.8 %	11.1 %	11.0 %	10.0 %	9.2 %	8.1 %	6.4 %	3.5 %	6.7 %	-8.9 %	1.0 %
EBIT margin	4.1 %	4.3 %	4.1 %	4.2 %	4.5 %	1.3 %	3.4 %	0.5 %	2.4 %	-10.8 %	-1.2 %

Split Per Segment

NOK million
NCOA	2Q 2018	3Q 2018	4Q 2018		1Q 2019	2Q 2019	3Q 2019	4Q 2019		1Q 2020	2Q 2020
Projects		(1,540) (1,067) (1,141)			(262)	(66)	502	(239)		27	91
Services	646	633	693		908	936	896	844		909	479
Other	(521)	(591)	(306)		(398)	(139)	(71)	176		117	351
NCOA		(1,415) (1,024)	(753)		248	731	1,327	781		1,053	920
Order intake	2Q 2018	3Q 2018	4Q 2018	FY 2018	1Q 2019	2Q 2019	3Q 2019	4Q 2019	FY 2019	1Q 2020	2Q 2020
Projects	4,959	3,806		4,417 19,642	3,482	2,860	3,282		4,404 14,029	2,699	6,331
Services	691	2,102	759	5,756	1,975	902	1,408	1,080	5,365	3,918	614
Other	34	77	92	223	70	77	41	110	297	37	53
Eliminations	(11)	(127)	(16)	(200)	(3)	(17)	(18)	(33)	(71)	(10)	(27)
Order intake	5,673	5,857		5,252 25,421	5,523	3,822	4,713		5,561 19,620	6,643	6,971
Order backlog	2Q 2018	3Q 2018	4Q 2018		1Q 2019	2Q 2019	3Q 2019	4Q 2019		1Q 2020	2Q 2020
Projects		27,286 25,716 25,014				22,547 19,311 17,251 15,887				14,204 16,050
Services		9,802 10,507 10,294				10,917 10,275 10,256		9,613		12,245 10,887
Other	41	50	(0)		(6)	2	(0)	(6)		3	2
Eliminations	(148)	(192)	(159)		(126)	(115)	(114)	(91)		(84)	(75)
Order backlog		36,981 36,081 35,148				33,332 29,473 27,393 25,403				26,367 26,864
Own employees	2Q 2018	3Q 2018	4Q 2018		1Q 2019	2Q 2019	3Q 2019	4Q 2019		1Q 2020	2Q 2020
Projects	7,025	7,091	7,188		7,459	7,729	7,794	7,737		7,276	7,104
Services	5,128	5,276	5,473		5,720	5,426	5,900	5,669		5,759	3,801

Split Per Segment – Excluding Special Items

NOK million
EBITDA (excl. special items)	2Q 2018	3Q 2018	4Q 2018	FY 2018	1Q 2019	2Q 2019	3Q 2019	4Q 2019	FY 2019	1Q 2020	2Q 2020
Projects	328	373	348	1,371	478	475	455	372	1,780	305	268
Services	173	190	194	692	187	210	174	169	740	78	126
Other	(60)	(70)	(46)	(251)	(29)	(56)	(59)	(60)	(204)	(68)	(41)
EBITDA (excl. special items)	441	492	495	1,812	636	629	570	480	2,316	314	353
EBITDA margin (excl. special items)	2Q 2018	3Q 2018	4Q 2018	FY 2018	1Q 2019	2Q 2019	3Q 2019	4Q 2019	FY 2019	1Q 2020	2Q 2020
Projects	6.7 %	7.2 %	6.2 %	6.9 %	8.0 %	7.9 %	8.1 %	6.6 %	7.7 %	6.0 %	6.6 %
Services	13.0 %	14.9 %	14.6 %	13.6 %	14.4 %	14.0 %	11.2 %	10.3 %	12.3 %	5.6 %	9.8 %
EBITDA margin (excl. special items)	7.1 %	7.5 %	7.1 %	7.2 %	8.8 %	8.4 %	8.0 %	6.5 %	7.9 %	4.8 %	6.6 %
EBIT (excl. special items)	2Q 2018	3Q 2018	4Q 2018	FY 2018	1Q 2019	2Q 2019	3Q 2019	4Q 2019	FY 2019	1Q 2020	2Q 2020
Projects	203	255	217	874	281	270	250	159	960	101	72
Services	132	148	154	528	120	147	112	107	486	15	63
Other	(79)	(90)	(66)	(329)	(72)	(91)	(100)	(101)	(365)	(104)	(73)
EBIT (excl. special items)	256	313	305	1,074	329	325	262	165	1,081	12	62
EBIT margin (excl. special items)	2Q 2018	3Q 2018	4Q 2018	FY 2018	1Q 2019	2Q 2019	3Q 2019	4Q 2019	FY 2019	1Q 2020	2Q 2020
Projects	4.2 %	4.9 %	3.9 %	4.4 %	4.7 %	4.5 %	4.4 %	2.8 %	4.1 %	2.0 %	1.8 %
Services	9.9 %	11.6 %	11.6 %	10.4 %	9.3 %	9.8 %	7.2 %	6.5 %	8.1 %	1.1 %	4.9 %
EBIT margin (excl. special items)	4.1 %	4.8 %	4.4 %	4.3 %	4.5 %	4.3 %	3.7 %	2.2 %	3.7 %	0.2 %	1.1 %

Projects | Subsea and Field Design

NOK million
Revenue	2Q 2018	3Q 2018	4Q 2018	FY 2018	1Q 2019	2Q 2019	3Q 2019	4Q 2019	FY 2019	1Q 2020	2Q 2020
Subsea	2,084	2,079	2,042	8,162	2,439	2,343	2,171	2,309	9,262	2,349	1,895
Field Design	2,810	3,170		3,551 11,814	3,512	3,680	3,450		3,362 14,004	2,770	2,164
Eliminations/other	(32)	(38)	15	(57)	1	(8)	6	(12)	(13)	(1)	(1)
Revenue	4,862	5,211		5,608 19,920	5,952	6,015	5,627		5,658 23,253	5,119	4,058
Order intake	2Q 2018	3Q 2018	4Q 2018	FY 2018	1Q 2019	2Q 2019	3Q 2019	4Q 2019	FY 2019	1Q 2020	2Q 2020
Subsea	1,123	1,074	2,866	8,049	1,418	1,846	1,386	1,749	6,399	1,404	2,967
Field Design	3,867	2,715		1,566 11,635	2,064	999	1,899	2,652	7,615	1,295	3,365
Eliminations/other	(31)	17	(15)	(42)	-	15	(3)	3	15	(1)	(1)
Order intake	4,959	3,806		4,417 19,642	3,482	2,860	3,282		4,404 14,029	2,699	6,331
Order backlog	2Q 2018	3Q 2018	4Q 2018		1Q 2019	2Q 2019	3Q 2019	4Q 2019		1Q 2020	2Q 2020
Subsea	9,746	8,621	9,837		8,784	8,239	7,704	7,011		6,732	7,412
Field Design		17,521 17,043 15,161			13,721 11,021		9,499	8,829		7,431	8,527
Eliminations/other	19	52	16		42	51	48	46		41	111
Order backlog		27,286 25,716 25,014				22,547 19,311 17,251 15,887				14,204 16,050

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