Aker Solutions — Investor Presentation 2024

Feb 8, 2024

4Q 2023

Fornebu, February 8, 2024 Kjetel Digre, CEO Idar Eikrem, CFO

2024 © Aker Solutions

4Q 2023 | Building a Strong Foundation for the Future

	Excluding special items
	615 NOK MILLION
700
600
500
400
300
200
100
0
	4Q22 1Q23 2Q23 3Q23 4Q23

Order Intake Order Backlog

72.7	NOK BILLION
80
70
60
50
40
30
20
10
0

4Q22 1Q23 2Q23 3Q23 4Q23

Financials & Operations

• High revenue growth and improved profitability
• Large secured backlog of projects with balanced risk-reward
• Target to distribute 40-60% of adjusted net income over time

Transformation & Strategy

• Closing of the OneSubsea joint venture
• Growing our Energy Consulting services
• Developing unique technologies reducing cost of energy
• Scaling of digital solutions, creating real impact for our clients

Outlook & Developments

• Strong focus on delivering solid and predictable project execution
• Increased capital spending across industries, high tendering and FEED activity positioning Aker Solutions for future growth

2023 | Improved Financials, Strong Intake and Solid Backlog

Solid Backlog of Projects with Balanced Risk-Reward Profiles

¹ Alliance model: Contracts under the Aker BP alliance model with balanced risk and upside potential through incentive

² Reimbursable: Contracts with less than 20% lump sum exposure as share of contract value

³ Lump sum: Contracts with more than 20% lump sum exposure as share of contract value – mainly related to legacy renewables projects

Order Backlog by Contract Model NOK billion Order Backlog by Execution Year NOK billion

4Q 2023 | Operational Highlights

Northern Lights: Carbon Capture & Storage

4Q 2023 | New Orders of NOK 14.6 Billion in the Quarter

Renewables and Field Development

• Norfolk Vanguard West and Norfolk Vanguard East HVDC projects for Vattenfall
• Increased activity in consultancy and FEED studies
• Growth in existing contracts

Life Cycle

Growth in existing contracts and call-offs in frame agreements

Increased Capital Spending in Relevant Energy Markets

Global Market Spending¹ USD billion

Safeguard delivery of our secured backlog

Selectively position for projects with balanced risk-reward profiles

Global E&C and O&M spending in USD billions, source Rystad 4Q 2023

Improvements in Offshore Wind "Broken Model"

Legacy Renewables Projects Norfolk Development

• -
• East Anglia 3 Sunrise Hywind Tampen
• Project-by-project tendering
• Lump sum contracting models
• First-of-kind -> immature designs

• Up to 3 HVDC platforms
• Balanced risk-reward profiles
• Standardization & industrialization focus

Tender Value at NOK 74 Billion

Growing our Energy Consultancy Business

Increase in Energy Consultancy revenues 47% (year-on-year)

CO² capture, processing and storage terminal conceptual design

Offshore wind foundation concept comparison and electrical transmission studies

Energy Transition Studies as share of study revenues (full year 2023)

Feasibility studies for emissions reduction of offshore production hubs

Integrated Energy Systems

Industrial transformation decarbonizing onshore processing plants with green hydrogen e-fuel

Unique Technologies Reducing the Cost of Energy

Creating real impact with our digital solutions

Outlook

■ Solid financial position

2024 © Aker Solutions

■ Financial robustness a key priority

■ High quality order backlog

• Majority to be executed in well proven alliance models with balanced risk-reward profile and shared upside potential
• Continued focus on predictable project execution
• Legacy renewables projects remain challenging

■ Well positioned for future growth

• High investment levels across the energy markets
• Growing activity in tenders, studies and FEED work
• Enhanced differentiation through enabling digital solutions and unique technologies

Financial Performance

Idar Eikrem, CFO

2024 © Aker Solutions

4Q 2023 | Solid Performance

NOK million	4Q 2023	4Q 2022	2023	2022
Total revenue	11,066	8,275	36,262	27,500
Total revenue ex. special items1	11,021	8,274	36,107	27,461	strong financial position
Of which Net profit equity accounted investees	197	27	205	33
EBITDA	551	220	1,166	647	Revenues1 of NOK 11.0 billion in the quarter ■
EBITDA margin	5.0%	2.7%	3.2%	2.4%	Continued good progress on project portfolio ■
EBITDA ex. special items1	615	229	1,295	669
EBITDA margin ex. special items1	5.6%	2.8%	3.6%	2.4%
Depreciation, amortization and impairment	(277)	(154)	(744)	(537)	31% from 2022
EBIT	274	66	422	109
EBIT margin	2.5%	0.8%	1.2%	0.4%
EBIT ex. special items1	393	86	611	102
EBIT margin ex. special items1	3.6%	1.0%	1.7%	0.4%
Net financial items	(288)	(15)	(328)	(160)
Income (loss) before tax	(14)	51	95	(50)	EBITDA margin of 3.6%, up from 2.4% in 2022
Income tax	37	3	(110)	(92)
Net income (loss) from continuing operations	23	54	(15)	(142)	EPS1 ■
Net income (loss) from discontinued operations	9,762	381	11,608	1,312	representing growth of more than 100%
Net income for total operations	9,786	435	11,592	1,170
Net income (loss) ex. special items total operations1	385	524	2,428	1,225	segment prior to closing of the transaction
Earnings per share (NOK) from continuing operations	0.22	0.12	0.20	(0.27)	EPS1 ■
Earnings per share (NOK) from discontinued operations	19.97	0.78	23.75	2.70	period last year
Earnings per share (NOK)	20.19	0.91	23.94	2.42
Earnings per share (NOK) ex. special items total operations1	0.96	1.09	5.20	2.53
Dividend per share (NOK)	-	-	2.00	1.00
1 Special items mainly include gain/loss on sale of assets, M&A costs, restructuring costs, impairments and costs linked to the impact of currency derivatives not qualifying for hedge					dividends and share buybacks over time

¹Special items mainly include gain/loss on sale of assets, M&A costs, 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

• Revenues¹ of NOK 11.0 billion in the quarter
  • Continued good progress on project portfolio
  • Quarterly revenues up by 33% compared to same period last year
  • Annual revenues of NOK 36.1 billion, representing a growth of 31% from 2022
• EBITDA¹ of NOK 615 million (5.6% margin) in the quarter
  • Net income from equity accounted investees of NOK 197 million, of which NOK 172 million related to the OneSubsea joint venture
  • EBITDA for the full year of NOK 1.3 billion representing an EBITDA margin of 3.6%, up from 2.4% in 2022
• EPS¹ for the full year of NOK 5.20, compared to NOK 2.53 in 2022, representing growth of more than 100%
  • This was driven by the strong financial performance in our Subsea segment prior to closing of the transaction
  • EPS¹ for the quarter of NOK 0.96 compared to NOK 1.09 same period last year
• Proposed cash dividend of NOK 2.00 per share for 2023
  • Implement a share buyback program of up to NOK 500 million
  • Target to distribute 40-60% of adjusted net income through

High Order Backlog – Solid visibility for activity forward

Order Backlog by Execution Year 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)

Renewables and Energy Transition¹ %

Strong Order Backlog Development NOK billion

¹ See APM for definition

Renewables and Field Development

Revenue EBITDA and Margin¹

¹Excluding special items

Financials and Highlights

• Revenue of NOK 7.1 billion in quarter
  • 55% increase compared to same period last year
  • Annual revenues of NOK 22.1 billion, a 49% growth from 2022
• EBITDA¹ of NOK 362 million (5.1% margin) in quarter
  • Annual EBITDA of NOK 979 million (4.4% margin)
  • Several projects in early phase of execution without margin recognition, and continued commercial and operational challenges related to parts of our renewables project portfolio
  • Significant uptick in margins expected in 2024 as large Oil & Gas projects are expected to reach profit recognition milestones
• Order intake of NOK 11.9 billion (1.7x book-to-bill) in quarter
  • Award of Norfolk Vanguard East and Norfolk Vanguard West HVDC projects for Vattenfall with balanced risk profile
  • Growth in existing contracts
• Continued strong order backlog of NOK 51.4 billion
  • Majority related to projects executed under the well-proven alliance model with Aker BP
  • Less than 10% lump sum exposure in current backlog²
• Revenue expected to increase about 25% in 2024

2 Share of backlog of projects with more than 20% lump sum as share of contract value

Life Cycle

Revenue EBITDA and Margin¹

Order Intake Order Backlog

Financials and Highlights

• Revenue of NOK 3.5 billion in quarter
  • 2023 revenues of NOK 13.1 billion representing annual growth of 7% from 2022
• EBITDA¹ of NOK 197 million (5.6% margin) in quarter
  • Annual EBITDA of NOK 686 million (5.2% margin)
  • Continued solid performance on ongoing projects and multi-year frame agreements
• Order intake of NOK 2.6 billion (0.7x book-to-bill)
  • Order intake in Life Cycle is lumpy in nature, driven by large longterm frame agreements and timing of larger project awards
• Strong order backlog of NOK 20.6 billion
  • Excluding potential growth in existing contracts and frame agreements, and value of extension options
  • Solid visibility on activity level moving forward
• Revenues in 2024 expected to continue at close to 2023-levels
  • Predictable revenue profile over time, driven by large multi-year frame agreements for Maintenance and Modification

OneSubsea Joint Venture

OneSubsea Joint Venture Financial Performance (100%)

Revenue1	EBITDA 1,2
10.7 NOK BILLION	2.0 NOK BILLION
Net Income before PPA 1,3	4 Order Backlog
1.1 NOK BILLION Net income after PPA: NOK 860 million	50.6 NOK BILLION

¹ Using average exchange rate in 4Q 2023 of USD/NOK 10.5

• ² EBITDA excluding special items
• ³ Net Income before Purchase Price Allocation (PPA) adjustments ⁴ Using exchange rate from December 29, 2023 of USD/NOK 10.2

Financials and Highlights

• Revenue¹ of NOK 10.7 billion in quarter
  • High activity levels in all major basins
• EBITDA1,2 of NOK 2.0 billion in the quarter
  • Representing an EBITDA margin of 19%
• Net Income before PPA1,3 of NOK 1.1 billion
  • Aker Solutions' share of net income after PPA adjustments of NOK 172 million
• Solid order backlog⁴ of NOK 50.6 billion
  • Multi-year upcycle in subsea expected

4Q 2023 | Working Capital Normalization Expected in 2024

Working capital² at minus NOK 8.5 billion

■ Working capital expected to normalize during 2024 with a cash outflow of approximately NOK 4 billion during the year

CAPEX in the quarter was NOK 0.6 billion

■ Mainly related to investments to safeguard the delivery of the large order backlog

Net cash position¹ of NOK 9.0 billion

• Includes NOK 3 billion in liquid funds, not treated as cash under IFRS
• No interest-bearing debt after repayment of outstanding bond in quarter

CAPEX NOK billion

¹Excluding the effects of IFRS 16 as covenants are based on frozen GAAP

Working Capital²NOK billion

Net Cash Position¹NOK billion

²See definition under Alternative Performance Measures

2023 | Cash Generation

Change in Cash and Cash Equivalents NOK million

Solid cash generation in 2023

• Cash flow from operations of NOK 6.2 billion in the year
  • Driven by solid operational performance and all-time low working capital which is expected to normalize during 2024
  • Includes EBITDA contribution from Subsea segment 1Q-3Q 2023
  • Other changes in cash flow from operating activities related to working capital movements without cash impact
• CAPEX investments of NOK 2.2 billion
  • Mainly related to upgrades and modification of yards in connection with major awards
• Financial investment of NOK 3.0 billion
  • Placement in liquid funds with short duration as alternative to cash pool. Annualized returns of 5-7% on current investments
• Sale of subsidiaries of NOK 621 million
  • Payment received from Subsea7 at closing
  • Loan to OneSubsea joint venture and cash outlays related to the transaction
• Financing costs of NOK 2.0 billion in 2023
  • NOK 914 million in repayment of bond in period
• Positive contribution from exchange rates adjustments in 2023

Balanced Approach to Long-term Shareholder Value Creation

• Operational, industrial and strategic focus
• Proven industrial track-record with experienced management team
• Strong backlog of projects with balanced risk-reward profiles

Renewables & Field Development

Life Cycle

• Solid backlog dominated by projects under the alliance model
• 2024 margin uptick as large O&G projects reach profit recognition
• Solid backlog of long-term frame agreements and reimbursable modification projects
• Asset-light, strong cash generation

Robust and right-sized capital structure

• Sufficient cash position of to handle working capital normalization, capital expenditure, and other operational commitments

Operations Financial assets

• Transparent set-up to manage investments and holdings
• Well-capitalized entity with attractive assets
• Cash invested in low-risk fixed income securities with healthy returns

Industrial holdings

• 20% ownership in the OneSubsea joint venture
• Strong outlook for cash generation with attractive dividend policy

Financial investments

• NOK 3 billion in low risk, fixed income securities
• 5.1 million shares in SLB

Future proceeds

• Approximately NOK 3 billion in transaction proceeds and receivables from the OneSubsea joint venture - will be converted to cash over the next 12 to 18 months

Summary Outlook

• On track with strategy and targets
• Increased revenues and margins compared to last year
• Generated NOK 4.0 billion of free cash flow in 2023¹
• Continued high backlog of NOK 73 billion ensuring good visibility on future activity levels

• Subsea joint venture transaction closed early October, Aker Solutions to receive USD 700 million in proceeds and retain 20 percent ownership

• 2024 revenues is expected to grow around 15 percent compared to 2023 driven by the solid backlog

• 2024 EBITDA margins, excluding net income from the OneSubsea joint venture, are expected to increase significantly from 2023 to a level of around 6-7% as large projects reach profit recognition milestones
• Working Capital will start to normalize in 2024 with an expected negative cash impact of around NOK 4 billion
• CAPEX is expected to be in the range of 2.5 3.0% of revenues in 2024. Long term CAPEX forecasted to be around 1.5% of revenues
• New entity established to manage financial assets and industrial holdings
• Revised dividend policy of 40-60% of annual net profit, excluding special items, through dividends and buybacks

¹ Excluding bond repayment, dividend payments, currency effect on cash position, and other financial investments

2024 © Aker Solutions Forward-looking information and statements are subject to significant risks, uncertainties and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections.

Q&A

2024 © Aker Solutions

Additional Information

2024 © Aker Solutions

Well Positioned for Shareholder Value Creation

Aker Solutions operational segments

• NOK 73 billion of backlog, majority of which are lower-risk NCS projects with upside potential through alliance models
• 2024 revenues expected to grow about 15% from 2023 levels
• EBITDA margin expected to increase to 6-7% in 2024
• Free cash flow generation of NOK 0.8 billion on average annually from 2024 to 2027 excl. joint venture proceeds and dividends
• Dividend policy to distribute 40-60% of net income excluding special items to shareholders over time

Significant value creation through the OneSubsea joint venture

• USD 700 million from transactions (selling 20% stake)
• Retaining 20% JV ownership, which will contribute to Aker Solutions' EBITDA, and cash flow via dividend

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

Timing of selected large projects in the portfolio, by Segment

Renewables and Field Development Life Cycle

Project	Customer	Award year	Delivery year (est.)
Johan Castberg FPSO	Equinor	2017	2024
Hugin A Platform	Aker BP	2022	2026
Hugin B Platform	Aker BP	2022	2026
Valhall PWP Platform	Aker BP	2022	2026
Fenris UI	Aker BP	2022	2026
Rosebank FPSO	Altera	2023	2025
Jackdaw WHP	Shell	2022	2024
Sunrise Wind HVDC	Ørsted & Eversource	2021	2025
East Anglia 3 HVDC	ScottishPower	2022	2025
Northern Lights, Carbon Storage	Equinor	2020	2024
Brevik Carbon Capture	Aker Carbon Capture	2020	2024
Norfolk Vanguard West HVDC (pending regulatory approval and FID)	Vattenfall/ RWE	2024	TBA
Norfolk Vanguard East HVDC (pending regulatory approval and FID)	Vattenfall/ RWE	2024	TBA

Project	Customer	Award year	Delivery year (est.)
Aker BP EMM /Modific. Alliance (FA)	Aker BP	2015	2024
Equinor H (FA)	Equinor	2016	2026
Troll West, electrification	Equinor	2021	2025
Brunei (FA)	Brunei Shell Petr.	2020	2025
ConocoPhillips M&M (FA)	ConocoPhillips	2016	2026
Nyhamna M&M (FA)	Shell	2007	2028
Shell Modification Contract (FA)	Shell	2017	2028
Draugen Electrification	OKEA	2023	2027
Hebron Brownfield EPCM	Exxon	2015	2025
Angola EPC Services	Azule Energy	2018	2024
Global Inspection Engineering	BP	2021	2024

(FA = frame agreement)

(Disclaimer: the tables on this slide show the estimated timing of a selection of large projects in Aker Solutions' backlog per 4Q 2023. This information is unaudited and subject to change)

Renewables and Transitional Energy Solutions

NOK Million
Revenue	4Q 2021	FY 2021	1Q 2022	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023
Total revenue (excl. special items)	5,324	19,868	5,340	7,228	6,619	8,274	27,461	7,145	8,826	9,114	11,021	36,107
Renewables and Transitional Energy Solutions	991	3,188	1,061	1,335	1,568	2,136	6,100	1,352	1,394	1,233	1,540	5,519
Renewables and Transitional Energy Solutions (%)	18 %	15 %	20 %	20 %	23 %	25 %	22 %	19 %	16 %	14 %	14 %	15 %

Order intake	4Q 2021	FY 2021	1Q 2022	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023
Total order intake	6,594	23,812	5,970	9,995	6,680	45,165	67,811	7,805	7,889	4,963	14,646	35,303
Renewables and Transitional Energy Solutions	361	7,805	751	3,301	1,446	1,113	6,611	2,965	902	717	5,227	9,810
Renewables and Transitional Energy Solutions (%)	14 %	41 %	12 %	24 %	18 %	2 %	8 %	38 %	11 %	14 %	36 %	28 %

Order backlog	4Q 2021	FY 2021	1Q 2022	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023
Total order backlog	31,486	31,486	32,014	36,167	36,152	72,784	72,784	73,761	73,080	68,918	72,680	72,680
Renewables and Transitional Energy Solutions	8,915	8,915	8,605	10,571	10,449	9,427	9,427	11,039	10,547	10,031	13,718	13,718
Renewables and Transitional Energy Solutions (%)	34 %	34 %	33 %	32 %	32 %	16 %	16 %	15 %	14 %	15 %	19 %	19 %

Definition

Revenue, order intake and order backlog from work related to renewables and transitional energy solutions. This mainly includes projects with solutions and technologies for offshore wind, hydropower, aquaculture, carbon capture and storage (CCS), hydrogen, electrification of offshore and onshore facilities, and decommissioning & recycling.

These figures are compiled from a bottom-up approach of projects and work in Aker Solutions for the relevant periods. The figures are unaudited and subject to change.

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 measurement principles as presented in the Annual Report 2022 have been used when preparing this report. The report does not meet all disclosure requirements in IAS 34 (Interim Financial Reporting) and the figures are not audited.

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 and EBIT terms are presented as they are used by financial analysts and investors. Special items are excluded from EBITDA and EBIT as alternative measures to provide enhanced insight into the financial development of the business operations and to improve comparability between different periods.

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 are 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 measures excluding special items are presented as alternative measures to improve comparability of the underlying business performance between the periods.

	Renewables & Field Development		Life Cycle		Other/ eliminations		Aker Solutions		Aker Solutions
NOK million	4Q 2023	4Q 2022	4Q 2023	4Q 2022	4Q 2023	4Q 2022	4Q 2023		4Q 2022 FY 2023 FY 2022
Revenue	7,025	4,535	3,547	3,576	298		137 10,870		8,248 36,057 27,468
Net profit equity accounted investees	29	19	-	-	168	9	197	27	205	33
Non-qualifying hedges	-	-	-	-	(45)	(0)	(45)		(0) (155)	(39)
Sum of special items excluded from revenue	-	-	-	-	(45)	(0)	(45)		(0) (155)	(39)
Total revenue and other income ex. special items	7,054	4,553	3,547	3,576	420		145 11,021		8,274 36,107 27,461
EBITDA	361	185	197	188	(7)	(153)	551		220 1,166	647
Restructuring cost	(0)	0	0	(0)	19	0	19	(0)	24	1
Non-qualifying hedges	-	-	-	-	(0)	2	(0)	2	17	12
Other special items	1	-	-	-	45	7	46	7	87	10
Sum of special items excluded from EBITDA	1	0	0	(0)	63	9	64	9	128	23
EBITDA ex. special items	362	185	197	188	56	(145)	615		229 1,295	669
EBITDA margin	5.1 %	4.1 %	5.6 %	5.3 %			5.0 %	2.7 %	3.2 %	2.4 %
EBITDA margin ex. special items	5.1 %	4.1 %	5.6 %	5.3 %			5.6 %	2.8 %	3.6 %	2.4 %
EBIT	241	106	166	161	(134)	(201)	274	66	422	109
Sum of special items excluded from EBITDA	1	0	0	(0)	63	9	64	9	128	23
Impairments	0	-	0	(0)	55	12	55	12	60	(30)
Sum of special items excluded from EBIT	1	0	0	(0)	118	21	119	21	189	(8)
EBIT ex. special items	242	106	166	161	(15)	(181)	393	86	611	102
EBIT margin	3.4 %	2.3 %	4.7 %	4.5 %			2.5 %	0.8 %	1.2 %	0.4 %
EBIT margin ex. special items	3.4 %	2.3 %	4.7 %	4.5 %			3.6 %	1.0 %	1.7 %	0.4 %
Net income (loss) from continuing operations							23	54		(15) (142)
Net income from discontinued operations							9,762		381 11,608 1,312
Net income from total operations							9,786		435 11,592 1,170
Sum of special items excluded from EBIT							119	21	189	(8)
Financial items1							337	-	455	-
Non-qualifying hedges							2	8	(34)	(15)
Tax effects on special items							(98)		29 (125)	26
Net income continuing operations ex. special items							384	112		469 (139)
Gain from disposal of discontinued operations							(9,790)	-	(9,790)	-
Other special items on discontinued operations							28	31	142	52
Net income discontinued operations ex. special items							0		412 1,959 1,364
Net income to non-controlling interests							83	6	112	8
Net income continuing operations ex. special items and non-controlling interests							468	118		581 (131)
Average number of shares (in '000)							488,829 486,900 488,829 486,900
Earnings per share from continuing operations2							0.22	0.12		0.20 (0.27)
Earnings per share from discontinued operations2							19.97		0.78 23.75	2.70
Earnings per share from total operations2							20.19		0.91 23.94	2.42
Earnings per share from continuing operations ex. special items3							0.96	0.24		1.19 (0.27)
Earnings per share from discontinued operations ex. special items3							0.00	0.85	4.01	2.80
Earnings per share from total operations ex. special items3							0.96	1.09	5.20	2.53

¹ Financial items related to currency derivatives and shares in SLB

² Earnings per share is calculated using Net income, adjusted for non-controlling interests, divided by average number of shares

³Earnings per share ex. special items is calculated using Net income from total operations ex. special items, adjusted for non-controlling interests, divided by average number of shares

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.

Liquidity buffer (available liquidity) is a measure of available cash and is calculated by adding together the cash and cash equivalents and the unused credit facility.

NOK million	4Q 2023	4Q 2022
Cash and cash equivalents	6,003	6,170
Credit facility (unused)	3,000	5,000
Liquidity buffer	9,003	11,170

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 2023	4Q 2022
Current tax assets	75	67
Inventory	44	275
Customer contract assets and other receivables	2,317	4,419
Trade receivables	5,268	5,857
Prepayments	1,214	1,981
Current tax liabilities	(62)	(65)
Provisions	(3,405)	(1,719)
Trade payables	(2,554)	(2,645)
Other payables	(6,550)	(9,066)
Customer contract liabilities	(4,831)	(3,134)
Net current operating assets (NCOA)	(8,484)	(4,032)

Net interest-bearing debt to EBITDA (leverage ratio) is a key financial measure that is used by management to assess the borrowing capacity of a company. The ratio shows how many years it would take for a company to pay back its debt if net debt and EBITDA are held constant. The ratio is one of the debt covenants of the company.

The ratio is calculated as net interest-bearing debt (total principal debt outstanding less unrestricted cash) divided by EBITDA. If a company has more cash than debt, the ratio can be negative. The leverage ratio for Aker Solutions does not include the effects of IFRS 16 Leasing, as the debt covenants are based on frozen GAAP.

Further, the EBITDA is calculated based on the last four quarter period and it excludes certain special items as defined in the loan agreements, such as restructuring of offices (onerous leases) and other restructuring costs.

NOK million, x times	4Q 2023	4Q 2022
Non-current borrowings	(0)	962
Current borrowings	(0)	60
Cash and cash equivalents	(6,003)	(6,170)
Net interest-bearing debt	(6,003)	(5,147)
Trailing four quarters:
EBITDA	1,166	647
IFRS 16 effects excl. onerous lease cost	550	441
EBITDA excl. IFRS 16 effects and onerous lease cost	617	206
Restructuring cost	24	1
Non-qualifying hedges	17	12
Adjusted EBITDA	658	219
Net interest-bearing debt to EBITDA (leverage ratio)	-9.1x	-23.5x

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 agreed customer contracts in the period in addition to expansion of existing contracts. For construction contracts, the order intake includes the value of agreed contracts and options, and value of agreed change orders and options. It does not include potential options and change orders. For service contracts, the order intake is based on estimated customer revenue in periods that are firm in the contracts.

Order backlog represents the estimated value of remaining work on agreed customer contracts. The order backlog does not include parts of the services contracts, which is short-cycled or book-and-turn in nature. The order backlog does also not include potential growth or value of options in existing 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, x times		4Q 2023		4Q 2022
	Order intake	Revenue from customer contracts	Book-to-bill	Order intake	Revenue from customer contracts	Book-to-bill
Renewables and Field Development	11,890	7,025	1.7x	38,934	4,540	8.6x
Life Cycle	2,554	3,543	0.7x	6,108	3,576	1.7x
Other/eliminations	203	241		123	100
Aker Solutions	14,646	10,808	1.4x	45,165	8,216	5.5x

NOK million, x times		FY 2023		FY 2022
	Order intake	Revenue from customer contracts	Book-to-bill	Order intake	Revenue from customer contracts	Book-to-bill
Renewables and Field Development	22,523	22,095	1.0x	51,398	14,843	3.5x
Life Cycle	11,781	13,065	0.9x	16,190	12,164	1.3x
Other/eliminations	999	722		222	295
Aker Solutions	35,303	35,882	1.0x	67,811	27,302	2.5x

Special Items 1

NOK million, (Gain) / Loss
Special items (EBITDA)	4Q 2021	FY 2021	1Q 2022	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023
Restructuring	6	24	1	0	(0)	(0)	1	2	0	3	19	24
Non-qualifying hedges	3	(7)	(18)	32	(4)	2	12	5	10	3	(0)	17
Other special items	6	12	1	0	2	7	10	11	16	15	46	87
Total special items EBITDA	15	29	(16)	32	(2)	9	23	19	25	21	64	128
Special items (EBIT)
Impairments	55	50	-	11	(54)	12	(30)	0	2	2	55	60
Total special items EBIT	70	79	(16)	43	(56)	21	(8)	19	27	23	119	189

¹Historical figures have been amended compared to 3Q presentation

Income Statement

NOK million
Income statement consolidated	4Q 2021	FY 2021	1Q 2022	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023
Revenue	5,323	19,873	5,330	7,276	6,614	8,248	27,468	7,213	8,880	9,094	10,870	36,057
Net profit equity accounted investees	3	5	0	6	(1)	27	33	0	1	8	197	205
Total revenue and other income	5,326	19,878	5,330	7,283	6,613	8,275	27,500	7,213	8,881	9,102	11,066	36,262
Operating expenses											(5,262) (19,285) (5,175) (7,161) (6,463) (8,055) (26,854) (6,985) (8,688) (8,908) (10,515) (35,096)
EBITDA	64	593	155	121	150	220	647	229	193	194	551	1,166
Of which related to hedging	(3)	7	18	(32)	4	(2)	(12)	(5)	(10)	(3)	0	(17)
Depreciation and amortization	(147)	(540)	(134)	(139)	(152)	(134)	(559)	(135)	(158)	(155)	(222)	(670)
Impairment	(58)	(52)	-	(11)	54	(20)	22	(14)	(2)	(2)	(55)	(74)
EBIT	(141)	1	21	(29)	52	66	109	79	33	36	274	422
Net interest cost	(47)	(77)	(63)	(60)	(40)	(22)	(185)	(17)	(3)	42	104	126
Net other financial items	14	(18)	(34)	79	(27)	8	26	(16)	63	(109)	(391)	(453)
Net financial cost	(33)	(95)	(97)	19	(67)	(15)	(160)	(32)	60	(68)	(288)	(328)
Net income (loss) before tax	(173)	(94)	(76)	(10)	(15)	51	(50)	47	93	(32)	(14)	95
Income tax	9	(80)	(15)	(34)	(46)	3	(92)	(25)	(67)	(56)	37	(110)
Net income (loss) from continuing operations	(165)	(174)	(91)	(45)	(61)	54	(142)	22	27	(88)	23	(15)
Net income from discontinued operations	228	424	266	320	346	381	1,312	367	513	965	9,762	11,608
Net income from total operations	63	249	175	276	285	435	1,170	390	539	877	9,786	11,592
Net income attributable to:
Equity holders of the parent company	62	254	164	269	305	441	1,179	387	528	920	9,869	11,704
Non-controlling interests	1	(5)	11	7	(20)	(6)	(8)	2	12	(43)	(83)	(112)
EBITDA margin	1.2 %	3.0 %	2.9 %	1.7 %	2.3 %	2.7 %	2.4 %	3.2 %	2.2 %	2.1 %	5.0 %	3.2 %
Basic earnings per share from continuing operations (NOK)	(0.34)	(0.35)	(0.21)	(0.10)	(0.08)	0.12	(0.27)	0.04	0.03	(0.09)	0.22	0.20
Basic earnings per share from discontinued operations (NOK)	0.47	0.87	0.54	0.65	0.71	0.78	2.70	0.75	1.05	1.97	19.97	23.75
Basic earnings per share from total operations (NOK)	0.13	0.52	0.34	0.55	0.62	0.91	2.42	0.79	1.08	1.88	20.19	23.94
Dividend per share (NOK)	-	0.20	-	-	-	-	1.00	-	-	-	-	2.00

Cash Flow

NOK million
Cash flow	4Q 2021	FY 2021	1Q 2022	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023
EBITDA continuing operations	64	593	155	121	150	220	647	229	193	194	551	1,166
EBITDA discontinued operations	519	1,249	443	532	586	727	2,288	640	906	1,225	0	2,772
Change in cash flow from operating activities	898	957	986	(681)	33	1,245	1,584	832	695	434	317	2,278
Net cash flow from operating activities	1,481	2,799	1,584	(28)	769	2,193	4,518	1,701	1,794	1,853	868	6,216
Acquisition of property, plant and equipment	(125)	(218)	(33)	(91)	(151)	(233)	(507)	(217)	(414)	(624)		(579) (1,833)
Payments for capitalized development	(48)	(144)	(29)	(26)	(25)	(33)	(113)	(61)	(20)	(288)	(20)	(388)
Acquisition of subsidiaries, net of cash acquired	-	-	(126)	8	(4)	(47)	(169)	(13)	(0)	0	(0)	(13)
Disposal of subsidiaries	(2)	(2)	-	0	17	-	17	-	(0)	(0)	621	621
Change in current interest-bearing receivables	(0)	4	(9)	(0)	9	-	-	-	-	-	(106)	(106)
Change in current investments	0	0	-	-	-	-	-	-	-		(1,001) (1,999) (3,000)
Sub-lease income received	31	125	28	32	33	16	110	28	32	31	27	119
Interest received	16	190	14	28	38	49	128	51	102	108	107	368
Interest received on sub-leases	7	30	5	5	5	14	29	8	5	6	10	27
Cash flow from other investing activities	10	20	3	1	8	16	29	1	1	10	45	58
Net cash flow from investing activities	(111)	6	(147)	(44)	(70)	(216)	(476)	(203)			(294) (1,758) (1,893) (4,147)
Change in external borrowings	(42)	(352)	(491)	(22)	(950)	19	(1,444)	(499)	(31)	(0)	(437)	(967)
Lease installments paid	(201)	(680)	(175)	(166)	(169)	(186)	(695)	(201)	(188)	(204)	(180)	(774)
Paid dividends	(3)	(3)	-	(97)	(0)	0	(97)	0	(489)	-	0	(489)
Interest paid	(33)	(144)	(37)	(37)	(27)	(22)	(124)	(18)	(17)	0	(30)	(64)
Interest paid on leases	(50)	(196)	(50)	(49)	(48)	(47)	(195)	(48)	(48)	(47)	(38)	(181)
Other financing activities	(2)	(49)	(0)	0	(2)	(9)	(11)	(0)	(0)	(8)	(0)	(8)
Net cash flow from financing activities		(331) (1,424)	(753)		(372) (1,196)		(245) (2,566)	(767)	(773)	(259)		(685) (2,483)
Net increase (decrease) in cash and cash equivalents	1,040	1,381	685	(443)	(497)	1,732	1,476	731	727		(163) (1,710)	(415)
Cash and cash equivalents as at the beginning of the period	3,504	3,171	4,560	5,198	5,026	4,469	4,560	6,170	7,102	8,078	7,787	6,170
Effect of exchange rate changes on cash and cash equivalents	16	8	(47)	272	(60)	(31)	134	201	249	(128)	(75)	248
Cash and cash equivalents at the end of the period	4,560	4,560	5,198	5,026	4,469	6,170	6,170	7,102	8,078	7,787	6,003	6,003

Balance Sheet – Assets

NOK million
Assets	4Q 2021	1Q 2022	2Q 2022	3Q 2022	4Q 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023
Property, plant and equipment	3,231	3,269	3,424	3,533	3,596	3,762	4,246	2,883	3,487
Intangible assets including Goodwill	5,724	5,808	6,101	6,064	5,949	5,958	5,933	3,413	3,563
Right-of-use assets and investment property	2,803	2,746	2,824	2,693	2,723	2,764	2,809	1,904	1,911
Deferred tax assets	581	540	671	593	584	543	605	345	491
Non-current lease receivables	634	569	572	580	561	560	561	501	529
Equity accounted investees	58	58	67	75	103	94	95	99	6,786
Investments in other companies	203	163	28	26	25	22	21	39	19
Interest-bearing receivables	206	209	212	215	201	205	209	211	197
Other non-current assets	22	19	28	20	26	27	61	55	506
Total non-current assets	13,463	13,381	13,927	13,800	13,768	13,936	14,540	9,450	17,489
Current tax assets	69	62	79	97	67	80	88	68	75
Inventories	293	211	229	258	275	270	353	49	44
Trade receivables	4,677	4,256	4,782	5,546	5,857	6,151	6,046	3,271	5,268
Customer contract assets and other receivables	3,713	3,833	4,648	4,630	4,419	5,646	5,748	2,685	2,317
Prepayments	1,774	1,940	1,652	1,917	1,981	2,325	2,601	786	1,214
Derivative financial instruments	175	450	502	484	406	550	565	240	258
Interest-bearing receivables	143	143	150	133	146	157	167	1,160	3,103
Financial investments	-	-	-	-	-	-	-	-	5,714
Cash and cash equivalents	4,560	5,198	5,026	4,469	6,170	7,102	8,078	7,272	6,003
Assets classified as held for sale	-	-	-	-	-	-	-	14,230	-
Total current assets	15,405	16,091	17,068	17,534	19,320	22,282	23,646	29,760	23,996
Total assets	28,868	29,472	30,995	31,334	33,088	36,218	38,185	39,210	41,484

Balance Sheet – Liabilities and Equity

NOK million
Liabilities and equity	4Q 2021	1Q 2022	2Q 2022	3Q 2022	4Q 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023
Total equity attributable to the parent	7,833	8,011	8,727	9,129	9,244	9,940	10,506	11,187	19,313
Non-controlling interests	28	39	64	41	(4)	(3)	(3)	(56)	(129)
Total equity	7,861	8,050	8,791	9,169	9,240	9,938	10,502	11,132	19,184
Non-current borrowings	925	907	958	960	962	469	417	(0)	(0)
Non-current lease liabilities	4,056	3,874	3,942	3,707	3,679	3,729	3,792	2,795	2,921
Pension obligations	1,010	987	982	962	1,031	1,009	1,039	1,019	895
Deferred tax liabilities	333	320	517	524	459	549	647	39	140
Other non-current liabilities	4	30	25	26	36	36	36	36	119
Total non-current liabilities	6,327	6,118	6,423	6,179	6,168	5,792	5,931	3,889	4,074
Current tax liabilities	69	73	55	70	65	66	128	51	62
Current borrowings	1,434	963	996	40	60	37	6	426	(0)
Current lease liabilities	692	665	707	705	734	737	736	586	619
Provisions	784	901	1,519	1,774	1,719	1,833	2,389	2,285	3,405
Trade payables	1,429	2,007	2,360	2,660	2,645	3,271	3,463	2,273	2,554
Other payables	7,372	7,568	7,790	7,963	9,066	9,931	10,165	5,008	6,550
Customer contract liabilities	2,656	2,542	1,974	2,329	3,134	4,289	4,443	3,873	4,831
Derivative financial instruments	242	585	380	446	255	324	422	193	204
Liabilities classified as held for sale	-	-	-	-	-	-	-	9,495	-
Total current liabilities	14,679	15,305	15,781	15,985	17,679	20,488	21,752	24,190	18,226
Total liabilities and equity	28,868	29,472	30,995	31,334	33,088	36,218	38,185	39,210	41,484

Split Per Segment

NOK million
Revenue	4Q 2021	FY 2021	1Q 2022	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023
Renewables and Field Development	2,721	10,625	2,795	3,958	3,551	4,553	14,857	4,128	5,369	5,576	7,054	22,126
Life Cycle	2,568	9,197	2,490	3,160	2,938	3,576	12,164	2,933	3,343	3,249	3,547	13,072
Other	117	340	80	194	157	191	622	202	242	646	499	1,589
Eliminations	(80)	(285)	(35)	(29)	(33)	(46)	(142)	(49)	(73)	(370)	(33)	(525)
Revenue	5,326	19,878	5,330	7,283	6,613	8,275	27,500	7,213	8,881	9,102	11,066	36,262
EBITDA	4Q 2021	FY 2021	1Q 2022	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023
Renewables and Field Development	104	535	101	76	124	185	487	169	208	236	361	973
Life Cycle	92	402	140	189	146	188	663	161	164	163	197	686
Other	(132)	(345)	(86)	(144)	(120)	(153)	(504)	(101)	(179)	(205)	(7)	(492)
EBITDA	64	593	155	121	150	220	647	229	193	194	551	1,166
EBITDA margin	4Q 2021	FY 2021	1Q 2022	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023
Renewables and Field Development	3.8 %	5.0 %	3.6 %	1.9 %	3.5 %	4.1 %	3.3 %	4.1 %	3.9 %	4.2 %	5.1 %	4.4 %
Life Cycle	3.6 %	4.4 %	5.6 %	6.0 %	5.0 %	5.3 %	5.5 %	5.5 %	4.9 %	5.0 %	5.6 %	5.2 %
EBITDA margin	1.2 %	3.0 %	2.9 %	1.7 %	2.3 %	2.7 %	2.4 %	3.2 %	2.2 %	2.1 %	5.0 %	3.2 %
EBIT	4Q 2021	FY 2021	1Q 2022	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023
Renewables and Field Development	78	317	31	0	48	106	185	87	120	149	241	597
Life Cycle	51	273	114	163	120	161	558	132	133	134	166	565
Other	(269)	(589)	(124)	(192)	(116)	(201)	(634)	(140)	(220)	(246)	(134)	(740)
EBIT	(141)	1	21	(29)	52	66	109	79	33	36	274	422
EBIT margin	4Q 2021	FY 2021	1Q 2022	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023
Renewables and Field Development	2.9 %	3.0 %	1.1 %	0.0 %	1.3 %	2.3 %	1.2 %	2.1 %	2.2 %	2.7 %	3.4 %	2.7 %
Life Cycle	2.0 %	3.0 %	4.6 %	5.1 %	4.1 %	4.5 %	4.6 %	4.5 %	4.0 %	4.1 %	4.7 %	4.3 %
EBIT margin	-2.6 %	0.0 %	0.4 %	-0.4 %	0.8 %	0.8 %	0.4 %	1.1 %	0.4 %	0.4 %	2.5 %	1.2 %

Split Per Segment

NOK million
NCOA	4Q 2021		1Q 2022	2Q 2022	3Q 2022	4Q 2022		1Q 2023	2Q 2023	3Q 2023	4Q 2023
NCOA	(1,784)		(2,791)	(2,307)	(2,347)	(4,032)		(4,920)	(5,753)	(6,631)	(8,484)
Order intake	4Q 2021	FY 2021	1Q 2022	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023
Renewables and Field Development	5,214	14,028	1,543	6,040	4,881	38,934	51,398	2,851	6,716	1,066	11,890	22,523
Life Cycle	1,432	9,882	4,459	3,858	1,766	6,108	16,190	4,827	933	3,467	2,554	11,781
Other and eliminations	(53)	(98)	(32)	98	33	123	222	128	240	429	203	999
Order intake	6,594	23,812	5,970	9,995	6,680	45,165	67,811	7,805	7,889	4,963	14,646	35,303
Order backlog	4Q 2021		1Q 2022	2Q 2022	3Q 2022	4Q 2022		1Q 2023	2Q 2023	3Q 2023	4Q 2023
Renewables and Field Development	14,058		12,590	15,139	16,255	50,790		49,656	51,556	46,596	51,405
Life Cycle	17,553		19,345	20,626	19,542	21,617		23,716	21,464	21,630	20,579
Other and eliminations	(125)		79	402	355	377		390	60	692	696
Order backlog	31,486		32,014	36,167	36,152	72,784		73,761	73,080	68,918	72,680
Own employees	4Q 2021		1Q 2022	2Q 2022	3Q 2022	4Q 2022		1Q 2023	2Q 2023	3Q 2023	4Q 2023
Renewables and Field Development	4,553		4,795	4,962	5,274	5,484		5,607	5,876	6,037	6,121
Life Cycle	6,085		5,792	4,435	4,408	4,381		4,464	4,224	4,361	4,220
Other	667		696	893	919	1,139		1,159	1,119	1,122	1,132
Own employees	11,305		11,283	10,290	10,601	11,004		11,230	11,219	11,520	11,473

Split Per Segment – Excluding Special Items

NOK million
EBITDA (excl. special items)	4Q 2021	FY 2021	1Q 2022	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023
Renewables and Field Development	108	540	102	76	124	185	488	171	208	239	362	979
Life Cycle	92	420	140	189	146	188	663	161	164	163	197	686
Other	(122)	(339)	(103)	(112)	(122)	(145)	(481)	(85)	(153)	(187)	56	(370)
EBITDA (excl. special items)	79	621	139	153	148	229	669	247	218	214	615	1,295
EBITDA margin (excl. special items)	4Q 2021	FY 2021	1Q 2022	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023
Renewables and Field Development	4.0 %	5.1 %	3.6 %	1.9 %	3.5 %	4.1 %	3.3 %	4.1 %	3.9 %	4.3 %	5.1 %	4.4 %
Life Cycle	3.6 %	4.6 %	5.6 %	6.0 %	5.0 %	5.3 %	5.5 %	5.5 %	4.9 %	5.0 %	5.6 %	5.2 %
EBITDA margin (excl. special items)	1.5 %	3.1 %	2.6 %	2.1 %	2.2 %	2.8 %	2.4 %	3.5 %	2.5 %	2.4 %	5.6 %	3.6 %
EBIT (excl. special items)	4Q 2021	FY 2021	1Q 2022	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023
Renewables and Field Development	44	285	32	3	48	106	189	90	119	152	242	603
Life Cycle	52	291	114	163	120	161	558	132	133	134	166	565
Other	(167)	(497)	(141)	(152)	(172)	(181)	(645)	(123)	(192)	(226)	(15)	(557)
EBIT (excl. special items)	(71)	80	5	14	(4)	86	102	98	60	59	393	611
EBIT margin (excl. special items)	4Q 2021	FY 2021	1Q 2022	2Q 2022	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023
Renewables and Field Development	1.6 %	2.7 %	1.1 %	0.1 %	1.3 %	2.3 %	1.3 %	2.2 %	2.2 %	2.7 %	3.4 %	2.7 %
Life Cycle	2.0 %	3.2 %	4.6 %	5.1 %	4.1 %	4.5 %	4.6 %	4.5 %	4.0 %	4.1 %	4.7 %	4.3 %
EBIT margin (excl. special items)	-1.3 %	0.4 %	0.1 %	0.2 %	-0.1 %	1.0 %	0.4 %	1.4 %	0.7 %	0.6 %	3.6 %	1.7 %

Order Backlog by Market

NOK billion, %

Order Backlog by Market	4Q 2022	4Q 2023
Norway	81 %	82 %
Europe	9 %	11 %
North America	6 %	4 %
Asia Pacific	3 %	2 %
South America	0 %	0 %
Africa	0 %	0 %
Total	100 %	100 %
Total backlog (NOK billion)	72.8	72.7

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