Nekkar — Investor Presentation 2021

May 31, 2021

Q1 2021 Operational update presentation

Preben Liltved, CEO Kristoffer Lundeland, CFO

31 May 2021

Disruptive technologies, sustainable results

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Nekkar ASA Q1 2021 highlights

Highlights Q1 2021

• NOK 93 million in revenues, up ~40% compared to Q1 2020
• Operational EBITDA* of NOK 17 million (EBITDA-margin of 18%), up from NOK 5 million in Q1 2020
• Solid order backlog of NOK 1,043 million at the end of Q1 2021
• Successful start-up of ocean testing of "Starfish" closed fish cage
• Secured NOK 21 million in funding for "SkyWalker", Nekkar's disruptive wind turbine installation solution
• Five-year service agreement for US customer signed for Syncrolift
• Delivered environmentally friendly shiplift to Skarvik AS

Nekkar ASA Disruptive technologies, sustainable results

Leverage unique and recognized drilling and lifting heritage and execution ability from "Drilling Bay" in Kristiansand, within:

To develop disruptive technologies that can make high-growth industry sectors, such as aquaculture and renewables, even more sustainable and profitable

Nekkar in brief

NOK 360 million revenue company (2020)

63 employees

Headquartered in Kristiansand, Norway

Listed on Oslo Stock Exchange (NKR)

Utilise unique Nekkar competence to unlock productivity and sustainability gains in high-growth industry sectors

Digital business models to capitalise on unique hard-tech to unlock and drive value from SaaS revenue potential

DIGITAL SOLUTIONS

The future of a sustainable aquaculture industry

Megatrends and opportunities

Innovations will contribute to supply growth

Accelerating focus on ESG & green finance

Strong underlying demand-growth long term

Land based, closed containment in sea, offshore, digitalization, new species ++

Norwegian vast farming experience, natural conditions and infrastructure

Sustainable aquaculture with closed technologies in sea

Ocean-based closed cage fish farming

Protection against sea lice increase fish welfare and dramatic reduction in Opex

Lower risk of escape due to dual safety

Collection of waste contributes to circular economy – sludge will be turned into value

Digital systems = better control, increased growth and reduced Opex

Significantly lower energy consumption than land-based fish farming

Starfish pilot test at Hidra in Flekkefjord: progressing according to plan

Concept tests: Q1-Q4 2021

Circulations units & flow

Regulation, monitoring & software:

• Cameras under and over water level
• Compressors
• Flow sensors
• GPS for external data (wind etc.)

Inlet pipes / water pressure

Ocean current measurement

Sludge treatment system

Aquarius – data-driven fish farming

• Norway produces salmon from 875 locations with a total of 3,710 nets1
• Many farms lack proper automation and/or production optimization
• Based on existing products, technology and knowledge from the drilling industry, Intellilift delivers Aquarius data-driven software system for fish farms
• Aquarius is open, web-based software system that provide full production insight and deep analytics, across multiple farms
• Adding Phoenix immersive visualization environment promotes operation of multiple fish farms from a single central location

Aquarius Applications

Automation of fish farms

Starfish – way to market

SkyWalker – the future wind turbine installation RENEWABLES

Increased weather window due to guided lift

Reduced turbine installation time

Turbines can be larger and installed higher

Possible to reduce tower oscillation

Smaller installation footprint required

Remotely controlled, unmanned lifting platform

Low or zero emission machine

Easier transport to site Technology based on active heave compensation (AHC)

Current installation solutions

Today's transportation and installation need is massive

SkyWalker significantly reduces support need

SkyWalker – the future wind turbine installation tool RENEWABLES

• Innovation Norway 21,5 MNOK funding approved
• Concept Design development complete
• Detailed Design during Q2-Q4
• Scale model (1:20) Q4
• Planning for test of prototype on site
• Cooperation with turbine OEM and Fred Olsen Renewables

SkyWalker impact RENEWABLES

Around turbine Road

Shipyard solutions

Skarvik AS environmentally friendly docking system SHIPYARD SOLUTIONS

Delivered January 2021

• Quick lift
• Clean & go
• Contaminated water and debris collected

Testing of transfer trollies before shipment to client

• Newly developed transfer trolley currently tested in in Norway
• Trollies are equipped with a powerpack to allow individual control
• Trollies will have electronic flow compensation that senses load and balance load

Significant growth potential in current installed base of docking facilities SHIPYARD SOLUTIONS

~150 Syncrolifts older than 2005 in operation

~ 100 other OEM shiplifts

Typical upgrades:

• Control systems light upgrades
• Complete control systems upgrade
• Midlife modernisation
• Capacity upgrade
• Extensions
• Total replacement

Syncrolift currently working on several upgrade prospects in Middle East and Europe

EXAMPLE Mid-life upgrade for a navy client in Asia

• Syncrolift performs mid-life upgrade enabling client to safely handle vessels for 20 more years.
• Intellilift will supply the new controls for the Shiplift
• Project currently in final phase
• After life extension is completed (August 2021), Syncrolift Singapore will enter 20-year service contract for the same project

Picture shows refurbished winches being installed

Nekkar ASA Financial highlights

Nekkar ASA	Unaudited Q1		Audited Full-Year
MNOK	2021	2020	2020
Revenue	93	66	359
Reported EBITDA	17	-24	77
Operational EBITDA*	17	5	71
EBIT	16	-25	75
R&D Capex	6	2	11
EBITDA %	18,3 %	-36,7 %	21,5 %
Operational EBITDA % 1	18,0 %	7,2 %	19,9 %
Order intake	16	9	701
Order backlog	1 043	752	1 167
EPS (NOK) 2	0,13	-0,27	0,65

¹ Excl. losses/gain on FX contracts not qualifying for hedge accounting ² Continued operations

• First quarter revenue of MNOK 93, representing an increase of 40% year-on-year
• Revenue growth driven by high activity in Shipyard Solutions
• First quarter operational EBITDA of MNOK 17 compared to MNOK 5 in 2020
• Gains on FX hedging contracts amounted to MNOK 0.3 in the first quarter of 2021 compared to a loss of MNOK 29 in 2020
• First quarter 2020 reported EBITDA impacted by FX hedging loss significant currency fluctuations due to the coronavirus pandemic
• Strong order backlog of MNOK 1,043 at the end of the first quarter
• Represent a solid operational foundation for future periods
• First quarter R&D Capex of MNOK 6 compared to MNOK 2 in 2020
• Development activities include our closed fish cage solution, Starfish, wind turbine installation technology, SkyWalker and our digital solutions.
• First quarter Earnings per share, continued operations, of NOK 0.13 compared to NOK -0.27 in 2020

Nekkar ASA Disruptive technologies, sustainable results

Summary Q1 2021 and outlook

Sound financial progress in quarter

Solid order backlog of NOK 1,0 billion

Progression as planned for Starfish and SkyWalker development projects xx

Expected lower newbuild order intake in 2021 Expected growth in service/upgrade revenues Shipyard solutions:

Aquaculture: Extensive "Starfish" prototype testing in H1 2021 Preparations for test with biomass

Renewables: Kick-off of wind installation innovation project Design and model testing of technology solution

Digital: Solid leads on oil & gas SaaS projects Two out of three first Syncrolift projects commissioned

nekkar.com