Ole Falk Hansen, CEO

24 November 2022

Disruptive technologies, sustainable results

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The Presentation has been produced by Nekkar ASA (the "Company") for information purposes only and does not in itself constitute, and should not be construed as, an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction. The distribution of this Presentation may be restricted by law in certain jurisdictions, and the Recipient should inform itself about, and observe, any such restriction. Any failure to comply with such restrictions may constitute a violation of the laws of any such jurisdiction.

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An investment in the Company involves significant risk, and several factors could adversely affect the business, legal or financial position of the Company or the value of its securities. For a description of relevant risk factors we refer to the Company's annual report for 2019, available on the Company's website www.nekkar.com. Should one or more of these or other risks and uncertainties materialize, actual results may vary significantly from those described in this Presentation. An investment in the Company is suitable only for investors who understand the risk factors associated with this type of investment and who can afford a loss of all or part of their investment.

This Presentation contains certain forward-looking statements relating to inter alia the business, financial performance and results of the Company and the industry in which it operates. Any forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts and are subject to risks, uncertainties and other factors that may cause actual results and events to be materially different from those expected or implied by the forward-looking statements. The Company cannot provide any assurance that the assumptions underlying such forward-looking statements are free from errors nor do any of them accept any responsibility for the future accuracy of opinions expressed in this Presentation or the actual occurrence of forecasted developments.

This Presentation speaks as at the date set out on herein. Neither the delivery of this Presentation nor any further discussions of the Company shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. The Company does not assume any obligation to update or revise the Presentation or disclose any changes or revisions to the information contained in the Presentation (including in relation to forward-looking statements).

This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts.

Nekkar ASA Disruptive technologies, sustainable results

Proven track record of delivering technologies that increase efficiency and sustainability for fast-growing industries

NEKKAR

Leveraging unique and recognized heritage and execution ability from "the Drilling Bay" in Kristiansand, Norway

Listed on OSE (NKR)

Nekkar ASA Q3 2022 highlights

Highlights

Operational EBITDA margin of 27.1% (Q3 2021: 30.9%)1
Revenue of NOK 79 million (NOK 128 million) due to previously mentioned client-side delays on certain projects
Quarterly order intake of NOK 117 million (NOK 69 million)
- Highest order intake since 2020
- Continued high tendering activity
Order backlog of NOK 894 million, increased for the second quarter in a row
Global communication company Viasat Inc. joined InteliWell joint venture together with Transocean Ltd. and Nekkar's subsidiary Intellilift AS

Subsequent events

• Signed SkyWalker innovation agreement with installation company BMS Heavy Cranes

Key financials | Per quarter

Revenues (MNOK) Operational EBITDA (MNOK) & margin (%)1 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022

Shipyard solutions

Nytt bilde?

Service – moving from ad-hoc to long term lifecycle partnership

Multiple new contracts in Q3 2022, reflecting high tendering activity

Order intake and backlog

Order intake per quarter (MNOK)1 Order backlog development (MNOK)

Impact technologies

Soft funding and industrial partnerships remain key part of technology development strategy

NOK 5.5 million soft funding received in Q3:

Starfish (NOK 1.9 million)
SkyWalker (NOK 1.9 million)
Intellilift (NOK 1.8 million)

Additional NOK 6.5 million received so far in Q4 2022

Innovation partners:

BMS: SkyWalker innovation partner

Favoured installation partner for several large international wind turbine manufacturers (OEMs)
10+ years' wind turbine installation experience: onshore and offshore

BMS' role in partnership

Verification and benchmarking of SkyWalker installation tool
Provision of specialist know-how and technical information regarding logistics and handling
Cost assessment of SkyWalker versus current technologies
Installation partner when testing full-scale SkyWalker prototype + rolling SkyWalker out to market

Starfish: Completion of design improvements

Design improvements made to Starfish

• To further enhance go-to-market product with increased volume and optimized operational aspects

Progress on full scale Starfish

Analysing sites for full scale model together with leading fish farming companies
Resource rent tax on aquaculture activities has postponed client decision making
Nekkar development progress of full scale Starfish not affected

Digital Solutions

Visasat joins digital well construction solution JV together with Nekkar and Transocean

Operator benefits from JV offering:

Expedition of the well construction process

Improve consistency of drilling operations

Reduced drilling costs and environmental footprint through more reliable and faster drilling operations

Nekkar ASA Financial highlights

Nekkar ASA	Unaudited Q3		Unaudited YTD Q3		Audited Full-Year
MNOK	2022	2021	2022	2021	2021
Revenue	79	128	263	342	480
Operational EBITDA1	21	39	58	95	143
Reported EBITDA	5	37	24	92	140
EBIT	3	36	18	89	135
Net capitalized development costs 2	0,4	6	18	13	21
1 Operational EBITDA margin	27,1 %	30,9 %	22,0 %	27,9 %	29,8 %
EBITDA margin	6,0 %	28,6 %	9,3 %	26,9 %	29,2 %
Order intake	117	69	142	85	113
Order backlog	894	948	948	948	838
EPS (NOK)	-0,02	0,25	0,17	0,73	1,04

1 Excl. losses/gain on FX contracts not qualifying for hedge accounting 2 Net of received soft-funding

Consolidated statement of profit and loss Third quarter revenue of MNOK 79, representing a decline of 38% compared to the same period last year
- Revenue decline impacted by customer-related delays
- YTD Q3 revenue of MNOK 263 compared to MNOK 342 in 2021
  - Service revenues of MNOK 44 YTD Q3 2022, compared to MNOK 26 in the same period last year
- Third quarter operational EBITDA of MNOK 21 compared to MNOK 39 in 2021
  - Operational EBITDA margins of 27.1%. Unrealized losses on FX hedging contracts in Q3 2022 of MNOK 16
- YTD Q3 operational EBITDA of MNOK 58 compared to MNOK 95 in 2021. Operational EBITDA margin of 22.0%
- Order intake of MNOK 117 in Q3 2022, compared to MNOK 69 in the same period last year
  - Solid order backlog of MNOK 894 at the end of the third quarter
- Capitalized development costs (R&D capex) of MNOK 6 in Q3 and MNOK 24 as per YTD - offset by soft-funding of MNOK 6 received in Q3
- Third quarter EPS of -0,02 and YTD Q3 EPS of 0,17. Negative EPS in Q3 impacted by losses on FX contracts and disagio finance cost.

Summary Q3 2022 & outlook

Summary Outlook

Lower revenue than expected due to previously mentioned client-side delays, but solid operational performance with EBITDA-margin of 27.1%

Strong NOK 117 million order intake in quarter, highest since 2020

Solid order backlog of NOK 894 million, provides excellent visibility for coming years

Good progress on impact technologies: InteliWell JV further strengthened by Viasat Inc., BMS joins as SkyWalker innovation partner (Q4)

Shipyard
Solutions

High tendering activity, expect newbuild tenders awards in Q4 2022

xx Digital Solutions

Signing of oil and gas SaaS projects through InteliWell moving gradually closer

Aquaculture

Development of full scale Starfish closed fish cage to progress as planned despite industry turbulence

Renewables

Industrial partnerships to fast-track commercialisation of SkyWalker

Next update: 17 February 2023 – Q4/FY 2022 financial results

Nekkar ASA Alternative performance measures

INTRODUCTION TO ALTERNATIVE PERFORMANCE MEASURES (APMs)

Nekkar Group (Nekkar) discloses alternative performance measures in addition to those normally required by IFRS. Nekkar is of the opinion that APMs are providing enhanced insight into the operations and prospects of the company. APMs are used as an integral part of the management and board of directors' key performance measure reporting and controls. Furthermore, securities analysts, investors and other interested parties frequently use such performance measures.

BASIS FOR PREPARATION

This presentation provides financial highlights for the first quarter and full-year 2021 for Nekkar ASA. The consolidated financial statements for Q2 2022 have been prepared in accordance with IAS 34 Interim Financial Statements, however the interim accounts do not include all the information required for a full financial statement and should therefore be read in connection with the audited consolidated financial statements of 2021.

The interim financial figures are not audited.

PROFIT MEASURES

EBITDA is short for "earnings before interest, taxes, depreciation and amortisation" in the consolidated income statement.

Nekkar defines "Operational EBITDA" as EBITDA excluding losses/gain on FX contracts not qualifying for hedge accounting.

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

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

ORDER INTAKE MEASURES

Order intake and order backlog are presented as APMs as they are indicators of the company's revenue generation and operations in the future.

Order intake includes new signed contracts in the period, in addition to expansion of existing contracts and any cancellations of contracts. For newbuild contracts, the order intake is based on the signed contract value excluding potential options and change orders.

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

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Nekkar Investor Presentation 2022