Soiltech — Investor Presentation 2024

Sep 11, 2024

Pareto Conference 11. September 2024

Jan Erik Tveteraas, CEO Tove Vestlie, CFO

AN INNOVATIVE TECHNOLOGY COMPANY SOLVING A PRESSING ISSUE, FOR A GREENER FUTURE

1

Disclaimer

This company presentation (the "Presentation", which term shall be interpreted to include references to this document, the presenters' speeches, the question-and-answer session and any other related verbal or written communication) has been prepared by Soiltech ASA (the "Company" or "Soiltech"), a company with shares admitted to trading on Euronext Expand, solely for information purposes in relation to an oral company presentation held today on 11 September 2024 at the Pareto Securities' 31st annual Energy Conference.

All of the information herein has been prepared by the Company solely for use in relation to this Presentation. The information contained herein does not purport to contain all information concerning the Company. No party has made any kind of independent verification of any of the information set forth herein if not specifically expressed in the Presentation, including any statements with respect to projections or prospects of the business or the assumptions on which such statements are based. The Company does not make any representations or warranty, express or implied, as to the fairness, accuracy, reliability, completeness or correctness of this presentation or of the information contained herein. The information contained in this Presentation is current as of the date hereof and should be considered in the context of the circumstances currently prevailing and has not been, and will not be, updated to reflect material developments which may occur after the date of the Presentation. Neither the Company, its financial advisor, Fearnley Securities AS, nor any of their respective parent or subsidiary undertakings or affiliates or any such person's directors, officers, employees, advisors or representatives (collectively the "Representatives") shall have any liability whatsoever arising directly or indirectly from the use of this Presentation or in any other written material furnished or information orally transmitted to a recipient of this Presentation.

Included in this Presentation are various "forward-looking statements", including statements regarding the intent, opinion, belief or current expectations of the Company or its management. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance and outcomes to be materially different from any future results, performance or outcomes expressed or implied by such forward-looking statements, including, among others, risks or uncertainties associated with the Company's business, segments, development, growth management, financing, market acceptance and relations with customers, and, more generally, general economic and business conditions, changes in domestic and foreign laws and regulations, taxes, changes in competition and pricing environments, fluctuations in currency exchange rates and interest rates and other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this Presentation. An investment in the Company and its shares involves risks, and several factors could cause the actual results, performance or achievements of the Company as described herein to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this Presentation. Reference is made to the risk factors included in the listing prospectus published by the Company in relation to the listing on Euronext Expand, available on www.soiltech.no.

This Presentation is not a prospectus or similar registration document and does not constitute or form an offer to sell, or a solicitation of an offer to purchase, any securities in any jurisdiction, and neither the issue of this Presentation nor anything contained herein shall form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity. This Presentation should not be considered as a recommendation by the Company, or any other person in respect of the Company, including any affiliated companies or successors, to invest in its securities.

This Presentation is governed by Norwegian law and any disputes related to it are subject to the ordinary courts of Norway.

Investment highlights

A full-scope, pureplay and innovative specialist in waste management

1	Market leading wastewater technologies and blue-chip clients	Market leading wastewater technologies with a complete range of cleantech • waste management services • Continuous focus on improving current technologies and developing new solutions Blue-chip client base with customers such as Equinor, Shell, AkerBP, Total • etc.
2	Contributing to reduced carbon emissions in the energy sector	Waste reduction, waste recovery and reuse generate cost savings and • reduced CO2 emissions for our clients • Cleaner production of energy and reduced pollution of the oceans are key drivers for continued growth Production of oil & gas to play a vital role in energy security for decades to • come
3	Strong track-record and solid revenue visibility	Strong demand with an expanding global footprint Build-own-operate model combined with medium/ long term contracts yield • revenue visibility Soiltech has had a continuous and profitable growth throughout its history •

Soiltech management Board of Directors A highly experienced management team with a solid track-record… … supported by a strong board of directors

Jan Erik Tveteraas CEO

• 35+ years of experience from oil & gas
• Former CEO and co-founder at Sevan Marine and Sevan Drilling
• Former CFO at NAVIS and Transocean Drilling

Tove Vestlie

• 17+ year extensive experience from drilling, oil & gas
• Previous experience from EY, Seadrill/North Atlantic
• CPA from NHH

Glenn Åsland COO

• 25+ years of experience from the oil & gas industry
• Extensive knowledge within waste management
• Previous experience from Baker Hughes, Dolphin, SAR AS, MI Swaco

Bente Skogen VP People & Organization

• 10+ years of industry experience
• Comprehensive service knowledge within waste management
• Previous experience from Halliburton, Saipem Offshore and ConocoPhillips

Patrick Åsland VP Technology and newbuilds

• 15+ years industry experience from Baker, Oceaneering, Soiltech
• VP Technology and Newbuilds at Soiltech

CFO

-

Erik Bjøndal-Røvde VP Operations

• 17+ years of industry experience
• Extensive offshore work in Norway and internationally

Else Kårin Vådeland VP HSSEQ & Sustainability

• 15+years employment at Halliburton in HSEQ
• Extensive HSEQ and service knowledge within waste management

Daniel Roberts

Director of operations Middle East

• 18+ years industry experience 10 years with Soiltech
• 3 years as Field Specialist in oilfield services
• 8 years as Engineering Technician at Royal Navy

Gunnar Winther Eliassen

• Chairman Extensive background in the oil service industry Previously worked in Seatankers from 2016 to
• 2023 Partner in Pareto from 2011 to 2016

Mona Hodne Steensland Board member

• CEO and Chair of Skagenkaien Holding since 2019
• Worked in Clarkson Platou as controller from 2015 to 2019
• Previous experience from Clarkson Norway and Boxton Maritime AS

Board member

• 40 years of experience from the oil & gas industry
• Former Operation /Rig Manager at Transocean
• Establishment, country manager Norway and UK for Songa Offshore

Eirik Flatebø Board member

• 20+ years of experience from finance industry
• Previous experience in equity sales from Pareto Securities
• Founding partner at Pharos advisers

Karin Govaert

Board member

• Sector specialist with over 25 years of experience in the maritime and logistics sector.
• CEO and founder of Rivermaas, an investment firm in the maritime industry
• Board member of Samskip (NL), Marlow (CY) and Oceanteam ASA

Delivering a complete range of cleantech waste management services

= Share of Company's consolidated revenue for the six-month period ended 30.06.2024 Xx%

The STT process in action – Treatment of contaminated water

The Cuttings Handling process in action

Showcasing the Cuttings Handling process - Efficient handling of cuttings on the rig

Significant cost savings combined with a lower carbon footprint

1) Company estimates. Estimates not including onshore transport and treatment cost 2) Based on Esgian data. xIQ is a software for estimation of a company's full environmental footprint, including own emissions and contributions to avoided emissions along the company's value chain

Soiltech's position in the value chain

Offering several services across the Oil & Gas life cycle

PROVIDES SERVICES THROUGHOUT THE OIL & GAS LIFE CYCLE

Providing a complete range of services for waste reduction, recovery and reuse

Offered ✓	〤No offering
	Slop treatment	Mechanical	Chemical	Chemical	〤	〤	Mechanical	Chemical
WATER & FLUID TREATMENT	Brine recovery	Mechanical	Filter	Filter	Filter	〤	〤	〤
	Removal of salts & metals	✓	〤	〤	〤	〤	〤	〤
	Swarf removal	✓	✓	✓	✓	〤	✓	〤
	Cleaning services	✓	✓	✓	✓	✓	✓	〤
SOLIDS HANDLING	Cuttings handling	✓	✓	✓	✓	✓	✓	〤

Strong recurring blue-chip client base

Environmental regulations tighten world-wide, and clients are looking for sustainable solutions

Contract Status Norway

NORWAY		2024			2025				2026			2027			2028				2029
Rig Name	Rig Type	Client / End client	Q1	Q2	Q3	Q4	Q1	Q2 Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3 Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3 Q4
Askeladden	Jackup	Equinor*
Askepott	Jackup	Equinor*
Oseberg B	Platform	Equinor*
Oseberg Sør	Platform	Equinor*
Heidrun	Platform	Equinor*
Visund	Platform	Equinor*
Njord B	FSU	Equinor***
Noble Invincible	Jackup	Noble Drilling / Aker BP**
Noble Integrator	Jackup	Noble Drilling / Aker BP**
Deepsea Aberdeen	Semisub	Odfjell Drilling / Equinor
Deepsea Atlantic	Semisub	Odfjell Drilling / Equinor
Deepsea Stavanger	Semisub	Odfjell Drilling / Equinor
Deepsea Yantai	Semisub	PGNIG/DNO
Transocean Enabler	Semisub	Transocean / Equinor
Transocean Spitsbergen	Semisub	Transocean / Equinor
COSLPromoter	Semisub	COSL Drilling / Equinor
Shelf Drilling Barsk	Jackup	Shelf Drilling / Equinor
Brage	Platform	Odfjell Tech. / OKEA
West Phoenix	Semisub	Seadrill / Vår Energi

Contract Status International

INTERNATIONAL						2024				2025			2026			2027
Rig Name	Rig Type	Client / End client	Location	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Swift 10	Jackup	Wintershall Dea	Netherlands
Noble Resolute	Jackup	Petrogas	Netherlands
Noble Voyager	Drillship	Noble Drilling***	Suriname
Noble Resilient	Jackup	Wintershall Dea / Petrogas	Denmark / UK
Ocean Endeavor	Semisub	Shell	UK
Valaris JU 121	Jackup	Shell	UK
Mariner A	Platform	Odfjell Technology / Equinor*	UK
Transocean Barents	Semisub	Transocean / Total / ENI	Lebanon / Cyprus
Ran	Jackup	Harbour Energy	Mexico
Island Innovator	Semisub	Tullow Oil	Mauritania
Upper Zakum	Land rig	ADNOC Offshore	Abu Dhabi
Fawley Refinery	Refinery	Pipetech / Exxon	UK

* Frame contract until 31.05.2034. POs are renewed annually

** Frame contract

*** Services are provided on a call-out basis

Note: Contract start, and length is Soiltech's best estimate. Contracts normally follow the rig's contract. When change in client there may be periods without operation. Rigs may carry out

Special Periodic Surveys and rig moves where there are no activity.

Soiltech expands its global footprint as demand continues to increase

The need for sustainable solutions drives demand

Substantial addressable market for Soiltech's technologies and solutions

Source: Fearnley Securities equity research, HIS Markit 1) Rig count excludes fixed installations

Operating on medium and long-term contracts, with recurring revenues and visible profitability

Solid EBITDA-margins safeguarded by proprietary technologies and solutions

HIGHLIGHTS

Cutting edge technologies giving competitive advantage

Environmental regulations tighten world-wide and the need for sustainable solutions and reduced CO2 emissions increase

Strong market position in Europe with exceptional global growth opportunities in a growing market

Strong client base within E&P companies and drilling contractors

Highly experienced management team with a solid track record

Appendix

19

New technology initiatives

Solids treatment	Water treatment	Remote operations	Automation
Cuttings Treatment Technology (CTT)	STT Purifier	Remote control system	Multi discharge arm
Mechanical technology • Reducing CO2 emissions • Reduced energy • consumption Higher capacity •	Reducing salts and metals • in contaminated water Reuse of treated water •	Control room monitoring • Reduced manning • HSEQ improvements •	Automated cuttings • handling Small footprint • Flexible placement •

Financials 2017 - 2023

Income statement

NOK 000'	2017	2018	2019	2020	2021	2022	2023
Revenues	31,866	53,140	65,360	81,923	136,757	178,170	229,279
Operating cost	14,040	20,380	30,981	37,073	75,698	98,928	135,157
Gross margin	17,826	32,760	34,379	44,850	61,059	79,242	94,122
SG&A	16,380	18,537	23,908	25,603	35,092	33,918	42,925
EBITDA from operations	1,446	14,223	10,471	19,247	25,967	45,324	51,197
Adjustments*	-	-	-	-	-	6,628	3,042
Reported EBITDA	1,446	14,223	10,471	19,247	25,967	38,696	48,155
Depreciation	4,242	5,161	6,175	14,076	10,586	16,031	17,930
Impairment	-	-	-	-	-	-	5,050
Other Gain	-	-	-	-	-	-	15,000
Operating Profit	-2,796	9,062	4,296	5,171	15,381	22,665	40,174
Net financial items	110	-787	-833	-1,273	-1,286	-3,862	-7,894
Adjusted Profit before tax	-2,686	8,275	3,463	3,898	14,095	25,431	24,917
Profit before tax	-2,686	8,275	3,463	3,898	14,095	18,803	32,280

	2017	2018	2019	2020	2021	2022	2023
Gross margin (%)	55.9%	61.6%	52.6%	54.7%	44.6%	44.5%	41.1%
EBITDA from operations (%)	4.5%	26.8%	16.0%	23.5%	19.0%	25.4%	22.3%
Reported EBITDA (%)	4.5%	26.8%	16.0%	23.5%	19.0%	21.7%	21.0%
Operating Profit (%)	-8.8%	17.1%	6.6%	6.3%	11.2%	12.7%	17.5%
Profit before tax (%)	-8.4%	15.6%	5.3%	4.8%	10.3%	10.6%	14.1%

Financials 2017 - 2023

Balance sheet

NOK 000'	2017	2018	2019	2020	2021	2022	2023
ASSETS
Intangible assets	1,425	1,107	786	460	471	6,795	1,811
Right -of -use assets	-	-	-	-	-	40,352	71,140
Plant, property and equipment	38,264	61,918	85,280	95,285	122,466	130,300	181,117
Investments in subsidiaries	964	949	855	1,103	1,082	-	-
Deferred tax asset	-	-	-	-	-	15,272	10,403
Other non -current assets	-	-	-	-	-	738	762
Non -current assets	40,653	63,974	86,921	96,848	124,019	193,457	265,234
Inventories	-	-	-	-	-	238	159
Trade receivables	9,369	11,515	22,576	14,764	50,752	29,244	44,195
Cash and cash equivalents	28,868	53,251	27,107	35,954	36,537	38,832	26,783
Other current assets	-	-	-	-	-	8,047	14,310
Current assets	38,237	64,766	49,683	50,718	87,289	76,362	85,447
TOTAL ASSETS	78,890	128,740	136,604	147,566	211,308	269,818	350,681

EQUITY AND LIABILITY
Share capital	602	660	660	660	720	741	741
Share premium	40,849	60,766	60,766	60,766	70,045	83,948	83,948
Other reserves	-	-	-	-	-	1,132	1,826
Retained equity	19,205	25,663	28,352	31,460	42,207	56,639	84,050
Total equity	60,656	87,089	89,778	92,886	112,972	142,460	170,565
Trade payables	5,328	5,888	10,762	9,289	33,915	9,017	13,153
Borrowings	-	-	-	-	-	13,325	16,860
Lease liability	-	-	-	-	-	8,820	10,409
Tax payable	-	-	-	-	891	-	-
Other current liability	-	-	-	-	-	24,767	28,265
Total current liabilities	5,328	5,888	10,762	9,289	34,806	55,929	68,687
Borrowings	10,937	32,011	31,595	40,590	57,490	38,892	68,913
Other non -current liabilities	1,767	1,733	1,676	1,218	-	18,877	669
Lease liability	-	-	-	-	-	16,742	41,847
Deferred tax liability	202	2,019	2,793	3,583	6,040	-	-
Total non -current liabilities	12,906	35,763	36,064	45,391	63,530	71,430	111,429
Total debt	18,234	41,651	46,826	54,680	98,336	127,359	180,116
TOTAL EQUITY AND LIABILITIES	78,890	128,740	136,604	147,566	211,308	269,818	350,681

Soiltech AS

Koppholen 25, 4313 Sandnes, Norway www.soiltech.no

Soiltech UK

12 Carden Place, AB10 1UR, Aberdeen

Soiltech Abu Dhabi Gibca Tower, Khalifa 3rd Street, Abu Dhabi

23