DNB s oil and offshore conference. Idar Eikrem, CFO
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1 DNB s oil and offshore conference Idar Eikrem, CFO
2 Well positioned for future market opportunities 1) Leading contractor within proven track record 2) Competitive position strengthened a) Delivering projects predictably: Safely, on time, with right quality b) Improved cost position 3) Near term market opportunities in selected regions 4) Solid financial platform 2
3 Leading contractor in four segments CONCRETE SOLUTIONS JACKETS TOPSIDES ONSHORE Global leader in marine concrete structures Substructures CONDEEP TM GBS Floating concepts LNG terminals European leader in steel jackets Steel jackets Steel structures Piping technology Subsea on a stick Leading EPC contractor to the North Sea market Topsides Floating platforms Leading Norwegian EPC contractor for onshore plants Upstream plants Treatment facilities 3
4 Kvaerner s core expertise FEED E P C HUC & I DECOM Concept development / FEED Engineering management Procurement Project Management Project management Fabrication Assembly Assembly 4 Hook-up and commissioning Tow-out, installation, production start
5 Ongoing projects progressing well Johan Sverdrup: EPC contracts for the Riser, Drilling and Process platform steel jackets Johan Sverdrup: EPC for the utility and living quarters topside in JV with KBR Nyhamna Expansion: EPCM onshore contract Hebron: Detailed engineering, procurement, construction and installation (EPCI) of GBS Marine installation Njord A: Frame agreement for upgrading of the semi-submersible platform Aasta Hansteen: Sub-contract to provide services for inshore and offshore hook-up and commissioning assistance for the topsides 5
6 Key financials Field Development segment Revenues NOK million Adjusted EBITDA NOK million Order backlog NOK million EBITDA margin %
7 Balance sheet Cash flow Revenues & EBITDA Solid financial platform 2016 revenues of NOK 10.4 billion Improved project portfolio Reduced admin costs / improved competitiveness 2016 cash flow from operations of NOK 1.7 billion 2016 cash flow from investing activities of NOK 201 million Annual maintenance capex of NOK million Net cash of NOK 3.0 billion Negative working capital of NOK 1.5 billion Robust capital structure with NOK 2.0 billion in undrawn facilities 7
8 Cost level in new projects Cost base reduction ~20 25 % On track for harvesting improvement effects Cost base for new projects reduced ~15 20 % initiatives re competitiveness 2015 Reduced vendor prices Improved productivity 2016 Streamlined org. Admin. costs NOK 200 mill Digitalisation / Use of robots Cost base for new projects reduced ~5 10 % 2017 Admin. costs NOK 100 mill Quality / delivery model Joint initiatives with clients
9 Pursuing selected prospects Concrete solutions Steel jacket substructures Platform topsides Onshore oil and gas plants Market leader globally Market leader, Europe Leading position Market leader, Norway Near term: Completion, HUC, decommissioning, modifications Further outlook through 2017, 2018 and onwards: NCS: Potential for annual growth in number of PDOs. Greenfield / brownfield EPC for offshore platforms and onshore facilities Arctic projects, including demand for engineering and project management Selected prospects in new markets are being considered 9
10 Based on core competence, solid financial platform and credibility in the market Strategic development Leading EPC & HUC contractor 10
11 Concluding remarks Safe, predictable execution Further improve competitiveness Opportunities to refill order book Resilient financial position: Develop and grow the business HSSE core value and licence to operate Maintain and develop home markets Develop global delivery model for Norway and abroad Hands-on management 11
12 Topsides, floaters & onshore facilities Jackets Concrete solutions 12
13 Copyright and disclaimer Copyright Copyright of all published material including photographs, drawings and images in this document remains vested in Kvaerner and third party contributors as appropriate. Accordingly, neither the whole nor any part of this document shall be reproduced in any form nor used in any manner without express prior permission and applicable acknowledgements. No trademark, copyright or other notice shall be altered or removed from any reproduction. Disclaimer This Presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Kværner ASA and Kværner ASA s (including subsidiaries and affiliates) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as expects, believes, estimates or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Kvaerner s businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the Presentation. Although Kværner ASA believes that its expectations and the Presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Presentation. Kværner ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Kværner ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use. 13
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