Credit Investor Presentation 2019
Credit Investor Presentation 2019
Credit Investor Presentation 2019
Presentation 2019
May 2019
Presenters
Svein Stoknes – Chief Financial Officer
Fredrik Berge – Investor Relations Officer
Company Overview
Q&A
A leader in forging a
sustainable future for the
global energy industry
and the world it serves
15,000+ 20+
EMPLOYEES COUNTRIES
176+ 50+
YEARS OF EXPERIENCE LOCATIONS
Lifecycle Services
Decommissioning
Concept Pre-FEED FEED Detailed Design Fabrication Commissioning Operations Modifications Late Life Decommissioning
Demerger of Aker
Marine Contractors
Canada Russia
United Kingdom
Qatar China
Saudi Arabia
UAE South Korea
India
Ghana Brunei
Nigeria
Brazil Angola
Mozambique
Australia
Principle Power
OFFSHORE WIND
Saipem
SURF
Cognite ABB
DIGITALIZATION POWER AND AUTOMATION
Alcatel
FIBER OPTIC SOLUTIONS MAN Energy Solutions
COMPRESSION
150 124
with studies for international
markets more than doubling Total
Front-end awards
■ 11 FEEDs led to full Projects
+121%
■ Increase in studies for larger
and more complex projects International
Front-end awards 53 24
+70%
▪ Reduced Cost
▪ Increased Efficiency
▪ Improved Predictability
© 2019 Aker Solutions
A New Energy Future
Floating Offshore Wind Concept
▪ 11.8% ownership in Principal Power Inc.
▪ WindFloat® – unique patented floating foundation
▪ One of only two field-proved and tested concepts
▪ Existing technology including dynamic offshore power cables,
substations, digital solutions for monitoring & remote
operations, as well as project management
Kaombo • Helping Total get the world’s largest subsea development on-stream offshore Angola
• Delivering 65 vertical subsea well-sets, 19 subsea manifolds, and associated controls
“The World’s Largest systems and work-over and tie-in systems
Subsea Development” • The first deliveries started in the second quarter of 2015
Frame Agreements • Two major frame agreements, supporting Brazil's major pre-salt deepwater
developments
“One of the World's leading • Delivering 60 well-sets with vertical subsea trees, control systems, tools and spares
deepwater operators” • Delivering 8 manifolds (water/gas injection) to increase oil recovery
Brunei Shell Petroleum • Maintenance and modification management services at more than 200 offshore
installations in the South China Sea
“Maintenance and Modification
• Prolonging the life of the facilities, to support extended life-of-field
Management Services”
Mariner • Delivering engineering, construction and commissioning work for the major hook-up
phase of the Mariner oilfield development in the UK North Sea
“Largest Offshore • Also providing maintenance and modifications services through a frame agreement
Development in the UK” • Mariner is the largest new offshore development in the UK in more than a decade
• Helping Equinor put on stream one of the largest oil fields offshore Norway, which at
its peak will provide an equivalent of 25 % of all Norwegian petroleum production
• Provided feasibility and concept studies in 2012-2013
Johan Sverdrup • Executed a major FEED in 2014 which engaged one of the largest FEED teams ever
assembled by Aker Solutions
“The Making of a Giant”
• Transitioning seamlessly into a fully fledged project in 2015 to provide engineering
services, procurement and management assistance for the first phase of the
development – now into the FEED phase 2 of this development
Moho • Delivered 28 well-sets for the Moho Nord project in Congo Brazzaville
• The country’s largest oil development
“Largest Oil Development
• Several new technology qualifications delivered successfully
in Congo”
• Master Contract, FEED as first call-off – operator Chevron with ExxonMobil & Shell
Jansz • Substantial cost and efficiency gains, boosting recovery, Lower carbon footprint
• Scope includes subsea compression station as well as an unmanned power and
“International breakthrough for
control floating platform
Subsea Gas Compression” • This technology has already provided great results for Equinor at Åsgard since 2015
• The Zohr field offshore Egypt is one of the largest offshore gas fields in the world
Zohr Gas Field • Providing a record 250 km of steel-tube umbilicals, to help the most populous Arab
nation achieve self-sufficiency of natural gas
“The World’s largest
• Customers: Petrobel (Egyptian General Petroleum Corporation, EGPC) and Italian
umbilicals system” operator Eni)
CFO
Svein Stoknes
Strategy COO
Mark Riding Dean Watson
PROJECTS SERVICES
3.50
3.00
2.50
2.00 1.97
1.50
1.00
0.50 0.55
We put the safety of our 0.00
people first and strive for 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
zero incidents
NOTE: the above KPIs are calculated as total number of recordable incidents per 1 million worked man-hours, incl. subcontractors
(Total recordable injury frequency: all recordable incidents incl. LTI’s, restricted work cases and medical treatment but not including first aid)
(Lost time injury frequency: incidents including work-related injuries or illnesses where a doctor or other health care professional recommend that
the employee stay home from work as a result of his / her injuries or illness, beginning the first work day after the incident)
Social
▪ Corporate responsibility at Aker Solutions is about making good,
sustainable business decisions to benefit the company, our
stakeholders and society
▪ Aker Solutions is committed to taking a leading role in forging a
sustainable future for the global energy industry and the world it
serves
Governance
▪ Good corporate governance at Aker Solutions shall ensure
Ensure sustainable
sustainable operations and value creation over time to the
operations and value
benefit of shareholders and other stakeholders
▪ The Code of Conduct is Aker Solutions’ key governing document, it creation over time to
outlines our ethical commitments and requirements, and sets benefit all stakeholders
expectations for personal conduct and business practices
Operational risk
■ Aker Solutions is, through its business, exposed to legal, regulatory
and political risks, as well as risks associated with unethical and
criminal behavior and operational project risks
Financial risks
■ Aker Solutions is exposed to financial market risks, including but
not limited to currency- and interest rate fluctuations, counterparty
risks, liquidity risks and pricing risks
Please see appendix for further details Aker Solutions has company-
wide policies, procedures,
tools, training and
reviews, for active and
systematic risk management
Low Carbon
People Development
Human Capital
Increasing challenge to access and retain the best talent in a changing industry . Requires global resource management, culture development.
Changing competence in a digitalizing industry. Corporate social responsibility.
Digitalization
Digitalization
Disruptive business models, offerings and operations – data management, predictive services, analytics, digital twins
• Deliver the best customer • Combine expertise with • Prioritize innovation that • Excel at delivering on our • Grow a focused world-
experience in the industry our strategic partners improves safety, environ- commitments every time class services business
• Consistently maximize life- • Deliver new sources of mental performance and • Consistently drive • Build on our strengths and
of-field value across every life-of-field value by boosts productivity operational excellence and capabilities to deliver new
touchpoint combining our strengths • New business models continuous improvement sources of value
150
Actual Potential ■ Record high free cash flow among E&Ps
Number of offshore FIDs
128 +18%
■ Break-even costs lowered – new projects emerging
120 114
105
100 89
78
56 62 ■ Increased sanctioning activity, despite oil price
50 46
volatility
0
2011 2012 2013 2014 2015 2016 2017 2018 2019e ■ E&P spending forecasted to increase
(Source: Rystad Energy DCube) ■ Expect markets to remain competitive near term
■ Still overcapacity in some segments
Increasing Subsea Tree Awards Following FIDs
■ AKSO well positioned in key regions going forward
Historical Estimate (Goldman Sachs)
600 547
+10%
400
418 regions and segments
301 296
247 270
203
200 167
89
0
2011 2012 2013 2014 2015 2016 2017 2018 2019e
36% 36%
25
2.0
30 30 1.5x 30%
30%
20
1.5
15 20 20 1.0x 20%
1.0
10
0.7x
10 10 0.5x 0.6x
10%
0.5
5
0.2x
0 0.0 0 0 0.0x 0%
2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018
30% 20%
10 9.6% 10%
8.9% 8.8%
9 9%
7.9% 8.5% 8.5%
8.1% 8.0% 7.9% 7.8%
8 8%
7.4% 7.5% 7.5%
7.0% 7.1% 7.1% 7.1% 6.8%
7 7%
6 6%
5 5%
9.2
8.5
4 8.0 7.9 4%
7.5 7.3
7.0 7.0
6.5 6.4 6.3 6.5
3 6.0 6.1 3%
5.2 5.4 5.4 5.5
2 2%
1 1%
0 0%
4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 1Q 2016 2Q 2016 3Q 2016 4Q 2016 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019
*Excluding special items
Projects Services
7.8% 15.7%
Revenue 30 7.3%
6.9% 8% Ebitda- Revenue 8 16% Ebitda-
6.8% 12.4% 13.3% 13.6%
margin* margin*
6% 6 12%
20
4% 4 8%
25.7 6.3
10 20.6 19.9 5.0 5.1
17.7 2% 2 4.6 4%
0 0% 0 0%
2015 2016 2017 2018 2015 2016 2017 2018
Key regions: Africa, Asia, Brazil, North Sea Key regions: Africa, Brazil, Canada, North Sea
Employees: 7,188 (2017: 6,980) Employees: 5,473 (2017: 5,036)
*Ebitda excludes special items (for reference, Aker Solutions also reports an ‘Other’ segment containing the corporate center and various other items held centrally)
(cash NOK 1.9 billion and RCF NOK 5.0 billion) 2019 2020 2021 2022 2023
Working Capital1 NOK million Net Interest-Bearing Debt and Leverage2 NOK million, x times
Bank Covenant 3.5x
1,000 2,500 3.5x
Liquidity Policy
Liquidity policy
■ Dividend payments should over time amount to 30-50%
of net profit (cash dividends or share buybacks)
■ Min liquidity buffer at NOK 3 billion
■ Max 50% of total debt on floating interest basis
Foreign Exchange
Foreign Exchange Policy
policy
■ All secured contracts hedged at signing
■ All planned internal dividends hedged
NOK million
Effects of IFRS 16 Leasing 1Q 2017 2Q 2017 3Q 2017 4Q 2017 FY 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 FY 2018 1Q 2019
Projects - - - - - - - - - - 92
Services - - - - - - - - - - 28
Other - - - - - - - - - - 20
Effect on EBITDA - - - - - - - - - - 140
Projects - - - - - - - - - - 21
Services - - - - - - - - - - 3
Other - - - - - - - - - - (1)
Effect on EBIT - - - - - - - - - - 22
Effect on Net income before tax - - - - - - - - - - (28)
Effect on Net income - - - - - - - - - - (18)
Effects included in the reported figures
NOK million 1Q 2019 1Q 2018 Net debt to EBITDA (leverage ratio) is a key financial measure that is used by management to assess
Inventory 320 334 the borrowing capacity of a company. The ratio shows how many years it would take for a company to
Trade and other receivables 9,694 7,251 pay back its debt, if net debt and EBITDA are held constant. The ratio is one of the debt covenants of the
Current tax assets 101 145 company. The ratio is calculated as net debt (total principal debt outstanding less unrestricted cash)
divided by EBITDA excluding certain special items (as defined in loan agreements) for the last twelve
Trade and other payables (9,235) (8,264)
month period. If a company has more cash than debt, the ratio can be negative.
Provisions (820) (841)
Current tax liabilities (121) (47) NOK million 1Q 2019 1Q 2018
Effects of IFRS 161) 309 -
Gross interest bearing debt 2,889 3,241
Net current operating assets (NCOA) 248 (1,422)
1) Cash and cash equivalents (1,872) (2,607)
Reclassification of onerous lease provisions and lease accruals for rent-free periods
Net debt 1,017 633
previously reported as part of NCOA. Starting from January 1, 2019 these amounts are
reported as part of ROU asset under IFRS 16
EBITDA last twelve months 1,879 1,589
Restructuring cost and other special items 35 94
Adjusted EBITDA last twelve months 1,914 1,684
Net debt to EBITDA (leverage ratio) 0.53 0.38
Net income (loss) before tax 92 51 183 73 399 158 173 233 227 792 226
Income tax (30) (17) (59) (54) (160) (53) (57) (78) (50) (238) (77)
Net income (loss) for the period 62 33 124 19 239 105 117 155 178 554 149
EBITDA margin 6.9% 5.6% 7.4% 7.1% 6.8% 7.8% 7.0% 7.1% 7.0% 7.2% 8.7%
Basic earnings per share (NOK) 0.23 0.08 0.40 0.09 0.81 0.38 0.42 0.50 0.58 1.88 0.54
Debt and equity 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019
Total equity attributable to the parent 6,546 6,651 6,501 6,981 6,822 6,828 6,849 7,502 7,241
Non-controlling interests 138 110 113 67 25 28 45 106 107
Non IB liabilities (non-current) 870 880 901 877 842 848 859 847 815
Interest bearing debt (non-current) 1,822 1,729 3,230 2,576 2,745 2,703 2,777 1,788 1,764
Lease liabilities (non-current) - - - - - - - - 5,203
Trade payables 902 1,156 1,162 1,865 1,859 2,166 2,105 1,680 2,044
Amounts due to customers for construction work, incl advances 2,160 1,484 777 1,206 - - - - -
Customer contract liability - - - - 700 685 416 709 831
Accrued operating and financial cost 2,254 2,447 2,581 2,237 4,256 4,554 4,632 4,539 4,936
Interest bearing current liabilities 1,677 1,484 544 539 495 118 117 1,125 1,125
Other non IB liabilities (current) 3,623 3,503 3,049 3,390 2,503 2,521 2,506 2,668 2,143
Lease liabilities (current) - - - - - - - - 563
Total liabilities and equity 19,992 19,443 18,858 19,736 20,249 20,452 20,305 20,964 26,772
Net current operating assets, excluding held for sale (974) (454) 15 (844) (1,422) (1,415) (1,024) (753) 248
Net interest-bearing items 968 1,686 2,028 970 475 247 405 347 5,878
Equity 6,684 6,761 6,614 7,047 6,848 6,856 6,893 7,608 7,348
Equity ratio (in %) 33.4 34.8 35.1 35.7 33.8 33.5 33.9 36.3 27.4
EBITDA continuing operations 355 305 401 458 1,519 425 439 463 483 1,810 634
Change in cashflow from operating activities (257) (762) (615) 702 (932) 107 (121) (506) (370) (890) (937)
Net cashflow from operating activities 98 (457) (214) 1,160 587 533 318 (44) 113 921 (303)
Acquisition of property, plant and equipment (31) (38) (7) (135) (211) (31) (99) (107) (94) (331) (77)
Payments for capitalized development (42) (35) (42) (31) (149) (29) (42) (43) (61) (174) (35)
Acquisition of subsidiaries, net of cash acquired (4) (217) 0 (0) (221) - (0) - - (0) (14)
Change in current interest-bearing receivables - 179 - 85 264 - - 40 21 62 -
Sub-lease income received - - - - - - - - - - 28
Cashflow from other investing activities 0 3 22 (15) 10 85 39 50 (27) 147 (60)
Net cashflow from investing activities (76) (109) (26) (96) (308) 25 (102) (59) (160) (297) (159)
Change in external borrowings (475) (218) 586 (655) (762) 205 (388) 110 (26) (99) (22)
Leases paid - - - - - - - - - - (134)
Paid dividends to majority - (0) 0 0 (0) 0 0 0 0 0 -
Other financing activities (20) (33) 5 (26) (73) 0 1 (1) 0 (0) (0)
Net cashflow from financing activities (494) (251) 591 (680) (835) 205 (387) 108 (26) (99) (156)
Effect of exchange rate changes on cash and cash equivalents 13 8 (113) 146 54 (133) 4 (53) 153 (30) 17
Net increase (decrease) in cash and cash equivalents (459) (809) 238 529 (502) 630 (167) (48) 81 495 (601)
Cash and cash equivalents as at the beginning of the period 2,480 2,020 1,211 1,449 2,480 1,978 2,607 2,440 2,392 1,978 2,473
Cash and cash equivalents as at the end of the period 2,020 1,211 1,449 1,978 1,978 2,607 2,440 2,392 2,473 2,473 1,872
EBITDA 1Q 2017 2Q 2017 3Q 2017 4Q 2017 FY 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 FY 2018 1Q 2019
Projects 269 213 320 415 1,217 312 325 372 346 1,354 477
Services 152 144 157 151 605 135 172 183 188 678 186
Other (66) (52) (76) (109) (303) (22) (58) (92) (50) (222) (30)
EBITDA 355 305 401 458 1,519 425 439 463 483 1,810 634
EBITDA margin 1Q 2017 2Q 2017 3Q 2017 4Q 2017 FY 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 FY 2018 1Q 2019
Projects 6.6% 5.0% 7.6% 8.0% 6.9% 7.3% 6.7% 7.1% 6.2% 6.8% 8.0%
Services 14.2% 12.5% 13.5% 12.9% 13.3% 11.7% 12.9% 14.3% 14.2% 13.3% 14.3%
EBITDA margin 6.9% 5.6% 7.4% 7.1% 6.8% 7.8% 7.0% 7.1% 7.0% 7.2% 8.7%
EBIT 1Q 2017 2Q 2017 3Q 2017 4Q 2017 FY 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 FY 2018 1Q 2019
Projects 129 79 197 203 608 173 201 254 214 843 280
Services 113 99 119 98 429 94 131 141 145 511 120
Other (92) (79) (99) (196) (466) (41) (78) (114) (72) (305) (75)
EBIT 150 99 217 105 571 226 254 282 287 1,049 325
EBIT margin 1Q 2017 2Q 2017 3Q 2017 4Q 2017 FY 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 FY 2018 1Q 2019
Projects 3.2% 1.9% 4.7% 3.9% 3.4% 4.1% 4.1% 4.9% 3.8% 4.2% 4.7%
Services 10.6% 8.5% 10.2% 8.4% 9.4% 8.1% 9.8% 11.1% 11.0% 10.0% 9.2%
EBIT margin 2.9% 1.8% 4.0% 1.6% 2.5% 4.1% 4.1% 4.3% 4.1% 4.2% 4.5%
Order intake 1Q 2017 2Q 2017 3Q 2017 4Q 2017 FY 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 FY 2018 1Q 2019
Projects 4,096 2,582 1,830 9,669 18,177 6,460 4,959 3,806 4,417 19,642 3,482
Services 494 373 668 3,581 5,116 2,205 691 2,102 759 5,756 1,975
Other 10 67 67 238 381 20 34 77 92 223 70
Eliminations (8) 1 (9) (105) (121) (46) (11) (127) (16) (200) (3)
Order intake 4,591 3,022 2,556 13,383 23,553 8,639 5,673 5,857 5,252 25,421 5,523
Order backlog 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019
Projects 22,599 23,371 20,684 24,807 27,102 27,286 25,716 25,014 22,547
Services 8,146 7,328 6,569 9,743 10,483 9,802 10,507 10,294 10,917
Other (31) (7) (14) 135 108 41 50 (0) (6)
Eliminations (4) 4 (0) (103) (140) (148) (192) (159) (126)
Order backlog 30,709 30,695 27,239 34,581 37,553 36,981 36,081 35,148 33,332
EBITDA margin (excl. special items) 1Q 2017 2Q 2017 3Q 2017 4Q 2017 FY 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 FY 2018 1Q 2019
Projects 6.6% 7.0% 7.7% 7.8% 7.3% 7.6% 6.7% 7.2% 6.2% 6.9% 8.0%
Services 14.2% 12.7% 13.5% 12.9% 13.3% 11.7% 13.0% 14.9% 14.6% 13.6% 14.4%
EBITDA margin (excl. special items) 7.0% 7.4% 7.8% 7.5% 7.4% 7.1% 7.1% 7.5% 7.1% 7.2% 8.8%
EBIT (excl. special items) 1Q 2017 2Q 2017 3Q 2017 4Q 2017 FY 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 FY 2018 1Q 2019
Projects 129 161 207 276 773 199 203 255 217 874 281
Services 113 101 119 98 432 93 132 148 154 528 120
Other (85) (64) (83) (97) (329) (94) (79) (90) (66) (329) (72)
EBIT (excl. special items) 157 199 243 277 876 199 256 313 305 1,074 329
EBIT margin (excl. special items) 1Q 2017 2Q 2017 3Q 2017 4Q 2017 FY 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 FY 2018 1Q 2019
Projects 3.2% 3.8% 4.9% 5.3% 4.4% 4.7% 4.2% 4.9% 3.9% 4.4% 4.7%
Services 10.6% 8.8% 10.2% 8.4% 9.5% 8.0% 9.9% 11.6% 11.6% 10.4% 9.3%
EBIT margin (excl. special items) 3.0% 3.7% 4.5% 4.3% 3.9% 3.7% 4.1% 4.8% 4.4% 4.3% 4.5%
Order intake 1Q 2017 2Q 2017 3Q 2017 4Q 2017 FY 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 FY 2018 1Q 2019
Subsea 692 929 494 5,661 7,776 2,986 1,123 1,074 2,866 8,049 1,418
Field Design 3,408 1,654 1,335 4,001 10,398 3,487 3,867 2,715 1,566 11,635 2,064
Eliminations/other (4) (2) 1 8 3 (13) (31) 17 (15) (42) -
Order intake 4,096 2,582 1,830 9,669 18,177 6,460 4,959 3,806 4,417 19,642 3,482
Order backlog 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019
Subsea 8,814 7,727 6,200 9,532 10,615 9,746 8,621 9,837 8,784
Field Design 13,758 15,642 14,476 15,249 16,470 17,521 17,043 15,161 13,721
Eliminations/other 27 3 7 26 17 19 52 16 42
Order backlog 22,599 23,371 20,684 24,807 27,102 27,286 25,716 25,014 22,547
Other risks
■ Aker Solutions has zero tolerance for corruption and works vigilantly to prevent
such behavior. The company has control systems in place throughout the ■ The risk factors set out above are non-exhaustive and Aker Solutions is subject
organization that are designed to identify and limit the effects of violations of the to a number other risks of both a general and company specific nature.
code of conduct. While the breaches were limited in scope, the company took
swift action to address them. In general, employees face consequences spanning ■ The annual report of Aker Solutions for 2018 provides more information on risks
from a warning to dismissal for violating the code of conduct. and uncertainties. The annual report is available on www.akersolutions.com.
Reference is also made to the risk factors set out in the prospectus (comprising
■ Given its size and presence in different parts of the world, Aker Solutions the registration document and the securities note) issued in connection with the
experiences from time to time being investigated by various types of local 2018 bond issue, as such risk factors continue to be relevant for Aker Solutions.
authorities. At present Aker Solutions is aware of a few open matters, however The prospectus is available on www.oslobors.no (Ticker: AKSO03).
none of them are deemed material.
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 Aker Solutions ASA and
Aker Solutions 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 Aker Solutions’ 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 Aker Solutions 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. Aker Solutions ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or
completeness of the Presentation, and neither Aker Solutions ASA nor any of its directors, officers or employees will have any liability to you
or any other persons resulting from your use.
Aker Solutions consists of many legally independent entities, constituting their own separate identities. Aker Solutions is used as the common
brand or trade mark for most of these entities. In this presentation we may sometimes use “Aker Solutions”, “we” or “us” when we refer to Aker
Solutions companies in general or where no useful purpose is served by identifying any particular Aker Solutions company.