Aurelia Energy N.V.Quarterly reportFor the period ended March 31,2016

FPSO Glas Dowr

Results and main developments for the three months ended March 31, 2016

First quarter resultsThe net result after tax for the first quarter of 2016 amounted to U.S.$37.1 million profit compared to a loss of U.S.$15.0 million for the first quarter of 2015. EBITDA for the first quarter of 2016 was U.S.$80.1 million compared to U.S.$56.1 million for the first quarter of 2015. The financial results for the first quarter of 2016 were mainly impacted by the following:

The SPM division generated U.S.$7.9 million EBITDA in the first quarter of 2016 compared to U.S.$10.3 million EBITDA for the first quarter of 2015. SPM results for 2015 were driven by two large projects which started in 2014 and achieved significant progress during 2015. In 2016, progress on these SPM projects were in final stages, resulting in lower EBITDA recognition.

EBITDA for the FPSO division for the first quarter of 2016 amounted to U.S.$75.5 million compared to U.S.$45.9 million EBITDA for the first quarter of 2015. The U.S.$29.6 million increase in EBITDA compared to the first quarter of 2015 was mainly driven by a U.S.$23.9 million increase in EBITDA for the FPSO Glas Dowr. This increase in EBITDA was due to the recognition of the largest part of the termination fee following the termination for convenience by ENI. EBITDA for the FPSO Haewene Brim increased by U.S.$8.8 million compared to the first quarter of 2015. In the first quarter of 2015 the Haewene Brim suffered from increased maintenance costs and reduced income due to constraints in production levels which was not the case in the first quarter of 2016. EBITDA of the FPSO Aoka Mizu reduced by U.S.$4.8 million as a result of lower tariff income which ceased as of October 1,2015 and lower lease income which ceased as of March 4, 2016 compared to the first quarter of 2015. EBITDA of the FPSO Bleo Holm increased by U.S.$0.3 million due to higher tariff income in the first quarter of 2016 compared to the first quarter of 2015. EBITDA of the FPSO Munin increased by U.S.$0.3 million as a result of cost savings on the lay-up of the vessel in the first quarter of 2016 compared to the first quarter of 2015. Furthermore FPSO tender costs in 2016 decreased by U.S.$0.8 million, mainly due to lower tender activities compared to the first quarter of 2015. Finally cost savings were achieved on general FPSO costs of U.S.$0.3 million in the first quarter of 2016 compared to the first quarter of 2015.

During the first quarter of 2016, unallocated expenses amounted to U.S.$3.4 million, compared to U.S.$0.1 million for the first quarter of 2015. The unallocated expenses for the first quarter of 2016 include a reorganization provision of U.S.$1.3 million. Because of the lower number of contracted staff in the first quarter of 2016 the overall recovery percentage also decreased. In the first quarter of 2015 the overhead recovery was relatively high, which was driven by increased project activity and utilization of the engineering staff.Additionally, euro denominated costs decreased as a result of the lower euro - dollar exchange rate during the first quarter of 2015 while in the first quarter of 2016 the euro denominated costs increased.

Depreciation and amortization expenditure for the first quarter of 2016 amounted to U.S.$29.5 million compared to U.S.$36.7 million for the first quarter of 2015. The decrease was mainly driven by impairment of the FPSO Glas Dowr and FPSO Aoka Mizu in December 2015, resulting in a lower depreciation base going forward for both vessels. Furthermore the depreciation for FPSO Glas Dowr ceased as per March 1,2016 as a result of finalization of the decommissioning following the termination of the Glas Dowr contract. FPSO Glas Dowr is now classified as FPSO under construction.

Finance expenses were U.S.$0.3 million higher compared to the previous year, at U.S.$15.6 million versus U.S.$15.3 million in the first quarter of 2015. The amendment agreements to the senior secured project finance facility and to the corporate credit facility have led to one off additional amortization expenditures of debt arrangement fees of U.S.$1.3 million due to recalculation of the debt arrangement fees over the remainder period of the facility’s. In total an amount of U.S.$6.5 million was added to the debt arrangement fees.

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Other interest costs decreased by U.S.$1.0 million compared to the previous year, mainly due to further reduction of net debt.

Currency exchange results were U.S.$2.5 million positive in the first quarter of 2016 compared to U.S.$16.3 million negative in the first quarter of 2015. The currency exchange results relate mainly to positive or negative fair market value of euro denominated forward exchange contracts that were entered into to hedge the currency exposure on SPM projects.

Income tax expense for the first quarter of 2016 amounted U.S.$0.3 million versus U.S.$2.8 million for the first quarter of 2015. The income tax expense in 2016 fully relates to withholding tax in relation to the Glas Dowr revenues. The U.S.$2.8 million income tax expense in 2015 relates to U.S.$1.5 million withholding tax incurred in relation to the Glas Dowr revenues, U.S.$0.6 million withholding tax incurred in relation to SPM revenues and U.S.$0.7 million corporate taxes in other jurisdictions.

Other developments

On February 9, 2016, the Company entered into amendment agreements to the senior secured project finance facility and to the corporate credit facility. The repayment schedule for the senior secured project finance facility has been updated in accordance with the provisions of the facility to reflect the current position in relation to prepayments. The corporate credit facility had an original expiry date of March 4, 2016 and the Company has agreed an extension until March 31,2017. The corporate credit facility is split between a U.S.$22.2 million RCF 1 and a U.S.$44.5 million RCF 2. Interest on RCF 1 is 3-months USD Libor plus 4% margin per annum plus an additional margin (the deferred margin) of 1% per annum, interest on RCF 2 is 3-months USD Libor plus 3% margin per annum.

On March 1,2016, the Company received a notice of termination of the contract with Nexen for the FPSO Aoka Mizu producing from the Ettrick field. Production will cease on June 1,2016 and decommissioning of the vessel will start from that date. Redeployment opportunities for the FPSO Aoka Mizu are actively being pursued.

FPSO Glas Dowr left the Kitan field on February 27, 2016. The Company is addressing outstanding contractual matters with the client to establish final close out and reach settlement of the last portion of the remaining termination fee payment.

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General information

Aurelia Energy N.V. (‘‘the Company’’) is the holding company of the Bluewater group (Bluewater), a specialized service provider to, and operator in, the offshore oil industry. Bluewater designs, develops, owns and operates floating production storage and offloading units (‘‘ FPSOs’’), provides auxiliary equipment and services to FPSOs and designs, develops, performs project management and constructs single point mooring systems (‘‘ SPMs’’).

An FPSO is a type of floating production unit used by oil companies to produce, process, store and offload hydrocarbons from offshore fields. FPSOs are either newly built or converted tankers upon which production equipment is mounted. The fluids (oil, gas and water) are processed on board the FPSO vessel, and the treated crude oil is stored before being exported to an off take system utilizing shuttle tankers. Bluewater’s fleet of FPSOs is involved in the production, rather than the exploration or drilling phase of oil field development. The FPSOs are leased to oil companies under medium- and long-term service contracts or bareboat contracts.

SPMs are used to transfer fluids to and from a floating production unit, an offshore storage vessel or shuttle tanker while securing the unit, vessel or tanker to the ocean floor. Most SPMs consist of an anchoring system that is connected to the ocean floor and a fluid transfer system that permits the transfer of fluids between fixed and rotating parts of the mooring system. SPMs are generally developed and constructed for oil companies and contractors.

Revenues are earned from day rates consisting of a fixed facility fee and a compensation for operating the FPSO pursuant to leases with oil companies, supplemented from time to time with fees based on volumes of produced barrels of oil. Additionally, revenues are earned on a lump-sum or reimbursable basis from the design, engineering, procurement and management services that are provided in the various FPSO and SPM projects being managed.

FPSO and SPM projects are being managed from the initial design and engineering phase to final installation. Further, Bluewater engages subcontractors in the fabrication of FPSOs, SPMs and auxiliary equipment.

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Condensed consolidated interim income statementFor the period ended March 31

In thousands o f U.S.$March 31,

2016March 31,

2015

Operating activitiesRevenue 1 155,431 163,519

Raw materials, consumables used and other operating costs (57,957) (88,721)Employee benefits expense (17,415) (18,730)EBITDA 80,059 56,068Depreciation and amortization expense 2 (29,521) (36,669)Results from operating activities (EBIT) 50,538 19,399

Finance income 45 26Finance expenses (15,622) (15,302)Currency exchange results 2,518 (16,330)Net finance expense (13,059) (31,606)

(Loss)/Profit before income tax 37,479 (12,207)Income tax expense (341) (2,771)(Loss)/Profit for the period 37,138 (14,978)

The profit/ (loss) for the period is fully attributable to the shareholder.

The interim financial statements have not been audited

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Condensed consolidated interim statement of financial position

In thousands o f U .S.$ N o teM a rch 31,

2016D e ce m b e r

31, 2015

AssetsProperty, plant and equipment 2 834,535 863,638Intangible assets 13,787 14,204Other financial investments, including derivatives 25,196 24,064Deferred tax assets 55,977 55,977

Total non-current assets 929,495 957,883

Inventories 1,508 1,467Trade and other receivables 65,347 76,680Construction contracts 6,068 7,796Prepayments for current assets 6,389 3,180Cash and cash equivalents 136,220 101,529

Total current assets 215,532 190,652Total assets 1,145,027 1,148,535

EquityShare capital 170,000 170,000Share premium 198,568 198,568Accumulated deficit (109,537) (146,676)Other reserves (25,129) (24,719)

Total equity attributable to equity holder of the Company 233,902 197,173

LiabilitiesLoans and borrowings, including derivatives 3 497,069 492,529Deferred income 141,100 159,505Employee benefits 16,690 15,872

Total non-current liabilities 654,859 667,906

Loans and borrowings 3 52,744 79,079Trade and other payables, including derivatives 62,593 56,560Deferred income 140,929 147,817

Total current liabilities 256,266 283,456Total liabilities 911,125 951,362Total equity and liabilities 1,145,027 1,148,535

The interim financial statements have not been audited

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Condensed consolidated statement of changes in equity

Attributable to equity holder of the Company

EmployeeIssued Investment benefitsShare

CapitalShare

PremiumTranslation

reserverevaluation

reservereserve

(IAS 19R)Hedgingreserve

Accumu­lated deficit

Totalequity

Balance at December 31, 2015 170,000 198,568 (11,855) (2,809) (10,120) 65 (146,676) 197,173

Profit fo r the period - - - - - - 37 ,139 37 ,139

Foreign currency transla tion d iffe rences - - 27 - - - - 27

Fair va lue o f available-for-sale financia l assets - - - (1) - - - (1)

M ove m e n t em p loyee bene fits reserve (IAS 19R) - - - - - - - -

M ove m e n t cash flo w hedges (436) (436)

Total com prehens ive incom e 27 (1) (436) 37 ,139 36 ,729

Balance at March 31, 2016 170,000 198,568 (11,828) (2,810) (10,120) (371) (109,537) 233,902

The interim financial statements have not been audited

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Condensed consolidated interim statement of cash flows

In thousands o f U .S.$M a rch 31,

2016M a rch 31,

2015

Net cash from (used in) operating activities Net cash from (used in) investing activities Net cash from (used in) financing activities

59,507(334)

(24,852)

50,999 (18,270) (21,429)

Translation effect on cash 370 (4,160)

Net increase/ (decrease) in available cash and cash equivalents Cash and cash equivalents at the beginning of the period

34,691101,529

7,140154,522

Cash and cash equivalents at the end of the period 136,220 161,662

The interim financial statements have not been audited

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Notes to the unaudited condensed consolidated interim financial statementsReporting entityAurelia Energy N.V. (‘‘the Company’’) has its legal seat in Willemstad (Curasao). The unaudited condensed consolidated interim financial statements of the Company as at and for the period ended March 31,2016 comprise the Company and its subsidiaries (together referred to as ‘‘ the Group’’ or ‘‘Bluewater’’ and individually as ‘‘ Group entities’’) and the Group’s interest in jointly controlled entities.

Statement of complianceThe unaudited condensed consolidated interim financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards (IFRSs) as applied in the most recent annual financial statements.

Basis of preparationThese unaudited condensed consolidated interim financial statements are presented in thousands of US dollars, which is the Company’s functional currency. All financial information presented has been rounded to the nearest thousand. The unaudited condensed consolidated interim financial statements have been prepared using accounting policies consistent with the recognition and measurement criteria of the International Financial Reporting Standards (IFRSs) as applied in the most recent annual financial statements. The information furnished in the unaudited interim condensed consolidated financial statements includes normal recurring adjustments and reflects all adjustments which are, in the opinion of management, necessary for fair presentation of such financial statements. Although the Company believes that the disclosures are adequate to make the information presented not misleading, it is suggested that these unaudited interim condensed consolidated financial statements be read in conjunction with the audited financial statements and the notes thereto for the year ended December 31,2015.

The preparation of these unaudited interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.

In particular, significant areas of estimation uncertainty and critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the unaudited interim financial statements are:

• Revenue recognition on construction contracts based on the percentage of completion method;• Estimation of the anticipated useful life and future revenues earned with the leased facilities;• Estimation of the realizable amount of tax losses carried forward;• Potential impact of claims and litigation;• Going concern considerations.

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1. Segment information

The disclosure of segment information is consistent with the internal reports regularly reviewed by the Group’s Chief Operating Decision Maker in order to assess each segment’s performance and to allocate resources to them. Internal reporting is primarily based on business segments since the Company’s risks and rates of return are affected primarily by differences in services and products produced.

Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly employee benefits expense, head office expenses, investments and related revenue and income tax assets and liabilities. For both presented periods there are no inter segment revenues.

FPSO SPM Consolidated

In thousands o f U .S.$

March 31, 2016

March 31, 2015

March 31, 2016

March 31, 2015

March 31, 2016

March 31, 2015

Total segm ent revenue

Total cost o f opera tions

U nallocated expenses

119,130(43,597)

97,453(51,511)

36,301(28,397)

66,066(55,815)

155,431(71,994)

(3,378)

163,519(107,326)

(125)EBITDA

D eprecia tion and am ortiza tion

75,533(29,319)

45,942(36,441)

7,904(202)

10,251(228)

80,059(29,521)

56,068(36,669)

R esults from opera ting ac tiv ities (EBIT)

Net finance costs

Incom e tax expense

46,214 9,501 7,702 10,023 50,538(13,059)

(341)

19,399 (31,606)

(2,771)Result fo r th e period 37,138 (14,978)

S egm ent assets

U nallocated asse ts

975,385 1,246,164 74,682 112,615 1,050,06794,960

1,358,77995,581

Total assets 1,145,027 1,454,360

S egm ent liab ilities 808,108 1,106,329 103,017 65,396 911,125 1,171,725

Capital expend itu re - 2,343 - 104 - 2,447

Unallocated capital expenditure amounted to nil (2015: U.S.$21 thousand).

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2. Property, plant and equipment

FPSO under OfficeIn thousands o f U .S.$ FPSOs construction equipment TotalCost:A s at Decem ber 31, 2015 1,901,279 129,060 10,089 2 ,040,428

Reclassifica tion (419,161) 419,161 - -

A dd itions - - - -

D isposals - - - -

T ranslation result - - (7) (7)

A s at M arch 31, 2016 1,482,118 548,221 10,082 2,040,421

Accumulated depreciation and impairment losses:A s at Decem ber 31, 2015 1,094,165 80,613 2,012 1,176,790

Reclassifica tion (158,825) 158,825 - -

D eprecia tion fo r the period 25 ,362 3,544 197 29 ,103

Disposals - - - -

T ranslation result - - (7) (7)

A s at M arch 31, 2016 960,702 242,982 2,202 1,205,886

Net book value 521,416 305,239 7,880 834,535

FPSOs reclassification for the period ended March 31,2016 relates to the FPSO Glas Dowr that was fully decommissioned on February 29, 2016. As of March 31,2016, an amount of U.S.$101,481 (March 31,2015: U.S.$101,481) relating to capitalized interest is included in the historical cost value of the FPSOs and FPSOs under construction. Interest capitalized for the periods ended March 31,2016 and 2015 amounts to U.S.$ nil.

3. Loans and borrowings

March 31, DecemberIn thousands o f U .S.$

Non-current liabilities2016 31, 2015

Long-term bank loans 103,468 99,771Unsecured subordinated bond 393,220 392,758Derivatives 381 -

497,069 492,529

Current liabilitiesCurrent portion of bank loans 52,744 79,079

The amount of long-term bank loans as per March 31,2016 amounting to U.S.$103.5 million includes a U.S.$25.0 million deposit kept in a debt service reserve account which has been netted with the related bank loan.

The amount of the Unsecured subordinated bond as per March 31,2016 amounting to U.S.$393.2 million is the net balance of the U.S.$400 million unsecured bond loan and the current balance of unamortized borrowing costs of U.S.$6.8 million.

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