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© Kvaerner 2017
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28.02.2017
Well positioned for future market opportunities
2
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
© Kvaerner 2017
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Leading contractor in four segments
3
CONCRETE SOLUTIONS TOPSIDES ONSHORE
Global leader in marine concrete structures
Substructures
CONDEEPTM 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
JACKETS
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Kvaerner’s core expertise
E P C HUC & I FEED DECOM
Engineering management
Assembly
Hook-up and commissioning
Project management
Fabrication Tow-out, installation,
production start
Concept development / FEED Procurement Project Management
Assembly
4
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Ongoing projects progressing well
5
Hebron: Detailed engineering, procurement,
construction and installation (EPCI) of GBS
Marine installation
Johan Sverdrup: EPC for the utility and living
quarters topside in JV with KBR
Nyhamna Expansion: EPCM onshore contract Johan Sverdrup: EPC contracts for the Riser,
Drilling and Process platform steel jackets
Aasta Hansteen: Sub-contract to provide services
for inshore and offshore hook-up and
commissioning assistance for the topsides
Njord A: Frame agreement for upgrading of the
semi-submersible platform
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Key financials Field Development segment
6
1 4
24
41
7
63
6
82
8
57
4
74
1
-
200
400
600
800
1 000
1 200
1 400
1 600
201
1
201
2
201
3
201
4
201
5
2016
Revenues NOK million
Adjusted EBITDA NOK million
Order backlog NOK million
10 8
87
9 8
19
16
09
1
17 5
31
14 9
17
10 3
64
3 000
6 000
9 000
12 000
15 000
18 000
201
1
201
2
201
3
201
4
201
5
201
6
14.4 5.6 4.4 5.2 4.1 7.1 EBITDA
margin %
8 7
59
20
22
3
22
80
9
16
45
1
14
34
6
6 4
59
4 000
8 000
12 000
16 000
20 000
24 000
2011
201
2
201
3
2014
201
5
201
6
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Solid financial platform
7
2016 revenues of NOK 10.4 billion
Improved project portfolio
Reduced admin costs / improved competitiveness
Reve
nu
es
&
EB
ITD
A
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 Bala
nce
sh
ee
t
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 30-50 million Cas
h f
low
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On track for harvesting improvement effects
8
Cost base
for new
projects
reduced
~15 – 20 %
Cost b
ase
red
uctio
n
~2
0 –
25
%
2014
• 17 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
2017 2016 2013
Co
st le
ve
l in
ne
w p
roje
cts
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Pursuing selected prospects
9
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
Concrete
solutions
Steel jacket
substructures
Platform
topsides
Onshore
oil and gas plants
Market leader,
Norway
Leading position Market leader,
Europe
Market leader
globally
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Based on core competence, solid financial platform and credibility in the market
Strategic development
Leading EPC & HUC contractor
Subsea on a stick
Platform mod.
Decommissioning
Arctic LNG solutions
Arctic LNG solutions
Arctic LNG solutions
Arctic LNG solutions
10
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Concluding remarks
11
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
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Concrete solutions
Jackets
Topsides, floaters & onshore facilities
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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.
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.
Copyright and disclaimer
13