Dette er Investinor AS

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2 Dette er Investinor AS Investeringsselskap som eies av staten 4,2 mrd kroner under forvaltning 25 ansatte, i Trondheim 2

3 Investinors forretningsmodell Sammen med private medinvestorer investerer vi i noen lovende bedrifter som vil bli verdensledende. Investinor utøver kompetent og aktivt eierskap i porteføljebedriftene. og selger seg ut 3

4 Investinor fortrenger ikke private investorer EØS-avtalens markedsinvestorprinsipp: Investinor investerer på kommersielle vilkår, akkurat som andre private investorer i samme marked. Investinor må ha en klar exit-strategi for alle investeringer Investinor investerer alltid sammen med private investorer, og eier aldri mer enn 49 prosent av et porteføljeselskap. 4

5 Hvor mye er dette selskapet verdt? (Tallene er i kr) Investinor investerer første gang i selskapet Omsetning EBITDA Akkumulert tap siden Q1 2011: 44 millioner NOK

6 Riktig svar: 500 millioner kroner 6

7 Investinors plass i verdikjeden SUBSIDIERT KAPITAL/ ESA-NOTIFISERT FINANSFORVALTNING RESULTAT BREAK EVEN Såkornfond 7

8 Mill. NOK Investinors markedsandel Venture-investeringer i norske foretak Investinors andel av venture-investeringer i norske foretak (høyre akse) ,5 0,45 0,4 0,35 0, , , , , ,05 - H12008 H22008 H12009 H22009 H12010 H22010 H12011 H22011 H12012 H22012 H12013 H22013 H Kilde: Perep_Analytics, NVCA, SSB og Menon Business Economics * Venture investeringstall er eksklusive secondary fond som for eksempel Verdane Capital Advisors.

9 Investinors markedskompletterende rolle Hva skiller Investinor fra de private aktørene? Investinor stabiliserer et svært konjunkturfølsomt segment av kapitalmarkedet øker tilgangen på kapital for lovende norske bedrifter risikoavlaster de private investorene investerer også i andre sektorer enn olje, gass og IKT tilfører markedet langsiktighet bidrar til å utvikle det norske kapitalmarkedet

10 Noen av medinvestorene våre 10

11 Portefølje TEKNOLOGI INNOVASJON VEKST 11

12 Hvor investerer vi? 12

13 En typisk kandidat for Investinor Selskap med internasjonalt potensial og internasjonale ambisjoner Unik teknologi og/eller forretningsmodell Teknologisk risiko er tilbakelagt (nå moderat/lav) Realistisk exitscenario Kapitalbehovet avspeiler internasjonal satsing med framtidig exit som mål Et sterkt team Dagens eiere er modne for å slippe til nye og aktive eiere 13

14 Ace Oil Tools AS revolutionizing stop collars Ace Oil Tools has developed a new generation of stop collars for casing/liner drilling. Due to its unique design and locking mechanism, Ace s stop collars provide top range axial holding force, low installation time and access to tight well restrictions. The business Strategy The company aims at becoming the preferred provider of stop collars for casing/liner drilling, and eventually building a product portfolio based on the same proven technology. Key shareholders Potential for value creation Availability Market Revenues Operators and service providers worldwide Accumulated revenue of 11 MNOK by end of 2014, since start up late Target revenue of MNOK 500 by 2020 Profitability Expected to reach positive EBITDA by 2016 ProVenture Seed II AS (24,2%) Investinor AS (23,3%) Proven technology with potential for development of product portfolio Scalable business with attractive margins Significant market size To be defined 14

15 Ace Oil Tools AS The business A stop collar for liner/casing drilling is used to ensure that centralizers and other tubular attachments stay in designated nests. It is essential that the stop collar has adequate holding force in order to achieve correct stand-off The new stop collars from Ace is a ratchet collar which is installed with a compressor tool in an effective manner. The axial holding force is top range and the design is so slim that it can be used in tight well restrictions. Due to strength and design there is limited risk of loose parts lost in the well Exit considerations Ace s stop collars are better and more cost effective than other available solutions Can be bundled with complementary products such as centralizers Customers and potential partners are companies with considerable market share and a M&A transaction track record 15

16 ExproSoft AS a software & consultancy company increasing well uptime for oil & gas operators Deliver solutions that allow the operators to understand the failures and risk s of well equipment, and use this knowledge to reduce intervention cost and increase production throughout the wells life cycle. The business Position Established in 2001 and has since then expanded its reach from the North Sea to cover offshore and onshore well operations globally More than $1 billion in documented savings for operators Market Operators and service providers worldwide Revenues MNOK 35,2 in 2013, expected revenue of MNOK 114,8 by 2017 Profitability Expected to reach EBITDA-margin of 50% by 2017 Key shareholders Potential for value creation Availability Viking Venture (27,7%) Investinor AS (27,3%) Recently implemented new business model Increased market awareness High margins To be defined 16

17 Stimline AS bringing intelligent conveyance to wireline and coiled tubing operations Stimline has the knowledge and experience to design, manufacture, deliver and support wireline and coiled tubing units for all destinations and applications. The business Position Premier supplier of quality wireline and coiled tubing products to the international well service industry Key shareholders Potential for value creation Market Service providers worldwide Revenues MNOK 39,7 in 2013, expected revenue of MNOK 220,9 by 2017 Profitability Expected to reach EBITDA-margin of 19% by 2017 ItLution AS (48,2%) Skagerak Invest (30,4%) Investinor AS (19,3%) Significant sales pipeline Strong technology platform with patent protection Strong underlying market growth Scalable business with attractive margins Availability Equity issue to raise expansion capital in

18 Ziebel AS real time understanding of well and reservoir Distributed Fiber Optic (DFO) measurements break the constraints of conventional well surveillance methods and enable true production optimisation The business Position Aiming to be the industry's preferred method for obtaining downhole information required for optimal well and reservoir management Key shareholders Potential for value creation Market Operators and service providers worldwide Revenues MNOK 45,2 in 2013, expected revenue of MNOK 313,1 by 2017 Profitability Expected to reach EBITDA-margin of 38% by 2017 Investinor AS (21,4%) Jebsen Invest (18,6%) Energy Ventures (16,8%) Scaling internationally with Innovative, yet proven technology Strong underlying market growth Attractive margins Availability Acquisition candidate or equity issue for expansion in

19 Robotic Drilling Systems AS autonomous robotic drilling rig RDS develops a game changing drill-floor solution consisting of robotic technology for fully unmanned drill floor operations. The robotic control system ensures seamless, fast and precise work operations between the electric drill floor machines. The business Position The solution will help achieve faster drilling operations, higher safety level due to unmanned operations, and lower installation, maintenance and operations costs. Key shareholders Potential for value creation Market Operators and service providers worldwide Revenues MNOK 0,6 in 2013, expected revenue of MNOK 73,9 by 2017 Profitability Expected to reach EBITDA-margin of 12% by 2017 Odfjell Drilling AS (27,8%) Statoil Technology Invest (23,8%) Investinor AS (22,7%) Availability Equity issue late 2015 Innovative technology still in an early stage Potential to revolutionize drilling operations Close co-operation with the largest shareholder, drilling contractor Odfjell Drilling 19

20 »Hvordan ser kapitalmarkedet på å investere i olje og gass industri?» Oljepris i dag ikke bør styre strategiske investeringer i tidligfaseselskap som skal gjennom en utvikling på 3 til 5 år før de leverer volum i markedet og selges videre. Vurderingene må baseres på fundamentale trendene i energimarkedet. O&G vil være sentrale energibærere i overskuelig fremtid. Viktig at selskapene adresserer sentrale kundeutfordringer økt oppe tid og produksjon samt redusert operasjonskost. O&G industrien er internasjonal og norsk sokkel representerer ofte et unntak ifht krav og standard. Nye markeder som USA shale stiller krav til ny teknologi og nye løsninger.

21 Takk for oppmerksomheten Bestill nyhetsbrev: 21

22 Hvor mye er dette selskapet verdt? (Tallene er i kr) Omsetning EBITDA Investinor investerer første gang i selskapet Akkumulert tap siden Q1 2010: 150 millioner NOK 22

23 Riktig svar: 1 milliard kroner 23