PRESENTATION OF 2nd QUARTER RESULTS 2009

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1 PRESENTATION OF 2nd QUARTER RESULTS 29 Hallgeir Skogen, CEO Steffen Føreid, CFO Oslo, August 26th 29 1 Agenda Highlights 29 Financial review Operational review and outlook 2

2 Highlights 29 Stable activity levels Strong operating performance Still challenging market conditions Important orders won Improved outlook 3 FINANCIAL REVIEW Steffen Føreid, CFO 4

3 Income statement Revenues 438m in the quarter Less procurement compared to 8 Up from 393m last quarter Strong operating performance Improved -margin compared to 8 2 Q 2 Q NOK mill Revenues 438, 464,8,8 22,1 EBIT 18,5 13,5 Profit before tax 17,4 1,5 Net profit 11,5 7,1 EPS,43,27 margin 5,9 % 4,8 % EBIT margin 4,2 % 2,9 % and margin ,8 11,1 74,4 58,2 37,3 1,4 6,2 % 4,2 % Q8 8 3Q8 4Q8 1Q9 9 8 % 7 % 6 % 5 % 4 % 3 % 2 % 1 % % margin 5 Balance sheet Net working capital 163m Up from 115m in 1Q9 Larger amount of receivable payable shortly after cut-off Net int. bearing debt 21m Up from 144m in 1Q9 Increase due to working capital movements and dividend payment Equity ratio 28.8% After dividend payment Improvement from 8 NOK millions Intangible assets 147,2 15,6 155, Property, plant & equipment 166, 175,8 27, Long term financial assets 18,9 17,8 18,3 Total fixed assets 332,2 344,2 38,2 Inventory 67,1 53,3 47,4 Work in progress 67,6 1,9 59,7 Receivables and other current assets 347,9 5, 382,7 Cash and cash equivalents, 61,9 36,4 Total current assets 57,6 496,1 526,2 Total assets 839,8 84,3 96,5 Total equity 242, 5,7,7 Pension liabilities/deferred tax 52,3 4,3 28,4 Long term interest-bearing debt 116,9 147,2 157,9 Short term interest-bearing debt 87,8 34,8 18, Short term liabilities 34,9 362,4 361,4 Total liabilities 597,9 584,6 655,7 Total equity and liabilities 839,8 84,3 96,5 Equity ratio 28,8 % 3,4 % 27,7 % 6

4 Cash Flow Second Quarter Full year NOK million Pre-tax profit 17,4 1,5 58,2 33,2 Tax payable,,, -,5 Loss/gain from disposal of non-current assets, -1, -8,8-7,3 Depreciations 7,3 8,6 35,7 3,9 Inventories, work in progress, receivables and creditors -,5-59,6 24, -31,4 Change in other accruals -39, 49, -7,1 29,3 Cash-flow from operations -14,8 7,5 12, 54,3 Acquisitions non-current assets -5,1-4,9-28,9-56, Disposal of non-current assets, 1,8 36,9 7,5 Investment activities,, -12,1, Disposal of shares,,, 2,4 Other investments -,5,1 -,3 -,3 Cash-flow from investment activities -5,6-3,1-4,4-46,4 Change in loans 56,6 21,4-47,5-19,7 Cash in new subsidiaries,, 5,8, Purchase own shares,, -,6, Dividends paid -31,6, -16,, Cash-flow from financial activities, 21,4-58,3-19,7 Net Cash-flow 4,5,7 39,4-11,8 7 Subsea Fabrication Stable activity level Revenues down from 8 due to less procurement MNOK Revenues EBIT ,1 17,9 15, ,8 15,9 13, , 66,4 57,6 margin % 11, % 8,3 % 9,7 % Continued strong operating performance EBIT margin % 9,6 % 7,1 % 8,4 % and -margins improved compared to 8 and last quarter and margin 12 % Efficient project execution % 8 % 6 % 4 % 2 % 1Q8 8 3Q8 4Q8 1Q9 9 % margin 8

5 Maintenance & Modifications 9 result impacted by 1.7m extraordinary costs relating to offshore operations MNOK Revenues , , ,7-1,9-1,7 22,5 Good project execution Satisfactory project margins EBIT margin % EBIT margin % -2,7-1,2 % -1,7 % -3, -1,3 % -2,3 % 17, 4,4 % 3,4 % Growth in revenues and margin +27% in 9 vs 8 Increase driven by the Oseberg Low Pressure and Statfjord Late Life projects Q8 8 3Q8 4Q8 1Q9 9 7 % 6 % 5 % 4 % 3 % 2 % 1 % % -1% -2% margin 9 Process Solutions Satisfactory -margin Efficient project execution MNOK Revenues 29 71,8 9,1 28 1,6 14, , 44,2 EBIT 9,1 13,4 39,2 Challenging development in revenues margin % EBIT margin % 12,7 % 12,7 % 14,6 % 13,3 % 11, % 9,8 % High activity level within Marine & Drilling and margin Q8 8 3Q8 4Q8 1Q9 9 % 2 % 15 % 1 % 5 % % margin 1

6 Independent Subsidiaries Decrease in revenues Slightly negative MNOK Revenues 29 36, 28 61, ,9 -,7,8-2,4 Restructuring developing according to plan EBIT margin % EBIT margin % -1,1-1,9 % -3,1 %,4 1,3 %,6 % -4,7-1, % -2, % 11 OPERATIONAL REVIEW Terje Uthus, CEO OPERATIONAL REVIEW Hallgeir Skogen, CEO 12

7 Ordrereserve Nye ordrer i kvartalet COSL - assistanse i forbindelse med bygging av rigg i Kina StatoilHydro - 11 modifikasjonsstudier i forbindelse med Statfjord og Snorre God tilgang på løpende engineeringprosjekter NOK mill Order backlog Ordrereserve 862m 1 Reduksjon på grunn av fremdrift på store prosjekter 8 6 Stort antall tilbud utestående 4 Høy anbudsaktivitet innen M&M inn i 3Q9 2 1Q6 6 3Q6 4Q6 1Q7 7 3Q7 4Q7 1Q8 8 3Q8 4Q8 1Q9 1Q9 13 Videreutvikling av Grenland Group (GG) CEO Ressursgruppe Ressursgruppe Ressursgruppe GG Fabrication (Subsea Fabrication) GG Solutions (Process Solutions) GG Offshore Partner (M&M) Dele erfaringer. Felles mål for vekst

8 GG Fabrication (Subsea Fabrication) Velfungerende fabrikasjonsstruktur er etablert Produksjon av komponenter i Romania er startet opp Partnerskap med FMC videreutvikles Store muligheter i Vest-Afrika (Angola) Historisk høy tilbudsportefølje Ormen Lange Brønnramme (nr 3) levert mai 29 Grenland Group vil utvikle flere kunderelasjoner GG Solutions (Process Solutions) Grenland Group vil kapitalisere på unik posisjon i Kina Meget gode relasjoner til oljeselskaper i Kina, f eks CNOOC og dets operatørselskap COSL Kinesiske oljeselskap og verft har god tilgang på kapital Potensiale inn mot feltutbygging på norsk sektor Prosessløsninger Prosjektering av boreanlegg COSL Pioneer Vi samler kompetanse i Grenland House i Sandefjord fra desember 29 Grenland House innflyttingsklart i desember 29

9 OLF Investeringsprognose for norsk sokkel OLFs konjunkturrapport 28. Mrd. kroner Mrd. kroner Fjerning Rørledninger og landanlegg Leteinvesteringer Feltutbygging Felt i drift * Kilde: ECON Pöyry 17 GG Offshore Partner (Maintenance & Modifications) Stabilt og stort marked i årene fremover Gode erfaringer og tilbakemeldinger fra Oseberg Lavtrykk-prosjektet Verkstedet på Karmøy godt posisjonert Grenland Group vil kapitalisere på bred kompetansebase Stort antall rammekontrakter fra StatoilHydro tildeles i løpet av 1H 21 Fra Statfjord Senfase

10 OLF Investeringsprognose for norsk sokkel OLFs konjunkturrapport 28. Mrd. kroner Mrd. kroner Fjerning Rørledninger og landanlegg Leteinvesteringer Feltutbygging Felt i drift * Kilde: ECON Pöyry 19 Mulighetenes marked. StatoilHydro - anskaffelser 27 Topp 2 leverandører - Norge* * basert på leverandørens fakturaadresse Aker Kværner Stord AS Aibel AS FMC Kongsberg Subsea AS Aker Kværner Offshore Partner Schlumberger Norge Halliburton AS Acergy Norway AS Transocean Offshore Aker Reinertsen AS, Reinertsen AS Aker Kværner Subsea AS Seadrill Offshore AS Seadrill Well Services AS Technip Norge AS M-I Swaco Norge AS Odfjell Drilling Management AS Sumitomo Corp. Europe Ltd. Deep Sea Rig Dolphin AS Baker Hughes Intec Berg-Hansen Reisebureau AS... representerer 42% av verdi fakturert i Norge og 36% av total fakturert verdi 27 Kilde: StatoilHydro

11 3rd quarter 29 11th November 29 Nytt bilde 21 Appendix

12 Subsea Fabrication Continued high activity level Successful delivery of several structures in the quarter (Norne-, Ekofisk- and Ormen Lange fields) 7 NOK mill Order backlog Pazflor-project in early phases 6 Order backlog 327m 5 Down from previous periods due to high activity levels and delay in award of planned projects Large number of bids outstanding Test production of minor structures started in Romania Consolidation of the workshop structure in Grenland 3Q7 4Q7 1Q8 8 3Q8 4Q8 1Q Process Solutions Mixed activity levels High activity levels within Marine & drilling Lower activity levels within Filed & Process and Industry Order backlog 228m Increase since last quarter Positive development Business area awarded several important contracts in 9 COSL contract represent a break-through on the rig-side in China Contract for modification studies with StatoilHydro opens up for similar and related business on the NCS NOK mill Order backlog Q8 8 3Q8 4Q8 1Q9 9 24

13 Maintenance & Modifications Good progress on ongoing projects Oseberg Low Pressure project expected to be completed in 1Q1 Statfjord Late Life project expected to be completed in 211 Order backlog 243m Progress on existing projects Few projects in the market YTD High bidding activity into 3Q9 NOK mill Order backlog Measures being taken to improve management of offshoreresources 1Q8 8 3Q8 4Q8 1Q9 9