Innhold. Aker og Aker Solutions Hovedaksjonærens industrielle refleksjoner

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1 og Solutions Hovedaksjonærens industrielle refleksjoner Kjell Inge Røkke Oslo, 22. april 2009 Innhold Industribygging og vekstområder Finansielle forhold Holding Noen personlige refleksjoner Jan-Sept 2008 Status and outlook 2 1

2 s tradisjon Innovasjon gjennom generasjoner Est 1841 Peter Steenstrup First CEO Kjell I Røkke Main owner and active Chairman of the Board 1850 Jan-Sept 2008 Status and outlook 3 Norcem (offshore, cement) J M Johansen (fisheries) RGI Davy/John Brown/Trafalgar Oluf A Onsum, founder Kværner Masa-Yards Solutions Seafoods Philadelphia Drilling Float Prod BioMarine Exploration Oilfield Serv Clean Carbon var Dette er Workforce of Operations in 35 countries NOK 65 bn revenues 72.3 % Floating Production 100 % Drilling 41.0 % Solutions Energy, maritime, seafoods & marine biotech industries 82.9 % BioMarine 64.9 % Seafoods 77 2 % Oilfield Services 76.1 % Exploration % Clean Carbon 50.3 % Philadelphia Shipyard 100 % Ocean Harvest Key investments DOF Supply ownership shown (in %) 1 Held by Holding, adjusted for shares hold by Solutions 2 Including shares owned by Solutions Jan-Sept 2008 Status and outlook 4 2

3 ASA Aktivt industrielt eierskap March 2006 My own role is about to change. By leaving my office as Board Chairman, I will free up time that I will be able to devote to new and exciting projects... adding energy and creativity to select projects. Kjell Inge Røkke, Main owner and Chairman, on the bridge of the 6th generation drilling rig Spitsbergen Dare to take risks, endure losses, but never resign March 2009 Now, we will have to redouble our efforts. The various companies have major intrinsic value, but it will require significant creativity, hard work, and determination to visualize and subsequently realize that value. In this situation, I decided to play a more active role than I had for several years... (in December) I was elected Chairman of. I intend to be an active Chairman. Jan-Sept 2008 Status and outlook 5 framover Organisert for verdiskaping Industrial holdings Chairman,, President & CEO Treasury,, CFO Financial holdings 1) Solutions E&P (AKX, Ghana) Drilling Clean Carbon Bank deposits Bonds Other loans Currency mgmt Interest mgmt Portfolio investments American Shipping Floating Production Philpadelphia Shipyard Seafoods Ocean Harvest Bjørge other Asset management BioMarine Asset Management 1 Under construction. Effective as of 1 July 2009 Jan-Sept 2008 Status and outlook 6 3

4 Industribygging i Noen konkrete eksempler Den første FPSO i India Ledende på eksport av hvitfisk til Europe Banebrytende kosttilskudd To H6e-rigger bygget på Stord Totalt årsverk i byggefasen Til Jan-Sept sammen Status permanente and outlook jobber 7 Dette er Solutions Energy Development & Services Subsea Vekstområder Products & Technologies Process & Construction Harsh environment Cold climate Floaters LNG Deepwater Well intervention Marine operations Lifecycle services Drilling packages Topside and handling products Product-based services Lifecycle services Metals Process Construction Nuclear Jan-Sept 2008 Status and outlook 8 4

5 Vekststrategi Unike teknologi- og markedsposisjoner Subsea well services Marine operations Products & Technologies New growth platforms DOF Deepwater Jan-Sept 2008 Status and outlook 9 og Solutions De aktuelle transaksjonene Company DOF Deepwater Transaction Solutions acquired all shares not already owned (from and DOF) to become 100% owner of AKOFS Change from 30/70 ( Solutions/) ownership to 50/50 joint ownership through equity issue Solutions acquired 100% of the shares from Solutions to acquire 33.0 % of ODIM from Solutions to acquire s 50% stake in DOF Deepwater Jan-Sept 2008 Status and outlook 10 5

6 Transaksjonene Strategisk forankring Utvikle lifecycle-tjenester knyttet til undervannsteknologi og løsninger Bygge en verdensledende leverandør av avanserte marine operasjon Øke andelen av høymargin produktog serviceleveranser Ta sterkere posisjon i framtidsrettet energi- og miljøteknologi Samle og styrke satsingen på oljeservice innen Solutions, i tråd med Holding-avtalens intensjon Færre selskaper under direkte eierskap Knoppskyting og verdiskaping primært i hovedselskapene La døtre vokse støttet av morselskapets balanse Jan-Sept 2008 Status and outlook 11 Markedstrender Verden trenger mer energi Mbd OPEC spare production capacity Global demand Økende udekket behov for olje Production Declining production in existing fields Jan-Sept 2008 Status and outlook 12 6

7 Markedstrender Fra stadig dypere vann Antall nye dypvannsrigger som ferdigstilles per år Current slowdown, positive longterm outlook Totalt antall undervannsbrønner fordelt på vanndyp m '75 '80 '85 '90 '95 '00 '05 '10 '15 ' Delivered/under construction Long term projections Cyclic case Bounce back case m m m Eksempler på markedsdata som underbygger og illustrerer behovet for avansert teknologi og løsninger for dypt vann Older than 5 years: Jan-Sept 2008 Status and outlook 13 Solutions vekstområder Industrielle perspektiver Slide 14 7

8 Energi og klima Clean Carbon Slide 15 Clean Carbon Installert base antall og tonn mill. tonn / år ACC ambisjon: Rense opp mot ~50% av Norges utslipp i , Installert base; kapasitet / år , , ,0 1 2,0 1, Rødt antall anlegg i drift Sort: samlet mill kapasitetstonn når i drift Slide 16 8

9 Energi og klima Bellona bioreaktor Slide 17 Energi og klima Midsund Bruk Company overview Midsund Bruk offers design, project management and manufacturing of all types of pressure vessels, process vessels and storage tanks in all types of materials 30 years experience from manufacturing and welding of large, round steel products Leading competence in stainless-, acid-proof- and high-tensile steel including clad material 65 experienced employees aims to be the best construction workshop for process vessels and storage tanks Key financials Business segments Location and facilities Pressure vessels Storage tanks Steel constructions Subsea separators 30 km west of Molde in a cluster with several suppliers to the offshore industry 3 halls (8000 m2), 1 sandblasting/painting hall and furnaces for post weld heat treatment. Heavy Round steel Storage pressure constructions tanks for vessels Offshore floatation tanks chemicals, storage of Separators, scrubbers, Jacket support water or slug catchers, structures calcium coalescers, Pedestal carbonate degassers, structures (slurry) dehydrators Winch drum Pressure vessels for offshore and subsea app lications Separation of oil and gas subsea Slide 18 9

10 Expanding our marine operations The leading deepwater installer Slide 19 Marine Contractors ekspanderer Sikter mot førsteplass i attraktive nisjer Marine Contractors DOF Deepwater 6x AHTS 2x SMART BOA Sub C & BOA Deep C AHTS NB 718 NB 716 Marine operations from DOF Vessels chartered from BOA Floater installation Subsea construction and installation of: structures and subsea systems risers tie-ins flowlines and umbilicals Current AMC 6x AHTS vessels under construction in Vietnam either on charter to 3rd parties or supporting AMC operations Partnership with DOF to develop next generation AHTS with full deepwater capabilities Vessel chartered from Ship Lease AS Ideal for transport and installation of long/heavy umbilicals/ flexible flowlines in all water depths, as well as installation of heavy subsea structures and general SURF construction work Added business from April 1 transactions Vessel chartered from DOF Subsea On contract from Oilfield Services to Petrobras (5+5 years) Possible integration with AMC fleet & operations due to scope of work and link to Petrobras Slide 20 10

11 Smart AHTS concept Vekstmotor for DOF Deepwater Ship design by One Smart AHTS replaces three conventional AHTS solutions by introducing game changing technology Safety Costs Environment Two complete mooring systems in one go Deepwater installation capability Reduced installation time Full active heave compensation Better utilization of weather window Better safety for crew Less emissions Slide 21 Smart AHTS concept Vekstmotor for DOF Deepwater Slide 22 11

12 Smart AHTS concept Årlige besparelser mill kr pr rigg Forutsatt 5-6 riggforflytninger per år Savings one ODIM Smart AHTS preset mooring vs. conventional anchoring with two vessels (NOK mill) 29 Example: 58 days NCS 31 Example: 35 days NCS Extreme savings System value = NOK 300 million Rig-time savings = 30 days per rig per year Cost savings per rig per year = NOK million Reduced emissions per rig per year = 50, ,000 ton CO 2 Main benefit Saved rig days Slide 23 ODIM Hovedområder Slide 24 12

13 Med ODIM på laget Styrket Products & Technologies ODIM input Structures Skid system Umbilical reels CT reels CTCU Winch ROV LARS Cranes Current joint project with ODIM and MH for Oilfield Services MH input Structures Drawworks Winches Compensators/ tensioning Strong common platform for capturing future well intervention opportunities Top hole drilling Through-tubing & RD Riser handling Intervention rig Slide 25 Subsea well services Taking the #1 position in the subsea well services market Slide 26 13

14 Solutions Subsea status Broad portfolio of technology and service offerings Global infrastructure in place Material investments done for future growth USD 7.5 million USD 10 million USD 3 million Increased and improved manufacturing capacity USD 10 million Aberdeen, Scotland Tranby, Norway Moss, Norway USD 100 million After-market infrastructure Houston, Texas Malaysia Rental tool pool USD 8 million USD 14 million Renewal of right-sized and simplified organisation Mobile, Alabama Batam, Indonesia Market leadership in some areas Umbilicals, Controls, Brazil Xmas trees, Processing & Boosting USD 8 million Curitiba, Brazil USD 10 million Rio das Ostras, Brazil USD 10 million Luanda, Angola USD 6 million Kakinada, India USD 4.5 million Perth, Australia Slide 27 Solutions Subsea produktportefølje Subsea equipment Umbilicals Control systems Surface equipment Subsea systems Marine operations Life-cycle approach Subsea lifecycle services Well services Geo services Slide 28 14

15 Typical EBITDA contribution Full Solutions scope (chartered vessel) Basis vessel Fixed vessel services Downhole services USD 000'/day EBITDA Vessel, topside & Basic crew Vessels, topside & basic crew LRP/Riser HW Lower riser package Subsea Services & Crew Subsea services & crew CT/WL fixed Coil tubing, wire line fixed CT/WL Crew Coil tubing, wire line crew Vessel / Services Vessels & services Downhole services* Downhole service Slide 29 Oilfield Services Asset valuation of AKOFS EV ~MNOK 1,550 Shareholder loans ~MNOK 250 Equity Value ~MNOK 1,300 (NOK per share) transaction (46,4%) ~MNOK "System" value ~MNOK Value of 716 Petrobras contract contract ~MNOK Cash ~MNOK 205 DIRECT Base contracts 705 & 719 Upside of Variation Orders (VOR) for additional services IP/Patent rights INDIRECT Subsea Lifecycle benefit to AKSO Invested Capex ~MNOK 500 Slide 30 15

16 Innhold Industribygging og vekstområder Finansielle forhold Holding Noen personlige refleksjoner Jan-Sept 2008 Status and outlook 31 Transaksjonene Oversikt over avtalte priser Company Payment to (NOK) Shareholder loan (NOK) Solutions acquired all shares not already owned (from and DOF) to become 100% owner of AKOFS 601 mill 131 mill Change from 30/70 ( Solutions/) ownership to 50/50 joint ownership through equity issue na - Solutions acquired 100% of the shares from 88 mill - Solutions to acquire 33.0 % of ODIM from 513 mill - DOF Deepwater Solutions to acquire s 50% stake in DOF Deepwater 189 mill 76 mill Total mill 207 mill Jan-Sept 2008 Status and outlook 32 16

17 Transaksjonene Kontanteffekter og framtidig finansiering Kjøp av eiendeler fra Kjøpesum til Oppgjør AKSO obl Cash 598 Framtidig finansiering Før transaksjon Solutions Framtidig finansiering Etter transaksjon Solutions Detaljterte talloppstillinger er tilgjengelige i Solutons redegjørelse til markedet Jan-Sept 2008 Status and outlook 33 ASA med holdingselskaper Balanseoppstilling pr Omløpsaksjer mm. 340 Imm og varige driftsmidler Ekstern gjeld 1028 Internt Rentebærende gjeld Rentefrie forpliktelser Utbytte 362 Pensjon 138 Mill kroner Kontanter og ekviv RB kort fordr RB lang fordr Aksjer Drilling AKBM 833 AMSC 365 Andre Egenkapital 1 herav gjeld til BioMarine 414 Jan-Sept 2008 Status and outlook 34 17

18 ASA and holding companies Cash released... and re-invested Cash, cash equivalents and short-term interestbearing items 1 NOK mill Cash will return to from late Another approx 2 bn funding committed to subsidiaries in Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 09E low 1 At end of period Jan-Sept 2008 Status and outlook 35 Innhold Industribygging og vekstområder Finansielle forhold Holding Noen personlige refleksjoner Jan-Sept 2008 Status and outlook 36 18

19 Holding Eierskap og styringsmodell Staten Saab AB Investor AB ASA Overordnede eierstrategiske føringer skal drøftes i styret i Holding AS 30 % 7,5 % 2,5 % 60 % Øvrige aksjonærer 60 % Solutions ASA Holding AS 40 % ED&S Subsea P&T P&C Beslutninger som krever to tredelers flertall i Solutions ASA generalforsamling Transaksjoner mellom nærstående parter med Solutions ASA iht aksjeloven 3-8 samt pantsettelse og salg av aksjene i Solution ASA ASA skal være industrielt førende, staten vil ikke påvirke den daglige driften Jan-Sept 2008 Status and outlook 37 Holding-avtalen Fundament for 10 år industrielt samarbeid... et hovedformål at avtalen sikrer en stabil og langsiktig eierstruktur i Solutions ASA Det er en forutsetning at ASA skal være industrielt førende s styringsmodell innebærer at det utøves aktivt industrielt eierskap i selskaper hvor ASA direkte eller indirekte har eierandeler. Partene er enige om at overordnede eierstrategiske føringer skal drøftes i styret i Holding AS Partene har videre til intensjon å søke videreført det etablerte, nære samarbeidet mellom Solutions ASA og øvrige selskaper i -gruppen i den utstrekning det ikke strider mot lover, forskrifter eller de andre eiernes interesser i Holding Staten vil ikke påvirke den daglige driften i Solutions ASA Jan-Sept 2008 Status and outlook 38 19

20 Holding Behandling av saken Vår/forsommer og Solutionsstyrene drøfter hver for seg mulig overdragelse av AKOFS 13. mars 2009 Holding eiermøte. AKOFS presentert. NHD: Konfidensiell info kun i Holding-styret 2. april 2009 Offentliggjøring. Avtaler signert og aksjesalg gjennomført dagen før 3. april 2009 NHD reagerer først når media formidler reaksjoner fra aksjemarkedet Nov 2007 ASA-styret drøfter strategi, ønsker konsentrasjon om færre virksomheter Sept 2008 Solutions, og DOF enige om AKOFS-transaksjon. Reforhandling av pris initieres 30. mars 2009 Holding-styremøte. Detaljert orientering: Prosess, transaksjoner, verdier. Saab/Investor ønsket oppfølgingsmøte Jan-Sept 2008 Status and outlook 39 Videre arbeid Aktuelle prioriteringer Holding Aksjemarkedet Cash og aksjekurs vs industriutvikling Ta stilling til videre prosess når Solutions fornyede verdivurdering foreligger Forankre industriell forståelse, utdype strategisk rasjonale Klargjøre finansielle konsekvenser for hhv Solutions Realisere verdier i de enkelte delene av Solutions Detaljere og implementere strategisk plan Jan-Sept 2008 Status and outlook 40 20

21 Dere angriper meg... disse rammes! Styret Totalt 10 styremedlemmer hvorav 4 valgt av og blant de ansatte Konsernledelse og sentrale ressurspersoner Finansielle- og juridiske rådgivere Verifikasjonsteam, due-diligenceteam Styret Totalt 11 styremedlemmer hvorav 4 valgt av og blant de ansatte Revisjonsutvalg Konsernledelse og sentrale ressurspersoner Finansielle- og juridiske rådgivere Jan-Sept 2008 Status and outlook 41 Industribygging i vekstområder Slide 42 21