Fjord Defence Group Asa · OSL:DFENS
Fjord Defence Group Asa — Aquila Holdings — Q4 2023 Earnings Presentation
13 slides from Fjord Defence Group Asa's earnings presentation, Feb 22, 2024
Slide 1: Q4 2023
Q4 2023 22 February 2024
Slide 2: Disclaimer
» page 2 Disclaimer + The information in this presentation has been prepared by Aquila Holdings ASA (the *Company’). By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations and provisions: + This presentation
Slide 3: Quarterly highlights
Quarterly highlights e¢ = Multi-client revenues USD 1.7 million e — Utsira reprocessing priority area delivered to clients e Fair value of multi-client library USD 31.1 million e Fair value of investment portfolio USD 6.6 million e USD 1.0 million reduction in fair value of financial assets e — Avai
Slide 4: Subsequent events
Subsequent events e Company announced USD 1.1 million in revenues relating to Utsira multi-client transfer fees ¢ NOK 5.0 million share repurchase program announced 10 July 2023 completed 6 February 2024 ¢ Company currently holds 20.3 million own shares, representing 8.5% of shares outstanding
Slide 5: Multi-client portfolio
page 5 Multi-client portfolio Discounted cash-flow valuation: USD 31.1 million *Recent M&A transactions impacting Utsira + Var Energy acquisition of Neptune Energy Norge * PGNiG acquisition of Kufpec *Industry-funded Utsira reprocessing project with CGG * Progressing according to plan and cost * Com
Slide 6: Financial assets
Financial assets e Ocean bottom node operations sold to TGS (Magseis Fairfield) in March 2022 e Earnout structure with cap of USD 12.0 million over three years e = Year-three floor payment of USD 1.5 million, subject to certain milestones e¢ Booked value of financial asset USD 2.0 million ¢ — Earnou
Slide 7: Select investments in listed and unlisted securities
e Select investments in listed and unlisted securities e Fair value of investment portfolio USD 6.6 million at end Q4 2023 * —Capsol Technologies USD 4.8 million; subsequent to quarter end acquired 396,825 shares at price of NOK 12.60 per share through a NOK 88 million primary equity offering * Dolp
Slide 8: Net asset value
Net asset value e Multi-client library valued at NOK 1.43 per share ¢ Other seismic assets NOK 0.09 per share e Cap USD 12.0 million e Floor USD 15 million, subject to certain milestones ¢ Book value USD 2.0 million e Investments based on market trading prices constituting NOK 0.30 per share page 8
Slide 9: Comprehensive income
Comprehensive income USD millions ‘Comprehensive income Q42023 @Q42022 Revenue 1? 2.5 Changes in fair value of investments (loss) 0.0 (4.3) Other gains and (losses) (10) - Cost of sales (1.4) (0.0) Selling, general and administrative expenses (0.9) (0.6) Amortization multi-client (1.6) (1.4) Reverse
Slide 10: Financial position
Financial position USD millions Assets 31.12.2023 31.12.2022 Multi-client library S11 S75 Investments 6.6 68 Financial assets 2.0 3.0 Trade receivables 0.9 - Other current assets 13 3.2 Bank deposits, cash in hand 2.0 2.2 Total assets 43.9 52.8 Equity and Liabilities 31.12.2023 31.12.2022 Equity 38.
Slide 11: Cash flow
Cash flow page 11 USD millions Cash flow Q4 2023 Q4 2022 Profit (loss) before tax (3.3) 35 Depreciation, amortization and net impairment 16 (5.6) Changes in fair value of investments (0.0) 43 Changes in other gains (losses) Lo - Other working capital changes 0.5 (1.6) Cash flow from operating activi
Slide 12: Outlook
Outlook e Solid industry fundamentals support historically high oil prices and continued investment in E&P sector e All major agencies expect continued increase in oil demand with strong cash flow to E&P companies e¢ Oil company spending is expected to remain high in 2024 e Timing of multi-client la
Slide 13: Askekroken aquilaholdings.no
Askekroken 11 aquilaholdings.no 0277 Oslo copyright © 2023 Norway Aquila Holdings OBN multi-client library and investments.