Fjord Defence Group Asa · OSL:DFENS

Fjord Defence Group Asa — Aquila Holdings — Q3 2023 Earnings Presentation

12 slides from Fjord Defence Group Asa's earnings presentation, Nov 8, 2023

  1. Slide 1: Q3 2023

    Q3 2023 8 November 20235

  2. 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

  3. Slide 3: Quarterly highlights

    Quarterly highlights e¢ = Multi-client revenues USD 2.1 million e ~~ Fair value of multi-client library USD 32.7 million e = Fair value of investment portfolio USD 6.6 million e — Available liquid funds of USD 9.1 million* e — Cash earnings for the quarter USD 0.4 million** e Net asset value NOK 2.0

  4. Slide 4: Multi-client portfolio

    Multi-client portfolio Norwegian North Sea - Utsira Discounted cash-flow valuation: USD 25.4 million Observations: * Historical investment USD 82.3 million *State of the art high-density ILX OBN survey covering 2,000 square kilometers of highly prospective acreage; processing completed Q3 2020 *Indu

  5. Slide 5: Financial assets

    Financial assets e Ocean bottom node operations sold to Magseis Fairfield in March 2022 e Industry-leading node deployment speed; system optimal for shallow water surveys e Node-agnostic technology provides flexibility e Earnout structure with cap of USD 12.0 million over three years ¢ Year-three fl

  6. Slide 6: Select investments in listed and unlisted securities

    Select investments in listed and unlisted securities Current focus on energy and industrial sectors Will take a cautious approach Transformative transactions will also be considered Fair value of investment portfolio USD 6.6 million * — Capsol Technologies USD 4.6 million * Dolphin Drilling USD 1.6

  7. Slide 7: Net asset value

    » page 7 Net asset value e Multi-client library base on discounted Net Asset Value per Share (NOK) probability-adjusted late sales 250 e Other seismic assets represents earn-out related to seismic handling equipment ¢ Cap USD 12.0 million ats e Floor USD 1.5 million, subject to certain milestones ¢

  8. Slide 8: Comprehensive income

    Comprehensive income USD millions ‘Comprehensive income Q32023 _Q3 2022 Revenue 21 16 Changes in fair value of investments (loss) 0.6 (3.4) Cost of sales (1.2) (0.2) Selling, general and administrative expenses (0.5) (0.4) Amortization multi-client (1.6) (1.4) Operating profit (loss) (0.6) (3.7) Net

  9. Slide 9: Financial position

    Financial position USD millions Assets 30.09.2023 31.12.2022 Multi-client library 32.7 37.5 Investments 66 68 Financial assets 3.0 3.0 Trade receivables 0.9 Other current assets 12 3 Bank deposits, cash in hand 2.4 2 Total assets 46.8 52.8 Equity and Liabilities 30.09.2023 31.12.2022 Equity 41.6 477

  10. Slide 10: Cash flow

    page 10 = USD millions Cash flow Q3 2023 Q3 2022 Profit (loss) before tax (0.7) (3.8) Taxes refund (paid) - (0.0) Depreciation, amortization and net impairment 16 14 Changes in fair value of investments (0.6) 34 Other working capital changes (0.7) 0.4 Cash flow from operating activities (0.4) 1.4 Ca

  11. Slide 11: Outlook

    Outlook e Solid industry fundamentals support historically high oil prices and continued investment in E&P sector e Timing of multi-client late sales is unpredictable and driven by licensing rounds and internal oil company scheduling * Should expect sales to be lumpy e Does not speak to long-term un

  12. Slide 12: Askekroken aquilaholdings.no

    Askekroken 11 aquilaholdings.no 0277 Oslo copyright © 2023 Norway Aquila Holdings OBN multi-client library and investments.

Aquila Holdings — Q3 2023 Earnings Presentation on 6ix