Fjord Defence Group Asa · OSL:DFENS
Fjord Defence Group Asa — Aquila Holdings — Q2 2023 Earnings Presentation
13 slides from Fjord Defence Group Asa's earnings presentation, Aug 23, 2023
Slide 1: Q2 2023
Q2 2023 23 August 2023
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 1.5 million e ~~ - Fair value of multi-client library USD 34.3 million e —- Fair value of investment portfolio USD 6.0 million e ~~ Available liquid funds of USD 8.7 million* e Cash earnings (loss) for the quarter USD (0.2) million e Net asset valu
Slide 4: Outlook supporting solid oil demand
Outlook supporting solid oil demand Global demand projected by IEA to reach 102 mb/d in 2023, anew record Demand expected to increase through 2028 Demand outlook supporting historically high oil prices and E&P investment ILX and near-field exploration on long-term uptrend Energy security driving exp
Slide 5: Multi-client portfolio
Multi-client portfolio Norwegian North Sea - Utsira Discounted cash-flow valuation: USD 26.3 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
Slide 6: 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
Slide 7: 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 6.0 million * — Capsol Technologies USD 4.4 million * Dolphin Drilling USD 1.3
Slide 8: Net asset value
Net asset value e Multi-client library base on discounted probability-adjusted late sales e Other seismic assets represents earn-out related to seismic handling equipment e Cap USD 12.0 million e Floor USD 1.5 million, subject to certain milestones ¢ Book value USD 3.0 million e Investments based on
Slide 9: Comprehensive income
Comprehensive income USD millions Comprehensive income Q2 2023 Q2 2022 Revenue 15 18 Changes in fair value of investments (loss) (L?) (4.5) Other gains and (losses) - - Cost of sales (1.2) O21 Selling, general and administrative expenses (0.5) (0.5) Amortization multi-client (1.6) (0.7) Operating pr
Slide 10: Financial position
Financial position USD millions Assets 30.06.2023 31.12.2022 Multi-client library 34.3 35 Investments 6.0 68 Financial assets 3.0 3.0 Trade receivables 0.5 - Other current assets 0.6 3 Bank deposits, cash in hand 3.0 2 Total assets 47.4 52.8 Equity and Liabilities 30.06.2023 31.12.2022 Equity 42.5 a
Slide 11: Cash flow
page 11 = USD millions ‘Cash flow Q2 2023 ‘Q2 2022 Profit (loss) before tax (3.7) (4.1) Taxes (paid)/ received - (0.0) Depreciation and amortization 16 OF Changes in fair value of investments 17 45 Changes in other gains and losses - - Interest expense 0.0 0.0 Share based payment cost 0.0 0.0 Other
Slide 12: Outlook
Outlook e Volatility in the energy sector expected to remain given market uncertainty e Robust overall demand expected to support historically high prices and drive capital investment ¢ Multi-client late sales will benefit from attractive market trends * — Sales will be lumpy; does not speak to any
Slide 13: Askekroken aquilaholdings.no
Askekroken 11 aquilaholdings.no 0277 Oslo copyright © 2023 Norway Aquila Holdings OBN multi-client library and investments.