Activity level oil and gas in the Stavanger Region Towards 2020

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1 Activity level oil and gas in the Stavanger Region Towards 2020 November 6 th 2015 Sola This document is the property of Rystad Energy. The document must not be reproduced or distributed in any forms, in parts or full without permission from Rystad Energy. The information contained in this document is based on Rystad Energy s global oil & gas database UCUBE, public information from company presentations, industry reports, and other, general research by Rystad Energy. The document is not intended to be used on a stand-alone basis but in combination with other material or in discussions. The document is subject to revisions. Rystad Energy is not responsible for actions taken based on information in this document.

2 Stavanger Area Norway Macro & global Oil & gas has been important, is important and will be important for Stavanger for a long time Oil prices likely to increase from 2017 Global spending with significant reduction 2015 & 2016, but increasing again from 2017/2018 NCS spending reductions are less than globally, but growth also slower when market turning By far largest oil region in Norway and serves all segments Eased reductions in activity due to Johan Sverdrup and other new fields under development with base Stavanger Potential in exploration and discoveries, but need lower cost and higher oil price Source: Rystad Energy research and analysis 2 Stavanger to stay attractive in a period of restructuring oil services and E&P P&A & Decom with opportunities, but more in the UK Potential to increase international activity

3 Traffic increase at Sola airport seems highly correlated to Norway s E&P spending Yearly total spending Norway Oil Industry & Sola passenger traffic Spending NCS Billion NOK SVG Pax Spending NCS real Average CAGR : NCS Spending: 7.6% Passenger traffic: 5.2% Passenger Million 5,0 4,0 3, ,0 1, Source: Rystad Energy UCube. Avinor passenger numbers domestic and international including estimate 2015 based on 5% reduction domestic and 3% reduction international compared to

4 Stavanger area dominates the Norwegian oil & gas industry E&P in particular Distribution of oil and oil services employees in Norway As per November 2014** Distribution of Norwegian E&P revenue per area 2014 revenue* Other Stavanger Area Oslo/Akershus/ Østfold Bergen Area Vestfold/Buskerud/ Telemark Nordvestlandet Haugesund/Stord Area Sørlandet Trøndelag Nord-Norge Stavanger Area 98 % 39% Distribution of Norwegian oil service revenue per area 2014 revenue* Stavanger Area 27 % Hedmark/Oppland 903 E&P employees Oil service employees Nordvestlandet 10 % Oslo/Akershus /Østfold 21 % * Including international revenue, *Stavanger Area defined as Bjerkreim, Egersund, Forsand, Gjesdal, Hå, Klepp, Kvitsøy, Randaberg, Sandnes, Sauda, Sokndal, Sola, Stavanger, Strand, Suldal, Time. Source: Rystad Energy research and analysis 4

5 Production from fields with base in Stavanger to double in five years Production with supply base in Stavanger Thousand boe/d History Forecast Johan Sverdrup Phase 2 Sleipner Johan Sverdrup Phase 1 Ekofisk Frigg Source: Rystad Energy UCube 5

6 Stavanger oil service revenue at 2012 levels towards 2020, less downturn than Norway Could Stavanger do more? Stavanger area oil service revenue from Norwegian customers Billion NOK History Forecast Forecast Global -17% -13% 8% Norway -15% -10% 6% 160 Stavanger Area % CAGR: 12% -13% -8% CAGR: 6% Source: Rystad Energy research and analysis 6

7 10 % 15 % 27 % 73 % 64 % 64 % 59 % 57 % 55 % Stavanger has small share of international revenue potential to increase Oil service company revenue by Norway/international % of cumulative revenue 2005 to % 4 % 80 % 36 % 36 % 41 % 43 % 45 % 60 % 76 % 40 % 96 % 90 % 85 % 20 % 24 % 0 % Norway International Source: Rystad Energy research and analysis. 7

8 Contacts Rystad Energy Rystad Energy is an independent oil and gas consulting services and business intelligence data firm offering global databases, strategy advisory and research products for E&P and oil service companies, investors, investment banks and governments. We are headquartered in Oslo, Norway, with additional research teams in Asia. Further presence has been established in Norway (Stavanger), the UK (London), USA (New York & Houston), Russia (Moscow), Africa, Brazil (Rio de Janeiro) as well as South East Asia. Headquarters Rystad Energy Fjordalleen Oslo, Norway Julia Weiss VP Marketing Stavanger Office Løkkeveien Stavanger Norway Tore Guldbrandsøy SVP & Head of Stavanger Office 8