Fairness Opinion Supporting materials

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1 Exclusively for the Supervisory Board of Fairstar. Not to be disclosed, summarized, referred to or communicated (in whole or in part) to any other person for any purpose whatsoever except with ABG Sundal Collier and SEB Enskilda s Fairness Opinion Supporting materials 4 June 212

2 Disclaimer The presentation is prepared on the basis of the mandate as financial advisor for the Supervisory Board of Fairstar in connection with the mandatory offer put forward by Dockwise. We have endeavored to get a correct impression of Fairstar s operation, backlog and implied valuation, but have not performed any independent review or due diligence investigation of the company or its operations. This presentation has been prepared by Skandinaviska Enskilda Banken AB (publ) Oslo Branch (SEB Enskilda) and ABG Sundal Collier (ABG Sundal Collier) prior to 4 June 212 and is solely based on publicly available information for both Dockwise and Fairstar. We have assumed and relied upon, without independent verification, the accuracy and completeness of the information reviewed by us for the purposes of this opinion. We have relied upon and assumed the accuracy, completeness and fairness of all the financial and other information that was provided to the public by the companies. With respect to the input provided to us by the companies, we have assumed that it has been reasonably prepared on a basis reflecting the best currently available estimates and judgments of the management of the companies as to the operating and financial performance of the companies. We have not assumed any responsibility for making an independent evaluation of any of the individual assets or liabilities of the companies Our opinion is necessarily based on financial, economic, market and other conditions as in effect on, and the information made available to us as of, the date hereof. We assume that Fairstar and Dockwise are not involved in any legal disputes and we are not informed of any other possible, future legal disputes or allegations regarding liability on the companies which, in our opinion, would be of material importance for the evaluation of the companies financial situation. Further we assume that all corporate decisions and resolutions have been taken by the relevant corporate bodies and in accordance with relevant legislation. No financial or legal due diligence has been conducted. We can and will not provide any assurance that the content in the information that we have based our statement on is correct or complete, and cannot give any guarantees or assurances with regards to the content. SEB Enskilda and ABG Sundal Collier undertake no responsibility with regards to decisions based on the Fairstar s Supervisory Board s statement regarding the mandatory offer. Fairstar and the Supervisory Board commit to indemnify SEB Enskilda and ABG Sundal Collier for any claim arising from the assignment as financial advisor for Fairstar. Fairstar is responsible for that any transactions and decisions that are made in connection with the mandatory offer are based on lawful decisions in Fairstar supervisory and management boards as well as in accordance with prevailing laws and regulations. SEB Enskilda and ABG Sundal Collier offers a broad range of investment services, including securities trading and brokerage activities, as well as providing investment banking and financial advisory services. In order to ensure that assignments undertaken in Corporate Finance are kept confidential, SEB Enskilda s and ABG Sundal Collier s other activities, including analysis and stock broking, are separated from Corporate Finance by Chinese walls. The client acknowledges that SEB Enskilda s and ABG Sundal Collier s analysis and stock broking activity may act in conflict with the client s interests with regard to this evaluation and recommendation as a consequence of such Chinese walls. As financial adviser to Fairstar in connection with the potential transaction with Dockwise we will receive a fixed fee for our services. In the ordinary course of our trading and brokerage activities SEB Enskilda and ABG Sundal Collier, or its associated companies, may at any time hold long and short positions, and trade or otherwise effect transactions, for our own account or the account of customers, in debt or equity securities of Fairstar. Further employees of SEB Enskilda and ABG Sundal Collier and related parties could own shares in Fairstar and could from time buy and sell Fairstar shares. In addition, regulatory requirements in certain jurisdictions require research to disclose, amongst other things, the fact that the publisher has received remuneration from the Company covered (or entities associated with it) in respect of investment banking activities, and/or the fact that it has been involved in underwriting or placing its securities, in the previous 12 months. In the event that SEB Enskilda and ABG Sundal Collier publishes research on Fairstar, Fairstar agrees to any such required information being disclosed in the research. The content of this statement is not intended to be and shall not constitute a recommendation to the shareholders of Fairstar as to whether to accept the mandatory offer or not, and each shareholder remains solely responsible for his/her own decisions. This statement is confidential and delivered to the Supervisory Board of Fairstar. The statement can be passed on to Fairstar s other advisors, but not to any other persons without the prior written consent of SEB Enskilda and ABG Sundal Collier. Any dispute arising out of, or relating to, this presentation shall be governed by the laws of Norway and shall be subject to the exclusive jurisdiction of the Norwegian courts. 2

3 Executive summary Dockwise announcement dated 22 April 212 stated that their wholly owned subsidiary White Marlin had entered into share purchase agreements for the acquisition of approximately 54 % of the shares in Fairstar Heavy Transport N.V. ("Fairstar") at NOK 9.3 per share. Certain of these agreements representing approximately 19 % of the shares in Fairstar became unconditional on 22 April 212 ABG Sundal Collier and SEB Enskilda was appointed as financial advisors to Fairstar on 24 April 212 As part of the mandate, ABG Sundal Collier and SEB Enskilda have been asked to assess, from a financial point of view, whether the Mandatory Offer put forward by Dockwise on 15 May 212 is fair ABG Sundal Collier and SEB Enskilda have concluded (see separate letter) that the Mandatory Offer from Dockwise at NOK 9.3 per Fairstar share do not reflect the true underlying value of Fairstar s business This presentation provide the supporting materials used in preparing the Fairness Opinion 3

4 The current NOK 9.3 offer do not reflect the underlying value of the vessels and the current backlog USDm Replacement cost FORTE 11 FINESSE 11 FJORD 9 FJELL 9 Total replacement cost 4 Net debt 296 Implied equity value of Fairstar 11 Total equity value (NOKm) 634 Equity value per share (NOK) 7.1 EBITDA less capex Q Q2 14 (contracts) 122 EBITDA less capex Q Q2 14 1%) 11 Value per share of cash flow during newbuild construction period (NOK) 7.5 Implied value - vessels + cashflow during construction period (NOK) 14.6 Note: Based on NOK/USD 6.1 4

5 A conservative DCF valuation yield a value per share of NOK NPV End of 212 Fjord 173 Fjell 126 Forte 14 Finesse 132 GAV 571 Net debt 296 NAV 275 NOSH (m) NAV per share (USD) 3.5 NOK/USD 6.1 NAV per share (NOK) Current price per share (NOK) 9.45 Offer price per share (NOK) 9.3 Assumptions Based on secured dayrates and utilization for contract periods Thereafter, USD 85, in dayrate for Fjord and USD 7, for Fjell, Forte, Finesse Utilization 8% post firm contracts Opex and G&A cost per day per vessel USD 17, from 213 No inflation on dayrates or opex post firm contract period Assumed 3 years life time per vessel from construction Assumed USD 247m facility fully drawn down, NOK 3m bond and no cash balance at year end 212 NOK/USD 6.1 NAV premium to current 99% NAV premium to offer 12% WACC 1% 5

6 % of ratings Price (NOK) Analyst perspectives on valuation of Fairstar indicated significant upside in the stock # of brokers % 25 Broker Target price date Rating Target (NOK) Upside from current trading 8% 7% 6% 2 15 ABG Sundal Collier 3-May-12 Buy % SEB Enskilda Research 2-Apr-12 Buy % RS Platou Markets 8-Mar-12 Buy % Terra Markets 2-Mar-12 Buy % Carnegie n.a Buy % 5% Median % 4% 1 Average % Current trading % 2% 5 1% % Apr/1 Jul/1 Oct/1 Jan/11 Apr/11 Jul/11 Oct/11 Jan/12 Apr/12 Buy Hold Sell Price (NOK) Target price Source: Factset 6

7 NOK per share Selected relevant transaction multiples underpin the strategic value of acquiring operational assets Announcement Acquirer Target Currency EV (m) EV/EBITDA 15-Aug-11 Transocean Aker Drilling USD 3, x 1) 8-Aug-11 Aqua Pellentesque Floatel International USD x 2) 17-Jan-9 IPO of Sealift n.m USD x 1) 14-Nov-8 Spencer Energy AS Ocean Heavylift USD x 3) 22-Sep-8 Consortium of DOF ASA and First Reserve Corp DOF Subsea ASA USD x 1) 7-Jul-8 China Oilfield Services Ltd Awilco Offshore USD 3,863 8.x 4) 19-Dec-7 First Reserve Abbot Group PLC USD 3,2 1.x 1) High 1.x 1) Low 5.6x 1) Median 8.x 1) Average 7.6x 1) Implied value per share based on transaction multiples 5) ) EV includes outstanding capex and EV/EBITDA is when the entire fleet is in operation 2) NTM EBITDA 3) EBITDA is LTM from Q47 to Q38 4) EBITDA 29E from Pareto High yield bond report 26, exchange rate USD/NOK 6.3 as of ) Based on assumed net debt of USD 296m at year end 212 and NOK/USD EBITDA 214 EBITDA Average - 7.6x Median - 8.x 7

8 Norwegian public takeovers bid premiums Successful bids in asset-heavy transactions have higher average premiums than the market as a whole 4 weeks premium Eastern Echo Holdings 8% 6% 4% Asset-heavy avg: 4% Aqua Pellentesque 2% World Nordic SE % Jun-5 Jun-6 Jun-7 Jun-8 Jun-9 Jun-1 Jun-11 Source: Oslo Børs, Newsweb, Factset, Company reports, SEB Enskilda 8

9 Offer premiums in successful Norwegian offers indicate higher premiums are paid in volatile macro environment Offer premiums in Norwegian public takeovers Average four weeks offer premiums between 25-35% Year Average 1 day Median Average 4 weeks Median % 5.3% 38.7% 48.9% % 25.% 36.7% 37.9% % 18.6% 39.1% 4.6% % 21.9% 46.3% 34.% % 4.3% 22.3% 22.3% % 24.7% 3.8% 29.1% % 3.4% 21.2% 28.3% 7% 6% 5% 4% % 1.9% 36.2% 41.4% % 15.7% 26.% 42.9% % 16.9% 2.1% 15.4% % 25.5% 29.% 2.3% % 17.1% 28.7% 24.4% % 25.% 28.2% 25.2% % 52.2% 45.4% 52.9% 3% 2% 1% % 68.% 6.3% 6.3% Average 32.4% 29.6% 34.2% 35.% % Average 1 day Average 4 weeks Average 4 weeks historical Source: Factset, Newsweb, company reports 9

10 An acquisition of Fairstar is value accretive to Dockwise shareholders up to NOK 14 per Fairstar share Assumptions Combination of Dockwise and Fairstar financials using Bloomberg estimates with cost synergies 1 of USDm 6 per annum (5% in 213 and in 214) Dockwise takes over all debt of Fairstar and acquires all shares in Fairstar through issuing of new Dockwise shares at NOK ~15 per share, remaining usage of Dockwise rights issue not considered in accretion calculations 16% 14% 12% 1% 8% 6% 4% 2% % -2% NOK 9.3 NOK 12. NOK accretion 214 accretion 1) Cost synergies relate to cost savings on Board remuneration of USD 2.3m, advisory costs of USD 1.6m (audit, tax and legal), listing costs of USD.1m, housing and office related expenses of USD 1.m, sales and marketing of USD.6m and cost savings on supporting staff of approximately USD.4m Bloomberg estimates as of 23 April 212: Dockwise net profit USD 94m in 213 and USD 84m in 214. Fairstar net profit USD 46m in 213 and USD 35m in 214. USD/NOK

11 Share price Volume (million shares per day) The Oceanus acquisition of ~28.7% in November 21 reflect the implied control premium paid Oceanus acquisition before opening 8 Nov 21 Premium to Closing price VWAP Last close 26.29% 25.79% 3 days 29.41% 22.95% 6 days 31.11% 28.86% 9 days 4.66% 29.6% 18 days % 16.21% 1 year 27.36% 13.74% Oceanus acquisition, NOK 11 per share Dockwise acquisition before opening 23 April 212 Premium to closing price VWAP Last close 22.5% 22.9% 3 days 15.53% 2.85% 6 days 14.81% 19.95% 9 days 41.77% 19.45% 18 days 16.83% 16.24% 1 year -1.58% 11.35% Since Oceanic offer % % 2 year % -9.53% Dockwise offer, NOK 9.3 per share /6/29 2/26/21 6/18/21 1/8/21 1/28/211 5/2/211 9/9/211 12/3/211 4/2/212. Note: Oceanus acquired 2,896,321 (28.7%) of the outstanding shares (before opening 8 November 21) 11

12 # of shares ( s) % of shares traded in period Only 23% of the shares traded last two years have been traded below the Dockwise offer 3, 46% 5% 25, Dockwise offer Volume Pct volume 45% 4% 2, 35% 3% 15, 25% 2% 1, 5, % % % % 2% 3% 4% 2% 6% 2% 2% 1% 1% 3% 1% 8% 2% 1% 3% 2% % 15% 1% 5% # of days in trading area Cumulative % of shares % % % % 2% 5% 9% 12% 18% 2% 23% 24% 34% 38% 39% 47% 93% 95% 95% 98% % Source: Factset as of 4 June

13 , ,698 1,598 # of shares ( s) 4,842 % of shares traded in period Share volume traded at various prices post the Oceanus acquisition 6, 35% 5, 3% Volume Pct volume 3% 4, Dockwise offer 25% 2% 3, 15% 2, 8% 1% 1% 1% 1, % 1% % % 5% 5% 3% 2% 2% 2% 4% 1% 3% 6% 2% 2% 5% 1% 5% # of days in trading area Cumulative % of shares % 1% 1% 2% 6% 11% 19% 22% 24% 26% 28% 32% 61% 62% 65% 71% 81% 83% 85% 94% 99% % Source: Factset as of 4 June

14 ,257 # of shares ( s) 4,722 % of shares traded in period Share volume traded at various prices last 1 year 5, 47% 5% 4,5 Volume Pct volume 45% 4, 3,5 Dockwise offer 4% 35% 3, 3% 2,5 25% 2, 2% 1,5 12% 15% 1, 5 % 1% 1% % 8% 8% 5% 3% 3% 3% 6% 1% % % % % % % % % 1% 5% # of days in trading area Cumulative % of shares % 1% 2% 3% 1% 18% 31% 36% 39% 42% 45% 51% 98% % Source: Factset as of 4 June

15 # of shares ( s) 1,19 % of shares traded in period Significant volume has been traded above the offer price post announcement of the Dockwise offer 1,2 25% 22% Volume 1, Dockwise offer 16% 17% 19% Pct volume 2% 8 15% 6 1% 1% 4 7% 2 4% 2% 3% 5% % % % % % % % % % % % % % # of days in trading area Cumulative % of shares % % % % 4% 5% 5% 8% 15% 37% 54% 64% 81% % Source: Factset as of 4 June

16 Rebased to 1 NTM EV/EBITDA Despite volatile markets, Fairstar has performed better than Dockwise with only 2 vessels in operation Rebased share price development last 2 years Historic NTM EV/EBITDA last 5 years 1) 2 12x x 14 8x x 8 6 4x 4 2x 2 Jun 1 Aug 1 Oct 1 Dec 1 Feb 11 Apr 11 Jun 11 Aug 11 Oct 11 Dec 11 Feb 12 Apr 12 Jun 12 x Jul 7 Jan 8 Jul 8 Jan 9 Jul 9 Jan 1 Jul 1 Jan 11 Jul 11 Jan 12 Fairstar Dockwise OSEAX PHLX Oil Service Index Fairstar Dockwise Average Supply Average rig Source: Factset 1) Based on 3 days average rolling estimates 16

17 Fairstar has best in class growth and margins from firm contracts with leading Energy Majors Mcap EV EV / EBITDA EV / EBIT Sales CAGR '11-'13 EBITDA Margin EBIT Margin (USDm) (USDm) 212E 213E 212E 213E E 213E 212E 213E Heavy transport Fairstar Heavy Transport Current trading 1) 2) n/m 5.5x n/m 7.1x 183% 65% 76% 44% 59% Fairstar Heavy Transport Offer price 1) 3) n/m 5.5x n/m 7.1x 183% 65% 76% 44% 59% Dockwise Ltd , x 4.5x 15.5x 7.2x 23% 38% 43% 17% 27% Supply Solstad Offshore ASA 64 2, x 7.9x 13.2x 11.8x 11% 43% 45% 3% 31% Siem Offshore Inc , x 7.x 15.8x 12.8x 18% 4% 43% 22% 23% DOF ASA 551 3, x 6.9x 11.7x 1.3x 14% 37% 39% 24% 26% Eidesvik Offshore ASA x 5.9x 13.4x 1.7x 2% 6% 58% 3% 32% Havila Shipping ASA 143 1,3 9.4x 8.1x 12.5x 1.2x 9% 44% 47% 33% 37% REM Offshore ASA x 6.7x 8.6x 8.3x 21% 69% 59% 57% 48% Tidewater Inc. 2,277 2,96 7.1x 5.4x 11.2x 7.5x 17% 32% 37% 2% 27% Average 8.x 6.9x 12.3x 1.2x 13% 47% 47% 31% 32% Rig Seadrill Ltd. 14,969 24, x 8.2x 12.2x 1.3x 11% 58% 58% 45% 46% Ocean Rig UDW Inc. 1,887 4,19 9.2x 6.7x 17.6x 1.x 28% 5% 55% 26% 37% Songa Offshore SE 387 1, x 4.5x 12.5x 7.8x 17% 37% 44% 18% 25% Ensco PLC ADS 2,439 25,59 12.x 9.5x 16.6x 12.7x 34% 47% 52% 34% 39% Transocean Ltd. 14,199 23, x 5.1x 11.3x 7.5x 11% 36% 41% 21% 28% Diamond Offshore Drilling Inc. 8,27 8, x 5.6x 9.6x 7.9x % 42% 44% 28% 31% Atwood Oceanics Inc. 2,413 2, x 5.2x 8.9x 6.5x 23% 49% 52% 33% 37% Rowan Companies PLC 3,662 4, x 5.1x 12.5x 7.3x 33% 42% 51% 57% 48% Noble Corp. 7,721 11, x 4.8x 11.9x 7.6x 29% 47% 53% 45% 46% Average 7.9x 6.1x 12.6x 8.6x 21% 45% 5% 34% 37% Source: Factset as of 4 June 212 1) Fairstar based on net debt year end 212 and TC revenue, EBITDA and EBIT estimates (as attached in the appendix) 2) Current trading NOK ) Offer price NOK 9.3 NOK/USD

18 APPENDIX 18

19 213 and 214 assumptions FJORD Revenue 213 Contracted/Options: 365 USD 95,/day (Gorgon) Open: N/A 214 Contracted/Options: 66 USD 95,/day (Gorgon) 67 USD 78,/day (Golden Eagle) Open: 232 USD 85, day (Assuming 8% utilisation of the open contracts) Cost USD 17,/day in opex and G&A FJELL Revenue 213 Contracted/Options: 365 USD 65,/day (Gorgon) Open: N/A 214 Contracted/Options: 18 USD 65,/day (Gorgon) Open: 257 USD 7, day (Assuming 8% utalisation of the open contracts) Cost USD 17,/day in opex and G&A 19

20 213 and 214 assumptions (cont d) FORTE Revenue 213 Contracted/Options: 365 USD 7,/day (Gorgon) Open: N/A 214 Contracted/Options: 259 USD 7,/day (Gorgon) 16 USD 7,/day (Ichthys) Open: N/A Cost USD 17,/day in opex and G&A FINESSE Revenue 213 Contracted/Options: 63 USD 81,/day (Golden Eagle) 53 USD 9,/day (CMMP/Saipem) Open: ,/day (Assuming 75% utilisation of the open contracts) 214 Contracted/Options: 3 USD 7,/day (Ichthys) Open: 65 USD day Cost USD 17,/day in opex and G&A 2

21 213 and 214 Sales and EBITDA USDm Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Gross Revenue 34,7 32,5 32,1 3,4 24,5 28,4 3, 3, 129,7 112,9 Revenue (Time Charter Equivalent) 27,8 26, 25,7 24,3 19,6 22,7 24, 24, 13,8 9,4 TCE FJORD 8,6 8,6 8,6 8,6 7,8 5,2 6,2 6,2 34,6 25,4 TCE FJELL 5,9 5,9 5,9 5,9 3,5 4,7 5,1 5,1 23,7 18,5 TCE FORTE 6,4 6,4 6,4 6,4 6,4 6,4 6,4 6,4 25,5 25,5 TCE FINESSE 6,8 5,1 4,8 3,4 1,9 6,4 6,4 6,4 2,1 21, Operating costs (OPEX/ G&A) -6,2-6,2-6,2-6,2-6,2-6,2-6,2-6,2-24,8-24,8 EBITDA FJORD 7,1 7,1 7,1 7,1 6,2 3,7 4,6 4,6 28,4 19,2 EDITDA FJELL 4,4 4,4 4,4 4,4 2, 3,2 3,5 3,5 17,5 12,3 EBITDA FORTE 4,8 4,8 4,8 4,8 4,8 4,8 4,8 4,8 19,3 19,3 EBITDA FINESSE 5,3 3,6 3,2 1,9,4 4,8 4,8 4,8 13,9 14,8 EBITDA 21,6 19,8 19,5 18,2 13,4 16,5 17,8 17,8 79,1 65,6 Source: Fairstar 21

22 Transaction multiples Floatel Illustrating how a strategic buyer (Keppel) look at the unique combination of existing units and newbuilds AVP Floatel transactions Before offer Prosafe acquisition Public to private Oakthree acquisition Equity value (USDm) EV range (USDm) Share price USD Share price NOK Equity premium (to NOK15.1).% 6.% 29.% 35.8% EV/EBITDA net debt Q2-11 Year EBITDA N.D x 9.9x 1.8x 1.9x x 7.8x 8.5x 8.5x x 8.3x 9.x 9.x x 5.9x 6.4x 6.5x x 5.3x 5.8x 5.8x EV/EBITDA rolling net debt Year EBITDA R.N.D x 9.1x 1.1x 1.1x x 6.5x 7.3x 7.3x x 6.3x 7.1x 7.1x x 5.9x 6.5x 6.4x x 4.6x 5.2x 5.1x Implied values Aqua Pellentesque Implied value per rig including new build Implied value per rig existing units Offer price per share (NOK) 19.5 Equity value (NOKm) 1,885 Equity value (USDm) 344 EV (USDm) 686 Original EV (USDm) 686 Remaining Capex (USDm) 283 Excluding new build Capex EV full invested (USDm) 969 New EV (USDm) 686 Units 3 Units (existing) 2 Implied value per rig (USDm) 323 Implied value per rig (USDm) 343 Construction cost 1) (USDm) 879 Construction cost 1) (USDm) 596 Bid premium to cost 1.2% Bid premium to cost 15.% Revenue backlog (end of Q2-11) (USDm) 41 EBITDA backlog (end of Q2-11) (USDm) 24 Implied values Prosafe acquisition Implied value per rig including new build Implied value per rig existing units Offer price per share (NOK) 16. Equity value (NOKm) 1,547 Equity value (USDm) 287 EV (USDm) 629 Original EV (USDm) 629 Remaining Capex (USDm) 283 Excluding new build Capex EV full invested (USDm) 912 New EV (USDm) 629 Units 3 Units (existing) 2 Implied value per rig (USDm) 34 Implied value per rig (USDm) 314 Construction cost (USDm) 879 Construction cost (USDm) 596 Bid premium to cost 3.7% Bid premium to cost 5.5% Note: EBITDA and rolling net debt numbers are SEB Enskilda CF estimates NOK/USD rate from specific transaction dates used 1) Construction cost: Superior USD 35m, Reliance USD 246m 22

23 Transocean acquisition of Aker Drilling Strategic players willing to pay premium for new units with proven operational track record and firm contracts in place Transocean 1) Equity premium % 1% 2% 3% 4% 5% 6% 7% 8% 9% 98.5% 11% % Share price USD Share price NOK Equity value (USDm) ,17 1,89 1,162 1,235 1,37 1,38 1,442 1,452 1,525 17,785 EV range (USDm) 1,533 1,65 1,678 1,75 1,823 1,896 1,968 2,41 2,114 2,186 2,248 2,259 2,331 Multiple EBITDA Current net debt Implied multiples Multiples EV/EBITDA 211E x 7.1x 7.4x 7.7x 8.x 8.4x 8.7x 9.x 9.3x 9.6x 9.9x 1.x 1.3x 7.x EV/EBITDA 212E x 7.3x 7.6x 8.x 8.3x 8.6x 9.x 9.3x 9.6x 1.x 1.2x 1.3x 1.6x 5.3x EV/EBITDA 213E x 7.2x 7.5x 7.8x 8.2x 8.5x 8.8x 9.1x 9.5x 9.8x 1.1x 1.1x 1.4x EV/EBITDA 214E x 3.8x 3.9x 4.1x 4.3x 4.4x 4.6x 4.8x 4.9x 5.1x 5.3x 5.3x 5.5x EV/EBITDA 215E x 3.5x 3.6x 3.8x 3.9x 4.1x 4.3x 4.4x 4.6x 4.7x 4.9x 4.9x 5.x Multiple EV range incl remaining capex (USDm) 2,433 2,55 2,578 2,65 2,723 2,796 2,868 2,941 3,14 3,86 3,148 3,159 3,231 EBITDA Current net debt and remaining capex Implied multiples EV/EBITDA 211E 227 1,76 1.7x 11.x 11.4x 11.7x 12.x 12.3x 12.6x 13.x 13.3x 13.6x 13.9x 13.9x 14.2x EV/EBITDA 212E 219 1, x 11.4x 11.7x 12.1x 12.4x 12.7x 13.1x 13.4x 13.7x 14.1x 14.3x 14.4x 14.7x EV/EBITDA 213E 224 1,76 1.9x 11.2x 11.5x 11.9x 12.2x 12.5x 12.8x 13.2x 13.5x 13.8x 14.1x 14.1x 14.5x EV/EBITDA 214E 428 1,76 5.7x 5.9x 6.x 6.2x 6.4x 6.5x 6.7x 6.9x 7.x 7.2x 7.4x 7.4x 7.6x EV/EBITDA 215E 462 1,76 5.3x 5.4x 5.6x 5.7x 5.9x 6.1x 6.2x 6.4x 6.5x 6.7x 6.8x 6.8x 7.x Implied value per rig Aker Drilling Offer price (NOK) 26.5 Equity value (NOK) 7,929 Equity value (USD) 1,442 EV 2,248 Remaining capex 9 Total rigs 4 EV fully invested 3,148 Implied value per rig 787 Implied value per existing rig Aker Drilling EV 2,248 Excluding invested new build capex 3 New EV 1,948 Existing units 2 Implied value per existing rig 974 Source: Managers estimates, company reports 1) Based on Enskilda equity research estimates 23

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