Another value-accretive event

Q1 net capital employed up to NOK 17.2 per share. More could materialise during the year. Still significant discount to fair value - BUY.

Akastor - Fundamentals continue in the right direction

Positive underlying development in the quarter LTM HMH adj. EBITDA of USD 103m Net capital employed NOK 16 per share - BUY

Akastor - Exits likely this cycle

Solid HMH Q2, but strength driven by termination fee The sector outlook is strong… …and should provide opportunities to monetise: BUY

Akastor - Fundamentals improving across the portfolio

Preparing HMH for a separate listing Strategic roadmap maintained Improvement in fundamentals also facilitates deals - BUY

Sector Report - Q1 previews and higher oil price assumptions

Key asset HMH well set for market improvement The offshore cycle should be strong enough to lift HMH Material discount to fair value – BUY (Hold) – NOK 12 (7)

Akastor - Strong enough cycle to lift HMH

Key asset HMH well set for market improvement The offshore cycle should be strong enough to lift HMH Material discount to fair value – BUY (Hold) – NOK 12 (7)

Sector Report - Crude Quarterly: Higher price assumptions

Akastor - Creation of HMH lifts book values

HMH transaction close the most important event in Q4 HMH valuation implies ~10x LTM adj. EBITDA Transaction roadmap – HMH IPO the next big thing

Akastor - Progression across the portfolio

MHWirth saw underlying improvement in EBITDA in Q3 Most assets are closer to monetization Value uplift potential more visible in Q4e

Sector Report - Q3 previews and higher oil price assumptions

Dividend likely to be raised at CMD in early ’22 All-time-high revenues in Q3 Share has rallied, HOLD reiterated

Akastor - Positioning the portfolio for exit opportunities

We expect higher activity in HMW in H2 Merger with BH completed, financing closed Repricing potential when monetising portfolio

Akastor - Preparing for MH IPO

Soft, but improving earnings in Q2 Focus on MH / Baker Hughes integration and IPO Tough markets, but significant valuation potential

Sector Report - Q1 preview: Market remains muted

Akastor - MH enters attractive JV with Baker Hughes

JV with Baker makes good industrial sense Frees up USD 100m, but no dividend Significant positive repricing justified

Sector Report - No general recovery, but signs of life in 2021

Estimate up on oil price and JS performance New projects on top of the agenda We stick to

Akastor - One step forward, one step back

Decent Q4e, weak Q1e New drilling package, decent after-market In need of a deal – fundamentals moving slowly - HOLD

Talking Points - Andfjord Salmon (BUY): Ready for a big backyard pool ...

Skanska (BUY) Preview: Good outlook for EPS growth in ’21e Potential for lower capex and lower cost/kg if successful Initiating coverage with BUY and target price of NOK 62

Akastor - Still hoping for a deal

Soft Q3 as drilling weakness shows M&A project still not concluded HOLD reiterated

Sector Report - The oil price will not stay flat for long

Temp. tax regime fuels near-term cash flow Refinanced, no debt maturities before 2024 NAV-accretive projects could pop up – BUY

Akastor - Large ongoing M&A project

MHWirth Q2 EBITDA +41% vs our estimate NOK 43m in M&A cost on “ongoing project” Significant upside in accretive M&A scenario