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AGR Innovative. Experienced. Flexible

Presented by: Åge Landro, CEO Contact: +47 92 06 11 82/aage.landro@agr.com

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Agenda

Introduction

AGR next steps

AGR developments

Market Outlook

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AGR capabilities

Facilities

HSE&Q

P&A,

Dec

omm

Exploration & Appraisal

Production, Re-entry

Field Development

Reservoir Well, Logistics, Rig access

Consultancy, Training, Software

Gaining access

Asset evaluation

Gaining access

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AGR’s offering fully replicates an oilmajor’s organisation

Facilities Solutions

Reservoir Management

HSEQ

Software

Well Management

Administration/Management

Finance

HR

Compliance

Consultancy Ex

tern

al c

lient

s

External clients

Rig Sourcing

Procurement

Int logistics solutions Contract

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AGR number 7 drilling offshore E&A wells

• Operated simultaneouslyas many as 8 rig-stringsworldwide

• AGR’s expertise includes:• Deepwater• HPHT• Sensitive areas• Extended reach• Horizontal wells• Remote locations• Unconvential drilling

Source: Independent oil and gas consulting services and business intelligence data firm

404

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Present in all main oil hubs

20+

200+ 40+

AGR offices # of wells drilled in the region

100+

50+

80+

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Agenda

Introduction

AGR next steps

AGR developments

Market Outlook

www.agr.com

Recent contract wins

Client:

Scope of Work:

Duration:

Sinopec

Abandonment project management

7 wells

Region: APAC

Client:

Scope of Work:

OMV

Drilling and Well Engineering

3 yrs+2 yrs option

Region: Norway and International

Client:

Scope of Work:

Value:

Det norske, OMV Norge, VNG Norge, Petronas, Sakhalin Energy

Upgrade of versions, licenses

2.3 USDm

Region: Norway/Asian part of Russia/Malaysia

Client:

Scope of Work:

Duration:

Chevron

North Sea

Estimated 3 wells, 7-9 P&A wells

Production drilling, P&A

Region:

Duration:

Recent strategic contracts

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AGR Software – developed by experts for experts

• Probabilistic planning tool• Improves performance in well

construction

• Logistics and MaterialsManagement software

• Full audit, no paperwork

• Incorporates well data and experience onall wells drilled on NCS

• Increased efficiency in standardisation ofexperience transfer

• Real-time Cost Tracker• Timely identification of potential cost

overruns, omissions or inaccuracies

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Rig Team

• Identifying rig capacity• Understanding Operators’ rig demand• Drilling campaigns• Commercial and technical partner

Jorunn Johanne Sætre Leader Rig Team Norway

Sturla Digre Project Leader / Rig Team Norway

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Transformation of AGR

Drilling and subsea equipment,

engineering services

AGR Petroleum Services AGR Drilling Services AGR Field Operations

2006 Provider of drilling

equipment and engineering services

AGR Petroleum Services (AGR Energy)

AGR Drilling Services

2012

1,500 850

2014

Fully integrated provider of reservoir

and well management services

AGR

650

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Financials

127 152 158 143

208 216

12% 14% 14% 11%

15% 15%

0%2%4%6%8%10%12%14%16%

-

50

100

150

200

250

2009 2010 2011 2012 2013 2014LTM

NO

Km

EBITDA EBTIDA margin

1,039 1,102 1,168 1,267

1,382 1,424

- 200 400 600 800

1,000 1,200 1,400 1,600

2009 2010 2011 2012 2013 2014LTM

NO

Km

Revenue development EBITDA development

1) EBITDA adjusted for extraordinary costs in the period 2010-2013. Numbers do notinclude AGR Energy. Source for financials prior to 2010 is annual reports. Software does not include WDO prior to 2013

1)

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AGR with new owner

Altor Equity

92.6%

AGR Holdings AS

AGR Group ASA

72.7%

AGR Petroleum Services Holdings AS

100%

AGR Petroleum Services AS

AGR Energy AS (E&P activity in Israel, Cyprus)

44%

Silverfleet Capital

Israel licenses

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Agenda

Introduction

AGR next steps

AGR developments

Market Outlook

www.agr.com

Rig activity across the value chain is AGR’s key activity driver

Global demand for MODU rig work (2010-2020) Rig work days, thousands Value Chain

Mobile offshore drilling units (MODU): includes jackups and floaters Source: Rystad Energy

Comments

• Expected stable activity within the plug and

abandonment market, and US demand is expected to be supplemented with other mature regions such as Norway and the UK

• Increased production and increased life-span of existing fields are expected to drive growth

• Total market is expected to grow at an annual rate of 9%

• Currently the largest segment • There is a significant backlog of discovered

resources to be developed • Deepwater drilling is expected to drive the

growth

• Demand for exploration is close to an all-time • Expected that majors may reduce exploration

activity but indendents expected to continue given current oil price environment

Exploration drilling

Field development

Production drilling

Plugging and abandonment

Plugging & Abandonment Workover/intervention Development and infill drilling Exploration

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Increased market fragmentation in favour of AGR

• Source: Rystad Energy, 1) Mobile Offshore Drilling Unit (MODU) 2) Non-producers are defined as operators who currently have no operated offshore production (as of end of 2013)

Global offshore MODU1) rig work demand for Non-producers2)

3,003

7,490

15,275

2006 2013 2020

Other 96.5 %

Non-producers

3.5 %

Other 95,0 %

Non-producers

5.0 %

Number of work days, thousands

Other 98.3 %

Non-producers

1.7 %

16

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Market Outlooks remains postitive for Well Management

2013 Actual no.

wells drilled by AGR

2015 Prospect

wells

2016 Prospect

wells

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Agenda

Introduction

AGR next steps

AGR developments

Market Outlook

www.agr.com

Corporate next steps

• Keeps established brand • Operational strategy process

with new dedicated owner

• E&P interests in the Mediterannean and West Africa, remote Operator

• De-listing resulting in new company name

• Dividend payment

For sold company - AGR For the selling company – AGR Group

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