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1 Investor Presentation FIRST QUARTER 2018 KCA Deutag is a leadinginternational drilling and engineering company working onshore and offshore with a focus on safety, quality and operational performance
2 Disclaimer The distribution of this presentation in certain jurisdictions may be restricted by law. Persons into whose possession this presentation comes are required to inform themselves about and to observe any such restrictions. This presentation contains forward-looking statements concerning KCA Deutag. These forward-looking statements are based on management s current expectations, estimates and projections. They are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from any future results and developments expressed or implied by such forward-looking statements. KCA Deutag has no obligation to periodically update or release any revisions to the forward-looking statements contained in this presentation to reflect events or circumstances after the date of this presentation. 1
3 Agenda First Quarter Investor Presentation 1 Q1 Key Highlights 2 Operational Highlights 3 Business Update 4 Business Unit Financials 5 Group Results 6 Summary 2
4 Q1 Key Highlights KCA Deutag is a leading international drilling and engineering company working onshore and offshore with a focus on safety, quality and operational performance 1 2 Q Group revenue of $291.1m (Q1 2017: $269.1m) and Q EBITDA of $65.8m (Q1 2017: $50.1m) respectively (1) Acquisition of the Omani and Saudi Arabian businesses of Dalma Energy LLC completed on 30 April Successful contract awards in Offshore and Bentec 4 Combined contract backlog of $6.3bn (at 1 May 2018) across a blue chip customer base 5 Available liquidity of $260m at 31 March 2018 (1) Financial results noted above do not include any results from the newly acquired Dalma businesses 3
5 Successful acquisition of Dalma s Omani and Saudi Arabian businesses on 30 April 2018 Highlights Entrance into new market in Saudi Arabia and expansion of existing presence in Oman KCA Deutag is now one of the largest International Drilling Contractors in the Middle East Acquired 20 rigs in Oman and 9 rigs in Saudi Arabia Significant boost to backlog of $993m at 1 May 2018 Enterprise Value of $660m 4
6 Significant synergies identified from acquisition of Dalma Target synergies ($11m EBITDA & $2m capex) Focus on integration Early adoption of KCA Deutag Way Senior management communication at all offices and rig locations in week 1 Delivering cost synergies Full run rate synergy realisation targeted for Q Integration team in place to oversee consolidation and focus on synergy realisation EBITDA synergies by type Unlocking further revenue synergies Actively engaged with customers Opportunities for collaboration between business units Enhancement of capital structure Deleveraging effect Extended maturity date 5
7 Years KCA Deutag Operations are diversified across global markets with an increased Middle Eastern presence Canada 1 Plat Aberdeen (HQ) London North Sea /Norway 20 Plat Bergen Bad Bentheim Caspian 7 Plat Tyumen Russia 17 Rigs Russia Sakhalin 3 Plat St. Johns Africa 11 Rigs Europe & Caspian 8 Rigs Angola 2 Plat Baku Dubai Middle East 46 Rigs Nizwa Brunei 1 Rig Enlarged Middle East Profile Country KCAD Dalma Total Kurdistan 2 2 Oman Pakistan 2 2 Saudi Arabia 9 9 South Iraq 3 3 UAE 2 2 Total PRESENCE IN KEY AREAS Europe North Africa Middle East North Sea Russia Regional offices Land Drilling Offshore Services RDS offices Bentec Map shows position at 1 May
8 Enlarged KCA Deutag group is now one of the largest International drilling contractors in the Middle East Middle East Onshore Rig Count International Players (1) LTM EBITDA (4) Geographical EBITDA Split (5) (2) (3) Notes: (1) Source: Douglas Westwood. Middle East includes rigs in, KSA, Oman, Iraq, UAE and Pakistan. (2) Includes 32 ZP Arabia rigs. (3) Includes 22 ADC rigs, a Schlumberger and Taqa Joint Venture. (4) The % split of LTM EBITDA is calculated using total KCAD group LTM EBITDA of $255.7m (before corporate costs of $18.4m) plus Dalma business unaudited LTM EBITDA of $131.5m (before corporate costs of $28m). (5)The % split of Geographical LTM EBITDA is calculated using total KCAD group LTM EBITDA of $296.3m (before overheads of $22.1m and corporate costs of $18.4m) plus Dalma business unaudited LTM EBITDA of $131.5m (before corporate costs of $28m). 7
9 Improved overall market sentiment driven by sustained increase in oil price, however not yet delivering increased international drilling activity Business Units Activity Medium Term Market Outlook Land Drilling Offshore Services Europe / Kazakhstan Russia Africa Middle East Bentec North Sea International RDS High levels of tendering across most markets. Slower than expected conversion to contract awards. Pricing remains under pressure as utilisation levels are yet to increase Good tendering activity in a competitive market. New build rig awards provide a positive backdrop Steady activity and recent contract reawards Stable activity Limited tendering; seeking diversification opportunities Outlook refers to medium term activity outlook 8
10 Strong HSSE performance continues KCAD TRIR at end of Q was injuries per 200,000 man hours worked IADC industry average for 2017 The UK s Scott Platform wins IADC North Sea 2017 Industry Safety Award Land Business Unit achieved lowest ever TRIR of 0.12 in March Total Recordable Incident Rate per 200,000 man hours. This is a rolling 12 month average 2 KCAD Total Recordable Incident Rate is directly comparable with IADC s Total Recordables (RCRD) statistic Note: IADC stands for International Association of Drilling Contractors 9
11 Increased Backlog Providing Excellent Visibility KCAD contract backlog as at 1 May 2018 Total contract backlog as at 1 May 2018 Ex-Dalma contract backlog as at 1 May 2018 Total contract backlog by BU as at 1 May 2018 Note: Backlog is an estimate and may change over time depending on certain factors; Backlog reflects business that is considered to be firm, this calculation is based on assumptions deemed appropriate at the time and is subject to change. Backlog is not necessarily indicative of our future revenue or earnings. KCAD and Dalma backlog amounts are estimates as of 1-May
12 Robust Offshore Services contract backlog Client Country Assets Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 end date status # Exxon Canada Hebron Mar- 46 Operating 1 Equinor (Statoil) Norway CAT J (2) May- 36 Operating 2 Equinor (Statoil) Norway Oseberg's (4) & Kvitebjorn Oct- 28 Operating / Stacked 4/1 Exxon Angola Kizomba (2) Apr- 28 Stacked 2 Point Resouces Norway Ringhorne Dec- 25 Stacked 1 AIOC Azerbaijan Azeris, SD, DWG, Cop & Chirag Dec- 24 Operating 7 Nexen UK Scott Feb- 23 Stacked 1 COP UK Britannia Nov- 22 Stacked 1 Equinor (Statoil) Norway Pipe pool management Oct- 22 Active mgmt. contract CNR UK Ninian's (2) Tiffany Nov- 21 Operating / Stacked 1 /2 SEIC Russia LA, PA & PB May- 21 Operating 3 Total UK Alwyn / Dunbar Dec- 20 Stacked 2 Enquest UK Thistle & Heather May- 20 Operating / Stacked 1/1 Equinor (Statoil) Norway Gulfaks (3) Oct- 18 Operating 3 Contract Platform Contract and rig status shown as at 1 May 2018 Denotes change since last earnings call 11
13 Continued focus on building utilisation Historical and forecast utilisation Utilisation includes 29 Dalma Rigs on a proforma basis from 2017 onwards 12
14 Land Drilling Q Q Q Q Q Result Result Result YTD YTD $m $m $m $m $m Revenue EBITDA (post support allocation) Margin 38.0% 33.5% 35.2% 38.0% 35.2% Higher EBITDA compared to the prior quarter and prior year, assisted by receipt of early termination fee in Oman Reasonable performance in the quarter in core markets of Russia and Oman Tendering activity continues in Algeria and Europe Dalma Q EBITDA of $25.6m Utilisation for the quarter of 68% (1) (1) Utilisation figure for Q1 includes 29 Dalma Rigs on a proforma basis Financial results noted above do not include any results from the newly acquired Dalma businesses 13
15 Bentec Q Q Q Q Q Result Result Result YTD YTD $m $m $m $m $m Revenue EBITDA (post support allocation) (1.6) (0.5) 0.3 (1.6) 0.3 Margin -10.6% -2.6% 1.9% -10.6% 1.9% Lower EBITDA during Q due to timing of delivery of component sales Revenue recognition for new build rigs will commence with delivery from Q Continued active tendering market across after sales, components and new build rigs 14
16 Offshore Services Q Q Q Q Q Result Result Result YTD YTD $m $m $m $m $m Platform Services Revenue EBITDA (post support allocation) Margin 10.0% 18.2% 9.5% 10.0% 9.5% MODUs Revenue (1.2) (1.2) 0.0 EBITDA (post support allocation) (0.0) 12.0 (0.0) Margin n/a n/a n/a n/a n/a Offshore Services Revenue EBITDA (post support allocation) Margin 18.5% 18.3% 9.5% 18.5% 9.5% Strong Offshore Services EBITDA result in Q1 primarily due to collection of overdue MODUs receivable resulting in $12m upside Both of the Cat J jack-up rigs have now commenced operations Weaker results in North Sea but steady performance in Angola, Azerbaijan, Sakhalin and Canada 15
17 RDS Q Q Q Q Q Result Result Result YTD YTD $m $m $m $m $m Revenue EBITDA (post support allocation) Margin 2.8% 10.5% 4.2% 2.8% 4.2% Maintained breakeven EBITDA in the quarter Limited new opportunities in greenfield Continuing to pursue diversification opportunities outside of the oil and gas sector 16
18 Cash Flow and Working Capital Free Cash Flow Working Capital 2 Q Q Q YTD 2017 YTD $'m $'m $'m $'m $'m Cash generated from operations Tax paid (8.1) (5.3) (8.5) (8.1) (8.5) Cash flow from operating activities Capital expenditure (9.4) (10.9) (6.8) (9.4) (6.8) Proceeds from sale of Fixed Assets Interest received Other Cash flow from investing activities (2.6) (4.3) (1.2) (2.6) (1.2) 9 Interest paid (13.9) (53.3) (14.9) (13.9) (14.9) 1 Foreign exchange (4.4) 2.9 (2.6) (4.4) (2.6) Dividend paid to minority shareholders (0.3) 0.0 (0.3) (0.3) (0.3) Acquisition of non-controlling interests Net Cash flow before debt drawdown/(repayment) (6.1) 33.2 (6.1) Drawdown/(repayment) of debt and debt redemption/issuance costs (6.3) (5.8) (6.6) (6.3) (6.6) Net cash flow (12.7) 26.9 (12.7) 1 Denotes the effect of foreign exchange rate changes on cash and bank overdrafts 2 Deltas denote current quarter working capital movement Financial results noted above do not include any results from the newly acquired Dalma businesses 17
19 Revised capital structure now shows no significant maturities until 2021 Capital Structure at 31 March 2018 Rating: Caa1/CCC+ $m Pro Forma Capital Structure at 31 March 2018 Rating (4) : B3/B- PF Leverage 4.4x PF net debt 1,667m PF LTM EBITDA (3) Cash 377m 100m $m Notes: (1) Q LTM EBITDA of $262m includes the $25m Holdco equity contribution as defined in the Amended Credit Agreement; (2) Revolver usage shown represents the utilisation of the cash facility only; (3) PF LTM EBITDA adjusted for unaudited LTM EBITDA of the acquired Dalma businesses of $103.5m plus $10.9m PF synergies (4) Facility ratings shown as at May
20 Closing Remarks Q results of $291.1m revenue and $65.8m EBITDA Acquisition of the Omani and Saudi Arabian businesses of Dalma Energy LLC completed on 30 April 2018 Several contract awards in Offshore Services and Bentec Improved market sentiment driven by sustained increase in oil price, however not yet delivering increased international drilling activity Backlog position of $6.3 billion across a blue chip company base Strong HSE and operational performance sustaining low group incident rate 19
21 Q & A investor.relations@kcadeutag.com 20
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