INDEPENDENT OIL TOOLS AS (IOT AS) & IOT Group

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INDEPENDENT OIL TOOLS AS ( AS) & Group Presentasjon : Independent Oil Tools AS Dato: 16.

1 INDEPENDENT OIL TOOLS AS ( AS) & Group Presentasjon : Independent Oil Tools AS Dato: Av: Bjørn Angeltveit, Managing Director, AS Anledning: NFLB konferanse, Sandnes

2 Disclaimer This presentation (the Presentation ) has been produced by Petrolia SE (the Company ) solely for presentation of the group of companies to financial institutions and investors. This presentation has not been reviewed or registered with any public authority or stock exchange and is strictly confidential and may not be reproduced or redistributed, in whole or in part, to any other person. This Presentation is for information purposes only and does not in itself constitute an offer to sell or a solicitation of an offer to buy any securities. Neither this Presentation nor any copy of it nor the information contained herein is being issued, and nor may this Presentation nor any copy of it nor the information contained herein be distributed directly or indirectly to or into the United States, Canada, Australia, Hong Kong or Japan, or any other jurisdiction in such distribution would be unlawful. The Company has not taken any actions to allow the distribution of this Presentation in any jurisdictions other than Norway. The distribution of this Presentation and any application/subscription for securities of the Company may be restricted by law in certain jurisdictions, and persons into whose possession this Presentation comes should inform themselves about, and observe, any such restriction. Any failure to comply with such restrictions may constitute a violation of the laws of any such jurisdiction. None of the Company or any of its parent or subsidiary undertakings, affiliates, advisors, or any such person s directors, officers or employees (collectively referred to as Representatives ) shall have any liability (in contract, negligence or otherwise) for any loss, cost or expense howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with the Presentation. To the best of the knowledge of the Company and its board of directors, the information contained in this Presentation is in all material respect in accordance with the facts as of the date hereof, and contains no material omissions likely to affect its importance. However, the information contained in this Presentation has not been independently verified. This Presentation is furnished by the Company, and it is expressly noted that no representation or warranty, express or implied, as to the accuracy or completeness of any information included herein is given by the Company or any of its Representatives, and that nothing contained in this Presentation is or can be relied upon as a promise or representation by the Company or any of its Representatives, who disclaim all and any liability, whether arising in tort or contract or otherwise. By attending or receiving this Presentation you acknowledge that you will be solely responsible for your own assessment of the Company, its shares and business operations, and the market and the market position of the Company, and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company s business. The contents of the Presentation are not to be construed as financial, legal, business, investment, tax or other professional advice. Each recipient should consult with its own professional advisors for any such matter and advice. Any person reading this Presentation is made aware that no due diligence has been completed for the purposes of this Presentation. This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forwardlooking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words believes, expects, predicts, intends, projects, plans, estimates, aims, foresees, anticipates, targets, and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. Neither the Company nor any of its Representatives provide any assurance that the assumptions underlying such forward-looking statements are not free from errors nor do any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. No obligation, except as required by law, is assumed to update any forward-looking statements or to conform these forward-looking statements to our actual results. This Presentation is confidential and is being communicated in the United Kingdom to persons who have professional experience, knowledge and expertise in matters relating to investments and are "investment professionals" for the purposes of article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and only in circumstances where, in accordance with section 86(1) of the Financial and Services Markets Act 2000 ("FSMA") the requirement to provide an approved prospectus in accordance with the requirement under section 85 FSMA does not apply. Consequently, the Financial institutions and investors understand that participation in a Loan facility may be offered only to "qualified investors" for the purposes of sections 86(1) and 86(7) FSMA, or to limited numbers of UK investors, or only where minima are placed on the consideration or denomination of securities that can be made available (all such persons being referred to as "relevant persons"). This presentation is only directed at qualified investors and investment professionals and other persons should not rely on or act upon this presentation or any of its contents. Any investment or investment activity to which this communication relates is only available to and will only be engaged in with investment professionals. This Presentation speaks as of 11 th of March Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. Neither the Company nor any of its Representatives intend to or assume any obligation to update the Presentation any of the information included herein. For the sake of good order the Company specifically state that this Presentation and the proposals presented herein shall not represent any statement to the effect that the Company may not meet its obligations when due under the existing Loan Agreement(s). This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts. 1

3 Business activity Group The Group rents out drilling and pressure control equipment. The group also provides tubular running services, downhole fishing services and other remedail work. Resent acquisition of Catch Fishing Co Petrolia rigs and TM Drill rigs will increase revenue The group operates Worldwide. The turnover for 2012: MUSD 100 2

4 Global presence 7

5 Petrolia SE (Cyprus) Petrolia Drilling II AS (Norway) Independent Oil Tools AS (Norway) Premium Casing Services Pty Ltd (Australia) Premium Casing Services Pty Ltd (New Zealand) Independent Oil Tools Dosco Srl (Romania) Independent Oil Tools BV (Netherlands) Independent Oil Tools Limited (Dubai) Independent Tool Pool AS (Norway) 51% 51% Independent Oil Tools Dosco BV (Netherlands) Caspian Oilfield Services (Azerbaijan) Singapore Ltd (Singapore) 30% Malaysia Pty (Malaysia) Ghana Ltd (Ghana) Ecuador (Ecuador) South Africa (South Africa) 49% Independent Oil Tools LLC (Dubai) Petrolia Mauritius (Mauritius) 4 Advanced Oilfield Specialists FZCO (Dubai)

Group Revenues (MUSD) EBITDA (MUSD) 45 40

6 Group Revenues (MUSD) EBITDA (MUSD)

has purchased equipment for MNOK 210 Contracts in place for rental of test tubing with

7 Independent Oil Tools AS, Norway, today: Headquartered in Stavanger Provides rental of drill pipe, handling equipment and test tubing (indoor storage) Make and break services has purchased equipment for MNOK 210 Contracts in place for rental of test tubing with major service companies is very focussed on clients satisfaction, quality and on-time-delivery. 2

Tubing: Min. 6300 jts. Tubing for well testing and other operations.

8 Independent Oil Tools AS, Norway, products & service: Drill Pipe: Min 8000 jts. of Drill pipe/hwdp and drillcollars. Drill pipe ranges from 2 7/8 5 ½, most of which is grade S-135. Tubing: Min jts. Tubing for well testing and other operations. Tubing ranges from 2 3/8 5 in various grades and weights. Also sour service. Make/break service Inhouse inspection of all tubular and handling equipement 2

control equipment Fishing services Reamers and Jars Casing running services Coil tubing equipment

9 Independent Oil Tools AS, Norge, future: Need new headquarter in Stavanger in a few years time Continue with existing business in a growth market Strategically consider to bring in: Pressure control equipment Fishing services Reamers and Jars Casing running services Coil tubing equipment Partner for introduction of new technology want to be the best supplier within its business segment. 2

AS Financial results Revenues (MNOK) 140 120 100 80 60 40 20 0 Revenues (MNOK) 2009 2010 2011 2012 Income statement (all figures in MNOK) EBITDA (MNOK) 2012 2011 2010 2009 Revenues (sales) 118.3 130.

10 AS Financial results Revenues (MNOK) Revenues (MNOK) Income statement (all figures in MNOK) EBITDA (MNOK) Revenues (sales) Cost (Opex) EBITDA * 34.7 EBITDA Adjusted** EBIT EBIT Adjusted** *Includes impairment of receivables of MNOK 11.5 ** Adjusted for impairment of MNOK

11 AS Board of Directors and Management For Norway Board of Directors: Kjetil Forland (Chair), Sølve Nilsen (Director), Ulf Eide (Director) Managing Director : Bjørn Angeltveit Manager Business Development Bjarte Andreassen (fra April -13) Manager HSEQ & Adm: Helle Mønster Olufsen Manager Sales Geir Larsen Manager Operations Roar Vik Manager Finance & Accounts Sven Olav Borgen 5

12 26 The Company holds the necessary certificates

13 28 Recognized by important clients

14 A selection of clients worldwide Oil companies Drilling companies Oil service companies BG Norge ConocoPhillips Noble Energy Marathon Petroleum Chevron Thailand, China, Apache Energy Hess Shell Talisman Exxonmobil Woodside Buru Energy Total PTTEP NIDO Petroleum Petronas Mintra Energy Indonesia North West Energy Orign Energy Vanco KCA Deutag Seadrill Stena Drilling Transocean Vantage Drilling Ensco Santos Offshore Odfjell Drilling Baker Oil Tools BJ Services Dril-Quip Expro FMC Kongsberg Offshore Frank`s Odfjell Schlumberger/Smith VetcoGray Weatherford Baker Huges Smith Geodynamics Archer Well 29

Presentation 4Q Februar 2018-

Presentation 4Q Februar 2018- Presentation 4Q 2017-9. Februar 2018- Disclaimer This presentation (the Presentation ) has been produced by Master Marine and Jacktel AS (the Issuer, Parties, Master Marine or Jacktel ), solely for use