Review 2021 Atlas Professionals

ANNUAL REVIEW

2021

“

Atlas Professionals can look back at a very positive 2021. A lot of what we set out to do was achieved and we have continued our growth as a people orientated organisation. Of course, 2022 will bring some challenges, as each year does. We will again rise to these challenges and aim to be the number one choice for our clients at the frontier of energy, marine and renewables

”

- Boris Kasteel – CEO Atlas Professionals

“

Atlas Professionals is back on the growth path, after a dip due to COVID. The digitalisation and new organisation structure will allow us to respond faster to customer needs.

We will continue working on our foundation to support our customers, professionals and our employees

”

- Collin Seyger – CFO Atlas Professionals

Introduction In a year that has brought us changes and challenges, we have seen commitment and courage demonstrated at every turn. For Atlas Professionals, 2021 was about showing undeterred fortitude, and we succeeded. We have continued our path, following our values and strategy and we have succeeded in meeting our company targets.

We would very much like to thank all our customers for their continued trust, business and support. We are grateful to both our staff and professionals and have been deeply inspired by their willingness to adapt to changes.

It is because of this sheer determination that we have managed to remain the number one choice for our clients by being committed to providing a safe, reliable, competent, and happy workforce.

In this overview, you can find a summary of our business, financial results, and some highlights of 2021.

Yours faithfully, Atlas Professionals Boris Kasteel – CEO Collin Seyger – CFO

This document is unaudited. The 2021 audited financial statements of Atlas Professionals B.V. can be obtained upon request at tenderdesk@atlasprofessionals.com

Timeline 2001

Atlas Transport Services was founded

Commencement of Atlas Employability Services

im

1982 1986 1999 2000 Establishment of Atlas Personnel Services

Company name changes to Atlas Services Group

Acquisition of Tristar Well Service Pool B.V.

Acquisition of Eurosailor B.V.

2002 2004 2006 2007 2008 Acquisition of Dietsmann Technologies activities Participation in Mariteam Personnel Services B.V.

Acquisition of staffing activities Dutch Onshore Offshore Recruitment (D.O.O.R.) Participation in Jaymar La Crosse

Acquisition of Techno Work Group activities

Participationin International Crew Services (ICS) B.V.

Acquisition of HR activities Focus Oil & Gas

Opening of new Atlas offices in Brazil and in Ukraine

Opening of offices in Australia and Kazakhstan Acquisition of Seistech (Newquay, UK) and GSS (Gibraltar) Foundation of Atlas Ship Delivery

2010 2011 2012 2013 2014 One brand “Atlas Services Group” for all 100% owned legal entities

HAL Investments B.V. takes 45% interest in Atlas Services Group Holding B.V.

Opening of new office in Singapore

Participation in South West Surveys (UK) Limited

Atlas Services Group celebrates 30th anniversary Acquisition of Cerno AS Norway Acquisition of MSOP activity Bristol

Acquisition of G.O.S.S. Consultants Limited and G.O.S.S. North Sea Limited (UK) Acquisition of Geomotive activities (Spain)

Acquisition minority stake (25%) in Subserv Pro Limited (UK) Trade name changes to Atlas Professionals

Atlas Services Group opens office in Moscow

Atlas Services Group starts activities in Norway Participation in 7Seas Renewable Energy B.V.

2015 2016 2017 2018 2019 Acquisition remaining shares (75%) in Subserv Pro Limited (UK)

HAL Investments B.V. purchased an additional 25% interest

Acquisition of Programmed Marine International, with offices and activities in Aberdeen (UK), Singapore, Houston (US) and Dubai (UAE).

Acquisition of 50% interest in the Joint Venture Atlas Programmed Marine Holdings Pty Ltd, with offices and activities in Australia and New Zealand.

Opening of recruitment hub in Vlissingen, the Netherlands The Joint Venture, Atlas Programmed Marine, rebrands to Atlas Professionals

Opening Boston office Acquisition of Brander

2020

Opening Taipei office in Taiwan Takeover Mariteam Personnel Services B.V. activities HAL Investments B.V. acquires 100% interest Boris Kasteel appointed CEO

2021

Partnership with OGR in Romania

Highlights of 2021 January 2021 – Atlas enters Romanian collaboration with OGR

AD RE E OR M This partnership provides operational synergies through the focus of Atlas Professionals upon delivering the highest quality professionals to niches within Oil & Gas, Marine and Renewables, and OGR’s experience and capability of logistical and operational support to key projects.

September – 2021 Australian Subsea Business Award for Diversity and Inclusion

AD RE E OR M Atlas Professionals’ Lara Taylor (right) has been awarded the prestigious Diversity and Inclusion Award for her commitment to improving employment opportunities for Indigenous seafarers and those from diverse backgrounds.

September 2021 – Atlas’ Greenhand Programme brings new talent to the North Sea

AD RE E OR M Since the commencement of the Atlas Greenhand Training Programme in August 2018, Atlas’ Aberdeen office has successfully placed 150 Greenhand Roustabouts and helped them kickstart their offshore journey in the North Sea.

October 2021 – Atlas Professionals announces appointment of Collin Seyger as CFO

AD RE E OR M As Chief Financial Officer, Collin will lead Atlas’ global finance operations, quality and business innovation and technology. Collin, with his experience and knowledge, will be a major force in driving Atlas Professionals further ahead and cementing its position in the market.

Our values We invest in people

We know our business We are experts. We know our clients, their businesses, our professionals and our businesses. We know and understand the details.

We conduct business with integrity We conduct business with integrity We treat each other with respect. We adhere to and follow local laws and regulations. Health and safety, whilst respecting the environment, is really important to us.

We are pro-active We take initiatives and find solutions. We communicate with clients and candidates as much as possible. We listen and we act.

pen and orward

We know our business

We keep our promises We honour our agreements. We are a dependable partner and we deliver what we promise.

We are responsible We are ambitious. We conduct our business in a responsible manner and are accountable for our actions and results.

We are responsible

We are open and straightforward We encourage open communication. We are straight to the point. We listen and express our views. We are unambiguous.

We keep our promises

We invest in people We continually train and guide our professionals. We encourage personal development and stimulate them to improve their skills.

We pro-a

Our mission We want to become the number 1 choice for our clients by being committed to provide a safe, reliable, competent and happy workforce, within the niches we operate in, at the frontier of energy, marine and renewables.

Global presence

We are the international solution

25

Offices in 18 countries

339 25+

Nationalities in our company

69%

Staff worldwide

Female in our company

Our professionals

40+

Years of experience

8.5

Our specialist areas

0.50

TRIR rate Target = ≤1

/10

Client satisfaction score in 2021

8.7 /10

Professionals satisfaction score in 2021

38K new professionals registered in My Atlas in 2021

6

• • • • • • • • • • • • • • • •

Seismic Survey ROV, Diving & Inspection Management & QC QHSE Marine Environmental Renewables Platforms & Jack Ups Drilling & Well Services Operations & Maintenance Dredging Decommissioning Offshore Marine Merchant Shipping Engineering & Project Controls Catering

% Female

professionals

100+

Work countries arround the world

We are compliant

575K Mandays in 2021

We are competent

21K

Professionals in our inner circle

We are committed

3,000 Professionals work for us every day

35

%

Work in Energy

31

%

Work in Marine

34

%

Work in Renewables

Performance highlights Revenues

in EUR 1,000

Gross profit

in EUR 1,000

EBITDA

in EUR 1,000

184,924 159,478 25,674 2020

2021

Net income

in EUR 1,000

5,184 4,667

2020

2021

2020

Solvency ratio

45.8

2020

28,334 2021

in %

49.0

2021

8,946

7,598

2020

2021

2021 in review 2021 was the second year in which the world was struck by a pandemic that had massive direct and indirect effects on society and business, and which also had a profound impact on Atlas. It brought new challenges in doing business, but it also provided new opportunities and has been used to organise ourselves differently to be more agile and react better and faster to the needs of our customers and professionals.

With continued focus on Zero Harm, we strive to reach the highest standards in health and safety, while minimising our impact on the environment. With a Total Recordable Incident Rate (TRIR) of 0.50 for 2021, we remain already 10 years within our TRIR KPI of less than 1.0.

After a more than 30% revenue decrease in 2020 as a consequence of COVID-19, in 2021 there was a significant recovery, leading to a 16% revenue increase.

Financial results The economic consequences of COVID-19 and rapidly changing energy prices for our clients, maintained pressure on margins, while the additional burden of the new (UK) IR35 legislation also affected revenue and margins negatively. However, as our mix of business changed, the reported gross margins in percentage terms of 14.8% improved against the 13.6% of 2020.

Volumes (total days sold) increased by 13.6% (2020: -27.4%) resulting in an overall revenue of EUR 185 million (2020: EUR 159 million). Absolute margin (excluding EUR 1.2 million COVID-19 support) at EUR 27.2 million was substantially above the EUR 21.1 million of 2020 (excluding EUR 5.8 million COVID-19 support).

Balance sheet and cash flow statement As a result of the partial business recovery, working capital requirements increased in 2021.

Consequently, the Group’s solvency ratio was 49% at year-end 2021 (2020: 45.8%). The financial position of the Group is therefore strong, with freely available cash at the end of 2021 exceeding EUR 22 million (2020: EUR 19 million), resulting in an improved liquidity ratio (current assets / current liabilities) from 190.8% in 2020 to 217.0% in 2021.

Throughout the year our working capital (comprising of Trade Receivables and Revenues to be invoiced) as a percentage of revenue has remained stable at 18.6% compared to 18.5% in 2020.

The total amount of available cash has increased with EUR 2.7 million from EUR 19.5 million in 2020 to EUR 22.1 million in 2021.

The Net cash from operating activities has decreased with EUR 19.6 million from EUR 22.2 million (in 2020 restated) to EUR 2.6 million. A higher (normalised) working capital need of EUR 21.4 million is the direct effect of increasing business operations seen in the Trade and other receivables.

2022 preview The year 2021 was, despite the continuing uncertainty, about establishing new ways of working to serve our customers and professionals best. While we see globally that all locations remain affected by COVID-19 to some degree, the outlook for 2022 is reflective of an improving operational landscape which is achieved by a combination of improvement of the pandemic impact and a further normalisation of controls and procedures that are now commonplace.

We have continued on our path, following our values and strategy and we have succeeded in meeting our company targets. We are grateful to both our staff and professionals and have been deeply inspired by their willingness to adapt to changes. It is because of this sheer determination that we have managed to stay the number one choice for our clients by being committed to provide a safe, reliable, competent, and happy workforce. We have served 74 countries and have had 567,006 hours of mandays globally.

We wish to continue remaining proactive and be a reliable choice for both our professionals and clients. 2022 brings to us our 40th year of being at the frontier of energy, marine and renewables.

As Atlas Professionals continue to flourish safety, integrity and knowing our business remain at the heart of this company. In 2022, we are once again committed to continually improving our operational excellence and efficiency.

We are grateful to have a community of competent and hardworking people. These are uncertain times, and soon we will be looking at these days as a memory – what we will remember is how we stood together, supporting each other as one, showing kindness and treating each other with respect.

Uncertainties have made us come together to rally our greatest strength, the human spirit.

Through all of this, we at Atlas Professionals want to re-emphasize that we will continue striving together to fulfil our mission while keeping the safety of our staff and professionals at the core of everything we do.

With warm regards, Boris Kasteel CEO Atlas Professionals

Atlas Professionals is an international recruitment company.

Since its foundation in 1982, Atlas has played a major role in supplying professionals to the energy, marine and renewables industries worldwide.

If quality and reliability are key to your business, Atlas Professionals is the partner you need to deliver competent staff.

We provide customised support that allows you to focus on your projects without worrying about personnel.

Over the years, Atlas Professionals has grown into a nononsense, reliable HR service provider with a mission to be the number one personnel provider of choice for our customers by providing a safe, reliable, competent and happy workforce.

Let Atlas Professionals work for you