Company presentation at Fearnley Securities Annual renewables & clean-tech conference

Fearnley Securities Annual Renewables & Clean tech Conference November 29, 2023

Jan Erik Tveteraas, CEO Soiltech AS Tove Vestlie, CFO Soiltech AS

1

Today’s presenters

• 35+ years of experience from the oil & gas industry

Jan Erik Tveteraas Chief Executive Officer

• Co-founder at Soiltech AS • Former CEO and co-founder at Sevan Marine ASA and Sevan Drilling ASA • Former CFO at NAVIS ASA and Transocean Drilling • MBA from NHH

Tove Vestlie Chief Financial Officer

• 11 years of experience from Oil & Gas industry and 6 years of experience from Audit in EY • Previous experience includes Senior associate in EY, Accounting and tax manager in Seadrill/North Atlantic and LOTOS E&P Norge AS • Holds a Master of Finance from NHH, CPA

2

Investment highlights A full-scope, pureplay and innovative specialist in waste management

1

Market leading technologies and blue-chip clients

2

Contributing to reduced carbon emissions in the energy sector

• Market leading technologies and a complete range of cleantech waste management services • Strong operating focus • Blue-chip client base

• Waste reduction, waste recovery and reuse generate cost savings and reduced CO2 emissions • Increasing global focus on a cleaner production of energy and reduced pollution of the oceans are key drivers for continued growth • Production of oil & gas to play a key role in energy security for decades to come

Strong demand with an expanding global footprint

3

Strong track-record and solid revenue visibility

Source: Company

• Build-own-operate model combined with medium/ long term contracts yield revenue visibility • CAGR Revenue 41% from 2017 to 2022 • Gross margin ~45% and EBITDA-margins ~25%

3

Delivering a complete range of cleantech waste management services Water / fluid treatment Treatment of contaminated water

Solids handling

STT Purifier

Cleaning services

Swarf Removal

Cuttings handling

Associated services

Slop treatment technology (STT) - High capacity, energy efficient treatment and recovery of contaminated water, incl. slop and brine – contributing to a circular economy

Reducing hazardous metals and chemicals in contaminated water

Tank and rig cleaning / inspection with state-ofthe-art equipment and experienced personnel

Removing steel fragments from fluid system, enabling reuse of the drilling fluid

Efficient handling of cuttings on the rig, introducing remote operations

Centrifuges, vacuum units, mud coolers

~69%

~1%

~8%

~1%

~17%

~4%

Xx%

= Share of Company revenue as of 30.09.2023 Source: Company

4

Strong recurring client base Selected customers

Source: Company

5

Providing a wide range of services for WASTE REDUCTION, RECOVERY AND REUSE

WATER & FLUID TREATMENT

SOLIDS HANDLING / TREATMENT

Slop treatment

Mechanical

Chemical

Chemical

〤

Brine recovery

Mechanical

Filter

Filter

Filter

Removal of salts & metals

✓

〤

〤

〤

Swarf removal

✓

✓

✓

✓

Cleaning services

✓

✓

✓

✓

Cuttings handling

✓

✓

✓

✓

Cuttings treatment

〤

✓

✓

✓

Source: Company, Arkwright research

✓ Offered

〤No offering

6

The STT process in action – Treatment of contaminated water Showcasing the STT capabilities – Processing, treating and recovering contaminated water

Source: Company

7

The Cuttings Handling process in action Showcasing the Cuttings Handling process

Source: Company

8

New technology initiatives Solids treatment

Water treatment

Remote operations

Automation

Cuttings Treatment Technology (CTT)

STT Purifier

Remote control system

Multi discharge arm

• Mechanical technology

• Reducing salts and metals

• Control room monitoring

• Reducing CO2 emissions

in contaminated water

• Reduced energy consumption

• Reuse of treated water

• Reduced manning • HSEQ improvements

• Automated cuttings handling • Small footprint • Flexible placement

• Higher capacity

Source: Company

9

Contract overview Norway 2023 Rig Type

Client

Location

Pl a tform

Cl i ent

Norwa y

Pl a tform

Cl i ent

Norwa y

Ja ckup

Cl i ent

Norwa y

Ja ckup

Cl i ent

Norwa y

Pl a tform

Cl i ent

Norwa y

Ja ckup

Cl i ent

Norwa y

Ja ckup

Cl i ent

Norwa y

Ja ckup

Cl i ent

Norwa y

Semi s ub

Cl i ent

Norwa y

Semi s ub

Cl i ent

Norwa y

Pl a tform

Cl i ent

Norwa y

Semi s ub

Cl i ent

Norwa y

Semi s ub

Cl i ent

Norwa y

Semi s ub

Cl i ent

Norwa y

Q1

Q2

2024 Q3

Q4

Q1

Q2

2025 Q3

Q4

Q1

Q2

Q3

Q4

Contract Option SPS/Rig move

Source: Company

10

Contract overview International 2023 Rig Type

Client

Location

Semi s ub

Cl i ent

Interna ti ona l

Pl a tform

Cl i ent

Interna ti ona l

Semi s ub

Cl i ent

Interna ti ona l

Semi s ub

Cl i ent

Interna ti ona l

Semi s ub

Cl i ent

Interna ti ona l

Semi s ub

Cl i ent

Interna ti ona l

Ja ckup

Cl i ent

Interna ti ona l

Ja ckup

Cl i ent

Interna ti ona l

Ja ckup

Cl i ent

Interna ti ona l

Ja ckup

Cl i ent

Interna ti ona l

La ndri g

Cl i ent

Interna ti ona l

Dri l l s hi p

Cl i ent

Interna ti ona l

Q1

Q2

2024 Q3

Q4

Q1

Q2

2025 Q3

Q4

Q1

Q2

Q3

Q4

Contract Option SPS/Rig move

Source: Company

11

Significant cost savings and lower carbon footprint Soiltech’s technologies provides substantial cost benefits…1 = All waste to shore

= Alternative technologies

=

58% cost savings vs peers

Semisub

64% cost savings vs peers

Jack-up

… while ensuring substantial cuts in CO2 emissions2

offshore projects

tons

1525

~

tons

CO2 emissions REDUCTION per year by Soiltech

~5 207 tons Tons CO2 emissions reductions to date from Soiltech operations

63% cost savings vs peers

Fixed platform

25

~61

OR

OR

75% cost savings vs peers

Jack-up

~9.3

Million km in a petrol car (annual distance of ~700 petrol cars) 1) 2)

~12.690

short-haul flight passengers

~1 116 720 Kg of cast iron

Soiltech’s internal cost estimates. Estimates do not include onshore transport and treatment cost Based on Esgian data. xIQ is a software for estimation of a company's full environmental footprint, including own emissions and contributions to avoided emissions along the company's value chain

12

SOILTECH continues to expand its global footprint as demand continues to increase SOILTECH has a global footprint…

…with an increasing share of revenues from international markets = International markets

= Norway

13%

2021

Norway (HQ) United Kingdom

52

72

16%

Mauritania Colombia

38

87%

Cyprus Lebanon UAE (Abu Dhabi)

Mexico

EMPLOYEE HEADCOUNT

Netherlands

2022 84%

117

UK 2020

2021

2022

24%

2023

2023 76%

Source: Company

13

A history of strong and profitable growth Six consecutive years of growth and profitability…

2017 – 2022 financials

200

178

26%

180

23%

140

25%

160

137 20%

30%

25%

140

24%

22%

20%

120

25%

22%

120

15%

100

53

60

82

18% 15%

44

1

27

19

10

60

0%

Revenue

2020

EBITDA

2021

38

40

20

2019

10%

40

5%

0

2018

2022

EBITDA Margin

7

16

14

5%

0

0%

Q1 2023

Revenue

1

Revenue growth (CAGR) of 41% from 2017 to 2022 is mainly due to gaining market share from existing players in the market

2

Operating on medium and long-term contracts, with recurring revenues and visible profitability

3

Solid EBITDA-margins due to proprietary technologies and solutions

Source: Company

66

64

10%

14

2017

100

20%

80

32 3%

15%

65

80

20

171

180

160

40

2023 financials

30%

Q2 2023

EBITDA

Q3 2023

YTD 2023

EBITDA Margin

14

Financials Income statement NOKm

Q3 2023

Q3 2022

YTD 2023

YTD 2022

31.12.2022

Revenues

66

44

171

134

178

Operating cost

40

24

102

76

99

Gross margin

40%

46%

40%

44%

44%

SG&A

11

7

31

27

35

EBITDA from operations

16

13

38

32

45

EBITDA margin

24%

29%

22%

24%

25%

Depreciation

4

4

13

11

15

Operating profit

11

8

23

14

22

Net financial items

-3

-1.0

-5

-3

-4

Profit before tax

8

7

17

12

19

Q2 and Q3 2023 represented a significant increase in revenues compared to previous quarters

FINANCIAL OUTLOOK

We expect this level of activity to be maintained also in the last quarter of 2023 Going into 2024 and 2025, we expect the market will continue to improve, resulting in further growth for SOILTECH, as we continue to gain market share

Source: Company

15

THANK YOU!

Soiltech AS

Koppholen 25, 4313 Sandnes, Norway www.soiltech.no

Soiltech UK

12 Carden Place, AB10 1UR, Aberdeen

Soiltech Abu Dhabi

Gibca Tower, Khalifa 3rd Street, Abu Dhabi

Soiltech Saudi Arabia

Abu Talha Al Ansari Street Plot #48 Teabah, Al Jubail Dakhl Al Mahdood Jubail – 31951, Kingdom of Saudi Arabia 16