Welltec ®

Pareto Offshore Conference

September 4, 2013

Agenda for today’s presentation

1. Introduction to Welltec ®

2. Welltec Well Intervention Services

3. Welltec Flex Well Completion

4. Q&A’s

1. Introduction to Welltec ®

3

Key Historical Financials (DKK in millions)

Introduction to Welltec ®

Strong financial performance in a highly attractive market

115 161 251 445 596 663 723 928 1.220 1.701 67 84 120 191 259 368 419 490 593 802 58,3% 52,2% 47,8% 42,9% 43,4% 55,2% 57,8% 53,0% 48,6% 47,2%2003A 2004A 2005A 2006A 2007A 2008A 2009A 2010A 2011A 2012A

Revenue (DKKm) EBITDA (DKKm) EBITDA margin (%)

Quarterly Financials (DKK in millions)

� Leading provider of robotic well intervention services and completions solutions for the upstream oil and gas industry based on leading proprietary technology

- Over 1,000 employees with establishments in more than 25 countries

- Service more than 240 existing clients including most IOCs, key NOCs and independent oil and gas companies

- Over 120 patent families

� Significant value creation for our clients reflected in Welltec’s performance and growth prospects

� Attractive addressable market in well interventions :

- In recent years, the addressable market has shown stable growth of more than 15% annually and is expected to reach

USD 18bn by 2014

- Interventions using robotic technology expected to gain further market share

� Recently entered the market for well completions

� High double digit revenue and EBITDA growth and strong cash flow

291246

344 341 363400

448492

430481

15890

186 159 173 186 219 224154

224

54%

38%

54%

47% 48% 47%49%

46%

36%

47%

Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13

115 161251

445596 663 723

928

1220

1701

67 84 120 191 259368 419 490

593

802

58%

52%

48%

43% 43%

56%58%

53%

49% 47%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

4

Introduction to Welltec ®

With operations in all major oil & gas regions Well tec ® has a truly global footprint

= Activities

53%

32%

34%

Americas

EMEAR

APAC

23%

12%

35%

Q2 13

5

Welltec ® in the Oil and Gas Industry Welltec ® in the Well Intervention Market

Well optimization

Time (years)

Oil

prod

uctio

n vo

lum

e

Active well management through well interventions can increase recovery and production ratessignificantly

Production gain from

interventions

Improved production

profile

Introduction to Welltec ®

Welltec’s key value proposition addresses the DNA of the oil & gas industry

Production without

Interventions or completion

Original productionprofile

Production gain from completions

� Welltec’s robotic technology addresses the key market trends of maturing fields, increasing depletion rates and more sophisticated well designs

� Welltec’s cutting edge solutions enable clients to unlock more production and deal with reservoir complexities and uncertainties with a greater number of options

� The premium attached to Welltec’s technology is continuing to gain momentum, as the fundamental market drivers remain undiminished

� Welltec’s technology allows for safer, more cost efficient interventions in increasingly complex wells and in the most hostile environments

� Welltec’s Well Tractor® pioneered the well intervention market with significant added value compared to conventional methods

� With continuous innovation and introduction of new tools and technologies, Welltec is established as a leading provider of superior robotic solutions

� Welltec continues to be at the forefront of the future market standard within advanced well interventions

2. Welltec Well Intervention Services

7

Welltec ® Well Intervention ServicesWelltec’s Well Intervention Services programme cove rs a wide range of tools and services designed for smooth intervention

Well TractorCoiled Tubing Well Tractor Well Stroker Well Key Well Cleaner Well Miller

Well Release Device

“Vehicles” “Sledge

hammer”“Wrench”

“Vacuum cleaner”

“Power drill”“Safety

harness”

Tractors Intervention tools Diagnostics

Well DiagnosticsWell Cutter

“Power saw”

WELLTEC HARDWARE SCANNER ®

“The Doctor”

Solutions

Conveyance solutions

Wireline servicesMechanical solutions

Clean-out solutions Milling solutions Subsea

intervention

• Deliver well intervention tools to the desired location with high precision

• Enabling downhole logging and complicated interventions without labour-intensive and heavy equipment

• Solutions for safe and efficient well management and maintenance

• Solutions range from removing large quantities of sand and debris to cleaning of safety valves, mandrels and profiles

• Removal or penetration of malfunctioning downhole valves and other barriers

• Solution programme adapted for riserless well intervention on offshore installations

8

Welltec ® Well Intervention ServicesWelltec Riserless Lightweight Well Intervention (RL WI) operating on electrical wireline conveyance offers multiple benefits

Welltec Riserless Well Intervention

Specially designed vessels provide location access and dynamic positioning from which to perform interventions

A subsea lubricator provides static and dynamic barriers and the wellbore access

Electric-line, tractor conveyed (in horizontal and deviated wells) or mechanical services, such as milling, mechanical manipulations, and cleanouts to improve well productivity and recovery rates

Increased intervention capability

Reduced HSE risk Increased Net Present ValueIncreased production and recover

Reduced intervention costs

� Increasing number of subsea wells and declining onshore production rates

- Increased need for subsea well intervention and production management

� Added complexity of offshore wells with subsea installations

- Has historically limited the ability to benefit from active well intervention programs

� The Welltec Riserless Lightweight Well Intervention program is specifically designed for subsea interventions in extreme environments

- The technology provides the industry with subsea intervention capabilities comparable to onshore well intervention

- Faster and more costs efficient operations

- Surface readouts data collection for diagnostics of well conditions

- Fewer people on board and less equipment to mobilize reducing health, safety and environmental (HSE) risks

- Increased scope of subsea intervention services

� The RWLI program is based on Robotic Intervention technology with tractor based electrical e-line conveyance

9

0days

45days

Technology

Direct cost

Production downtime

Intrusion

Risk related to safety/environment

Robotic intervention technologyCoiled tubing intervention Snubbing and rig technology

Low High Low High Low High

Low High Low High Low High

Low High Low High Low High

0days

45days

0days

45days

Conveyance Clean-out Milling Mechanical Services Subsea

Estimated no. of

Tractors (indexed)

Cased Hole

Tractors

Open Hole

TractorsPerforating

TractorsClean-Out

ToolMilling Tool

Plug Setting

Shifting Tool

Subsea RLWI

100 ��� ��� ��� ��� ��� ��� ��� ���

44 ��� � � (�) � � � (�)

53 � (�) � (�) � (�) � (�)

Conveyance Clean-out Milling Mechanical services Subsea

Welltec ® is the leader amongst our colleagues in the industr y

Welltec ® Well Intervention ServicesLightweight robotic intervention technology trumps the conventional heavy intervention methods on all key parameters

Superior product offering is gradually replacing co nventional technologies

3. Welltec Flex Well Completion

11

Welltec ® Flex Well CompletionOur Completion Solutions addresses key industry cha llenges and the new agenda for service providers

� The Flex-Well Completion Solution is a response to key industry movements:

- Increased reservoir and geological complexity

- Increased activity in remote, hostile and offshore environments

- Increased number horizontal and multi lateral wells

- Increased well depth and horizontal displacement – increased number of extended reach wells

- Increased regulatory focus on recovery / geopolitical effects of resources

� The “End of the Day’s of the Easy-Oil”, sets a new agenda for service providers:

- Accelerated technological development

- Improved well and reservoir management

- Maximizing production- and recovery rates

- Improved well economics and cash flow management

� Welltec Flex-Well Completion Solution addresses these challenges by providing:

- Improved well economics

- Increased Health, Safety and Environmental issues

- Increased flexibility

- Increased benefit from future technology

Increased focus on

integrity and HSE

Challenging environments

Complex well structures

Reservoir and geological complexity

Increased regulation

Technological development

Well and reservoir

management

Production and recovery

rates

Total life of well

Capex and opex

New

ag

en

da f

or s

ervic

e

pro

vid

ers

Fo

rces a

t w

ork

Welltec Flex-Well Completion Solutions

Improved Net Present Value

Well

tec F

lex

-W

ell

So

luti

on

Reduced completion risk Increased flexibility

Conduct change with operators

12

Welltec ® Flex Well CompletionReduced completion complexity

� Well Integrity Solutions

- Zonal Isolation (WAB™ ZI)

- Cement Assurance (WAB™ CA)

- Drill Down Liners for Lost Circulation (WAB™ CA)

- Flow Control (WFV™)

- Data Monitoring (WDM™)

� Well Productivity Solutions

- Isolation of production zones (WAB™ ZI)

- Improved reservoir contact

- Zonal stimulation

- Flow Control (WFV™)

- Data Monitoring (WDM™)

Welltec Completion Products

Reduced capex

� No cementing cost or perforation cost

� No time to allow for swelling

� No control wires or hydraulic tubes needed to control downhole “intelligent well” devices solutions and consequently no double casing needed

� Reduced rig time – and possibility of applying automated rigs for liner and completion deployment

Reduced operational risk

� Low capex exposure via

- Safe drilling- Less hardware- Less rig time

� Operation without electric/hydraulic surface control reduces operational risk

� Less completion complexity increases deployment success rate

Optimised production

� Low upfront capex unlocks possibility of committing opex to optimise production as reservoir evolves

� Completion design without electric/hydraulic lines unlocks possibility of doing side-tracking and multi-lateral well throughout “life-of-well”

� Autonomous water ingress control makes the well self-regulating with respect to water production

Product Application

13

Welltec ® Flex Well CompletionOur Completion Solution is designed for increased p roduction- and recovery rates during total life of well

� Increased reservoir contact

- Cement-less lower completion improves well reservoir contact

- Multiple zonal isolation allows for improved production and water management

- Flexible design allows for sidetracking and multiple laterals over life of well

� Increased inner diameter of completion

- Single skin design and use of non degradable metallic expandable packers (WAB’s) eliminates restrictions in wells

- Opens up for slim well construction and maximum production capacity and allows longer laterals to be drilled

- Allows for increased initial production

� Improved intervention and stimulation capabilities

- Full access to e-line interventions without restrictions

- Designed for tractor based intervention

- Targeted zonal stimulation

- Forward compatibility with latest technology deployed on e-line during life of well

Increased production- and recovery rates

Significantly improved Net Present Value

Production gain (increased recovery rates)

Pro

duct

ion

Oil production value curve in double skin, completed wells with control-wiring

Oil production curve with Welltec completed wells

Time

Improved intervention and stimulation capabilities

Improved reservoir contact and optimized production flow

Impact on individual wells

14

Welltec ® Flex Well CompletionThe lower complexity of our Completion Solution sig nificantly reduces the operational risk profile of the well and improves H SE

� Flex-well Completion Solution reduces operational risk during

- Fewer man-hours during completion increase HSE benefits, reduces risk of incidents and reduces environmental footprint

- Lower complexity and lighter downhole equipment, improves equipment failure resilience

- Use of non-degradable alloys improves well integrity over life-of-well

- Possibility to use standard horizontal X-mas trees, as an alternative to Vertical

� Lower complexity and easier completion creates multiple benefits throughout life-of-well,

- Facilitates use of sidetracking and multi-laterals

- Multiple production zones, enables cut-off of dead zones

Reduced Completion complexity

Reduced risk profile of well Increased Net Present ValueLower Cost of Capital

Flex-Well Completion“Intelligent well” Completion

Low High Low High

Low High Low High

Technology

Completion time

Operational risk

Number of flow lines

HSE risk

DaysWeek

sDays Weeks

Low High Low High

LessMor

eLess

More

Cost per zone

~3-4 weeks ~1-2 days

Minimum 2-3 per zone 0

15

Welltec ® Flex Well CompletionOur Completion solution is perfectly integrated wit h our Well Intervention Services

Active well and reservoir management

Significantly improved Net Present Value

� Integration with Welltec Intervention Services can further add to the positive impact on production rates

� Allows for maximum benefit from active well management and intervention

� Good well management can have massive impact on production rates

- Supported by a study published by McKinsey & Co. in 2009 based on a benchmark of 40 wells in the North Sea

- Suggests additional 16% production volume delivered by active well and reservoir management

� Welltec’s Robotic Intervention Services addresses the majority of these intervention activities

Impact on production rates from active well managem ent

Addressable by Welltec Intervention Services

16%

0,2%

0,3%

1,0%

1,4%

1,1%

1,1%

0,8%

0,8%

0,8%

0,8%

2,4%

0,5%

1,4%

1,6%

1,8%

Gas-lift valve replacement

Injector cleaning

Acid stimulation

Clean-outs

Well conversion

Recompletion

Pump resize

Tubing optimization

Lift conversion

Additional perforation

Water and gas shut-off

Sand control

Zone change

Fracturing

Side track

Total

16

… and thank you for your time

Questions?

Please contact:

Jesper Helmuth Larsen, Chief Financial OfficerMorten Græsbøll Ottesen, Investor Relations Director+45 48 14 35 14E-mail: investor@welltec.comand visit www.welltec.com/investors