Scanship Holding ASA Trading update 1Q 2018

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1 world leading solutions for cleaner oceans Scanship Holding ASA Trading update 1Q 2018 Henrik Badin CEO Erik Magelssen CFO

2 About the company Scanship Waste Management System Supplier of world leading solutions for cleaner oceans Delivers systems and provides services to the cruise and aquaculture industries Headquartered in Norway with subsidiaries in US and Poland 62 employees (40 employees in Norway) Equipped more than 100 cruise ships (75 newbuilds/25 retrofits) Forward orderbook includes systems for 31 cruise ships Delivered systems to 4 aquaculture smolt facilities with current orders for additional 2

3 Implementation of IFRS 15 The company has implemented IFRS15 in 2018 The effects IFRS 15 will to a larger extent concentrate project progress, the recognition of revenue and cost, to delivery periods This as opposed to earlier accounting principle (IAS18/11) where progress was more evenly distributed from commencement of engineering until equipment delivery The underlying value creation in the business will not change, but quarterly variation may be expected with IFRS15 For comparison purposes, the financial reporting during 2018 will provides numbers for both IFRS15 and IAS18/11.

4 First quarter financials Revenues & EBITDA Margin (MNOK) 80 77,4 66,3 EBITDA 8,6 % EBITDA 13,5 % EBITDA 11,6 % 5,7 10,8 9,0 Scanship recorded 1Q 2018 (IFRS15) with revenue of MNOK 77.4 with and EBITDA MNOK 9.0 Based on IAS18/11 revenue was MNOK 80.0 with EBITDA MNOK 10.8 Applying last year accounting standard on 1Q 2018, revenues are up 21% and EBITDA earnings are 90% higher compared with 1Q Q 2017 (IAS 18/1) 1Q 2018 (IAS 18/11) 1Q 2018 (IFRS15) Revenues EBITDA Margin EBITDA Margin %

5 Segment revenues Revenues (MNOK) 45,6 20,7 57, ,4 22,4 Project revenues is increased with 26% to MNOK 55.7 compared with first quarter last year Aftersales for the period is increased with 8.2% to MNOK 22.4 Based on IFRS15 project revenues represents 72% of revenue volume in 1Q 2018 Results for the period is driven by higher activity with increased equipment supplies to shipyards. 1Q 2017 (IAS18/11) 1Q 2018 (IAS18/11) 1Q 2018 (IFRS15) Projects Aftersales

6 Robust backlog growth Order Backlog (MNOK) Backlog MNOK 514 increased by 67% since 1Q 2017 (MNOK 309) Accumulated project order intake Q was MNOK 100 Newbuild wins for Viking Ocean Cruises at Fincantieri Retrofit contract with NCL Holding for Oceania Insignia Aquaculture contract with SalMar Settefisk AS The Cruise newbuild contract portfolio includes in addition options in the amount of MNOK 200 1H H H H Q 2018 IFRS15

7 Cruise newbuild evolution Meyer Werft Papenburg The cruise industry has currently all-time high 100 cruise ships on order for delivery the next ten years (83 will enter service during next 5 years) Scanship contract portfolio includes system deliveries to 31 cruise ships to enter service from this year until 2024 The company is tendering for several newbuild series at Meyer Werft, Meyer Turku, Fincantieri, STX France and CSSC in total 19 vessels on 5 series There are 8 optional newbuilds included in Scanship forward contract portfolio that is not included in the industry orderbook at this point of time.

8 Retrofit market returning Oceania Insignia with Scanship AWP Scanship awarded AWP retrofit contract with Norwegian Cruise Line Holding on March 16, 2018 Retrofit contract includes equipment delivery and installation for an AWP to meet the IMO Marpol MEPC 227 (64) including chapter 4.2 (Baltic Standard) Applying 3D Scanning with detail engineering for skid deliveries to reduce onboard installation time Currently involved with several brands in Carnival Corporation & PLC for feasibility studies and project tendering

9 Sustainability drives aquaculture ILAKS April 23, 2018 IFRS15 Scanship offering meets demand for reduction of pollution and recovery of nutrients from fish farming Awarded contract for SalMar in March, 2018 Media exposure on the circular economy solution drives current tendering activity May 23 contract with Billund Akvakulturservice AS (Scottish Sea Farms SSF) expands business outside Norway Higher tendering activity for seabased closed systems is expected to drive forward revenue Larger landbased fishfarms are requesting our solutions

10 MAP go-to-market plan on track Teknisk Ukeblad April 5, 2018 IFRS15 Scanship MAP will reduce CO2 emissions with carbon capture capturing and replacing fossil fuels with MAP produced energy Large interest from several key players in Cruise market in addition to Virgin Test facility with mock-up of MAP system currently being upgraded with both up-stream and down-stream process components to obtain continuous operations MAP testing on waste from both cruise ships and aquaculture MAP system being considered for several future planned cruise newbuilds

11 Summary We deliver solid earnings Good forward visibility supported by high backlog Multiple opportunities in core Cruise Market as newbuilds continue to grow and clear signals on a returning retrofit market High activity in Aquaculture in all segments; smolt, seabased closed cage and landbased fishfarms MAP waste to energy technology development on track for commercialization