Introduction to Welltec 20 November 2014

This document is confidential and is intended solely for the use and information of the client to whom it is addressed.

Agenda

Overview Todays Capabilities Summary

1

Overview

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Our intervention success goes a long way

Pioneering Interventions and Completions

Source:Company data

Conveyance Solutions

Mechanical Solutions

Clean-Out Solutions

Milling Solutions

Subsea Intervention

Completion Solutions

The Well Tractor delivers well intervention capabilities in the form of Welltec or3rd party tools/ballistics to the desired location swiftly and safely on e-line.

Proprietary tools such as the Well Stroker and the Well Key, Welltec are able to carry out a wide range of mechanical manipulations in the wellbore.

The Well Cleaner is used to remove debris, clean valves, mandrels and profiles as well as assist with completion cleaning and post fracturing clean-up.

Interventions using the Well Tractor and proprietary tools deployed from Riserless Light Well Intervention (RLWI) vessels operated by third parties.

Using the Well Tractor and proprietary tools such as the Well Miller to mill malfunctioning valves, glass plugs, nipple profiles, scale, cement plugs and similar items for improved well performance.

Building on Welltecs long-standing history of delivering simple yet innovative solutions, The Flex-Well concept provides operators the flexibility to design and run the optimal completion for their reservoir.

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Overview of Well Intervention Technologies

Heavy type intervention forcing the tools into the well using a hydraulic work-over rig

4

Snubbing Can be performed with the well still under pressure Allows for heavy work-over

Time requirements

Expensive

Unable to reach horizontal wells

Large number of people required for operation

Key Attributes

A wireline technology used to convey tools or measurement devices into the well

Tractor attached to front for improved conveyance and to perform mechanical services

Tractors Ability to perform multiple complex operations with minimal disruptions to production flow

Ability to penetrate, deeper, more complex, horizontal wells

Less risk to well and very limited / no risk for blow-outs on platform

Less expensive

Ability to intervene quickly and minimise down-time

Minimal HSE impact and risk

Not applicable for acid stimulation or fracturing

Limitations in heavy and large work-overs (e.g. large scale sand removal or scale milling)

Hollow metal piping spooled on a large reel

Pipe with tools is pushed into the well

Coiled tubing Ability to bring down fluids, gas and chemicals

Allows for relative big force manipulation

Ability to reach horizontal wells

Time requirements

Expensive

Depth limit due to friction

Limited force in horizontal wells

Large number of people required for operation

Description

Case Story for Lighter, Smaller Footprints

Four fold reduction in injury frequency over two decades for this North Sea operator as Welltec services come into play, replacing higher cost, higher complexity alternatives

Opportunity for increased access on more wells at lower cost, more than doubling production rates over two decades

Source: Company analysis, customer-provided analysis, Norwegian Petroleum Directorate1 Riserless Light Well Intervention (subsea well intervention) using tractor technology. Personnel injuries calculated as number of injuries per 200,000 work hours

5

18 13 1628

2129

20 21 1910 6 4 5 1 1

1732

31

56

50

34

37 34 30

3230 32

16

16

24 14

23

13 11 125

921 26

49 49

6672

129136

110

131

113

140

120

135

120 1159

44

13

11

17

18

23

38

30 42

0% 0% 0% 0%

11%

25%31%

47%54%

61%67%

79%87% 88% 85%

90%87% 92%

94% 93%97%

7.47.7

7.3 7.3 7.4

6.86.5

6.77.0

4.7

4.3

3.3

2.2 2.3

1.9

2.4 2.5

1.5 1.61.7 1.7

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

# o

f In

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Snubbing/RAS Coiled TubingWireline Tractor RLWIRobotic Share of Total Interventions Personnel Injuries - Drilling and Workover

Well Tractor Introduced

Mechanical Services Introduced

Conventional Robotic

Overview

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Benefits of e-line intervention

While there is significant benefit from e-line conveyed interventions;

Replace WO rigs, CT units

Smaller footprint = increased access to wells

Nimble, responsive, easy to mobilize

Inherently safer

Reduced environmental impact

The true value is not based soley on reducing cost for the operators, but allowing them to earn more:

Quickly restoring production

Avoiding reservoir damage due to fluid invasion

Using heavy assets more economically

Increasing number of economically viable projects

Maximizing recovery from existing assets

Rig Versus Rigless

7

0

20

40

60

80

100

120

140

160

Heavy Vessel E-line solution Real time saved

pipe trip to dress cut

rig down scaffold, e-line

e-line cut run

Put pipe in tension

rig up scaffold, e-line

BOP, well control, r/u,etc.

cantilever, derrick, etc.

Jack-up

Example Well Cutter

Most P&A or recompletion work is accomplished with a rig.

An e-line approach, using the right tools, allows for assets to be ready for the rig work rather than having the rig be idle during e-line work.

Completing pipe cutting operations rigless provides the opportunity for huge gains in efficiency and cost savings.

And by running other e-line tools, the rigs work can be planned in advance as the well conditions become completely known minimizing costly contingency load-outs.

Overview

8

Interventions maximize production

E-line Interventions performed by international service company

Oil Production Volume

Time

CONCEPTUAL

Agenda

Overview Todays Capabilities Summary

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Todays Capabilities

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> 17 years of conveyance and interventions

Well Tractor

Well Stroker

Well Miller

Welltec Release Device

Well Cleaner

Well Key

Todays Capabilities

Well Tractor

CT Well Tractor

Enables access to multilateral, horizontal, deviated and extended reach wells onshore, offshore and subsea

Assuring operators can utilize the required technology to conduct well interventions and acquire OH data

Lower CAPEX, OPEX

Increasing productivity in Saudi Arabia by pulling CT to the toe of the well prior to acid stimulation.

Today, our Conveyance Solutions deliver perforation and explosives, measurements and logging, fishing, stimulation to the desired depth. Predominantly this is on electric line but Welltec also provides these capabilities on coiled tubing.

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Conveyance Solutions

Todays Capabilities

Well Cleaner

Power Suction Tool (PST)

Reverse Circulating Bit (RCB)

Enabling operators to clean-out and remove debris from the wellbore on e-line

Provide operators with the possibility to perform heavy duty well interventions with a light touch

Lower costs compared to traditional heavy intervention work

Our Clean-out Solutions are a unique and effective method to remove unwanted debris, built-up scale / deposits, produced sand and other foreign bodies. This in turns aids in restoring lost production.

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Clean-out Solutions

Todays Capabilities

Well Miller

Scale Removal

Hardware Milling

Valve Opening

Enabling operators to remove scale on the walls of the tubulars or even inside restrictions

Mills out malfunctioning or unwanted hardware downhole such as nipples, plugs, packers and other downhole barriers on eline

Restores production by milling through failed flapper / formation isolation valves or by removing ball seat valves

Our Milling Solutions effectively restore production on new or old wells by using robotic, e-line intervention technologies to accomplish heavy duty solutions. No other service provider has these capabilities.

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Milling Solutions

Todays Capabilities

Well Stroker

Well Key

A step change in overall reservoir management

Designed to solve 90-95 % of the challenges that inevitably occur during the lifecycle of a well as mentioned

Possible to conduct mechanical services on electric e-line

Enables operators to apply surfaced monitored and controlled force to a specific and predetermined part of the well

Welltecs Mechanical Solutions easily replace WO rigs or CT units to enact mechanical zone changes within a completion, pull plugs or even provide fishing services on e-line.

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Mechanical Solutions

Todays Capabilities

Welltec Annular Barrier (WAB)

Welltec Inflow Valve (field trial)

Ensures well integrity and cement assuranceby effectively sealing the annulus during both production and abandonment phases

Allows for intelligent interventions as an alternative to the intelligent well

Recognizing modern well design, drilling techniques and utilizing state of the art well intervention and completion systems

Lower CAPEX while providing long-term, reduced risk

Our Well Completion Solutions are designed to deliver life of well reliability with products that provide on-demand capabilities which enable the well to be developed as the reservoir matures.

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Well Completion Solutions

Agenda

Overview Todays Capabilities Summary

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Summary

Innovative interventions and completions will continue to grow

Moving forward, e-line conveyed interventions will continue to become the primary enablers for effective management of reservoirs.

Completion designs which are simpler, cost less, are more reliable and provide increased reservoir optimization will become favored over costly, complicated completions.

Innovative companies will continue to develop services and solutions which provide the advantages and benefits required by the operating companies.

The benefits include:

Increased ROI for existing assets: Extending the life of the reservoir Increasing production Lower costs than heavy equipment Inherently safer HSE aspects Optimized rig / CT utilization Decreased CAPEX

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