MacGregor TTS Acquisition Overview

0 34532250 15 10 50 Market On the path of a slow recovery, long term outlook with demand driven by regulations & supply-demand rebalancing Projected Demolition By Sector (m GT) Accelerated demolition due to environmental and regulatory pressures Contracting history and forecast March 2019 No. of ships, Merchant ship types > 2000 gt, excl ofs and misc 2500 2000 1500 historical avg 1996-2018: 1559 vessels 2009 2011 2013 2015 2017 2019 2021 2023 2025 2027 2029 2031 800 700 600 500 400 300 200 100 ■Tankers Bulkers Containerships Gas Carriers ■Other Source: Clarksons Research, March 2019, next update end Sep. MACGREGOR LO ° Avg. 08-18 1000 500 Avg. 96-18 2015 2016 2017 2018 2019 2021 Tanker OLNG/LPG Bulker Container MPP/GC RoRo/PCC Cruise Contracting history and forecast 2015 - 2025, March 2019 No. of units, Mobile offshore units Base case forecast Brent USD 75/bbl in 2022 2015 S 2016 2017 2018 Survey Mobile drilling Construction historical avg 2008-2018 479 units 2019 2020 220 Mobile production Logistics AHTS PSV 2023 2024 2025 Rescue & Salvage Utility Support

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