Yinson Holdings Berhad Yinson Holdings Berhad Corporate Presentation March 2019
Overview of Yinson Key Information Core Businesses – Vessel-leasing Yinson Holdings Berhad (“Yinson”) is the 6 th largest independent 6 FPSOs FPSO leasing company globally (floating, production, storage and Headquartered in Kuala Lumpur, Malaysia with key offices in offloading) Singapore, Norway, Nigeria, Malaysia (Miri), Gabon, and Ghana; and Production representation in Vietnam, Brazil and America 1 FSO Fleets Vessel Listed on Bursa Malaysia with market cap of MYR 4.9 billion (c. USD (floating, storage and offloading ) and Crew 1.19 billion) as of 13 March 2019 Total equity to date of MYR3.71 billion (c. USD0.90 billion) Manage- 1 PSV Marine Yinson is now a full-fledged FPSO company. Completed the ment (Platform supply vehicle) Services divestment of all its non-oil & gas business segments in July 2016 3 AHTS Vessels Recent Awards and Accolades (Anchor Handling Tug Supply Vessel) Alpha SouthEast Asia Deal & Solution Awards 2018 • Best Mudarabah Deal in Southeast Asia 2018 – Yinson TMC’s RM950 million Company Strategies Perpetual Senior Sukuk Mudarabah 1. High Quality Counterparties & Strategic Partners The Edge Billion Ringgit Club and Corporate Awards 2018 • Highest Return on equity in three years 2. Robust Contractual Terms &Termination Protection. No Oil Price or • Energy Sector Reservoir Risk IFR ASIA AWARDS 2018 3. Optimise Capital & Funding Structure • Malaysia Capital Markets Deal – Yinson TMC’s MYR950m 6.8% senior perpetual sukuk 4. Strong Local Content Application in Operating Countries Malaysian Institute of Corporate Governance 2016-2018 • Partners in Corporate Governance MICG Malaysian Institute of Corporate Governance 2016-2018 5. Winning Contracts With Innovative Solutions Asset Asian Awards 2017 - Best Islamic Syndicated Loan 6. Diversity In Corporate Culture • Yinson Production (West Africa) Pte Ltd • US$780 Million Commodity Murabahah Term Facility 1 1 1
6 th Largest Independent FPSO Contractor Competitor Analysis - Independent FPSO Leasing Contractor Fleet Size and Current Orders (1) (2) Under Repair Available 2 1 On Order 3 2 Installed 3 2 2 12 12 11 9 3 2 6 1 3 2 Modec BW Offshore SBM Teekay Offshore Bumi Armada Yinson Bluewater (3) FPSO leasing market dominated by a small number of players (excluding non-independent or charterer-owned vessels, the Top 9 players account for c. 80% of the Total FPSO leased fleet (includes vessels installed, available, on order and under repair)) Whilst awards of new projects have slowed down in the past year, the absence of new entrants and the expected increase in awards in 2018 will work to lessen the effect of this 1. Source: Floating Production Systems Outlook Report, 2019 FPS Report Series Volume 1, EMA 2. This chart shows the top 7 independent FPSO leasing contractors and does not take into account other non-leasing companies (Petrobras, CNOOC, other oil majors, etc.) 3. FPSO Helang, FPSO OSX1, FPSO Allan are currently classified as “On Order” for Project Helang, Project Ca Rong Do, Project CRD has been suspended under alleged force majeure and Project First E&P. 2 2 2
Latest Developments FEBRUARY 2019 • Yinson and Sumitomo Corporation (“Sumitomo”) signed a letter of agreement documenting both parties’ intention to Entered into LOA with Sumitomo for the collaborate in a joint venture for the provision of an FPSO for the Marlim field in Brazil in the event of a successful potential joint venture for the provision of bid by Yinson. an FPSO for Project Marlim. FEBRUARY 2019 • On 28 February 2019 Yinson was awarded contracts worth USD901.7 million for the charter and operation & Secured contracts for charter and O&M of maintenance of a FPSO by First Exploration & Petroleum Development Company (“FIRST E&P”) for use at the a FPSO with FIRST E&P Anyala & Madu fields, offshore the Federal Republic of Nigeria, to be named FPSO Abigail-Joseph. • With this charter contract, Yinson is able to redeploy FPSO Allan following the end of its charter. This is our 3 rd charter contract secured based on redeployment strategy of existing FPSO (after FPSO Ca Rong Do and FPSO Helang). FEBRUARY 2019 • On 12 February 2019, Yinson secured contract with a value of US578 million for the operations & maintenance of Secured contracts for the O&M of a FPSO FPSO Helang at the SK10 field Layang gas field, offshore Miri Sarawak, Malaysia with JX Nippon Oil & Gas with JX Nippon; following the award of the Exploration (Malaysia) Limited (“JX Nippon”) project’s bareboat charter 10 months • On 17 December 2018 FPSO Helang entered its second phase of construction marked by the sailing away from the earlier. HRDD shipyard to the Cosco Qidang shipyard. • On 30 April 2018, Yinson completed the novation of a FPSO bareboat charter contract with a value of USD860 mm for the deployment of FPSO Helang with JX Nippon. This marks Yinson’s entry into the Malaysian Market. DECEMBER 2018 • On 28 December 2018, PTSC AP entered into an addendum to the BBC Interim Contract with PTSC to extend the Extension of Interim Contract for tenure for a further period of 6 months commencing from 1 January 2019 to 30 June 2019. Save for the extension of Provision and Chartering of the FPSO the tenure, the terms under the BBC Interim Contract remain unchanged. PTSC Lam Son MAY 2018 • On 14 February 2018, Yinson established a Perpetual Sukuk Mudharabah Programme limit of MYR1.5 billion. Issuance of MYR950 million of Perpetual • On 8 May 2018, Yinson successfully raised MYR950 mm via issuance of senior, non-call 15 Sukuk Mudharabah. Sukuk Mudharabah APRIL 2018 • On 16 April 2018, the sponsor guarantee by Yinson Holdings Berhad under the project financing of FPSO John FPSO John Agyekum Kufuor Sponsor Agyekum Kufuor has been released. Guarantee Release; MOU with Sumitomo • Yinson entered into a 10 years binding Memorandum of Understanding with Sumitomo Corporation. The intention of Corporation the Memorandum of Understanding is to allow Yinson and Sumitomo Corporation to collaborate in future FPSO and FSO business. MARCH 2018 • On 25 March 2018, PTSC Ca Rong Do Ltd, a joint venture company of Yinson and PTSC, received a notification FPSO Ca Rong Do alleging that a force majeure event has occurred under the Bareboat Charter Contract awarded by PTSC/ Talisman alleged force majeure event Vietnam 07/03 B.V. for the provision of FPSO in the field of Ca Rong Do, Vietnam 3 3 3
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