MERMA MAID M MARITIME PUBLI LIC COMP MPANY LIMI MITED READY FOR TH THE R RIS ISING TID TIDE INV INVESTOR PRESE PRE SENTATION Maybank NDR 1 Singapore, 26 May 2017
Discla isclaim imer This presentation has been prepared by Mermaid Maritime Plc. for stakeholders, solely for information purposes. The views expressed here contain some information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. Any forward looking information in this presentation has been prepared on the basis of a number of assumptions which may prove to be incorrect. This presentation should not be relied upon as a recommendation or forecast by Mermaid Maritime Plc. Nothing in this release should be construed as either an offer to sell or a solicitation or an offer to buy or sell shares in any jurisdiction. 2
Agenda Corporate Introduction Financial Review Business Outlook and Positioning 3
Cor Corpor orate In Intr troduction MERMAID MARITIME PUBLIC COMPANY LIMITED
ME MERMA MAID MARITIME MA “To be the Preferred Global Oil Service Specialist Partner” MERMAID ID M MARITIM ITIME SNAPSHOT One of the Having served the industry for over 30 years, Mermaid Maritime boasts of A Leading World’s Largest a proven track record for subsea and drilling oil service excellence. International Subsea Diving Headquartered in Thailand, Mermaid Maritime operations span from Saudi Oil Service Services Arabia to the United Arab Emirates, Qatar, Singapore, and Indonesia. Specialist Company Mermaid Maritime mission is to provide essential services in the areas of subsea engineering and offshore drilling to the offshore oil and gas industry that is safe, efficient, on time and on budget. With a team of more than 1,000 people including professional divers, drillers, technicians, surveyors, and modern vessels and equipment, Mermaid Maritime Owner & Excellent commands a solid reputation in the market place for serving customers in Operator of a Operational the region from within the region. Diversified Performance & Subsea Vessel & Proven Track The relentless focus on customer satisfaction and RESPECT has resulted in Drilling Rig Asset Recor d Mermaid winning repeat customers and new customers over the years. It is Portfolio also an achievement that we intend to use as the foundation for our further growth. Co Core Values V es Mr. r. Pra rasert rt Bunsum umpun un Chairman • Respect for Customer, Shareholders, Employees, Service R Partners, and General Public 30+ years industry experience including CEO of Thailand’s National Oil Company PTT and Chairman of PTT Exploration • Enhancing Value E and Production • Safety Commitment & Performance S Mr. Chalermchai M Mahagitsiri Executive Vice Chairman & CEO • Protecting the Environment P Proven track record of successfully managing and growing a variety of businesses including coffee, steel, copper, shipping, media, entertainment, resorts and golf courses • Ethical Business Standards E • Compliance with Policies & Procedures C • Technically Leading Solutions T 5
Member of of Thor oresen G Group oup Thoresen Thai Agency is among the largest marine • Tho horese sen T Tha hai group in Thailand Agen gencies P Plc In addition to Mr. Prasert Bunsumpun, Mermaid Maritime • (Investment Group) benefits from the leadership of two industry veterans sitting on Thoresen Group Board of Directors Mr. Che Cherd rdpong Siriw iwit it Merma maid Tho horese sen S Shi hipping A veteran in Thailand’s energy sector with Marit itim ime P Plc Singa gapore P Pte e Ltd previous appointments as the Director General of the Ministry of Industry’s Department of Mineral Resources, Permanent Secretary of the Ministry of (Offshore Oil Services) (Dry Bulk Shipping) Energy and Chairman of PTT Mr. r. Chit Chitrapongse Kwangsukstith tith A former Senior Executive Vice President and Uniq nique Minin M ining PM T Tho horese sen Asia Asi Acting President of PTT; also previously served as the President of PTTEP and Deputy Governor of Se Services P Plc lc Holdings s L Ltd Corporate Strategy at Petroleum Authority of Thailand (Coal) (Fertilizer/Logistics) Under the stewardship of Thoresen Group, Mermaid has • seen major earnings turnaround; tripling profits in last two consecutive years 6
Perfor ormance T Tur urnaroun ound a and Pos osition on Stren engt gthened ed U Under T Thores esen en Guidance G 2016 2016 2010 2010 Business turnaround from Acquired Subtech Middle successful in cost saving East to expand subsea project services in Middle East and Persian Gulf Low gearing of c.0.1x 2014 2014 with no bonds and no Acquired 49% stake in Asia capex outstanding Achieved record Offshore Drilling to expand US$45m net profit into jack-up drilling rig business 2007 2007 Successfully raise S$246m from its IPO on the Singapore Stock Exchange (SGX) 2005 2005 Expanded into tender 2015 2015 drilling rig business by acquiring two tender rigs New cable-laying 2012 2012 business in Middle PM G Group A p Acquires Thoresen East 2008 2008 • Provided leadership stability 1995 1995 Acquired Seascape • Implemented new strategic Renamed Impairment loss to Surveys for access to 2006 2006 direction Mermaid reflex asset market hydrographic and • Strengthened the core, and Divested safety Maritime Ltd. value positioning services drove profit turnaround business 2003 2003 Acquired first Remotely Operated Vehicle (ROV) and air dive support vessel St Stock I Information 1983 1983 Founded by Danish mariners as Last Price (S$) 0.177 Mermaid Marine Services Ltd. to provide offshore marine services 52 Week High/Low (S$) 0.255/0.090 such as life raft and firefighting Market Cap (S$ mn) 250.15 maintenance services Shares Outstanding (mn) 1,413.3 Free Float 30.9% Source: : Bloomberg (22 May 2017), Company filings 7
A Glo Global Oi Oil Ser Service Sp Spec ecialist Predomina nantl tly focuse sed on on the production phase se of of the offsho hore oil il an and gas as val alue chain in 1 – 2 years 3 -5 years 15+ years 1 year Initial al E Explor orat ation on Field Developme ment nt Prod oduction on Aband ndonme nment nt Field Appraisal Development Maintenance & Seismic Commissioning Cable Laying Decommission Drilling Drilling Inspection & Installation ◔ ◔ ◐ ◐ ● ● NOC/ Independents Spending Priority Most Priority Least Priority DRILLING DR NG SUBS UBSEA TENDE DER RIG is a barge moored alongside platform and contains crew quarters, mud tanks, mud pumps, and power generating systems. A tender rig carries its own drilling equipment and has a crane capable of erecting the derrick onto the neighboring platform. Activity level for tender rigs globally is highest in Fiel eld D Dev evel elop opmen ent - Subsea support vessels assist in, among other things, survey South East Asia compared to other regions. and preparations of the seabed, installation of modules, umbilical cables and risers, as well as provision of Remotely Operated Vehicles (ROVs) or divers for tie-in and testing. JAC ACK-UP R RIG is a mobile self-elevating drilling platform Prod Pr oduction on - Once installed, the equipment is surveyed and maintained, together equipped with legs that can be lowered down to the with both larger repair and development campaigns. ocean floor. Abandon onmen ent - To cease efforts to find or produce from a well or field, and to plug Once a foundation is established, the drilling platform is elevated to a level above the highest well and salvage material and equipment - subsea vessels are utilized. expected wave height. When the rig is relocated, the Subsea engineering services also include Underwater Cable Laying Services for platform is lowered to sea level and towed by a supply telecommunications, electric power transmissions, or other purposes. vessel to its next location. 8
SUBSEA Lea Leading G Global S Spec ecialist Sub Subsea Se Service 6+17 9 16 16 • Inspection, Repair & Maintenance (IRM) SATURATION A AND D SUBSE SU SEA V VESSE SSELS ROVs OVs AIR IR D DIV IVIN ING S SYSTE TEMS • Infrastructure Installation Support • Remotely Operated Vehicle (ROV) Support Owned V Vessels • Cable & Flexible Pipe Laying Endur urer Asi siana na Command nder er Built 2010 Built 2010 Built 1987 QATAR ATAR Type ype DSV DSV DSV Location on Middle East Middle East Thailand UNI NITE TED AR ARAB AB EMIR IRATES SAUDI A I ARABIA BIA Sapph pphire Challenge nger Bar arak akuda Siam am THAI TH AILAN AND Built 2009 Built 2008 Built 1982 Built 1991 Revenue ue 2014 2015 2016 Type ype RSV MV SS DCSB Subsea Service • IRM 86% 67% 95% Location on Thailand Thailand Indonesia Middle East • Cable laying 13% 33% 5% IND NDONE NESIA Chartered-In V Vesse ssels Region • Middle East 43% 67% 63% • S outh East 43% 31% 31% Asia • East Asia - 1% 6% • Europe 13% 1% - • Africa 1% - - Resolution Nusan Nu antara Built 2013 Built 2010 Type ype RSV DSV Location on Indonesia Indonesia 9
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