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Investor Presentation December 2015 1 Company Profile - PowerPoint PPT Presentation

PT Wintermar Offshore Marine Tbk Investor Presentation December 2015 1 Company Profile


  1. PT Wintermar Offshore Marine Tbk Investor Presentation December 2015 1

  2. Company Profile � �������� ������� ������� �� ������������� ��������� � ���������� ��� ����� ����� �� ��� ������ � ����� ���������� �������� ������� �� ������ ������������� ��� ���������� ���������� ������ ���� ������ �������� ������� ��������� � ����������� ��� �!��������� ���������� ���� � ������� ������� " ������������� ��� ��� ��� ��������� � #��� ����� ������ �� ����� ��� �������� �� �������� ������� ������� ��� ��� ��� ��� ��������� � $��� ������� �� ������� ��� ����� ����� ������� � ����� �� �������� �� ������� � %��������� ���� ��� ����� �� ���� ����� ����� ����������� �� ������ ������ � %�� ����� ����� �� && ����� ���� � ����� �� ���� '�( )&* ������� + 2 * as at 31 Dec 2014

  3. Business Segments ,- .��/0������/(������� $�/���/���/�������/�/�����������/�����/��/.�������/�������/0������1/ • ���������/���������1/����/����������/���/���������/�������/���/���/ ���/�����- 2- 3���������/(������� ����������/��/���/�!�������/���/������/���������1/��/����/������/���/ • ����/�����/�����/�����/�������1/���������/�4�5/�������/�����/������- )- ����/����������/���/�����/�������� .��/��������/����������/����/������/����/����������/�������/���/ • �����/�����/����/������1/�������������/����1/���������1/�����������1/ ����������1/���/������/��������-/$�/���/����/����/���/���������/ ������/��/�����/�������/�����/���/����������-/ 3

  4. Industry Outlook Low rate of realization of upstream expenditure in Indonesian Oil and Gas Total Investment (in US$ billion) Investment Approved Actual Percentage Years Oil and Gas Oil and Gas Investment Investment 2013 23.5 19.32 82% 2014 25.6 18.7 73% 2015 20.5 ?? ?? % 2014 - Elections and corruption scandals in SKK Migas affected • the approval rate of planned upstream projects • 2015 - Approved investment commitments in 2015 are US$22.2billion, compared to actual investment of $18.7billion in 2014 4 Sumber : SKK Migas

  5. Cost cutting hits oil exploration hard Realisation of Exploration activities in 1H2015 Projection for Realization Target FY2015 Exploration wells 17% ( 26 wells) 157 wells 71 wells Seismic Surveys 26% (12 activities) 46 activities 11 activities Non seismic 2 activities 23 activities 11 activities Re-entry Exploration wells 7 wells 27 wells 9 wells Source: SKK Migas, Bisnis Indonesia 5 Sumber : SKK Migas

  6. Regulations favour domestic Vessel Owners Cabotage - Only Indonesian flagged vessels can • carry goods and passengers from point to point within Indonesian waters. • PM 10/2014 - Extension of cabotage deadline for certain vessels. • Presidential Decree No. 39 Year 2014 - Supporting national companies by restricting the activities of the company especially in the service of foreign oil and gas activities 6

  7. US Oil Production growth in 2014 was the largest in more than 100 years Jump in US oil production and OPEC’s decision to maintain oil production has contributed to global oversupply and falling oil prices Source: U.S. Energy Information Administration, Petroleum Supply Monthly 7

  8. US Rig count is declining in response to sharply lower oil prices… … which may trigger a recovery in oil prices in the coming years 8 8

  9. Change in global sentiment in 3 rd Quarter 2015 …Recovery delayed ? Global demand and supply equilibrium delayed 9

  10. Increasing oil import dependency will put a growing strain on the government budget Cars, trucks and other vehicles: 1.2 million p.a. New motorcycles: 8 million p.a. 10 Oil still accounts for 36% of the country’s primary energy supply

  11. Development projects with proven reserves are likely to continue Tangguh Masela Djangkrik IDD Field With the current oil price fluctuations, exploration has been postponed but is expected to continue when oil prices find a new 11 equilibrium Sumber : SKK Migas

  12. Creating a Sturdy Business Platform with Young and Diversified Fleet �����/�����������/��/�� ),/(��/ ),/(��/ ),/(��/ ),/(��/ Reduce Low Value Vessels %���/��/������� 2*,, 2*,2 2*,) 2*,6 "78 2*,9 ��������� � � � � � � • Aim to sell low value fleet over �������� �� � � � �� � next few years (low-tier) �������������� � � � � � � • Upgrade and retrain crew and ����������� � ! � � � � � shore based teams "���#���� � � � � � � • Buy Mid and High tier Vessels to " $%������� � � � � � � raise margins "�%�� ! � � � � � ): )2 2: 2; ", 29 Diversified fleet " $%������� � � � � �� � &��'(������" $%��������� � � � � �� � • Provides a one-stop solution to )���**��������+��,�-�$$�� � � � � �� � valued customers (mid-tier) ��$��������(�-�$$�� � � �� �� �� �� .�����(�-�$$�� ! � � ! �� ! Focus on vessel in higher )��%���%����������� � � �� �� � �� value chain )/�*��%�0��������'������1)02����3 ! ! ! ! � ! ��$��4���������$��0����(�-�$$�� �� �� �� � �� � • Achieve better margins – fewer )��%���&�����������������0����( � � � � 5� � competitors 2; 2& ); )< 8, 6* • Higher barriers to entry as track ��$��4���������$��0����(�-�$$�� �� �� �� � �� � (high- record counts with international oil tier) )��%���&�����������������0����( � � ! � �� � companies 6��� ��*�0����( -�$$�� 160-3 � � � ! �� ! • To differentiate from other ) 9 & ,2 "" ,2 players by catering to very demanding top tier oil and gas %���� ;& ;6 &, && " && companies 12

  13. Composition of high value vessels in fleet mix ������ 2*,* 2*,, 2*,2 2*,) 2*,6 87" 2*,95 �������� 6* ): )2 2: 2; ", 29 �������� ,& 2; 2& ); )< 8, 6* ��������� 2 ) 9 & ,2 " ,2 %���� 9< ;& ;6 &, && " && By end 2015, 68% of the fleet will comprise mid to high tier vessels 13

  14. Challenges and Opportunities in 2015 • Sharply lower oil prices has led to cuts in capex and exploration by oil companies • Pressure from oil and gas companies to reduce price • Most exploration work has been postponed, production continues but with margin squeeze • Look to overseas markets for utilization but at lower margins– Myanmar, Vietnam, Brunei, Malaysia • Regulatory uncertainty ahead of revision in Oil and gas law • Concessions up for extension create uncertainty for oil majors 14

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