Mermaid Maritime Plc. Mermaid Maritime Plc Mermaid Maritime Plc. Mermaid Maritime Plc. Mermaid Maritime Plc Corporate Presentation Corporate Presentation FY2014 Analyst Briefing & Shareholders Forum FY2014 A l t B i fi & Sh h ld F Singapore, 2 December 2014 Delivering a world class service to the region from within the region www.mermaid ‐ maritime.com
Mermaid Maritime Plc. Disclaimer This presentation has been prepared by Mermaid Maritime Plc. for shareholders, solely for information purposes 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. www.mermaid ‐ maritime.com ‐ 2 ‐
Mermaid Maritime Plc. Agenda 1 1. M Mermaid Business Overview id B i O i 2. Market Outlook 3. Subsea Services 4. 4. Drilling Services Drilling Services 5. Financial Review & Order Book 6. Summary www.mermaid ‐ maritime.com ‐ 3 ‐
Mermaid Maritime Plc. Agenda 1. Mermaid Business Overview www.mermaid ‐ maritime.com ‐ 4 ‐
Mermaid Maritime Plc. Who We Are & Our Leadership We are one of the world’s largest offshore oil and gas diving services companies Mr. Prasert Bunsumpun Chairman of the Board Over 30 years experience in the offshore oil and gas industry. Distinguished career includes CEO of PTT Plc and Chairman of PTT of PTT Plc. and Chairman of PTT Exploration and Production Plc., A leading international specialist subsea Thailand’s national oil and gas company. and drilling services company listed on the Singapore Stock Exchange. Owner and operator of a diversified Mr. Chalermchai Mahagitsiri portfolio of subsea vessels and drilling rigs Executive Vice Chairman & providing a complete suite of turnkey Chief Executive Officer services. CEO CEO of f f family l h ld holdings PM Quality customer base and significant Groups Co. Ltd. contract backlog providing earnings Proven track record of successfully visibility. managing and growing a variety of Excellent operational performance and Excellent operational performance and businesses including coffee, steel, businesses including coffee steel copper, shipping, media, proven track record with further entertainment, resorts and golf opportunities for growth. courses. www.mermaid ‐ maritime.com ‐ 5 ‐
Mermaid Maritime Plc. Mermaid Business Summary 31 5 1000 + years since Mermaid regions which skilled divers, crew, Maritime’s Mermaid technicians, support establishment establishment operates operates service providers & service providers & management SUBSEA BUSINESS DRILLING BUSINESS 13 4 subsea vessels* tender rigs** North Sea Middle East Asia Pacific & 6 + 17 6 + 17 3 3 SE Asia saturation and air high ‐ spec diving systems jack ‐ ups*** Africa 15 remotely * Includes 1 subsea vessel under construction ** Includes 2 tender rigs under *** 33.76% ownership through operated vehicles and 6 subsea vessels on charter ‐ in construction Asia Offshore Drilling Limited Subsea Subsea Subsea Subsea cable Subsea Offshore Accommodation inspection, inspection infrastructure infrastructure emergency emergency and flexible and flexible remotely remotely drilling and drilling and rig services rig services repair and installation operated callout & pipe laying work over maintenance support salvage vehicle support services www.mermaid ‐ maritime.com ‐ 6 ‐
Mermaid Maritime Plc. Mermaid’s Industry Positioning Specialist ‘below the water’ segment where barriers to entry are high Oil & Gas Oil & Gas Shallow Shallow Upstream Upstream Offshore Offshore Production Production Sub Surface Sub Surface Industry Industry Industry Industry Water Water Water Water Dual ‐ portfolio essential service offering on turnkey basis Subsea Services Drilling Services Focus on production phase of cycle where demand is more long term and stable Construction & Construction & Decommission & Decommission & Exploration Exploration Production Production Installation Installation Abandonment Abandonment (1 ‐ 2 years) (1 ‐ 2 years) (15+ years) (15+ years) (3 ‐ 5 years) (3 ‐ 5 years) (1 years) (1 years) Multi ‐ regional service capability Multi ‐ customer portfolio diversity National Oil & Gas Companies International Oil & Gas Companies International Oil & Gas Companies Major EPCIC Contractors www.mermaid ‐ maritime.com ‐ 7 ‐
Mermaid Maritime Plc. Mermaid’s Sweet Spot Vessel Owners Vessel Owners Subsea Service Providers Subsea Service Providers Subsea EPIC Subsea EPIC • Asset intensive • Asset & service mix • Project management • Day rate revenue model • Day rate & spread revenue • Lump ‐ sum/turnkey risk • Limited differentiation • Price vs. quality mix q y • Capex driven, more volatile p , • Low barriers to entry • High barrier to entry • High barrier to entry • High fixed costs • Fixed & variable cost • Fixed & variable cost • Low margins g • Higher margins g g • Volatile margins g www.mermaid ‐ maritime.com ‐ 8 ‐
Mermaid Maritime Plc. A Member of the PM & Thoresen Group of Companies Thoresen Thai Corporate Chart Agencies Plc. PM Groups (Group Holdings) Thoresen Shipping Unique Mining PM Thorsen Asia Mermaid Maritime Plc. Singapore Pte. Ltd. Services Plc. Holdings Ltd. (Offshore Services) (Dry Bulk Shipping) (Dry Bulk Shipping) (Coal) (Coal) (Fertilizer/Logistics) (Fertilizer/Logistics) 31 Year Growth Story 2008 2011 2013 Developed full 1983 subsea Started Asia Turnaround Founded specialist Offshore profits and by capability & Drilling and growth Danish Middle East ordered 3x platform mariners market entry jack ‐ up rigs achieved 2005 2010 2012 2014 Added new Subsea and New Achieved drilling rig drilling rig key subsea key subsea shareholder shareholder record net fleet capital assets aligns board expansion Endurer and and profits Asiana management www.mermaid ‐ maritime.com ‐ 9 ‐
Mermaid Maritime Plc. Board Members & Key Executives Board Members * Mr. Joseph Chia Dr. Jean Paul Thevenin Mr. Ng Cher Yan Mr. Joachim Toh Dr. Jan Skorupa Executive Director Non ‐ Executive Director Independent Director Independent Director Independent Director Organization Structure Key Executives* Mr. Paul Whiley M P l Whil M Mr. Neil Howie N il H i M Mr. Peter Reichlmeier P R i hl i M Mr. Jeff Breal J ff B l Head of Subsea Services Group Subsea Regional Group Subsea Regional Operations Manager Director – Western Director – Eastern Mermaid Drilling Hemisphere Hemisphere www.mermaid ‐ maritime.com ‐ 10 ‐ * In addition to Mr. Prasert Bunsumpun & Mr. Chalermchai Mahagitsiri
Mermaid Maritime Plc. High Quality Customer Base www.mermaid ‐ maritime.com ‐ 11 ‐
Mermaid Maritime Plc. Commitment to Customers Track record of Strategic local Excellent health, Fully compliant successful projects partnerships in safety and with international with reputable various geographies environment track standards on vessel clients clients in MENA & SEA in MENA & SEA record record and equipment and equipment Dynamic with First tier ‘One ‐ stop’ service Capability and quick response to quick response to international service international service point for specialized point for specialized resources to handle resources to handle emergency call outs quality / competitive subsea support and large and small and variation orders price mix drilling projects as required Over 90 percent of Mermaid’s business comes from repeat customers www.mermaid ‐ maritime.com ‐ 12 ‐
Mermaid Maritime Plc. FY2014 Business Highlights Corporate Actions Delivered FY2014 net profit of USD 45.3 million Best FYE2014 results in Mermaid’s history (3x increase from FY2013) Drive focus on bottom line results across the organization g Continue to search for opportunistic growth Arming debt ‐ leveraged options for potential future expansion Built up ‘backbone’ contract backlog of Subsea Services Subsea Services ~USD 470 million* ll Increased fleet size by charter ‐ in of modern vessels Subsea unit integrated and rebranded as Mermaid Subsea Services Strategically positioned as g y p C bl l Cable lay services successfully launched, UAE office opened i f ll l h d UAE ffi d value service provider to oil Ordered new build DP2 DSCV Mermaid Ausana (delivery 2016) and gas majors Offshore Drilling g Financially stable and able AOD investment in 3 jack ‐ up rigs performs well to grow with Order new build MTR ‐ 3 and MTR ‐ 4 tender rigs (delivery 2016) D/E ratio of 0.21 Excellent operational and safety record + customer satisfaction Excellent operational and safety record + customer satisfaction * As at 1 October 2014 and not including MTR ‐ 2 continues working for Chevron for 9th year AOD pro ‐ rata contribution of an additional ~USD 110 million (=USD 580 million total) www.mermaid ‐ maritime.com ‐ 13 ‐
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