Preliminary draft, Strictly private and confidential Miclyn Express Offshore Limited (“ MEO ”), its subsidiaries, joint venture companies and associated companies (collectively, the “ Group ”) Miclyn Express Offshore Limited (“MEO”) Noteholders’ Townhall Meeting 20 September 2019
Preliminary draft, Strictly private and confidential Miclyn Express Offshore Limited (“ MEO ”), its subsidiaries, joint venture companies and associated companies (collectively, the “ Group ”) Disclaimer This document has been prepared and furnished solely for information purposes for certain holders of the $150,000,000 8.75% Senior Secured Guaranteed Bonds due 2018 (the “Notes”) issued by Miclyn Express Offshore Pte. Ltd. (the “ Company ”) . No part of this document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Company or any of its subsidiaries, affiliates, advisors or representatives and agents shall have any responsibility or liability whatsoever (in negligence or otherwise) relating to the accuracy or completeness of the information and opinions contained in this document or for any loss howsoever arising from any reliance or use of this document or its contents or otherwise arising in connection with the document. This document is highly confidential and being given solely for your information and for your use and may not be shared, copied, reproduced or redistributed to any other person in any manner. This document contains “forward -looking statements”, which include all statements other than statements of historical facts, including, without limitation, any statements preceded by, followed by or that include the words “targets”, “believes”, “expects”, “aims”, “intends”, “will”, “may”, “anticipates”, “would”, “could” or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements contained in this document regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Neither the Company nor any of their respective agents, employees or advisors intends or has any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this document. This document contains financial information regarding the businesses and assets of the Company and its consolidated subsidiaries (the “ Group ”) . Such financial information may not have been audited, reviewed or verified by any independent accounting firm. Certain financial data included in this document consists of “non -IFRS financial measures. ” These non-IFRS financial measures, as defined by the Company, may not be comparable to similarly titled measures as presented by other companies, nor should they be considered as an alternative to the historical financial results or other indicators of the Company’s cash flow based on IFRS. Even though the non-IFRS financial measures are used by management to assess the Company’s financial position, financial results and liquidity and these types of measures are commonly used by investors, they have important limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of the Company’s financial position or results of operations as reported under IFRS. The inclusion of financial information in this document should not be regarded as a representation or warranty by the Company, or any of its affiliates, advisors or representatives or any other person as to the accuracy or completeness of such information’s portrayal of the financial condition or results of operations of the Group and should not be relied upon when making an investment decision. The information contained in this document is provided as at the date of this document and is subject to change without notice. There is no obligation to update, modify or amend this document or to otherwise.
Preliminary draft, Strictly private and confidential Miclyn Express Offshore Limited (“ MEO ”), its subsidiaries, joint venture companies and associated companies (collectively, the “ Group ”) Table of contents # Description Page 1 Overview of MEO 3 2 MEO’s group structure 4 3 Financial year end June 2019 Unaudited Results 5 4 Summary timeline on key events since the last Townhall meeting 6 5 Engaging potential investors – Before the Court granted moratorium on 5 December 2018 7-8 6 Engaging potential investors – After the Court granted moratorium on 5 December 2018 9-11 7 Return for Noteholders – proposals from potential investors 12 8 Existing security arrangement 13 9 Estimated recovery from vessels in a liquidation scenario 14 10 Key features of MEO’s proposal 15-17 11 Estimated return for Noteholders under MEO’s proposal 18 12 Steps going forward – S210 Scheme application 19 13 Steps going forward – contact information 20 14 Summary 21 15 Question & Answer session 22 2
Preliminary draft, Strictly private and confidential Miclyn Express Offshore Limited (“ MEO ”), its subsidiaries, joint venture companies and associated companies (collectively, the “ Group ”) 1) Overview of MEO Our Business Our Team Our Portfolio Our Services Our Fleet • • • • • 141 vessels Reputed and Headquartered in Specialised in OSVs comprising reliable provider of Singapore. offshore support Provides specialised specialised and offshore support services since the vessel services and general OSVs, • vessels to the Blue-chip customer 1970s. support to a wide range AHTSVs, PSVs, offshore energy base: EPICs, IOCs of subsea operations Crewboats/ Barges, • domain. and NOCs An employer of including air and Utility vessels, including Chevron, choice in industry saturation diving, Multi-purposes Saudi Aramco, (approximately installation, hook-up offshore support • Renowned Brunei Shell, 1,500 of onshore and commissioning of vessels, etc. provider of project Petronas, PTT, staff and offshore subsea equipment, transportation McDermott, crew). survey, geophysical and • Fleet portfolio: solutions to the Technip, etc. geotechnical - 40 OSV offshore oil and investigations, etc. - 73 Crewboats • gas industry. Trusted by the - 25 Barges • world’s biggest oil Crewboats - 2 Tugboats companies. Provides rapid, efficient - 1 CSV and safe transport of • Operations in SEA crew, cargo and and Middle East, equipment. expanding into • Africa and India. Barges and tugboats Project solutions include project cargo and pipe transportation, marine equipment consultancy. 3
Preliminary draft, Strictly private and confidential Miclyn Express Offshore Limited (“ MEO ”), its subsidiaries, joint venture companies and associated companies (collectively, the “ Group ”) 2) MEO’s group structure Funds Advised by Funds Advised by CHAMP Senior Management Headland Private Equity Private Equity Manta Holdings Limited (Bermuda) 100% Miclyn Express Offshore Limited (“MEO”) (Bermuda) 100% MEO Finance Company Limited Scheme applicants Noteholders (“MEOF”) (Bermuda) US$150m 100% Miclyn Express Offshore Pte Ltd (“MEOPL”) (Singapore) Joint Ventures Subsidiaries 7 JV companies holding 43 companies holding 108 vessels. between 50% and 70% interests in entities incorporated in Thailand, Brunei, Saudi Arabia and Singapore, holding 33 vessels. 4
Preliminary draft, Strictly private and confidential Miclyn Express Offshore Limited (“ MEO ”), its subsidiaries, joint venture companies and associated companies (collectively, the “ Group ”) 3) Financial year end June 2019 Unaudited Results Unaudited FYE June 2018 FYE June 2019 Variance Variance % US$’m US$’m Revenue 146.9 138.8 8.1 6% OPEX (99.0) (90.5) -8.5 -9% Contribution 47.9 48.3 -0.4 -1% Contribution Margin 32.6% 34.8% -2.2% -7% Operating Overheads (7.6) (7.3) -0.3 -4% Gross Profit 40.3 41.0 -0.7 -2% SG&A (17.9) (17.6) -0.3 2% Others 0.3 0.0 0.3 100% Normalised EBITDA 22.7 23.4 -0.7 -3% ▪ Increase in Revenue by $8.1m due to: ▪ Core fleet revenue reduced by ($1.0m) mainly due to lower crewboat DCRs on renewal of contracts for Middle East fleet ▪ Project & project assets revenue increased by $9.1m due to higher volume of lump sum projects and more 3PV cross-charters ▪ Contribution margin decreased in FY2019 : ▪ Core fleet margins stable year-on-year ▪ Project margins softer in FY2019 due to increased volumes of low margin 3PV work ▪ Overheads and SG&A normalised in 1QFY19 after fleet software development costs capitalised in FY2018 5
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