Presentation Title www.mmaoffshore.com 1 Disclaimer This document - PowerPoint PPT Presentation

Investor Presentation Half Year Results - 31 Dec 2014 23 February 2015 Presentation Title www.mmaoffshore.com 1

Disclaimer This document contains general background information about the activities of MMA Offshore Limited (MMA) current as at the date of release of this document to the ASX. It is information in a summary form only and does not contain all the information necessary to fully evaluate any transaction or investment. It should be read in conjunction with MMA’s other periodic and continuous disclosure announcements to the ASX available at www.asx.com.au. MMA makes no representation or warranty (express or implied) as to the accuracy, reliability or completeness of this document. MMA and its directors, officers, employees, agents and associates will have no liability for any statements, opinions, information or matters (express or implied) arising out of, or contained in or derived from, or for any omissions from this document, except liability under statute that cannot be excluded. Not a prospectus: This document is not a prospectus or a product disclosure statement under the Corporations Act 2001 (Cth) and has not been lodged with the Australian Securities and Investment Commission ( ASIC ). Not investment advice: The information provided in this document is not intended to be relied upon as advice to investors or potential investors and has been prepared without taking into account the recipient’s investment objectives, financial circumstances or particular needs. Any investment decision should be made based solely upon appropriate due diligence. Recipients of this document are advised to consult their own professional advisers. An investment in any listed company, including MMA, is subject to significant risks of loss of income and capital. Future performance: This document contains certain forward-looking statements. The words 'anticipate', 'believe', 'expect', 'project', 'forecast', 'estimate', 'likely', 'intend', 'should', 'could', 'may', 'target', 'plan' and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of MMA, and its officers, employees, agents and associates, that may cause actual results to differ materially from those expressed or implied in such statements. Actual results, performance or outcomes may differ materially from any projections and forward-looking statements and the assumptions on which those assumptions are based. You should not place undue reliance on forward-looking statements and neither MMA nor any of its directors, employees, servants, advisers or agents assume any obligation to update such information. Risks: An investment in MMA Securities is subject to investment and other known and unknown risks, some of which are beyond the control of MMA and MMA's directors, employees, servants, advisers or agents. MMA does not guarantee any particular rate of return or the performance of MMA nor does it guarantee the repayment of capital from MMA or any particular tax treatment. www.mmaoffshore.com We live our values: People – Customers – Team 2

Highlights Financial Profit before Tax  First half performance in line with expectations Revenue $456.3 million,  80.0% pcp $M  100 Pre-tax profit $55.3 million,  71.5% pcp  80 Net profit after tax $37.7 million,  55.8% pcp  60 40 Earnings per share of 10.3c,  5.1% pcp  20 Interim dividend 4c per share,  27.3% pcp  0 Operating cash flow $118.4 million,  169.1% pcp  2012 2013 2014 2015 Cash at bank $143.5 million,  123.5% pcp  First Half Second Half Operating  Ongoing focus on safety and Target 365 Programme Earnings per Share  Australian vessels performed well with Subsea 7 and Cents Europa contracts contributing in 1 st Half 30 International Vessel fleet 2 nd quarter below expectations  25 20 due to lower demand 15 10  Jaya integration progressing well 5  Newbuild programme on track 0 2012 2013 2014 2015  Reduced activity on the Dampier Supply Base  Cost reduction focus targeting $15m in annualised cost First Half Second Half savings and productivity improvements www.mmaoffshore.com We live our values: People – Customers – Team 3

Key Performance Ratios Full impact of Jaya acquisition included in the first half Variance 6 Months Ended 6 Months Ended 6 Months Ended PCP 31 Dec 2014 30 June 2014 31 Dec 2013  80.0% Revenue $456.3M $341.1M $253.5M  136.6% EBITDA (1) $132.0M $67.2M $55.8M  EBITDA / Revenue 6.9% 28.9% 19.7% 22.0%  81.0% EBIT $61.9M $46.1M $34.2M  EBIT / Revenue 0.1% 13.6% 13.5% 13.5%  Share of Profits from Associates 5.6% $1.7M $1.7M $1.8M  71.2% Profit before Tax $55.3M $44.8M $32.3M  55.8% NPAT $37.7M $29.7M $24.2M  5.1% Earnings per Share (2) 10.3c 9.0c 9.8c  1.7% Return on Assets (3) 8.6% 11.9% 10.3%  2.1% Return on Equity (3) 9.6% 12.1% 11.7% 1 EBITDA impacted by Europa mobilisation 2 Comparative EPS figures are TERP adjusted 3 Annualised return www.mmaoffshore.com We live our values: People – Customers – Team 4

Key Liquidity Ratios Gearing remains relatively low with substantial cash at bank 6 Months Ended 6 Months Ended 6 Months Ended 31 Dec 2014 30 June 2014 31 Dec 2013 Gearing % (Net Debt / Equity) 37.3% 36.1% 32.2% Interest Cover (EBIT / Interest) 6.8x 9.4x 7.9x Operating free cash flow $118.4M (1) $10.4M $44.0M $198.9M (2)(3) Capital Expenditure $16.9M $51.1M $452.0M (4) Interest Bearing Liabilities $440.8M $199.9M Cash at Bank $143.5M $174.8M $64.2M NTA per Share $2.19 $1.95 $1.72 (1) 1 st Half operating free cash flow benefited from funding received on project mobilisations (2) Capital Expenditure includes Europa mobilisation, Newbuild Capex and Maintenance Capex (3) Committed Newbuild Capex of A$127m – 2H FY15 $39m; FY16 $88m (4) Interest bearing liabilities increased due to US$ / A$ exchange rate movement www.mmaoffshore.com We live our values: People – Customers – Team 5

Vessel Operations Review of Operations: Vessel Financials 1H Utilisation 1 76% (Australia 82%; International 72%) • Variance 6 Months 6 Months 6 Months • Australian Operations: Ended Ended Ended PCP – Subsea 7 contract completed 31 Dec 14 30 Jun 14 31 Dec 13 – Europa – continuing into FY16  129.0% Revenue $404.8M $269.1M $176.8M – Extended Santos production support contract  242.9% EBITDA $120.7M $54.2M $35.2M • International Operations:  – 2Q below expectations due to weak 5,000 bhp EBITDA / Rev 9.9% 29.8% 20.1% 19.9% vessel market and impact of lower oil price  165.7% EBIT $55.0M $38.3M $20.7M – New contracts secured and existing contracts  EBIT / Rev 1.9% 13.6% 14.2% 11.7% extended but some at lower rates  ROA 0.2% 10.0% 14.6% 10.2% • Continuing to focus on fleet optimisation programme • EBA negotiations unresolved but being managed at an Vessel Earnings ( EBIT) industry level Outlook: 80 • Continuing to see tendering activity for short and long 60 term work 40 $M • 5 Newbuilds on track – INPEX PSVs expected to 20 commence contract in FY17 0 • Strong cost and productivity focus 2012 2013 2014 2015 • 2H activity expected to be weaker than 1H due to project First Half Second Half work completing in Australia and pressure on rates due to lower oil price environment 1 Utilisation excludes barges and small harbour vessels www.mmaoffshore.com We live our values: People – Customers – Team 6

Jaya update Performance slightly below expectations, integration progressing well Vessel EBIT ($m) – Jaya Contribution  Jaya 1H fleet utilisation 78% (excl. barges)  Successfully secured and extended a number of contracts  Integration progressing well: – Jaya now fully integrated with MMA’s Singapore operations – Jaya now consolidated under the “MMA Offshore” name – New Singapore corporate office – Benefiting from cross trading of fleet  Singapore yard - established as new offshore vessel services facility supporting third party and internal customers  Newbuilds– 3 newbuilds delivered in first half; 3 additional vessels under construction in Batam shipyard  Relatively high tax rate on international earnings due to Australian tax liabilities. Expect to see this reduce as legacy bareboat contracts run off. www.mmaoffshore.com We live our values: People – Customers – Team 7