Thoresen Thai Agencies PLC Corporate Presentation May 2009
Important Notice This presentation is being furnished to you solely for your information and for your use and may not be copied, reproduced or redistributed to any other person in any manner. You agree to keep the contents of this presentation and these materials confidential. di t ib t d t th i Y t k th t t f thi t ti d th t i l fid ti l The information contained in this presentation does not constitute or form any part of any offer or invitation to purchase any securities and neither the issue of the information nor anything contained herein shall form the basis of, or be relied upon in connection with, any contract or commitment on the part of any person to proceed with any transaction. This document is for review only by persons who are existing shareholders of Thoresen Thai Agencies Public Company This document is for review only by persons who are existing shareholders of Thoresen Thai Agencies Public Company Limited (“TTA”) who are also (I) Non-US persons, as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act"), who are outside the United States, or (II) Persons who are Qualified Institutional Buyers as defined in Rule 144A under the Securities Act. By your acceptance of this document, you acknowledge that you fall within either category (I) or (II) of the prior sentence. Neither this document, in whole or in part, nor any copy thereof may be taken or transmitted to any other person. The distribution of this document to other persons or in other jurisdictions may be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the federal securities laws of the United States and the laws of other jurisdictions. This presentation has been prepared on the basis of publicly available information and information confidential to TTA. Except as required by law none of TTA or its advisers or their and their affiliates' respective officers employees agents and consultants make any required by law, none of TTA or its advisers or their and their affiliates respective officers, employees, agents and consultants make any representation or warranty as to the accuracy or completeness of the contents of this presentation, and take no responsibility for any loss or damage suffered as a result of any omission, inadequacy, or inaccuracy therein. These statements are subject to certain risks and uncertainties that could This document contains forward-looking statements. cause the performance or achievements of TTA to differ materially from the information set forth herein, although such information reflects forecasts and projections prepared in good faith based upon methods and data that are believed to be reasonable and accurate as at the dates thereof and although all reasonable care has been taken to ensure that the facts stated herein are accurate and that the forward-looking statements, opinions and expectations contained herein are based on fair and reasonable assumptions. TTA undertakes no obligation to revise these forward-looking statements to reflect subsequent events or circumstances. Individuals should not place undue reliance on forward-looking statements and are advised to make their own independent analysis and determination with respect undue reliance on forward looking statements and are advised to make their own independent analysis and determination with respect to the forecasted periods, which reflect TTA views only as of the date hereof. Slide 2
Outlook for our businesses Near term outlook remains depressed; recessionary environment implies � f lli falling demand for dry bulk services d d f d b lk i � Liquidity pressures have eased somewhat � Outlook in 2009 and beyond Dry bulk – Demand shipping – Resumption of Chinese steel production & construction activity – Supply – Actual delivery / completion of notional bulk orderbook – Shippers ability to finance the orderbook – Shipyards ability to finance and execute � Notwithstanding lower crude prices, outlook remains strong � � Demand driven by Demand driven by Offshore – Drilling: continued E&P by oil majors services – Exposure to stable development and production activities with long term contracts – Sub sea engineering: stable essential IRM and EPIC services Sub-sea engineering: stable, essential IRM and EPIC services � Limited competition in specialised niche businesses Slide 3
TTA: Robust financial and operational position � � Diversified businesses with niche focus Diversified businesses with niche focus Operational strategy within each business to ensure “balance and � diversification” of cash flows � High degree of fleet ownership; near term expiry of chartered-in vessels (3 out of 5) TTA’s TTAs � Low cost operating structure Low cost operating structure competitive Strong cash position � advantage in � Conservative gearing g g current down- cu e do cycle � Access to further funding � Fleet renewal plan to ensure efficient fleet profile � Ability to grow through asset acquisitions and M&A Selective and disciplined approach to expansion � � Assets operating at high utilisations with minimal down time Slide 4
Agenda � � Introduction I t d ti � � Bulk Shipping Operations Bulk Shipping Operations � � Offshore Services Offshore Services � � Fleet Renewal and Expansion Plan Fleet Renewal and Expansion Plan � � Conclusion Conclusion � � Appendix pp Slide 5
Introduction to TTA Group TTA G t ti d I t HK000NDC
TTA: Diversified maritime services group Leading Company in Both Dry Bulk Shipping and Offshore Services Sectors Net Profit: US$251.2 million (FY 2008) One of South East Asia’s Integrated Business Model One of Thailand’s Leading g L Largest Diversified Vessel t Di ifi d V l with Extensive Service ith E t i S i US$7.2 m Companies 3% Portfolios US$16.4 m Network 6% � Strong network of offices and � Strong network of offices and � Market cap � Market cap – US$ 333 m (1) US$ 333 m (1) � Owner-operator of 40 and O f 40 d booking agents in the region time-charterer of 5 dry bulk � Member of SET 50 Index carriers � Long relationships with large � Asiamoney “Best Managed international shipbroking � Owner-operator of 5 and US$237.8 m Mid-Cap Company” in Thailand 91% companies and many local p y time-charterer of 2 offshore time charterer of 2 offshore - 2007 2007 shipbrokers Dry Bulk Shipping Offshore Services service vessels via Shipping Services � Forbes “Asia Best 200 Under a Mermaid + 2 more from � Good direct contact with Net Profit: US$34.2 million Billion” – 2006 affiliate AME clients (Q1-2009) � SET Awards – “Best � Owner-operator of 2 tender US$2.0 m 16% 6% P Performance” in the Service f ” i th S i drilling rigs via Mermaid Industry group – 2005 US$5.2 m 42% US$5.2 m 42% Dry Bulk Shipping Offshore Services Shipping Services Strong expertise and value-added services in select niche markets Note (1): As of 20 April 2009 (using the exchange rate of Bt 35.2693 = US$1.00 quoted by the Bank of Thailand on 17 April 2009) Slide 7
Strong and Diversified Portfolio of Clients Diversified Client Portfolio for Both Dry Bulk Shipping and Offshore Services Business Diversified Dry Bulk Client Base Offshore Client Portfolio � � Diversified client base of over 600 clients � Top 10 dry bulk clients accounted for 42.9% of total freight revenues in Q1- 2009 � Top 10 dry bulk clients percentage of total freight revenues in Q1-2009 ranged from 2.1% to 17.9% � Revenue streams more transparent and less volatile due to diversified dry bulk client base bulk client base Slide 8
Growth strategy Rationalisation and Rationalisation and Rationalisation and Rationalisation and expansion of expansion of businesses and assets businesses and assets Continued operational Continued operational Focused investment Focused investment diversification across diversification across diversification across diversification across and fleet renewal plan and fleet renewal plan each business group each business group Use of IT to improve Use of IT to improve Maximising useful life Maximising useful life Maximising useful life Maximising useful life operational efficiency operational efficiency i i l l ffi i ffi i of the assets of the assets and decision making and decision making Achieve growth diversification and balance across three core business groups Slide 9
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