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JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited

Mermaid Maritime Public Company Limited · Jul 15, 2015 · 45 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 1
    Mermaid Maritime Plc Investor Roadshow July 2015 Delivering a World Class Service to the Region from within the Region
  2. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 2
    This presentation has been prepared by Mermaid Maritime Plc. for stakeholders, solely for information purposes. The views expressed here contain some information derived from publicly available sources that have not been independently…
  3. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 3
    Introduction Investment Highlights Company Strategy & Outlook 3
  4. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 4
  5. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 5
    MERMAID MARITIME SNAPSHOT A Leading International Oil Service Specialist Having served the industry for over 30 years, Mermaid Maritime boasts of a proven track record for subsea and drilling oil service excellence. Headquartered in…
  6. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 6
    PM Group, under the experienced leadership of Chairman Mr. Prayudh Mahagitsiri, is one of the most distinguished Thai family investment group with interests in industrial and consumer sectors, property development, golf courses,…
  7. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 7
    2010 Stock Information Acquired Subtech to expand subsea services in Last Price (S) 0.200 Middle East and Persian Gulf 2014 52 Week High/Low (S) 0.460/0.199 Achieved record Acquired 49% stake in Asia US45m net profit Market Cap…
  8. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 8
    Predominantly focus on the production phase of the offshore oil and gas value chain 1 2 years 3 -5 years 15+ years 1 year Initial Exploration Field Development Production Abandonment Field Appraisal Development Maintenance &…
  9. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 9
    10 15 6+17 Subsea Service SUBSEA VESSELS ROVs SATURATION AND AIR DIVING SYSTEMS Inspection, Repair & Maintenance (IRM) Infrastructure Installation Support Remotely Operated Vehicle (ROV) Support Cable & Flexible Pipe Laying Owned…
  10. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 10
    4 3 Drilling Service TENDER RIGS HIGH-SPEC Offshore Drilling and Work Over Service Asia Offshore Drilling JACK-UP RIGS Accommodation Rig Service In Partnership with Seadrill Ltd Tender Rigs Jack-Up Rigs* MTR-1 MTR-2 MTR-3…
  11. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 11
    Investment Highlights
  12. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 12
    1 Resilience against oil price volatility Excellent track record and strong 2 client relationships Superior fleet management 3 strategy Strong order book and tendering 4 with limited risk for cancellation Strong financial…
  13. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 13
    Initial Exploration Field Production Abandonment Demand in Production and Maintenance Development less vulnerable to cutback in E&P (1-2 years) (3-5 years) (15+ years) (1 year) spending globally IRM segment is less affected by ROV…
  14. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 14
    Emphasis on servicing lower oil cost producing regions (i.e. South East Asia, Middle East) where it is predominantly shallow water Lower shallow water production and breakeven costs More defensive, and less impacted by lower oil…
  15. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 15
    Solid reputation in the provision of subsea and drilling services Consistent execution of high quality services Proven efficiency Excellent Health Safety and Environment (HSE) track record HSE Track Record 4 3 Cases 2…
  16. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 16
    Extensive client base built over 31 years of established operations Provides a reliable source of repeat business 90% of Mermaids businesses originate from existing customers Multi-customer portfolio diversity International Oil & Gas…
  17. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 17
    Relatively young fleet all approved by major classification societies Mermaid Ausana *New DSCV* Delivery in 2016* Delivery of DP2 multi-purpose dive support and construction vessel, Mermaid Ausana in 2016 will go towards reducing the…
  18. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 18
    Opportunistic business via long-term chartered-in vessels Additional Long-Term Chartered-In RSV DSV Vessels under Management Resolution Windermere 8 1 Own Vessels Long-Term Chartered-In Vessel 73% 70% 67% 65% 2,312 58%…
  19. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 19
    Embarking on Drilling Asset Renewal Program with 2 State-of-the-Art tender rigs deliveries expected in 2016 MTR-1 Barge MTR-2 Tender Drilling Rig MTR-3 Tender Drilling Rig MTR-4 Tender Drilling Rig Robust AOD operation with…
  20. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 20
    AOD III commenced service in October 2013 All 3 High-Spec Jack-Up Rigs were AOD I & AOD II (and continue to be) commenced services fully operational in May 2013 and July 2013 respectively 76% 77% 65% 60% 1,389 1,397…
  21. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 21
    Mermaid Overall Order Book (Including Share of Asia Offshore Drilling) 651.1 578.3 561.8 Order Book Breakdown 216.4 118.6 88.8 35.7 31.0 3% USD mn 17% 2015 SEA 20% 2016 ME 433.2 424.0 442.0 25% 58% 2017+ Others 77% 30…
  22. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 22
    Revenue, Gross Profits & Net Profits(1) EBITDA & EBITDA Margin (USD mn) (USD mn) 328 300 24% 23% 23% 73 75 199 12 31 45 58 61 46 54 36 44 29 7 CY2012 CY2013 CY2014 CY2012 CY2013 CY2014 Revenue Gross Profit Net…
  23. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 23
    Revenue Growth(1) Net Income Growth(1) 136% 56% 44% 29% 68% 23% 46% 44% 16% 15% -17% -24% -13% -30% Ezion Nam Mermaid Ezra ASL Pacific Swiber Mermaid Ezion Pacific Nam Ezra ASL Swiber Cheong Radiance Radiance Cheong Net…
  24. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 24
    Well positioned to weather the downturn Opportunistic acquisitions given declining vessel price markets Established MTN programme in May 2015 for potential fund raising Net Debt to Equity Interest Cover 0.15x 12.0x 8.7x 0.04x…
  25. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 25
    Debt Maturity Profile Interest Bearing Debt (31 Mar 2015): USD 111 Million Unsecured Loan Asset-Backed Debt 79.6 USD mn 79.6 15.5 9.9 8.6 5.9 6.9 5.9 9.9 Less than 1 year FY 2016 FY 2017 FY 2017 25
  26. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 26
    Net Debt(1) Debt Service Ratio(1)(2) (USD mn) 1,378 1.17x 1,125 1,000 0.57x 0.56x 0.49x 366 226 0.15x 112 0.11x 0.10x 20 Mermaid Nam Pacific ASL Swiber Ezion Ezra Mermaid Ezion Nam Pacific Ezra Swiber ASL Cheong Radiance…
  27. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 27
    Organization Structure Board Members* Board of Directors CEO Office Subsea Drilling Mr. Joseph Chia Dr. Jean Paul Mr. Ng Cher Yan Mr. Joachim Toh Dr. Jan Skorupa Services Services Thevenin Executive Non-Executive Independent…
  28. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 28
    Company Strategy & Outlook
  29. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 29
    To be the Preferred Global Oil Service Specialist Partner Leading Global Subsea Specialist Premium Drilling Asset Owner & From Tonnage to Service Provider Operator in particular South East Asia Solid track record Unified subsea…
  30. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 30
    Maintain high client service engagement 1 standards Strengthening the Core Leverage on Core Engage customers on collaborative cost Competency to Build 2 savings Brand & Premium Niche Position Step up risk management to avoid…
  31. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 31
    Revenue primarily supported by IRM and less vulnerable to oil price fluctuations given the shallow-water and production- phase focus A young fleet Solid order book that caters well with low risk of to market contract demand…
  32. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 32
    Mermaid Maritime Plc Investor Roadshow July 2015
  33. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 33
    Industry Development
  34. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 34
    Crude Oil & Natural Gas Oil & Gas Exploration, Oil & Gas Subsea & Drilling Supply and Development Price Services Demand Demand and Production (E&P) 34
  35. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 35
    Population GDP Global population is projected to reach 8.7 billion, i.e. an additional 1.6 billion people Compared to today, global GDP per capita is expected to be 75% higher in 2035 Energy consumption is expected to increase…
  36. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 36
    Oil price decline has stabilized since 1Q 2015 U.S. Energy Information Administration (EIA) projects global consumption to grow by higher 1.3 million b/d in 2015 and 2016, vs. non-OPEC production growth of 1.3 million b/d in 2015…
  37. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 37
    Industry-wide cut on E&P spending Historically, oil & gas industry CAPEX spending follows oil price trend Most oil majors cutting CAPEX in response to lower oil price, though mainly in exploration and field construction Demand in…
  38. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 38
    Subsea demand correlates with E&P spending Demand for subsea vessels likely to fall from 247 vessel years in 2014 to 232 vessel years in 2015 Demand expected to return to 2014 level in 2016 to continue its growth trend Supply of…
  39. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 39
    Older vessels face lower utilization rate... Global subsea vessels by age class ...with industry demanding for younger vessels Approximately 1/5 of the global subsea vessel fleet is over 20 years old International contractors and…
  40. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 40
    Global E&P subsea expenditure ( billions) by market segment Douglas Wood estimates total subsea operating expenditure at USD122 billion from 2015 to 2019 (up 64% from the previous 5 years) IRM will be the key driver of global…
  41. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 41
    Shallow Deepwater Ultra Deepwater North America Europe US91 b 21% US153 b 5% 14% 7% 58% 21% 81% 14% 79% Asia US143 b 11% 10% 79% 14% 15% 71% 29% 28% Middle East 27% US 70 b Latin 73% 43% America US167 b Australia…
  42. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 42
    Globally, 22 tender rigs are on contract Tender rigs provide production drilling capabilities and can 17 tender rigs stacked, of which 10 are over 30 years work in any seabed condition There are 7 tender rigs under construction…
  43. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 43
    13 46 Far East Tender Rig Tender Rigs Asia and others, 7 Managers West Africa, 9 South America, 4 19 South 9 East Asia, 26 4 4 4 3 3 SapuraKencana Mermaid Maritime Triumph Drilling Atlantica Tender Seadrill Energy Drilling…
  44. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 44
    Lower global jack-up demand Aggressive stacking and old rig scraping underway All time high order book to fleet ratio New rig deliveries expected to peak in 2015/16 143 of 200 rigs under construction scheduled to be delivered in…
  45. JULY 2015 INVESTOR PRESENTATION – Mermaid Maritime Public Company Limited – slide 45
    Increasing customer preference for new Older jack-up rigs increasingly displaced by newer rigs jack-up rigs No. Units Avg. Age (yrs) 29% of global jack-up fleet are above 700 40 25 years 600 105 33 30 High concentration of older…

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