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1Q15 Financial Overview

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1Q15 Financial Overview DISCLOSURE STATEMENT The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase any securities (“Securities”) of Icon Offshore Berhad (“ICON”) in Malaysia, the United States or any other jurisdiction. This presentation should not, nor should anything contained in it, form the basis of, or be relied upon in any connection with any contract or commitment whatsoever. This presentation is confidential and is intended only for the exclusive use of the recipients thereof and may not be reproduced (in whole or in part), retransmitted, summarized or distributed by them to any other persons without ICON's prior written permission This presentation contains forward-looking statements that involve risks and uncertainties. Forward-looking statements are based on certain assumptions and expectations of future events. The future events referred to in these forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are beyond ICON's control, which may cause the actual results to be materially different from those expressed or implied by the forward-looking statements. These forward- looking statements are based on numerous assumptions regarding ICON's present and future business strategies and the environment in which ICON operates and are not a guarantee of future performance. Any reference to past performance should not be taken as an indication of future performance. ICON makes no representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. You are cautioned not to place undue reliance on these forward looking statements, which are based on current view of Icon's management on future events. This presentation has been prepared by ICON. No representation, warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions in this presentation. Certain data in this presentation was obtained from various external data sources, and ICON has not verified such data with independent sources. None of ICON or any of its directors, officers, employees, agents or advisers, or any of their respective affiliates, advisers or representatives, undertake to update, revise or re-affirm the presentation including any forward-looking statements, whether as a result of new information, future events or otherwise and none of them shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation and any liability therefore (including liability for any direct or indirect consequential loss or damage) is hereby expressly disclaimed and none of them accept any responsibility for any loss or damages howsoever arising, whether directly or indirectly from any use, reliance or distribution of the presentation, its contents or otherwise arising in connection with the prospectus. 2 SUMMARY ICON at a glance Industry Outlook 1Q15 Operations Review 1Q15 Financial Overview Key Investment Highlights Business Strategies Appendices 3 ICON at a glance 4 ICON at a glance… 33 Vessels - as at 31 Mar 2015 Key Takeaways . Largest pure-play OSV provider in Malaysia and one of the largest in AHT/AHTS - Southeast Asia in terms of number 24 1Q15 Revenue Average fleet utilisation of vessels RM63.6 mil 64% . Average fleet of approximately 4.9 SSV - 4 years as at 31 Mar 2015, which is (1Q14 Revenue: RM80.1 mil) (1Q14 Average fleet utilisation: lower than industry average of in 79%) Malaysia and in the world of 10.3 UV - 1 (1) and 19.2 years respectively . Five vessels currently under 1Q15 Adjusted PAT 1Q15 Adjusted PAT Margin construction and targeted delivery PSV - 2 RM3.3 mil 5.0% in 2017 . (1Q14 Adjusted PAT: RM23.9mil) (1Q14 Adjusted PAT Margin: Focused on shallow waters but AWB - 2 selectively moving into deep 29.8%) waters via fleet expansion, diversification and fleet renewal programme Business Strategies Going Forward 1Q15 Highlights . Grow and replenish order book via competitive bidding . As at 31 March 2015, order book stood at RM785.6 mil, providing earnings visibility till 2019. Maintaining operational and financial discipline . Successfully delivered Accommodation Work Boat (“AWB”) . Strategic expansion through joint ventures, acquisitions and vessel (Icon Valiant) and Platform Supply Vessel (Tanjung Piai shipbuilding 2) in 1Q15 . Strengthening and reinforcing Corporate Governance . The Group managed to secure its second long-term (2+1 years) contract for its AWB (Icon Valiant) via a Joint Venture (1) Source: Infield Systems Limited. 5 Industry Outlook 6 Industry trends and leading indicators 1 Supply of oil outpacing demand 2 Declining Crude oil prices 3 4 Global E&P spending on a downtrend Global idle fleet increased +10% +24% +6% +6% -9% -2% +12% 680 642 -13% 606 619 607 550 454 444 395 349 USD USD bn 2007 2008 2009 2010 2011 2012 2013 2014E 2015E 2016E Source: BP Statistical Review, International Energy Agency, Barclays E&P Spending Outlook, Maersk Broker Research, IHS MarineBase 7 Malaysia’s economy Mid-2014: Fitch Ratings affirmed Malaysia’s Long-Term Foreign & Local Currency Issuer Default Ratings at ‘A-’, 4th lowest investment grade. Malaysia Fitch Rating: Negative “The likelihood of another review with more than a 50% rating cut Singapore could happen in 2Q15, mainly due Fitch Rating: Stable to weaker Ringgit Malaysia, worse-off trade balance, and the struggle of state investment company meeting its debt Indonesia Fitch Rating: Stable obligations.” – Fitch Ratings Malaysia's Credit Rating S&P Moody's Fitch Malaysia A- Stable A3 Positive A- Negative Source: Various articles, www,tradingeconomics.com 8 ICON’s share price in tandem with Brent Crude oil prices Rebased to 100 ICON's Share Price Performance (Dec 2014 - Mar 2015) 120 100 80 60 40 20 Lock-up period ended 0 Brent Crude Oil Price ICON Share Price . BMI research expects Malaysia’s economy to be negatively impacted by the fall in oil prices over the course of 2015, but do not expect long-term growth to suffer. According to BMI Research, there will be a significant negative impact on Malaysian oil and gas production over the medium term. Hence, BMI has downgraded their forecast for Malaysia’s crude oil production on the back of declining oil prices and Petronas’ CAPEX and OPEX cuts . On a brighter note, Bank Negara Malaysia stated that Malaysia’s economy is expected to expand 4.5% to 5.5% in 2015, largely bolstered by strong demand and resilient exports, although the risks of declining oil prices affecting its outlook linger Source: BMI Research, Bank Negara Malaysia, Bloomberg 9 1Q15 Operations Review 1Q15 Operations Review 10 Operational Highlights (1/3) Limited tender activities in 1Q15 impacted utilisation Fleet Utilisation Rate Diversify into selective asset class to reduce dependency on AHTS 1Q14 1Q15 . The Group has expanded into the Accommodation AHTS 92.0% 67.0% Work Boat (“AWB”) category and will continue to AHT 15.0% 49.0% include other asset classes (i.e. Fast Crew Boat and 10k bhp AHTS) to reduce its dependency on the 5k SSV 90.0% 50.0% AHTS segment. Competition is expected to remain PSV 95.0% 48.0% tight for the 5k bhp AHTS segment. AWB 0.0% 72.0% . 1Q15 utilisation rate was impacted by limited tendering activities for SSVs, PSVs, and AHTSs Others 41.0% 100.0% since H2 2014. 79.0% 64.0% Providing innovative solutions for our clients Maintenance/Drydocking Schedule for 1Q15 . Oil majors are placing more focus on fuel consumption savings, pollution prevention and . There are 2 vessels that are under drydocking and 3 under comfort on board. maintenance during the quarter under review. The Group to continue to provide innovative solutions for our client by investing in younger and energy efficient vessels with higher technical specifications. 11 1111 Operational Highlights (2/3) Delaying delivery of new vessels under construction Vessels under construction Under Construction Shipyard Location Targeted Delivery FCB 1 Skagen, Denmark Q3 2015 NB123 / (to be named) 2 AHTS Guangzhou, China Q1 2017 SH128 / Icon Andra 3 AWB Guangzhou, China Q1 2017 SH121 / Icon Aliza AHTS Lumut, Malaysia Q1 2017 4 G016 / Icon Astrid PSV Guangzhou, China Q1 2017 5 SH129 / Icon Pioneer 12 Operational Highlights (3/3) Excellent HSE record in line with target HSE Statistics for FY2014 Awarded in FY2014 FY2014 0 Lost Time Injury (LTI) Restricted Workday Case / 3 Medical Treatment Case ExxonMobil and Production Maersk Oil Outstanding Malaysia Inc (EMEPMI) Safety Performance First Aid Case 1 – GOLD AWARD Property Damage 12 Near Miss 10 Unsafe Act & Unsafe Petronas Carigali Sdn. Bhd. Condition (UCUX) 16,512 ExxonMobil Safety Reliable Operations Award Certificate of Excellence Award 7.8 million man hours without LTI* Note: Does not include the LTI statistics for Omni Petromaritime Sdn Bhd and Tanjung Kapal Services 13 1Q15 Financial Overview 14 1Q15 Group Financial Overview Group Revenue (RM’ mil) 80.1 63.6 Total Group revenue for 1Q15 stood at RM63.6 mil, a 20.6% drop to -20.6% RM63.6 mil when compared against the corresponding quarter of the previous year. This decrease was primarily due to lower fleet utilisation rate of 64% during the quarter (1Q14:79%) against the back drop of market 72.9 sentiments in the oil and gas industry. However, this was partially offset by -15.6% 61.5 contribution from a new AWB vessel during the quarter under review. The Group’s own vessel revenue also dipped 15.6% to RM61.5 mil during Q1 2014 Q1 2015 Revenue - Own vessels Total Group Revenue the quarter under review from RM72.9 mil previously.
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