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 , 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 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 , 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. Adjusted EBITDA (RM’mil) The Group’s adjusted EBITDA in 1Q15 dropped by 46.4% to RM27.0 mil as 62.9% 42.4% compared to RM50.4 mil previously, mainly due to a 30.5% increase in cost of sales during the quarter under review. This was offset by two new vessels that were added to the Group’s portfolio of vessels. 50.4 -46.4% The lower adjusted EBITDA was also mainly due to the lower revenue 27.0 recognised during the quarter under review.

Q1 2014 Q1 2015 Margin Adjusted PAT (RM’mil) 29.0% 5.0% The Group recorded RM3.3 mil adjusted PAT in 1Q15, an 87.0% dip against RM23.9 previously, mainly due to lower utilisation of the Group’s vessels during the quarter under review.

23.9 -86.2%

3.3 Q1 2014 Q1 2015 Margin

15 Business Segment Financial Overview Revenue by Vessel Type (RM’ mil)  AHTS. Our core fleet consisting of 64% fleet total and contributed c.65% 60 56 (1Q14: 70%) of total revenue, while utilisation rates stood at 67% (1Q14: 92%) due to the completion of contracts and lower activities in the oil and 50 gas industry. 42  AHT. Smaller vessels comprising of 3 units (9% of fleet total) contributed 40 c.4% (1Q14: 2%), secured long term contracts.

30  SSV. Comprising of 4 units (12% of fleet total). The dip in revenue was due to lower tendering activities for SSVs 20  PSV. Lower revenue contribution in 1Q15 as vessel was on spot job 10 10 7 9  AWB. Higher revenue contribution in 1Q15 due to the Group’s additional 5 AWB vessel (Icon Kayra) to its portfolio 1 2 2 2 2 0  UV. Lower revenue contribution in 1Q15 mainly due to lower tendering AHTS AHT SSV PSV AWB UV activities that matches our vessel specs Revenue -Q12014 Revenue - Q12015

EBITDA by Geography (RM’ mil) Revenue by Geography (RM’ mil) 60 51 50 1Q15: 83% 40 31 Malaysia Malaysia Overseas 30 Overseas

20

10 1Q14: 93% 3 5 Malaysia Overseas - 1Q14 1Q15

16 Leverage and Capitalisation Capital Structure Key Ratios as at 31 March 2015

0.62x RM’ mil 2012 2013 2014 1Q15 0.61x

Total Assets 1427.9 1575.7 1781.7 1785.0 0.58x

0.55x Total Equity 265.8 379.4 1080.6 1083.8

(1) Total Debt 1028.4 1103.3 668.5 664.4 FY2014A 1Q15 Gearing Ratio (Gross) Net Gearing Ratio Cash and cash Debt Profile Analysis (RM’mil)

54.0 47.3 74.8 38.0 2.0 equivalents 1.78 1.78 1.8 1.43 1.6 Revenue 291.7 334.9 318.9 63.6 1.4 1.2 Total Assets Adjusted EBITDA 1.0 1.03 166.9 190.9 184.7 27.0 0.8 Total Debt 0.6 0.67 0.66 0.4 Adjusted Net profit 64.8 89.6 90.8 3.3 0.2 0.0 Key Financial Ratios FY2013A FY2014A 1Q15 CAPEX Commitments (RM’mil) Debt(1)/EBITDA 6.2 5.8 3.6 24.6 160 142 140 (2) Net debt /EBITDA 5.8 5.5 3.2 23.2 120 100

80 Shariah compliant 63 63 ratio (%) n/a n/a 23.8 25.0 60 40

20 (1) Total debt = Total short-term and long-term borrowings - 2015 2016 2017 (2) Net debt = Total debt – Cash and cash equivalents 17 1Q15 Key Investment Highlights

18 Key Investment Highlights ICON’s long-term fundamentals remain intact, while Board and management are focused on overcoming near-term industry challenges to deliver better shareholder value over the long-term 1 Fast growing and largest pure-play OSV provider in Malaysia and one of the largest in SEA 7 2 ICON is profitable since its Excellent HSE track record incorporation and is focused on maximising margins

6 Established relationship with 3 highly reputable customers and Young and versatile fleet with an high quality shipyards active fleet renewal programme

5 4 Embarked on talent management Regional expansion supported by initiatives and extensive trainings long-term contracts for cadets and crew

19 1 Fast growing and largest pure-play OSV provider in Malaysia and one of the largest in SEA ICON’s fleet growth since inception

ICON grown from 2 to 33(1) vessels at a CAGR of 32.4% in 10 years with further expected growth of 5 vessels over next 2 years 38(1) (1) 34(1) 34(1) 32 32 33 28 23 22 New vessels to be 16 delivered with latest technology such as DP2 11 8 systems and higher BHP engines 2 3

FY2005A FY2006A FY2007A FY2008A FY2009A FY2010A FY2011A FY2012A FY2013A FY2014A 1Q15 FY2015 FY2016F FY2017F

ICON’s revenue growth through fleet expansion and renewal UV SSV AHT AHTS PSV AWB FCB TOTAL

Quantity 1 4 3 21 2 2 - 33 % of fleet 3% 12% 9% 64% 6% 6% - 100% 1Q15 Avg. Age 7.0 8.5 7.0 5.6 1.0 0.5 - 4.9

 With 5 vessels under construction, our fleet is expected to grow from 33 vessels to 38 vessels within time span of FY2016 and FY2017, representing a CAGR of 4.8% over a 3 year period  New deliveries also helps ICON to maintain a young fleet; average fleet as at 31 March 2015 stood at 4.9 years. In the market, the average fleet age are 10.3 and 19.2 (2) in Malaysia and worldwide, respectively. Source: (1) Assuming no disposals. (2) Company and Infield Systems Limited. 20 2 ICON is profitable and is focused on maximising margins

Revenue (RM’mil) Adjusted EBITDA (RM’mil)

82 80 80 52 77 50 45 64 37

27

Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015

Adjusted PAT (RM’mil) Commentary

Focusing on competitive bidding to improve 27 utilisation of the Group’s OSV fleet 24

21 19 Optimising cost position to enhance margins

3

Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015

21 3 Young and versatile fleet with an active fleet renewal programme Average age of AHT/AHTS fleet as at 31 March 2015 Average age of PSV/SSV fleet as at 31 March 2015

10.3

20.0 19.0 9.3

7.3 12.0 5.3

4.3

ICON Malaysia Southeast Asia Global ICON Malaysia Southeast Asia Global

Active fleet management – to continue assessing sale opportunities for smaller and older vessels

2014 2015 2016F 2017F Total number of 32 34 34 38 vessels

Average age 4.4 4.3 5.2 5.9 (years)

Source: Infield Report

22 4 Regional expansion supported by long-term contracts Business Development – New Charter Contracts

25 Feb 2015  Received Letter of Award from PETRONAS for the provision of the spot charter marine vessels (Umbrella Contract) Iraq  Awarded six (6) out of eight (8) packages Egypt offered by PETRONAS under the Umbrella Contract, largely pertaining to the categories of Anchor Handling Tug / Supply Vessel 60 Myanmar MT, Straight Supply Vessel, Platform Supply Qatar Vessel, Utility Vessel, Workboat, and Work U.A.E India Thailand Barge on call-out basis Saudi Arabia Vietnam

Malaysia 10 Dec 2014  Secured contract from EQ Petroleum Brunei Production Malaysia for the provision of one (1) unit Straight Supply Vessel and a contract extension by an established oil major for the provision of one (1) Utility Vessel and one (1) 27 May 2015 Anchor Handling Tug Vessel  Secured long-term contract charter contract to charter the second Accommodation Work Boat within ICON fleet of vessels, namely Icon Valiant with Zell for a period of 2+1 21 Oct 2014 years  Secured contract with Talisman Malaysia for the provision of one (1) 100 MT Anchor 20 Aug 2014 Handling Tug Supply for a period of 2+1  Secured contract with Brunei Shell Petroleum for the years with a contract value of RM63.5 provision of one (1) Accommodation Work Boat for a million period of 5+2 years. This is ICON’s first foray into Brunei through its local partner

ICON Experience ICON Vessel(s) currently deployed

23 5 Embarked on talent management initiatives and extensive training for cadets and crew Icon Maritime Training Centre (“IMTC”) Talent Management

 Aims to enhance skills of crew working on offshore vessels via a  Awarded HR Asia ™ Best Companies To Work for in Asia continuous learning process (e.g. deck operations for all levels 2014 from Ratings to Master and engine operations from Oiler to

Chief Engineer)  High performance culture through alignment of KPIs with

corporate vision and mission  ICON’s IMTC syllabuses are closely connected to our HSE

Management System and industrial driven best practices; IMTC  Staff retention and recognition of achievements via ESOS had so far trained 209 Icon’s internal crews at 31st Apr 2015 scheme

 IMTC will be collaborating with Akademi Laut Malaysia (ALAM)  Staff Leadership Program for potential managers to to deliver programs under Sijil Kemahiran Malaysia (SKM) OSV support the business and put in place succession plans Operations Level 3-5. These programs are under the purview of Jabatan Pembangunan Kemahiran Malaysia

 Other modules being developed include, amongst others:  Engine operations  Superintendent training  Simulator training and Computer Based Modules

24 6 Established relationship with highly reputable customers and high quality shipyards

Key customer relationships Key shipyard relationships

Guangzhou, China

Sandakan, Sabah Lumut, Perak Miri Labuan, Malaysia Johor, Pasir Gudang Sibu Singapore

ICON has established good rapport across both customers and suppliers, attracting new customers while retaining existing ones, and receiving favourable pricing and access to shipyards

25 Business Strategies

26 Business Strategies Riding out current challenging environment with a committed focus on optimising vessel utilisation rate

1 Grow and replenish order book via competitive bidding

4 2 Corporate Maintaining governance operational & improvements financial discipline

3

Strategic expansion

27 1 Grow and replenish order book via competitive bidding Maintenance of substantial revenue backlog to establish earnings visibility with optimum fleet utilisation

Order Book Summary as at 31-Mar 2015 Situation today Strategy forward Order Book RM' mil 2015 2016 2017 >2017 Total Healthy order book with several tenders still awaiting Firm Charter 167.2 187.5 131.0 42.9 528.6 results Option Charter 8.1 20.7 56.4 161.5 246.7 . Total order book stood at RM785.6 mil, of which RM528.6 mil Spot Charter 10.2 0.0 0.0 0.0 10.2 (67.3%) are firm, RM246.7 mil (31.4%) are extension options and RM10.2 mil (1.3%) are spot charters. Contract Value 185.5 208.2 187.4 204.4 785.6 . Approximately 50% of current order book will provide future Charter Contract Success Rate revenue up to FY2016. Tenders Submited YTD March 2015 Successful Unsuccessful Awaiting Results Success Rate Total Competitive bidding to grow order book and enhance AHTS 1 2 4 33% 7 utilisation AHT 0 0 5 0% 5 . The Group has average success rate of 40% in our tendering SSV 0 0 5 0% 5 activities. PSV 0 1 1 0 2 UV 0 0 2 0 2 . Management expects to be more competitive in future tenders AWB 1 0 0 100% 0 to increase the success rate, thus resulting in an improved Total 2 3 17 40% 21 order book and fleet utilisation. More marketing activities for overseas charters *In 1Q15, Icon has added an AWB vessel (Icon Valiant) and PSV (Piai 2) to its portfolio of OSV vessels . Management will also increase overseas marketing activities of our vessels in the region and the Middle East. Contracts with reputable oil majors limits credit risks Continuous participation in tenders PETRONAS Carigali . 17 tenders and awards are awaiting results with contract value of over RM164.1 million.

28 2 Maintaining operational and financial discipline Focus on heightening competiveness via continuous operational excellence and prudent financial policy Summary of Key Financials Strive to maintain a healthy balance sheet for fundraising activities

YTD Net gearing increased FY2013 FY2014 Mar-15 marginally due to a reduction As at 31 Dec 2014: in cash to fund shipbuilding As at 31 Mar 2015: RM'000 RM'000 RM'000 0.55x 0.58x Working Capital Current assets 135,284 170,393 114,779 On-going discussion with our bankers are taking place to raise funds for: 1 Current liabilities 489,636 160,478 164,222 (i) financing of our vessels under construction; and Net working capital ratio 0.28 1.06 0.70 (ii) make available an additional war chest to increase debt capacity to support future fleet growth / expansion Receivables turnover The Group will be able to maintain a gearing capacity at a comfortable Receivables turnover period (days)75 88 75 level of up to 1.2x for fleet expansion purposes, when supported by fresh contract awards. Gearing Continuous enhancement of operational efficiency Total borrowings 1,103,252 668,483 664,383 less:RCPS-i 235,600 - - Operational Efficiency Initiatives Other borrowings 867,652 668,483 664,383

Cash 47,303 74,818 37,986 Streamline Optimise Hiring Enhance Capability Procurement and Training Equity 379,364 1,080,606 1,083,834 and Usage of IT Net gearing ratio 2.78 0.55 0.58 Processes of Crew

Notes: 1 Excludes Deferred Tax Liabilities

29 3 Strategic expansion Joint Ventures or M&As to create opportunities in other markets

Geographical presence of ICON

Fleet renewal JV or M&A activities

New build programme

Vessel Shipyard Location Expected Completion FCB NB123 / (to be named) Skagen, Denmark Q3 2015 AHTS Overseas SH128 / Icon Andra Guangzhou, China Q1 2017 (17%)

AWB Guangzhou, China Q1 2017 SH121 / Icon Aliza Malaysia AHTS (83%) G016 / Icon Astrid Lumut, Malaysia Q1 2017

PSV SH129 / Icon Pioneer Guangzhou, China Q1 2017

Vessel Total Consideration Disposal Date AHT USD 3.8 mil March 2014  Expanded footprint into Brunei while securing new long-term Omni Solaris charter contracts UV August 2014 Tanjung Manis USD 3.9 mil

30 4 Corporate Governance improvements Strengthening and reinforcing Corporate Governance

Corporate Governance Framework

Statement on Risk Management & Statement of Corporate Governance Internal Control

Board and Board Directors Roles and Internal Systems & Internal Audit Committees Responsibilities Control Framework Stakeholders Risk Management External Audit Accountability and Audit Management Framework Framework

Code of Conduct

Director’s Code of Ethics Employees Code of Ethics Service Provider Code of Conduct

Fraud Prevention & Whistleblowing

31 THANK YOU Appendices

33 Formation of ICON and Key Milestones

TKS(1) ICON took delivery of 5 new ICON listed founded by OMNI(2) AHTS vessels and 1 new on the Main Tanjung acquired its 1st PSV, (1st Malaysian Market of Offshore vessel, an AHT constructed diesel electric Bursa Berhad PSV) Malaysia

Apr Jun Aug 1994 2005 2006 2012 2013 2014 2014 2014

TKS took Strategic ICON entered ICON entered delivery of its Consolidation into a JV with into Brunei first 2 vessels, 1 between TKS & Odfjell Eiendom market AHTS and 1 UV OMNI(3) and the AS launch of ICON

Building a leading Malaysian OSV player with international experience ICON has grown from 2 to 33 vessels at a CAGR of 32.4% in 10 years

Source: Company. (1) Tanjung Kapal Services Sdn. Bhd. (2) Omni Power Sdn. Bhd. (3) Omni Petromaritime Sdn. Bhd.

34 Playing within the offshore O&G value chain

ICON’s capability    

OSV Exploration & Appraisal Field Development Operation & Maintenance Decommissioning deployment opportunities OSVs used to support drilling units by OSVs deployed to support installation OSVs primarily used for the transport of OSVs are equipped to provide support for vessels and the towing and positioning of personnel, provisions, fuel, equipment, oil and gas operators in the process of within performing positioning duties, towing them into place, handling anchors and drilling rigs spares and other supplies decommissioning upstream performing supply runs Pre-FEED & FEED studies The decommissioning of end-of-field Enhanced oil recovery infrastructure Appraisal wells commissioned to assess Brownfield development and Detailed engineering the potential of any discovery made during injection wells Re-use / recycle / dispose the exploration phase Fabrication & procurement Working over of existing wells Flow rates Offshore construction, installation & assessed commissioning

AHTS AHTS Barges AHTS Barges AHTS AHT AHT Tugs PSV Tugs AHT PSV PSV AWB FCB AWB AV FCB FCB AV AV AV

Upstream Midstream Downstream

Seismic Field development Oil & gas data study and plan Management systems industry for engineering & Exploration geology & Security project; and well- Maritime structure prospecting technology certification reservoir-facility services Gas in pipes

Field Exploration Production Transportation Refining Distribution Consumer Development

Platform, well, surface Platforms and Supply ships and Drilling rigs and ships and subsea equipment production vessels supply bases Oil & LNG on ships

Drilling equipment and systems Pipes

Source: Infield Systems Limited and Company. Note: “AV” refers to accommodation vessels and “FEED “refers to front-end engineering and design.

35 Computation of adjusted EBITDA and adjusted Profit After Taxation Computation of Adjusted PAT Computation of PAT to EBITDA and Adjusted EBITDA

Cumulative Quarter Cumulative Quarter Quarter Ended Quarter Ended Ended Ended

31.3.2015 31.3.2014 31.3.2015 31.3.2014 31.3.2015 31.3.2014 31.3.2015 31.3.2014

Profit After Taxation 2.71 19.50 2.71 19.50 Profit After Taxation 2.71 19.50 2.71 19.50

Gain on disposal of OSV - (0.18) - (0.18) Taxation 0.03 0.20 0.03 0.20

Other expenses : Profit before taxation 2.74 19.70 2.74 19.70

- Amortisation of 0.78 2.41 0.78 2.41 intangible assets Finance costs 8.34 14.09 8.34 14.09

- Impairment of assets - - - - Depreciation 15.14 14.36 15.14 14.36

Admin Expenses: Amortisation of 0.78 2.41 0.78 2.41 intangibles assets IPO Expenses - - - - Share of profit from JV (0.01) - (0.01) -

Transaction cost written off - - - - EBITDA 26.99 50.56 26.99 50.56

RCPS-i profit rate - 2.75 - 2.75 Gain on disposal of - (0.17) -- (0.17) OSV/ non-OSV Tax effect relating to : - Impairment of asset - - - - - Amortisation of intangible (0.20) (0.60) (0.19) (0.60) assets IPO related expenses - - - - - Disposal of non-OSV - - - - Adjusted EBITDA - Transfer of vessels to 26.99 50.39 26.99 50.39 - - - - Labuan subsidiaries

Adjusted PAT 3.29 23.88 3.29 23.88

36