Public Expose Material 20 June 2013
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Source : BP Migas
Industry Outlook
Change in Government Policy toward Oil & Gas Industry
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Creating a Sturdy Business Platform with Young
and Diversified Fleet
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14
Industry Outlook
Positive Regulatory Environment - Cabotage Deadline *
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* Based on Minister of Transportation Decree No PM 48/2011
10
Komposisi armada
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By end 2013, 61% of fleet will comprise of mid to high value vessels
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Achievements – 2012
• Fleet
• Sold 6 low tier, added 2 high tier and 1 mid tier vessels
• Total Capex of approximately USD 50 million
•
•
•
•
•
Financial Performance
Net profit growth of 23% to USD 20.2million
Owned vessel revenues grew 20% on new vessel additions
Chartered Vessel revenues fell 13%, but gross profit grew 10%
27% rise in EBITDA to USD40million as business mix shift in favor of
higher margin owned vessels
• Strategic Alliances
• Signed Joint Venture with POSH Singapore to target high tier
AHTS market
13
Industry Prospects 2013
•
•
•
•
•
•
•
•
Niko Resources drilling 22 wells in Indonesia with 5 year contract
BP Tangguh in Papua to start drilling in 4Q2012 for 3rd and 4th LNG
Train, total investment USD 12bn
ENI Djangkrik field with USD4bn project cost
Pertamina Hulu Energy, upstream arm of Pertamina, allocating
USD1bn in North West Java
Pertamina West Madura Offshore adding another rig in Madura
Chevron Indonesia Deepwater Development : USD 7 bn project
starting in June 2013 for a period of 10 years
Inpex Masela to start in 2013 to build world’s largest floating LNG
terminal
2013 approved investment commitment in Indonesia is USD 26.2
bn, higher than of 2012 which was USD 21.88 bn:
- 74 Exploitation Work Area of USD 23.50 bn
- 200 Exlporation Blocks of USD 2.3 bn
Source : BP Migas & ESDM Ministry
14
4 Years Review
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Profitability – Vessel Category
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Financials (in USD Million ) – Dec 31, 2012
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• Expand Fleet
• Acquire up to10 medium to high value vessels
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• Total Capex of approximately USD 60 million
• Financial Performance
• Revenue growth will be higher than of 2012
• Gross profit from own vessels higher because of full year impact
of new vessels in 2012
• Some start up costs relating to new vessel deliveries will affect
gross margins
• Strategic Alliances
• Joint ventures with strategic partners to operate high tier vessels
• Work with financial partners for longer term funding to support our
growth
21
Attracting Prominent Oil Companies through Excellent
Safety and Security Track Record
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Source : BP Migas
Industry Outlook
Change in Government Policy toward Oil & Gas Industry
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(!)!*+! ,-*.(/&+.-(
!
'
#
0
# %#
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0
6
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• Proceeds from oil and
gas
• Saving of procurement
cost and optimizing
asset
• Oil and gas transaction
and placement of ASR
through state owned
banks
4
'
% "
%
• Increase local content
• As the multiplier effect
for local industry growth
• Energy source for
industry, transportation
and consumer
'
%
"
% $
• Raw material for:
feedstock, refining, gas
and power
%,
7
Source : BP Migas
Industry Outlook
Market share of local and foreign flagged OSVs
(
$$
(
(
0
$
$$
) C
$$
Total 611 vessels
Total 531 vessels
+
"'
,/
)
-,A
"+/
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(D
A
0 3
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'"
7
0)
%
Increase in units of
Indonesian flagged OSVs
&
% !
8 '
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%
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4 5
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7 79
Source : BP Migas and WINS
8
Industry Outlook
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+
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%
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# $
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# $
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4
4#
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#
,
+
+
/
,
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,
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9
Source : BP Migas
"
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13
Creating a Sturdy Business Platform with Young
and Diversified Fleet
-"
) %%
',
"
(low-tier)
)
'
13
4 $3
0
3 $
%
$
) # $
)
$
)
7
@A@
7
'
,
'
/
'
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• Sale of 4-6 low value vessels
-
-
22
= 8
= 8
22
22
22
22
="8
22
22
22
22
22
-
• Buy Mid and High tier Vessels to
raise margins
7
(mid-tier)
)
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&. $
0
9
C
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*C
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,
$ $
. $=
J
(high
-tier)
$
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& $8
Reduce Low Value Vessels
7
+
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+
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22
7
Diversified fleet
• Provides a one-stop solution to
valued customers
/
"
Focus on vessel in higher
value chain
F
$4 $
22
• Achieve better margins – fewer
competitors
F
$4 $
22
• Higher barriers to entry as track
record counts with international oil
companies
.
=
C8
22
22
"
• Upgrade and retrain crew and
shore based teams
B
:
• To differentiate from other
players which are mainly focused
on low-tier vessels
14
Industry Outlook
Positive Regulatory Environment - Cabotage Deadline *
43
C
4- 6 +5+ C A C
4- 5
4%"
!,
7
% % !,
37
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* Based on Minister of Transportation Decree No PM 48/2011
10
Komposisi armada
5
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:
* Higher value includes mid and high tier vessels
By end 2013, 61% of fleet will comprise of mid to high value vessels
16
()*(
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$
2
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$
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3
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17
Achievements – 2012
• Fleet
• Sold 6 low tier, added 2 high tier and 1 mid tier vessels
• Total Capex of approximately USD 50 million
•
•
•
•
•
Financial Performance
Net profit growth of 23% to USD 20.2million
Owned vessel revenues grew 20% on new vessel additions
Chartered Vessel revenues fell 13%, but gross profit grew 10%
27% rise in EBITDA to USD40million as business mix shift in favor of
higher margin owned vessels
• Strategic Alliances
• Signed Joint Venture with POSH Singapore to target high tier
AHTS market
13
Industry Prospects 2013
•
•
•
•
•
•
•
•
Niko Resources drilling 22 wells in Indonesia with 5 year contract
BP Tangguh in Papua to start drilling in 4Q2012 for 3rd and 4th LNG
Train, total investment USD 12bn
ENI Djangkrik field with USD4bn project cost
Pertamina Hulu Energy, upstream arm of Pertamina, allocating
USD1bn in North West Java
Pertamina West Madura Offshore adding another rig in Madura
Chevron Indonesia Deepwater Development : USD 7 bn project
starting in June 2013 for a period of 10 years
Inpex Masela to start in 2013 to build world’s largest floating LNG
terminal
2013 approved investment commitment in Indonesia is USD 26.2
bn, higher than of 2012 which was USD 21.88 bn:
- 74 Exploitation Work Area of USD 23.50 bn
- 200 Exlporation Blocks of USD 2.3 bn
Source : BP Migas & ESDM Ministry
14
4 Years Review
6
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15
4 Years Review
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16
4 Years Review & CAGR
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5 2
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06
5 2
8
17
Profitability - Segment
4*
5
"
6
-
' A
+
8
%
+
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8
'
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18
Profitability – Vessel Category
/ 1 7
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+ A
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19
Financials (in USD Million ) – Dec 31, 2012
"
,
+
06
+'
06
& 2
& 2
+
,
-"
"
'
/
+
.
)
$
D (
?#(4&
% 3
?K
20
#
()*,
• Expand Fleet
• Acquire up to10 medium to high value vessels
• 3 vessels delivered in 1Q2013
• Total Capex of approximately USD 60 million
• Financial Performance
• Revenue growth will be higher than of 2012
• Gross profit from own vessels higher because of full year impact
of new vessels in 2012
• Some start up costs relating to new vessel deliveries will affect
gross margins
• Strategic Alliances
• Joint ventures with strategic partners to operate high tier vessels
• Work with financial partners for longer term funding to support our
growth
21
Attracting Prominent Oil Companies through Excellent
Safety and Security Track Record
22
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.
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:
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23