Exploring Growth in the Liftboat Market

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1 Exploring Growth in the Liftboat Market Chan Eng Yew CEO, TRIYARDS Group Asian Offshore Support Journal Conference September 2015

2 Macro overview

3 Developments in the Oil & Gas Industry in 2015 Oil prices down by 65% since Jun 2014; reaching lowest levels since the Global Financial Crisis US$41.59 (24 Aug 2015) Extensive capex and cost reductions by major Oil & Gas players; massive lay-offs/ restructuring announced globally in anticipation of protracted downturn Sources: DNB, IHS, Reuters 3

4 Southeast Asia A Region of Diverse Growth and Resource Needs Indonesia, Malaysiaand Bruneilead the oil and gas production in SEA while potential growth lies in countries such as Vietnam and Myanmar. Source: IEA 4

5 Drivers for Oil & Gas Production in SEA DemandforenergyinSEAisexpectedtogrowby80%through2035 Crude oil prices drive E&P activities and demand for liftboats viable in SEA countries despite current oil prices due to relatively low breakeven cost Sources: IEA, IHS, OECD 5

6 Drivers for liftboatdemand in Southeast Asia

7 Key Features and Applications of Liftboats Key Features Self-propelled, self-elevating offshore working platform for shallow water applications Multi-purpose Large, open deck space Equipped with crane Stable platform for construction & maintenance of offshore production platforms Capable of carrying equipment and supplies Combines capabilities of: Applications Construction / installation / commissioning of offshore platforms Operations, maintenance and modifications of offshore platforms Upgrading of offshore platforms Oil well intervention Removal of old platforms / P+A / decommissioning Windfarm installation / maintenance Accommodation / living quarters for construction and service crews i. Conventional crane/ deck barge ii. Legs and jacking system of MODU iii. Propulsion of standard workboat Sources: Aries Marine, EXIM Bank 7

8 Why Are Liftboats an Attractive Proposition? Cost effective solution applicable across wide spectrum of the offshore industry, from O&G field construction to decommissioning; and renewables assets SAFETY/ STABILITY Proven concept with NOCs and IOCs MOBILITY COMPETITIVE DAY RATE OPERATION UPTIME Addressable Markets for SEA Exploration Field Construction Production Maintenance Modifications & Operations Decommissioning -SEUs typically not active in this phase -Accommodation -Crane Support (Construction) -Accommodation - Well Services / Intervention - Enhanced Oil Recovery (EOR) - Modification & Maintenance - Accommodation -Crane Support (Removals) 8

9 Evolution of Liftboats Over The Years 1950 s Jehu 1980 s Dolphin Post 2000 s Teras Fortress 2 First liftboatswere simple in design Only had 4 legs with 2 mud mats that retracted into the hull for smooth water flow Elevated by cables & pulleys Seismographic surveys/ support for fixed platforms Introduction of hydraulics/ rack & pinion jacking system 3-legged concept Working depths of 150ft or less Liftboatsof >150ft had been built since 1990s Capable for operations in deeper waters Can be used for offshore oil & gas / renewable energy applications Sources: Elevating Boats Inc.; High Waves: History of the Offshore Liftboat, Offshore Magazine, Jan 1999; Innovative Designs on Accommodation Jack-ups from GustoMSC, Mar

10 Demand Outlook Demand driven by shallow water production, which is less affected by capex moderation. High potential in SEA due to limited units currently in supply. Young market in SEA with high opportunity due to the small amount of supply at the moment % 100% Shallow water spending as % of total E&P spending M. East and SEA expected to show highest demand growth for SEUs 80% 60% 92% 88% 82% 78% 61% 40% % % 0% Middle East and North Africa SEA N. America NW Europe West Africa 1500 SEU in SEA are typically higher spec with higher water depth rating and more accommodation berths Source: DW SEU Report N. America SEA Middle East and North Africa Installed O&G platforms West Africa NW Europe Liftboat supply 0% SEA Middle East and North Africa 91 Average water depth (m) Average POB NW Europe West Africa N. America 10 10

11 Market Potential A Bright Spot within a Depressed Offshore Market? Market Outlook Region No. of SEUs No. of platforms Ratio of platforms per SEU North America (GOM) ~250 ~3, APAC ~28 (by 2018) ~1, Potential Market Size ~100 SEUs Resilience amid low oil prices Compared to a sharp decline in utilisationfor global rig fleet, demand for liftboatsrelatively resilient. Gulf Marine Services recorded >95% utilisationfor liftboat fleet TRIYARDS announced 5 newbuild liftboat contracts in 2015 despite weak demand for drilling rigs Sources: Credit Suisse, Macquarie 11

12 Assessing the Competitive Landscape and Barriers to Entry

13 Assessing the Competitive Landscape and Barriers to Entry Key Considerations for Operators Under-penetrated market in APAC Low capex outlay compared to jackuprigs Resilient charter rates (between US$20-80k/day) vs. jackuprigs and traditional OSVs (which have declined >30% since 2014) depending on vessel specs and working depth Various fabrication yards with newbuild capabilities, such as TRIYARDS Stringent pre-q and operational requirements by field operators most significant barrier of entry Potential increase in competition due to low barriers to entry and traditional OSV players entering the market amidst low OSV charter rates/ utilisation Established Players Potential / New Entrants APAC / Middle East Operators International Operators Source: Credit Suisse 13

14 Assessing the Competitive Landscape and Barriers to Entry With more oil platforms requiring upgrading, maintenance & replacement, the demand for liftboatsis improving particularly in Southeast Asia. As a niche market that has been under penetrated, offshore service providers are taking opportunities to enter the market. Regional Segmentation to 2020 Demand for jack-up units, particularly in the Middle East and South East Asia markets, has increased in recent years. Jack-ups increasingly replacing vessels/barges for construction and maintenance duties at shallow water field in these regions. Sources: Douglas Westwood, EXIM Bank 14

15 Outlook for Liftboatand Chartering Strategies

16 Outlook for Liftboat Business & Chartering Strategies Southeast Asia Regional Profile SEA region driven by commercials; Low cost alternatives create sustainable business model; Long term contracts on offer with low OPEX obligations; Occasional high day rate/ technically challenging projects Preferred Technology Shallow/ Medium water depth: DP/ Moored monohulls, jack-up units, DP/ Moored semisubs Deep water: DP/ Moored semi-subs, DP/ Moored monohull units Service Required Maximisationon PoB, inc.2 & 4 men cabins DP2 generally accepted, as is moored Source: Ryan Stewart The Business Case for Flotels 16

17 Vessels Suitable for Southeast Asia Market BH335 ABS Class Self-Propelled & SelfElevating unit accompanied with a large deck area and high capacity cranes A true workhorse for shallow water field services, such as: BH450 1) 2) 3) 4) Work over Coiled tubing Wire-line operations Platform maintenance and upgrade programs 5) Accommodation for 160 (BH335) / 250 men (BH450) 17

18 Enhanced Design & Future Developments

19 Liftboats of the Future State-of-the-art, customisable solutions, capable of operating in deeper waters and harsh environments (such as the BH-series and variants) propelling TRIYARDS as a regional market leader BH300 BH320 BH335 BH336 BH450 TSU475 19

20 Liftboats of the Future Innovative designs key differentiators to stay ahead of competition Compact and lightweight innovative cantilever design Modular unit Integrated coiled tubing and wireline support Capacity for pipe / equipment storage on cantilever Large hoisting capacity Source: Gannett Offshore 20 20

21 Conclusion Asia Pacific liftboat market remains under-penetrated compared to US GoM and West Africa Demand improving in Southeast Asia due to more platforms requiring upgrading, maintenance and replacement Utilisationand charter rates relatively resilient vs. jackuprigs and OSVs amid low oil price environment Lower capex requirements and barriers to entry present opportunities for new entrants to build up fleet rapidly Liftboatswith higher specifications and capabilities for operating in deeper waters and harsh environments key differentiators to stay ahead of competition 21

22 Business overview

23 Business Overview Integrated Fabrication Solutions Provider Headquartered in Singapore and listed on the SGX Mainboard Provides integrated full-service engineering, fabrication and ship construction solutions Skilled labor and engineering capabilities Strong track records in the fabrication of self elevating units (SEUs) in Southeast Asia Diversified and rapidly expanding client base Exploration and Field Development Production and Services Transportation Refining Offshore Service Platform (SEU) & Drilling Rig (TDU) Ship Repair & Conversion Industrial/ Renewable Energy Fabrication Offshore Support & Construction Vessels / Multi-Purpose Support Vessel/ Wind-farm Support & Accommodation Offshore Fabrication Offshore Heavy Lift Equipment (Knuckle Boom Crane, Leg Encircling Crane) Aluminum Support Vessel Military/Paramilitary Patrol Boats Our track records since 2007 Type of assets Unit(s) delivered Principal specification Indicative Market Value Liftboats/ 9 Up to 450 ft leg length USD 55-90m SEUs Service Speed : 6 knot Compliant to southern north sea MPSV 1 Ice Class, DP3 USD500m 3000 Mt Crane, 239 pax AHTS 1 92 m, DP2 USD 50-60m 250 ton bollard pull PSV 2 3,500 DWT, DP2 USD 25-30m Oil Tanker 2 6,000 DWT, DP1 USD 10-15m Offshore fabrication projects in aggregate market value of approximately USD 10m 23

24 Business Overview Current Ongoing Projects TRIYARDS Group is currently involved in the construction of a multitude of newbuild projects, including 9liftboats FPSO Turret (LHS) Liftboat No. 1 (BH320-L4T - RHS) Liftboat No. 2 (M300-L4P) Liftboat No. 3 (BH300-L4T) Liftboat No. 4 (BH335) 40m Aluminium Crew Boat Industrial Projects 24

25 22.

26 Q&A

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