Miclyn Express Offshore FY13 Results and Outlook Webcast

Miclyn Express Offshore
FY13 Results Presentation – 26 August, 2013
Live Webcast Details
Presenter: Diederik de Boer, CEO
Date: 26 August, 2013
Time: 11:00am AEST
Access: http://www.brrmedia.com/event/114725

www.miclynexpressoffshore.comMICLYN EXPRESS OFFSHORE
FY13
US$m
Normalised1 FY13
US$m
FY12
US$m Variance
Revenue 245.3 245.3 269.0 9%
Operating EBITDA 83.1 87.6 96.9 10%
EBITDA 84.7 89.2 97.4 9%
NPAT 46.5 53.8 65.5 18%
EPS (cents) 16.6 19.3 23.7 19%
Financial Year 2013 Results
1
 Operating EBITDA declined by 9% after reporting 34% growth in FY12
 Core OSV and Crew/Utility Vessel segments grew, albeit below expectations
 Tug and Barge fleet performed well, however margins contracted versus record FY12 performance post DB Schenker project
 Supplementary segments, Shipyard and Third Party Vessels, contracted substantially with roll off of DB Schenker project
 Express Offshore Solutions had another strong year with higher revenue and improving margins
 Withdrawal from Iran, one off provision of $4.5m impacting FY13 earnings
 Refinancing of core facility at attractive terms resulting in US$2.8m write off of unamortised upfront fees
 Continued operational excellence, MEO is a provider of choice
1. Excluding the impact of the $4.5m one-off Iran provision and $2.8m write off of the unamortised upfront fees associated with the refinancing of core facility

FY13 FY12 Variance
Revenue (US$m) 74.9 70.2 7%
Gross Profit (US$m) 45.9 43.8 5%
Gross Margin (%) 61.2 62.5
 Utilisation improved to 84% in FY13 despite a weak 3rd
Quarter (73% utilisation) due to
 a number of high end OSV’s undergoing
dockings and prep work for new contracts
 Endurance, Endeavor, Galaxy, Constructor II,
Magellans and Sovereigns all experienced
downtime
 FY14 looking positive with a number of long term
contracts secured, full year contribution from 4 vessel
additions in FY13
 Fleet expansion continues
 2 x 2,000 DWT PSV’s in Batam Shipyard to be
delivered in 1HFY14; one has secured a contract
 Uniwise Offshore (Thailand JV) has two AHTS
on order with Chinese Shipyard, delivery mid
FY15
 MEO has taken up purchase option for two
additional AHTS with the same Shipyard,
delivery late FY15
Segment Highlights
Segment Performance
Offshore Support Vessels (OSVs)
2
91
82 84
64.3
70.2
74.9
50.0
55.0
60.0
65.0
70.0
75.0
80.0
0
10
20
30
40
50
60
70
80
90
100
FY11 FY12 FY13
Revenue(US$m)
Utilisation(%)
Utilisation Revenue

Segment Highlights
Segment Performance
Crew/Utility Vessels
3
91 92 93
49.1
54.7
56.5
44.0
46.0
48.0
50.0
52.0
54.0
56.0
58.0
0
10
20
30
40
50
60
70
80
90
100
FY11 FY12 FY13
Revenue(US$m)
Utilisation(%)
Utilisation Revenue
FY13 FY12 Variance
Revenue (US$m) 56.5 54.7 3%
 93% utilisation in FY13
 Stable, dominant market leader in this segment
 5 new vessels delivered in 2HFY13, with 2 more being
delivered in early FY14
 Frame agreement with Singaporean Shipyard to deliver 6
additional vessels between Dec-13 and Dec-14, with an
option to acquire 4 more in CY 2015
 8 older vessels sold during FY13; renewal activity to
continue

 76% utilisation in FY13
 Margin contraction due to lower activity in Australia post
DB Schenker contract completion
 EOS projects are keeping a portion of the fleet busy
 Subsea 7 (Gorgon) and Heerema (Ichthys) contracts will
utilise a number of Barges in FY14 and FY15
 Tarka was purchased in 2HFY13
 330 x 120 foot Barge purchased in early FY14
 2 x 400ft Ballastable Barges to be delivered in 1HFY14
from our internal Shipyard
Segment Highlights
Segment Performance
Tugs and Barges
4
FY13 FY12 Variance
Revenue (US$m) 46.9 42.3 11%
53
77 76
20.7
42.3
46.9
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
0
10
20
30
40
50
60
70
80
90
100
FY11 FY12 FY13
Revenue(US$m)
Utilisation(%)
Utilisation Revenue

 Legacy assets from Samson acquisition
 Small, non core segment
 Utilisation improved to 55% in 2H FY13
 One vessel being used internally for logistics support
 One more vessel divested in early 2H FY13, four
remaining
 Plan to exit this segment over time
Segment Highlights
Segment Performance
Coastal Survey Vessels
5
68
47
40
5.0
5.7
5.5
4.6
4.8
5.0
5.2
5.4
5.6
5.8
0
10
20
30
40
50
60
70
80
90
100
FY11 FY12 FY13
Revenue(US$m)
Utilisation(%)
Utilisation Revenue
FY13 FY12 Variance
Revenue (US$m) 5.5 5.7 3%

 Vessels chartered in from Third Parties to
supplement MEO’s core fleet
 Non-core, opportunistic earnings stream
 Significant decline in earnings in this segment as
anticipated due to large spread of vessels chartered
in for DB Schenker project in FY12
 Project contingency released in FY13 improving
margin
Segment Highlights
Segment Performance
Third Party Vessels
6
FY13 FY12 Variance
Revenue (US$m) 26.0 53.1 51%
15.1
53.1
26.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
FY11 FY12 FY13
Revenue(US$m)

 Third party revenue down as a result of DB
Schenker project completion
 Continued efforts to build prospects for third party
earnings (fabrication, repair, newbuilding)
 Margin enhancement due to efficiency
improvements and release of project contingencies
 Newbuilding activity continues
 2 x 2,000 DWT Platform Supply Vessels
(“PSVs”) expected delivery in mid CY14
 2 x 400ft Ballastable Barges expected
delivery in 1H FY14
Segment Highlights
Segment Performance
Shipyard
7
FY13 FY12 Variance
Revenue (US$m) 8.5 16.6 49%

 Project and pipe transportation business continues
to gain momentum
 Low capital intensity
 Margin enhancement track record is established
 Further expansion of client base, with a number of
new pipe delivery and structure transport contracts
won in SE Asia and Middle East
 Bidding on a number of new major Australian
opportunities
 Expanding pipeline prospects in this niche
segment
 Utilisation upside for MEO’s Tug and Barge fleet
Segment Highlights
Segment Performance
Express Offshore Solutions
8
FY13 FY12 Variance
Revenue (US$m) 36.7 30.1 22%

41%
34%
23%
2%
FY13 Revenue
Asia
Australia
Middle East
Other Inter-regional
Regional Update and Outlook
 Dip in activity levels in Australia in FY13, however new opportunities are
shaping up for the new year
 Long term OSV contract won in May-13 for Sovereign I
 Large Barge contract awarded by Heerema for Icthys project
 Large AHT & Barge contract awarded by Subsea 7 for Gorgon project
 Middle East continues to deliver high utilisation levels
 Exposure to Qatar grew in FY13
 Local setup created in Abu Dhabi
 Continued focus on developing Saudi and UAE businesses
 South-East Asia remains our core market
 Thailand operations continued to expand in FY13; increased from 6
OSV’s in FY12 to 8 OSV’s in FY13
 More vessels deployed into Indonesia and Malaysia
Regional Update
FY14 Outlook
 Positive outlook for the group, return to earnings growth expected in FY14
 No adjustment to earnings guidance issued on 23 April 2013
9

Clear Fleet Strategy
11
Maximise
Utilisation
Expand OSV
Fleet
Renew
Crew/Utility
Vessel Fleet
Value Added
Deployment
of Transport
Assets
Support
Infrastructure
Customer
Focus
Operational
Excellence

17.9
80.6
7.7
28.1
88.2
14.0
8.4 6.6 0.0 17.1
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
US$m
Finance Update
12
Strong cash generation off a lower earnings base
 Growth CAPEX program largely funded by
operating cashflows
 Non collection of Iran receivable due to exit from
the region impacted operating cashflow in FY13
 Fleet renewal activity continues with proceeds
reinvested into more relevant assets
 Core facility refinanced, significantly pushing
back amortisation of the facility
OpeningCash
OperatingCashflows
DebtService/Upsize
GrowthCAPEX
MaintenanceCAPEX
Dividends
Tax
ClosingCash
0.0
20.0
100.0
80.0
60.0
40.0
120.0
140.0
US$m
160.0
Other
VesselDivestments

 Core facility refinanced on attractive terms
 US$160 Term Loan + US$140m RCF
 Margin of 2.45% + LIBOR
 RCF drawn to US$56m as at 30 June 2013
Finance Update (cont.)
14
Strong balance sheet, conservative gearing Dividend on hold
 Dividend is currently on hold
 Company prefers to preserve cash for future growth
opportunities
FY13 FY12
Net Debt 219.5 179.2
Net Debt / EBITDA 2.51 1.8
Gearing (%)2 36.4% 33.9%
1. Excluding the one off US$4.6m Iran provision
2. Net Debt / (Net Debt + Equity)

Solid execution capability
Financial capacity to fund growth
Well positioned in a healthy industry
Attractive pipeline of opportunities
Proven operational excellence
Strong balance sheet
Summary
13
Clear strategy for future growth

Appendix 1
Statement of Financial Performance
US$m FY13 FY12 Variance %
Revenue 245.3 269.0 (9%)
Operating Costs (125.7) (145.8) 14%
Gross Profit 119.7 123.2 (3%)
GP Margin 48.8% 45.8%
Other Income 2.0 3.5 (43%)
Overheads (32.6) (29.3) (11%)
Iran Provision (4.5) - NM
Forex (1.4) (0.5) (180%)
Operating Earnings 83.1 96.9 14%
Gain on disposal of vessels 1.5 0.8 88%
EBITDA 84.7 97.7 (13%)
EBITDA Margin 34.5% 36.2%
Depreciation & Amortisation (24.6) (20.6) (19%)
EBIT 60.0 77.1 (22%)
Net Finance Costs (9.6) (6.9) (39%)
Income Tax Expense (2.9) (4.3) (33%)
Income Tax Expense Rate 5.8% 6.1%
PAT 47.5 65.9 (28%)
Minority Interest (1.0) (0.4) (150%)
NPAT 46.5 65.5 (29%)
NPAT Margin 18.9% 24.3%
16

Appendix 2
Segments
FY13
Revenue
FY13
Gross Profit
OSVs 74.9 45.9
Crew/Utility Vessels 56.5 32.9
Tugs and Barges 46.9 24.7
Coastal Survey Vessels 5.5 0.8
Third Party Vessels 26.0 6.9
Shipyard 8.5 3.1
EOS 36.7 5.4
EOS Elimination1 (9.7) -
Total 245.3 119.7
17
1. Elimination for intercompany charter of vessels from MEO to EOS

Appendix 3
Statement of Financial Position
(US$’000) As at 30 Jun 2013 As at 30 Jun 2012
Current assets
Cash and cash equivalents 17.1 17.9
Trade receivables 75.0 67.9
Other receivables and prepayments 11.4 15.3
Inventories 6.0 6.1
Vessels held for sale 1.8 -
Total current assets 111.2 107.1
Non-current assets
Property, plant and equipment 499.0 431.6
Other assets 3.0 1.6
Goodwill 59.2 62.6
Intangible assets 0.5 0.7
Total non-current assets 561.8 496.5
TOTAL ASSETS 673.0 603.6
Current liabilities
Trade and other payables 50.1 49.4
Current tax payable 1.7 6.1
Loans and borrowings 23.1 23.9
Other liabilities 0.3 0.4
Total current liabilities 75.2 79.8
Non-current liabilities
Loans and borrowings 213.5 173.2
Other non-current liabilities 0.9 1.3
Total non-current liabilities 214.4 174.5
TOTAL LIABILITIES 289.6 254.3
NET ASSETS 383.4 349.4
Shareholders equity
Share capital 190.4 184.0
Other equity reserves (42.7) (43.4)
Translation reserve (4.1) 1.5
Retained earnings 238.3 206.8
Minority interests 1.5 0.5
TOTAL EQUITY 383.4 349.4
18

Appendix 4
Cash Flow Statement
US$m FY13 FY12
EBIT 60.0 77.1
Depreciation and amortisation 24.6 20.6
EBITDA 84.7 97.7
Vessel disposal gains (1.5) (0.8)
Non-cash and other items 5.7 (0.6)
Working capital movement (8.1) (7.0)
Cash flows available from operations 80.8 89.3
Proceeds from sale of property, plant and equipment (including vessels) 7.7 1.8
Capital expenditure - growth (88.2) (90.7)
Capital expenditure - maintainance (14.0) (9.9)
Other investing activities (0.2) (16.3)
Cash flows before financing and tax (13.9) (25.8)
Financing (19.7) (25.0)
Debt repayment (287.4) (44.3)
Debt drawdown 327.0 92.6
Tax (6.6) (4.1)
Cash flows after financing and tax (0.7) (6.7)
19

Appendix 5
Fleet Composition as at 30 June 20131
20
124 vessels
+ 17 under
construction /
to be delivered
Vessels under construction / to be delivered
1. Excludes Third Party Vessels
25
63
11
4
6
8
21
3
0
10
20
30
40
50
60
70
80
OSV Crew/Utility
Vessels
Tugs and
Barges
Coastal Survey
Vessels
Numberofvessels
Barges
Tugs

Reliance on Third Party Information
The views expressed here contain information that has been derived from publicly available sources that have not been independently
verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. This presentation should
not be relied upon as a recommendation or forecast by Miclyn Express Offshore Limited (“Miclyn Express Offshore”).
Forward Looking Statements
Some of the information contained in this document may constitute forward-looking statements that are subject to various risks and
uncertainties. Nothing in this document is a promise or representation as to the future. Statements or assumptions in this document as to
future matters may prove to be incorrect. Miclyn Express Offshore does not make any representation or warranty as to the accuracy of
such statements or assumptions. You acknowledge that circumstances may change and the contents of this document may become
outdated as a result. You also acknowledge that no audit or review has been undertaken by an independent third party of the
assumptions, data, results, calculations and forecasts contained in or referred to in this document. You should make your own independent
assessment of the information.
No Warranties
We makes no warranty, express or implied, nor assumes any responsibility in its contents for its accuracy, completeness, its use for any
general of particular purpose, nor that such items or use of such items would not violate or infringe rights of others.
No Offer of Securities
Nothing in this release should be construed as either an offer to sell or a solicitation of an offer to buy or sell Miclyn Express Offshore
securities in any jurisdiction.
Pro-Forma Financial Information
References to pro forma financials exclude any exceptional items. A reconciliation to statutory financials is contained within the
prospectus, available at our website www.miclynexpressoffshore.com.
Important notice and disclaimer
21

Miclyn Express Offshore FY13 Results and Outlook Webcast

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Miclyn Express Offshore FY13 Results and Outlook Webcast