Millennium Offshore Services. Second Quarter 2013 Results Conference Call August 29, 2013

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1 Millennium Offshore Services Superholdings, LLC Second Quarter 2013 Results Conference Call August 29,

2 Disclaimer & Safe Harbor Statement This presentation may contain forward looking statements within the meaning of the U.S. federal securities laws regarding future financial performance, results, events and other statements that are not historical facts. The words believe, anticipate, plan, expect, project, estimate, predict, intend, target, assume, may, could, will and similar expressions are intended to identify such forward looking statements. Such statements are made on the basis of assumptions and expectations that Millennium Offshore Services Superholdings, LLC ( MOS or The Company ) believes to be reasonable as of the date of this presentation, but may prove to be erroneous. Such forward looking statements involve known and unknown risks and uncertainties and other factors which may cause the Company s actual results, business, financial condition, results of operations, performance or achievements or industry results to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward looking statements. Such factors include, among others, those more fully described in Risk Factors and elsewhere in the Company s annual report for the year ended December 31, You are therefore cautioned against relying on any of these forward looking statements. Except as required by law or regulation, the Company assumes no obligation to update such forward looking statements or to update the reasons for which actual results could differ materially from those anticipated in such forward looking statements. 2

3 MOS Strategic Highlights 1 2 A leading jack up ASV operator focused on the large and growing market for offshore oil and gas installation (i) inspection, maintenance and repair, and (ii) construction, hook up and commissioning projects in both the MENA and Asia Pacific regions Capitalizing on growing trend in the ASV sector of using jack up ASVs solutions versus floating solutions 3 Large backlog resulting in significant visibility into future revenues 4 Strong relationships with high quality customers resulting in significant repeat business and exercise of customer extension options 5 Resilient EBITDA margins and strong free cash flow generation 6 Diverse, well maintained, certified and valuable fleet 7 Market leading health and safety track record 8 Experienced management team with significant sector expertise 3

4 MOS ASV Fleet Overview Burj Ahmed Trident One Marinia Leen Deema ASV Conversion Dates ¹ Self Propelled No No Yes No Yes No Current Location Australia / Timor Egypt UAE Qatar UAE UAE Water Depth (ft) Max Passenger Capacity Number of Cranes / Max Crane Lift (MT) DNV Certified / Last 5 Year Special Survey Date 236 (Upgradable to 500) Key Feature Deepest waterdepth jack up ASV globally (Upgradable to 280) (Upgradable to 500) 3 / / / 64 2 / / 37 3/ 200 Yes / Jan 2012 Yes / Dec 2010 Yes / Jul 2009 Yes / Mar 2010 Yes / Jun 2013 Yes / Feb 2010 Only one of two ASVs in the MENA region capable of accommodating 300+ POB (the other is Deema) Purpose built accommodation / work over platform and self propelled One of only 3 jackup ASVs in the MENA 3 region capable of accommodating 240+ POB (others are Ahmed and Deema) Significant capital invested to upgrade fleet and tailor ASV specifications to better meet customer demands Self propelled with NOC / IOC JV since 2008 with customer extension options until 2016 Largest passenger capacity ASV in the MENA and Asia Pacific regions 1. Originally built as an ASV. 2. Acquired Burj in 2011 and converted to ASV during the year. 3. Excluding ASVs operating in Iran. 4

5 Recent Developments Deema ASV New Business Win Following the previously reported Letter of Intent received from an engineering, procurement, installation and commission ( EPIC ) contractor for a charter of ASV Deema, on June 18, 2013, we signed the charter contract for a 100 day fixed term with a further 60 day extension options, with Hyundai Heavy Industries for a project in Qatar. The Deema completed its previous charter with a national oil company ( NOC ) in Qatar on July 2, 2013 and the newly awarded charter with Hyundai Heavy Industries has an expected start date in October Trident One ASV Commenced Work Under 2 Year Charter Shortly after the close of the second quarter of 2013, ASV Trident One began work under a previously reported two year charter with Total ABK in Abu Dhabi on July 1, 2013 at a higher day rate than the prior contract which ended June 30,

6 Recent Developments MOS Frontier MOS 7 th Unit In furtherance of its business plan to expand its fleet and operating capabilities in Asia-Pacific and the Middle East / North Africa Regions, MOS signed a contract to purchase a 300 Letourneau 116 Cantilever jack-up rig from an offshore drilling company for $25 million. MOS intends to name the new ASV the MOS Frontier and will be owned by the Company s newly formed Marshall Islands entity MOS Frontier LLC which is a 100% subsidiary of MOS Superholdings LLC. The Company has been in discussions with various parties concerning charter contracts for the MOS Frontier upon completion of the retrofit work and expects to have a contract finalized by the end of As part of those negotiations, the Company has received a non-binding letter of intent from a multi-national oil and gas company for the charter of the new unit in the Asia Pacific region. MOS believes the accommodation unit design will be well-suited for either the Asia-Pacific or Middle East / North Africa markets. The Company is negotiating g terms for the conversion contract with a preferred shipyard and expect to enter into a turn-key contract for the work during September. MOS expects to fund the acquisition and conversion of the unit with cash on hand, cash flow from operations and short-term shipyard financing secured solely by the vessel and improvements. The Company remains focused on maintaining financial flexibility and a responsibly capitalized balance sheet. 6

7 Second Quarter 2013 Results Summary Q Q Number of ASVs in the fleet at year end 6 6 Fleet utilization 100% 97% Revenue $34.0m $36.3m Gross Profit $21.6m $22.8m % Gross Profit Margin 63% 63% Net Income $16.9m $13.3m % Net Income Margin 50% 37% EBITDA (1) $25.3m $25.7m % EBITDA Margin 74% 71% Source: MOS Superholdings, LLC June 30, 2013 reviewed financial statements, (1) EBITDA is defined as net profit for the applicable period before finance costs, income tax expense, unrealized gain/loss on fair valuation of interest rate swap, equity settled C grant expense and depreciation of property and equipment. 7

8 Second Quarter 2013 Balance Sheet Summary US$ Millions December 31, 2012 June 30, 2013 ASSETS Non current assets (Property & equipment) $222.8 $218.7 Current assets Inventories $3.2 $4.1 Trade and other receivables $19.7 $32.6 Bank balances and cash $19.5 $45.4 Total current assets $42.4 $82.1 Total assets $265.2 $300.8 Equity and Liabilities Equity Capital contribution $96.7 $40.9 Retained earnings $102.7 $23.9 Total equity $199.4 $64.7 Provision for employees end of service indemnity $0.4 $0.5 Senior secured notes $214.3 Derivative financial instrument $0.3 Total non current liabilities $0.7 $214.9 Current liabilities Other financial liabilities $17.4 Bank borrowings $26.3 Due to a related party $7.9 $0.8 Trade and other payables $13.5 $20.4 Ttl Total current liabilities $65.1 $21.22 Total liabilities $65.9 $236.1 Total equity and liabilities $265.2 $300.8 Source: MOS Superholdings, LLC 2012 audited financial statements and June 30, 2013 reviewed financial statements 8

9 Debt Offering Overview & Liquidity Profile Debt US$ Million Senior Secured Notes Due Total Debt MOS issued $225 million in Senior Secured Notes in February 2013 that effectively termed its capital structure and provides flexibility for future growth. Liquidity US$ Million Bank Balances & Cash (6/30/2013) 45.4 Open Revolver Capacity 15.0 Total Liquidity 60.4 Rising cash and cash equivalents, underpinned by strong free cash flow generation. On February 25, 2013, MOS entered into a new $15 million super senior revolving credit facility with ABN AMRO Bank N.V. Source: MOS Superholdings, LLC June 30, 2013 reviewed financial statements 9

10 Contract & Backlog Overview Backlog totalled $258.3 million as of June 30, Over $2.0 billion worth of expressions of interest, requests for quotation and invitations to tender received since 1 st Jan 2012 across the MENA and Asia Pacific regions. Backlog Outlook ($m) $258.3 Contract Coverage by ASV ASV Customer Country 2012A 2013E² 2014E 2015E Burj Ahmed Trident One Australia / Timor Egypt UAE $96.6 Qatar Marinia $110.9 $69.2 $31.4 $78.2 $161.7 $69.2 $79.6 $65.2 $13.0 6M TOTAL Customer Extension Option Fixed Term Contract Leen Deema NOC / IOC JV UAE Qatar Fixed Term Contract Customer Extension Option July 2016 Note: Contracts subject to varying early cancellation provisions. 10

11 Questions & Answers 11

12 Appendix I Use of Non IFRS Financial Measures In this presentation the Company presents certain financial measures and ratios, including EBITDA and other operating data, including backlog and fleet utilization rate, that are not presented in accordance with IFRS and which are not IFRS measures. EBITDA is defined as net profit for the applicable period before finance costs, income tax expense, unrealized gain/loss on fair valuation of interest rate swap, equity settled C-grant expense and depreciation of property and equipment. For purposes of the Company s calculation of EBITDA, the Company does not have amortization of intangible assets in the periods being presented. EBITDA margin is defined as EBITDA divided by revenue. The Company presents EBITDA because it believes that (i) it is a useful indicator of the Company s ability to incur and service the Company s indebtedness, (ii) it and similar measures are widely used in the Company s industry as useful indicators or supplemental measures of operating performance and (iii) it can assist certain investors, security analysts and other interested parties in evaluating the Company s operations and performance. EBITDA is not recognized terms under IFRS. Accordingly, it should not be used as indicator of, or alternative to, revenue, operating profit or operating profit margin or other comparable IFRS metrics, as a measure of operating performance, or of cash flow from operating activities as a measure of liquidity. The Company s presentation of EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of the Company s results reported under IFRS. In particular, you should not consider EBITDA as an alternative to: (a) operating profit or profit for the period (as determined in accordance with IFRS) as a measure of our operating performance; (b) cash flows from operating, investing and financing activities as a measure of the Company s ability to meet its cash needs; or (c) any other measure of performance under generally accepted accounting principles. The limitations of EBITDA as an analytical tool include: (i) EBITDA and does not reflect the company s cash expenditures or future requirements for capital expenditures or contractual commitments; (ii) EBITDA does not reflect changes in, or cash requirements for the Company s working capital needs; (iii) EBITDA does not reflect the significant interest expense, or the cash requirements necessary, to service interest or principal payments on the Company s debts; (iv) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often need to be replaced in the future and EBITDA does not reflect any cash requirements that would be required for such replacements; and (v) some of the exceptional items that the Company eliminates in calculating EBITDA reflect cash payments that were made, or will be made in the future. Because the Company s definition of EBITDA may differ from those used by other companies and industries, the company s presentation of this metrics may not be comparable to other similarly titled measures used by other companies. 12

13 Appendix I Use of Non IFRS Financial Measures Backlog and fleet utilization rate are not measurements of financial performance under IFRS and should not be considered as alternatives to other indicators of our operating performance, cash flows or any other measure of performance derived in accordance with IFRS. The Company s management believe that the presentation of backlog and fleet utilization rate is helpful to investors as a measure of the company s historical operating performance and ability to service debt, and also, in the case of backlog, as an indication of the Company s future revenue. Backlog The Company considers backlog to be a key performance indicator of its business because it gives an indication of future revenue. The Company s contracts normally include two types of terms, (i) a fixed term during which the customer commits to use the ASV and (ii) customer extension options that are exercisable at the discretion of the customer. The Company calculates backlog as the sum of the following for each ASV: (charter day rate x remaining days contracted) + ((estimated average PoB x daily messing rate) x remaining days contracted) + contracted remaining mobilization and demobilization fees The Company calculates backlog for both the fixed terms of its current contracts and the customer extension options set out in those contracts. The customer extension options do not represent guaranteed commitments from the Company s customers, but they do represent a contractual arrangement with the Company, and the Company believes those arrangements provide a reasonable indication of its future activity. The Company s contracts can be terminated by its customers generally without penalty at notice periods typically ranging from 30 to 60 days, although some notice periods have been significantly shorter and one current contract has a notice period of 180 days, which can affect the usefulness of backlog as an indicator of future revenue. Fleet Utilization Rate Fleet utilization rate is defined as the percentage of days of the year that an ASV is under contract and in respect of which a customer is paying a day rate for rental of the ASV. Fleet utilization rate is the average of the utilization rates for each of our ASVs. 13

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