PRM. Financial Performance Opportunity Day

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1 PRM 3Q2017 Financial Performance Opportunity Day 4 December 2017

2 Disclaimer The information contained in this presentation is strictly confidential and is provided by Prima Marine Public Company Limited (the "Company") to you solely for your information. Neither this presentation nor any part hereof may be (i) used or relied upon by any other party or for any other purpose; (ii) copied, photocopied, duplicated or otherwise reproduced in any form or by any means; or (iii) redistributed, passed on or otherwise disseminated, to any other person either in your organization or elsewhere, without the prior written consent of the Company and its respective affiliates or advisors. By attending this presentation, participants agree not to remove this document, or any materials provided in connection herewith, from the conference room where such documents are provided without express consent from the Company and its respective affiliates or advisors. Although care has been taken to ensure that the information in this presentation is accurate, and that the opinions expressed are fair and reasonable, no representations or warranties, express or implied, are made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in this presentation. The information is subject to change without notice, its accuracy is not guaranteed, has not been independently verified and it may not contain all material information concerning the Company and its subsidiaries. None of the Company nor any of its respective affiliates or advisors nor any of its or their respective members, directors, officers, employees or affiliates assumes any responsibility or liability for, the accuracy or completeness of, or any errors or omissions in, any information contained herein. Accordingly, none of the above nor any other person accepts any liability (in negligence, or otherwise) for any loss arising from or in connection with any use of this presentation or its contents. This presentation is for information purposes only and does not constitute or form part of any offer or invitation by or on behalf of the Company for sale or subscription of or solicitation or invitation of any offer to or recommendation to buy or subscribe for any securities of the Company, nor shall it or any part of it form the basis of or be relied on in connection with any contract, commitment or investment decision in relation thereto ( Securities ) in Thailand or any other jurisdiction. Any recipient considering a purchase of Securities is hereby reminded that any such purchase should be made solely on the basis of the information contained in a final offering document (which may be different from the information contained in this presentation ) and subject to the selling restrictions set out therein. No public offering of the Securities will be made in any other jurisdiction outside of Thailand where such an offering is restricted or prohibited. This presentation should not be construed as legal, tax, investment or other advice. The information contained herein does not take into consideration the investment objectives, financial situation or particular needs of any particular investor, and should not be treated as giving investment advice. In addition, this presentation contains certain financial information and results of operation, and may also contain certain projections, plans, strategies, and objectives of the Company, that are not statements of historical fact which would be treated as forward looking statements that reflect the Company's current views with respect to future events and financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and contingencies as well as various risks which are in many cases beyond the control of the Company, and which may change over time and may cause actual events and the Company's future results to be materially different than expected or indicated by such statements. No assurance can be given that future events will occur, that projections will be achieved, or that the Company's assumptions are correct. Such forward looking statements are not guarantees of future performance and accordingly, the actual results, financial condition, performance or achievements of the Company may differ materially from those anticipated by the Company in the forward looking statements. The recipient is cautioned not to place undue reliance on these forward looking statements. In providing this presentation, the Company does not undertake to provide any recipient with access to any additional information or to update the information contained in this presentation or to correct any inaccuracies herein which may become apparent. 1

3 Contents I. I. Business Overview II. Performance by Business Segment Trading Business FSU Offshore Business Ship Management III. IV. Consolidated Financial Performance Business Outlook & Investment Plan 2

4 I. Business Overview 3

5 PRM s Four Main Business Segments in Oil & Gas Supply Chain Exploring & Extracting Transporting and Trading Manufacturing Offshore Business FSU Business Oil & Petrochemical Tanker Business Ship Management FSO AWB FSU <10,000 DWT >10,000 DWT 4

6 Major Player in Tanker Business Largest Oil Tanker Fleet in Thailand Trading Area Company Name No. of Oil Tankers Vessel Sizes DWT Average Age Small Vessels PRM Group 13 47, B.P.P. Supply Co., Ltd , V.L Enterprise Co., Ltd , Smooth Sea Co., Ltd. 6 29, Big Sea Co., Ltd , C.& P. Co., Ltd. 4 18, Thai Oil Marine Co., Ltd. 3 16, Siam Mongkol Marine Co., Ltd. 3 13, P.I.N.K.Transport &Trading Co.Ltd. 3 9, V.C.C. Inter Marine Service 3 7, TMN Co., Ltd. 1 7, Raum-mitr Marine Oil Co., Ltd. 1 3, Trans Ocean Supply (1992) Co., Ltd 3 3, Impex Marine (Thailand) Co., Ltd. 1 2, Large Vessels PRM Group 2 214, TMN Co., Ltd. 1 48, Thai Oil Marine Co., Ltd. 1 32, KEY Player of Marine Domestic Transport PRM Transport 67% of PTT marine volume 25% of CHEVRON marine volume 19% of Shell marine volume 25% of ESSO marine volume No. of Charter-in Vessels 13 vessels Remark: Data as at 30 September

7 Major Player in FSU Business FSU Emerging Trend FSU is a vessel acted as the storage unit in ocean, which has become an emerging trend as the oil storage solution FSU positions next to Singapore, hub of oil trading in Asia Malaysia Complementary FSU Complementary Oil and Gas Storage International oil trading companies found FSU to be complementary to its onshore storage and optimize the logistic costs Lower Investment Shorter time to launch Additional location equals better optimization Profit enhancement through blending and heating services Transportation route to other ports Existing Onshore Oil and Gas Storage Market Share in Key Port of Malaysia (Tanjung Pelepas) (Unit : Vessels) Sole Player of FSU Business in Thailand Collaborating with oil major players in expanding FSU business in Thailand Bongkot Star (BKS) is the 1 st VLCC to introduce FSU in Thailand BCP JV with PRM to use BKS as oil storage next to Sri Chang Island No. 1 in storage capacity of FSUs in key port of Malaysia 1 (Port of Tanjung Pelepas) 1 No.1 & Only One FSU Operator in Thailand 6

8 Own Fleet JV Fleet Own Fleet Major Player in Offshore Business Offshore Business Fleet Location Essential services for oil exploration and production activities Vietnam PRM s FSO fleet offers essential supporting services to oil exploration and production including: Myanmar Laos Offloading FSO vessels anchor near the rigs to support oil and gas exploration as offshore oil offloading unit Thailand Sriracha Eagle Accommodation Provide accommodation, foods and drinks, basic medical treatment, as well as recreation activities for engineers and staffs working on oil rig Gulf of Thailand Southern Pearl Offshore Fleet Composition FSO (As of 30 June 2017) No. of vessels Total DWT Malaysia Navathanee 1 96,168 DWT Aframax 1 Aframax 96,755 DWT Total 2 192,923 DWT Accommodation Work Barge (AWB) No. of vessels Total capacity 1 No. 1 in number of FSO among Thai service provider in Gulf of Thailand Passengers 7

9 Premium Ship Management Services PRM Group provides Technical Management and Crew Management service for oil & petrochemical tanker, FSU, FSO, AWB, and crew boat. PRM s Ship Management service ensures that every vessel under management follows rules and standards applied, and supervises operating activities including: Crew Management Technical Management Oil Tank Ship Management Service Activities 1 Technical Management 2 Crew Management 3 Management for Safety Ship cargo operation Strictly carry PMS/drydock per approved plan Prepare vessels for ship inspection and survey Prepare documents and licenses related to vessel operation Follow International Safety Management Standard Crew recruitment Crew salary and other benefits Crew training Crew Performance assessment Operating to comply with international rules and regulations SOLAS SIRE STCW MARPOL MLC Port State Control 8

10 Business Segments Oil & Petrochemical Floating Storage Unit Offshore Business Tanker Business Business ( FSU ) Ship Management Business Revenue 1/ 37.46% 44.42% 11.26% 6.87% Small Vessel FSU Floating Storage and Offloading Unit ( FSO ) As crucial support function to other core business Vessel/ Service Large Vessel Ship to Ship Transfer Operation Accommodation Work Barge ( AWB ) Services provided include: technical management, crew management, safety management, regulations and compliance Size Number of Vessels Capacity (DWT) Small Vessels Aframax 3/ VLCC 4/ Aframax AWB , ,464 2,102, , Passengers Total 2/ 250,084 2,102, , Passengers Remark: 1/ As of 3Q2017 with total revenue of THB 3, MM 2/ Data as at 30 September / International vessel class (Aframax) for the vessel size of 80, ,000 DWT 4/ Very Large Crude Carrier ( VLCC ) : International vessel class for the vessel size of 160, ,000 DWT 9

11 II. Performance by Business Segment 10

12 USD/Day Performance : Trading Business 50,000 40,000 30,000 20,000 10,000 PRM Trading Q2/17 Q3/17 Q3/16 YTD17 YTD16 <20,000 DWT No of vessels Capacity (DWT) 44,333 47,333 32,334 47,333 32,334 Utilization (%) 86% 85% 85% 88% 89% >20,000 DWT No of Vessels Capacity (DWT) 214, , , , ,464 Utilization (%) 75% 72% 87% 79% 93% Time Charter Market 27,750 15,500 13,500 Trading Business: Trading Performance A new small vessel (3,000 DWT) was added in Q3/2017 for hired by PTT All small vessels services were based on term contracts with a minimum volume of 80% of capacity commitment. Current PRM s market share of each customer (<20,000 DWT): 67% of PTT marine vol. 25% of Chevron marine vol. 19% of Shell marine vol. 25% of Esso marine vol Q1 '17 Q2 '17 Jul '17 Aug '17 Sep '17 Oct '17 MR Aframax VLCC AHTS 3,039 11

13 Performance : Trading Business Revenue Trading Business: Trading Performance Q2017 3Q2017 3Q2016 1,724.4 YTD2017 1,381.2 The new vessel added in Q3 was attributable to the higher revenue for this group GP of two large vessels (100,000 DWT each) was suffered from very low spot rate in Q3/2017 Gross Profit Financial performance of the two vessels is expected to improve significantly as they were time chartered to BCP 6 months and UNIPEC (from China) 1 year in November Q2017 3Q2017 3Q YTD

14 Performance : FSU Revenue FSU Business: FSU Performance 3,140.7 One additional VLCC (300,000 DWT) was on hired to BCP started in Mid-June 2017 brought total FSU to 7 with total capacity of 2,102,920 DWT 1, , Q2017 3Q2017 3Q2016 YTD2017 2,724.2 Total utilization of FSU in Q3/17 was about 89% which is the same of Q2/17 Gross Profit Low GP from Q3/17 was due to lower utilization of the 2 vessels while their fixed running cost was remained The company is under discussion with a new customer to take this excess capacity shortly 2Q2017 3Q2017 3Q2016 YTD

15 Performance : Offshore Business Revenue Offshore Business: Offshore Business Performance Q2017 3Q2017 3Q2016 YTD2017 Gross Profit Offshore business consisted of 2 floating storage and offloading (FSO) vessels and 1 Accommodation Work Barge (AWB) Utilization of the two FSO vessels remains constant in Q3/17 as they were charter out to Coastal Energy Corporation (CEC) until 2020 The contract of AWB with PTTEP was expired since mid July The customer is expected to rehire the vessel early next year. Currently the AWB vessel was laid-up at Sattahip which will reduce the running cost from 1.5 MTHB to 0.2 MTHB per month Q2017 3Q2017 3Q YTD Requirement for AWB is expected to measure significantly following the upcoming new E&P licensing and Bongkot & Erawan is effective which will increase activities for new exploration and production as well as decommissioning of the unused offshore rigs. 14

16 Performance : Ship Management Revenue Ship Management Performance Ship Management Business: Q2017 3Q2017 3Q2016 YTD2017 Gross Profit Increase in Ship management revenue derived from serviced product to new third party s one FSU in Singapore at one container vessel in Thailand Total number of vessels under management included Own vessels: AWB 1 FSO 2 Small Tanker 15 Large Tanker 2 FSU 7 TOTAL Q2017 3Q2017 3Q YTD Third Party vessels: Container 1 FSU 1 TOTAL 2 Ship management contract for another third party container vessels was signed for commencement in Q4/17 15

17 III. Consolidated Financial Performance 16

18 Consolidated Revenue QOQ & YTD Revenue 3, ,148 1,149 1, , Q2017 3Q2017 3Q2016 YTD2017 Revenue by Price Structure 7% 7% 7% 10% 30% 23% 56% 60% 3, , ,067.9 PRM Performance Revenue & Revenue Structure: Consolidated revenue for Q3/17 increased in all business except for offshore which was to temporary withhold of new exploration during monsoon season. Only revenue from large trading vessels (Aframax at 100,000 DWT was linked in international freight rate which is subject to high volatility. The price risk has been mitigated as the two vessels were time charter at fixed price starting November YTD

19 Consolidated Gross Profit Gross Profit by Business Segment (18.42) 2Q2017 3Q2017 3Q2016 Trading Offshore 262 FSU 407 Ship Management Gross Profit YTD2017 1,249 Gross Profit: PRM Performance Decline in gross profit for Q3/17 as against Q3/16 and YTD/17 as against YTD/16 was due to lower utilization of vessels following to increase in number of vessels during the year which their fixed cost of services were not proportioned according to their utilization. Depreciation for the vessels was also increased as a result of downward adjustment of scrap value of the vessels using scrap price as at December 31, 2016 which lower than December 31, % 3Q2017 1% 24% 70% YTD2017 5% 18% 8% 69% The scrap value is expected to increase in 2017 and the depreciation will be adjusted accordingly. Country Tanker Prices as of November 2017 Tanker Prices as of Year Ended 2016 Pakistan USD 405/LT USD 310/LT India USD 395/LT USD 300/LT Trading FSU Offshore Ship Management Bangladesh USD 390/LT USD 320/LT 18

20 Consolidated Net Profit QOQ Net Profit 9.0 PRM Performance Net Profit for Q3/17 dropped compared to Q2/17 by 25.6 MTHB or a decrease of 13% Q2017 3Q Q2016 3Q Selling and admin expense for Q3/17 increased from Q3/16 by 17 MTHB. to 82 MTHB. which corresponded to higher revenue. Financing cost for Q3/16 increased by 11 MTHB. following higher borrowing to finance new vessels. YTD Net Profit 45.4 FX gain for Q3/17 was 30.4 MTHB, higher than Q3/16 by 12.5 MTHB , , As the result, net profit of Q3/17 declined by 145 MTHB. or a decrease of 35% compared to 3Q/16; net profit for YTD/17 was lower than YTD/16 by 350 MTHB. or 35% YTD2017 YTD2017 YTD

21 Statement of Financial Position Updated Total Assets, Liabilities, Equity and D/E ratio 11,167 8,383 ASSET Current assets increased by 2,979 Million Baht mainly from the increase in-cash and cash at bank generated from IPO Non-current assets decreased by 195 Million Baht from accumulated depreciation. 6,182 7,372 2,660 7,567 3,592 3,256 3,795 1,729 2, As 30-Sep-17 at Sep 30-Sep Year Ended Current Asset Current Liabilities Non Current Asset Non Current Liabilities Shareholders' Equity LIABILITY Current liabilities decreased by 402 Million Baht from the repayment of O/D and short-term loans. Non-current liabilities decreased by Million Baht derived from repayments of longterm loans from financial institution. SHAREHOLDER S EQUITY Shareholder s equity increased by 3,523 Million Baht from IPO and increased in net profit affect by dividend payouts. D/E RATIO D/E ratio decreased to 0.8x after listed in SET; and targeted D/E ratio as of 1.5x Note: YTD Data as at 30 Sep

22 IV. Business Outlook & Investment Plan 21

23 Business Expansion Plan 1 Oil & Petrochemical Tanker Business 2 3 Key drivers for the oil & petrochemical tanker business are o Domestic oil product demand which will be continuously supported by demand growth o Penetration of EV technology which is expected to be moderate o Transportation of oil product to Southern part of Thailand by tankers which is the most efficient and economical o Improvement of tanker quality and average age which will be instrumental to achieve higher volume as customers place more emphasize on safety environmental protection FSU Business The FSU business will continuously be supported by o Limited onshore land available to build tank farm for physical trading in Singapore o Fuel s specification change o Increase in global oil demand and supply Offshore Business The offshore business will be supported by o Stable crude oil price o Thai government regulation on Thai flag vessel (Cabotage Law) will enhance PRM s opportunity in offshore business o Petroleum Concession Act expected to become effective 22

24 Offshore FSU Oil and Chemical Tankers Future Projects Existing Vessels /1 3-Year Investment Schedule /2 Key Supporting Factors of Future Projects DOMESTIC Trading (Small) Trading (Large) Growing demand of domestic oil consumption, backed by growing Thai Tourism industry Expansion domestic major oil companies terminal tank, especially the southern part of Thailand INTERNATIONAL Trading (Small) Trading (Large) Penetrate in regional market to capture growing oil demand Petrochemical Transportation FSU Fleets Increase in demand for blending activity of FSU due to Sulphur emission regulation (IMO) by 2020 Rising need on FSU service due to oil reserve count issues FSO Fleets Opportunity to capture upside from rebounding of oil price at historically low Potential increase in domestic and southeast Asia Offshore business activity Petroleum Concession Act Current Movement Large Trading Vessels Spot Charter changed to Time Charter Northern Star : Time charter with UNIPEC for 1 Years ++ (Effective asof 1 Nov 2017 onwards) Radiant Star : Time charter with BCP for 6 Months + 3 Months (Effective asof 15 Nov 2017 onwards) Note : Data as at 30 September

25 Q&A THANK YOU 24

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