Corporate Presentation May 2017 Disclaimer NOT FOR PUBLICATION OR - - PowerPoint PPT Presentation
Corporate Presentation May 2017 Disclaimer NOT FOR PUBLICATION OR - - PowerPoint PPT Presentation
Yinson Holdings Berhad Yinson Holdings Bhd Corporate Presentation May 2017 Disclaimer NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN OR IN ANY OTHER JURISDICTION IF SUCH AN ACTION IS
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Disclaimer
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NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN OR IN ANY OTHER JURISDICTION IF SUCH AN ACTION IS PROHIBITED BY APPLICABLE LAW. This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities (the “Securities”) of Yinson Holdings Berhad (“Yinson" or the “Company) or any of its subsidiaries or affiliates in any jurisdiction or an inducement to enter into investment activity. In particular, this document and the information contained herein are not an offer of any Securities for sale in the United States and are not for publication or distribution to persons in the United States. The document is being given to you on the basis that you have confirmed your representation that you are not located or resident in the United States. The information contained in this document has not been independently verified and no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the information or opinions contained herein. The information set out herein may be subject to revision and may change materially. Yinson is under no obligation to keep current the information contained in this document and any opinions expressed in it are subject to change without notice. None of Yinson or any of its affiliates, advisers or representatives shall have any liability whatsoever for any loss whatsoever arising from any use of this document or its contents or otherwise arising in connection with this document (whether direct, indirect, consequential or other). No part of this document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representation, warranty or undertaking, express
- r implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. Neither Standard Chartered Bank (the “Bank”) or Yinson nor any
- f their respective affiliates, advisors, agents or representatives including directors, officers and employees shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or
its contents or otherwise arising in connection with the document. This document is highly confidential and is being given solely for your information and for your use and may not be shared, copied, reproduced or redistributed to any other person in any manner. In particular, this document may not be taken or transmitted into the United States, Canada or Japan or distributed, directly or indirectly, in the United States (including its territories and possessions, any state of the United States and the District of Columbia), Canada or Japan. This document contains “forward-looking statements”, which include all statements other than statements of historical facts, including, without limitation, any statements preceded by, followed by or that include the words “will”, “would”, “aim”, “aimed”, “will likely result”, “is likely”, “are likely”, “believe”, “expect”, “expected to”, “will continue”, “will achieve”, “anticipate”, “estimate”, “estimating”, “intend”, “plan”, “contemplate”, “seek to”, “seeking to”, “trying to”, “target”, “propose to”, “future”, “objective”, “goal”, “project”, “should”, “can”, “could”, “may”, “will pursue” or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond Yinson’s control is that could cause the actual results, performance or achievements of Yinson to be materially different from future results, performance or achievements expressed or implied by such forward- looking statements. Neither Yinson, the Bank, nor any of their respective affiliates, agents, advisors or representatives (including directors, officers and employees) intends or has any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this document. Recipients of this presentation are required to make their own independent investigation and appraisal of the business and financial condition of Yinson, and any tax, legal, accounting and economic considerations relevant to the
- situation. The Bank may act as market maker or trade on a principal basis, or have undertaken or may undertake to trade for their own accounts, transactions in any Securities or related instruments of Yinson and may act as
underwriter, placement agent, advisor or lender to Yinson. The Bank and/or their respective employees may hold a position in any Securities mentioned herein. This document contains data sourced from and the views of independent third parties. In replicating such data in this document, neither the Company nor the Bank makes any representation, whether express or implied, as to the accuracy of such data. The replication of any views in this document should not be treated as an indication that the Company or the Bank agrees with or concurs with such views. This document is only addressed to and directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). Any investment activity to which this communication may relate is only available to, and any invitation, offer or agreement to engage in such investment activity will be engaged in only with, relevant persons. This document is an advertisement and not a prospectus in any jurisdiction (including for the purposes of EU Directive 2003/71/EC, as amended.) The information contained in this document is provided as at the date of this document and is subject to change without notice.
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Overview of Yinson
Key Information Strong & Supportive Shareholders Core Businesses - O&G Operations Strong Financials Production
5 FPSOs 1 FSO 1 MOPU (Management Contract)
Marine Services
1 Platform Supply Vessel (PSV) 3 Anchor Handling Tug Supply Vessels (AHTS)
Vessel & Crew Management
Floating Production, Storage & Offloading Solutions and Vessel Chartering
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Yinson Holdings Berhad (“Yinson”) is the 6th largest FPSO company globally Fleet of: 5 FPSO vessels (Floating Production Storage and Offloading) 1 FSO vessel (Floating Storage and Offloading) Operates and manages 1 MOPU (Mobile Offshore Production Unit) Headquartered in Malaysia with key offices in Singapore, Oslo, Nigeria, Gabon, Vietnam and Ghana Listed on Bursa Malaysia with market cap of MYR 3.43 billion (c. USD 773 million) as of April 6, 2017 Announced award of USD 3.2 billion FPSO contract by ENI Ghana Exploration and Production Ltd FPSO John Agyekum Kufuor achieved first oil in May 2017. Yinson is now a full-fledged FPSO company. Completed the divestment
- f all its non-oil & gas business segments in July 2016
In Apr 2017, Yinson entered into a contract with Talisman Vietnam 07/03 B.V. (a wholly-owned subsidiary of Repsol) for the supply of a FPSO for the Ca Rong Do field development in Vietnam. Top Shareholders Stake (%) 1 Lim Han Weng and Family 36.70 2 Employees Provident Fund 13.55 3 AIA Bhd 7.89 Total 58.14%
Vessel and Crew Management
Note: Shareholdings as of April 6, 2017
Strong & Sophisticated Shareholders Strong Adjusted Core EBITDA Manageable Gearing Adjusted Net Debt / Adjusted Core EBITDA well within fixed charter period Strong existing order book of ~USD 3.7 billion as of Feb 2017 Yinson’s top 3 investors, which together hold 58.14%, continue to be strong supporters of Yinson Lim family has subscribed to all rights issues raised by Yinson to date EPF’s Deputy CEO (Investment) sits on Yinson’s Board. Yinson’s MYR 169.8 mm equity private placement in 2015 was fully placed to EPF (sole investor)
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Oil & Gas Field Lifecycle
Exploration & Production Stages
Seismic & Survey Exploration & Appraisal Development Production Decommissioning
- Geological & Geophysical
Mapping via seismic survey
- Obtain a right to explore a
Block or area
- Wildcat wells drilled to
assess
- Appraisal wells assess the
potential of any discovery made during exploration
- Pre-FEED and FEED
studies
- Fabrication and
procurement
- Extract, process and export
Hydrocarbon
- Brownfield development and
Injection wells
- Decommissioning of end of
field infrastructure
- Reuse, recycle, dispose
Risk
High Low High Low
Reward
- High sensitivity to
reservoir and oil risk
- High sensitivity to
reservoir and oil risk
- Large capital investment
- Short term contracts
matching exploration work
- Medium sensitivity to
reservoir and oil risk
- Medium term contracts
matching development work
- Contracted cash flows
covering capital investments
- Field specific assets / high
replacement cost
- Commoditized asset
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FPSO Industry Overview
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FPSO Life Cycle FPSO Typical Deployment Typical Contractual Terms
Designing, Marine Conversion Topside Modification & Construction Commissioning & Installation Operations FPSO Life Extension
Floating production system used for offshore Production, Storage and Offloading of oil and gas. A FPSO vessel is usually a converted oil tanker, or a newly constructed unit with new production modules installed on top of it Most FPSOs are 'anchored' (moored) by a turret or spread moored Firm contracts over long tenors Charter Rate: Highly reliable and predictable source of cash flow FPSO Owner usually protected against contract termination 3 1) Termination fees contractualized 2) All cases are listed (e.g Termination for Convenience, Force Majeure, Charterer’s default) 3) Purchase Option. Possibility for the Charterer to acquire (and pay for) the vessel 4) Protection usually offered prior to vessel delivery 5) Guarantee from Parent of Charterer 1) Fixed daily rate; not linked to oil and gas prices nor linked to field performance; 2) Cash flow may be linked to uptime. For Yinson, 99+% has been achieved historically; 3) Deviation variance <5% 1) Signed between FPSO Owner and Charterer (usually the field operator on behalf of the other field’s partners); 2) Fixed period (e.g. 10 years); 3) Optional yearly extension (e.g. 5x 1 year
- ption);
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Transformation & Key Corporate Milestones
Key Corporate Milestones
1983 Began as a transport agency in Johor Bahru, Malaysia 1996 Listed on Bursa Malaysia on 11 July 1983 1993 1996 1997 2008 2011 2012 2013 2014 2015 2016 2017 1993 Incorporated Yinson Holdings Sdn Bhd (now Yinson Holdings Berhad) 1997 Expanded logistics services Increased Commodity Trading capacity 2008 Transferred to the Main Market of Bursa Malaysia Securities Berhad
- n 30 July
2011 Secured FSO contract via a joint venture with PetroVietnam Technical Services Corporation (“PTSC”) for Bien Dong Project – MYR 1.0 bn in June Secured OSV contract from PTSC – MYR 75.0 mm in June Private Placement – MYR 11.3 mm 2012 Secured FPSO contract via joint venture PTSC for Lam Son Project – MYR 2.4 bn Acquired 40% stake of Phu My Port on 12 July Rights issue – MYR 85 mm Private Placement – MYR 20.4 mm 2015 Announced and awarded USD 3.256 bn FPSO contract by Eni Ghana Exploration and Production Ltd. Private placement of 60 mm shares – MYR 169.8 mm JV with Four Vanguard Servicos E Navegacao Lda thereby securing control of FPSO Four Rainbow Issued USD 100 mm perpetual capital securities via private placement 2014 Completion of Fred Olson Production acquisition Rights Issue – MYR 568 mm PTSC Lam Son achieved First Oil in Vietnam Divestment of 50% of Petroleo Nautipa Petronas Licenses 2016 Divestment of non-O&G subsidiaries Paid special dividend of up to MYR 160 mm Issued Senior Sukuk of MYR 250 mm 2013 Private Placement – MYR 56.5 mm First Oil for FSO, PTSC Bien Dong 1 Private Placement – MYR 106.6 mm Commenced acquisition of
- Fred. Olsen Production ASA –
MYR 551.3 mm 2017 Procured Letter of Intent from Talisman Vietnam for the Ca Rong Do Field Development 5
Origin Transformation
Started as a transport and logistics company Transformation into key FPSO player pursuant to a JV with PetroVietnam Technical Services Corporations in 2011, followed by the acquisition of Fred Olsen Production ASA in 2014
Key Contract / Acquisition / Divestment Equity Raising Debt Raising
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6th Largest Active FPSO Leasing Company Worldwide
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FPSO Leasing Company Fleet Size and Current Orders(1) (#)
- 1. Energy Maritime Associates (EMA) – Q1 2017
FPSO market dominated by small number of players (Top 10 players account for c. 90% of the Total FPSO leased fleet) Whilst awards of new projects have slowed down in the past year, the absence of new entrants and the expected increase in awards in 2017 will work to lessen the effect of this
10 13 12 8 8 3 2 4 3 2 2 1 1 2 1 2 1 1 1 2 1 3 1 1 BW Offshore SBM Offshore Modec Teekay Offshore Bumi Armada Yinson Bluewater MISC Rubicon Petrofac Under Repair Available On Order Installed
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Company Strategies
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High Quality Counterparties
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Robust Contractual Terms & Termination
- Protection. No Oil Price
- r Reservoir Risk
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Build, Own & Lease Model
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Strong Local Content in Operating Countries
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Company Strategies
Winning Contracts With Innovative Solutions
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Disciplined in Business & Financial Management
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Key Credit Strengths
Shareholders have supported investment needs via long term equity /perp. capital raisings (8 times since 2012) Lim Family: Continues to be heavily invested at 36.70% EPF: Key institutional investor with a 13.55% stake Other high-quality investors include AIA, Maybank Investment Bank Berhad, and Hong Leong Assurance and Lembaga Tabung Haji Reputable oil majors: Sinopec, ENI, PTSC (PetroVietnam), Canadian Natural Resources. Blue-chip clients with healthy balance sheets, minimizing counterparty risks. Fred Olsen Management team’s proven operating track record of over 22 years, and 13 vessels Timely Project delivery: FPSO John Agyekum Kufuor (Ghana) on track/sailed away (expected to arrive in Ghana in April 2017) 99+% uptime has been achieved historically Ability to win new awards even in a difficult market: Letter of Intent for Ca Rong Do (Vietnam) received in Jan 2017 and FPSO John Agyekum Kufuor in 2015 Stable revenue stream and cash flow visibility until 2037 (including options) Firm period pays back project cost (equity and debt), cost of debt and cost of equity and desired equity returns Comfortable project contingency buffers Options/Renewals treated as bonus income Natural currency hedge of project’s revenues and costs Tenure of the assets exceeds the maturity of liabilities - no gapping between assets and liabilities Strong order book underpinned by long term contracts across FPSO & FSO units (order book of USD 3.7 bn as of Feb 2017) Long term contracts: Longest contract is 20 years (including options) Robust contractual terms – commercially and legally. Especially in the areas of termination and downtime protection Contracts structure protect Yinson from oil price and production / reservoir risks
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Key Credit Strengths
Strong Financials Strong and Supportive Ownership Established Relationships with High Quality Counterparties 5 4 2 Highly Experienced Management & Excellent Record
- f Project Execution & Operations
3 Long-Term Charter Contracts 1
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FPSO John Agyekum Kufuor – Ghana
In 2015, Yinson was awarded the ENI OCTP Ghana FPSO contract, valued at up to USD 3.2 billion (including option). The OCTP project is a two-phase, offshore integrated oil and gas development involving the FPSO John Agyekum Kufuor. Yinson owns 100% of the FPSO and also operates it. ENI Ghana, the Charterer, is a wholly-owned subsidiary of ENI SpA. Eni SpA is one of the world's supermajors, with strong operating capability and present in 69 countries. Highly strategic project for Ghana: Will end years of dependence on unreliable Nigerian gas imports and challenging hydroelectric
- schemes. It offers reliable, clean baseload of up to 1.1 GW power over a minimum 10 year plateau period that will provide both energy
security and address the country’s deficit World Bank’s involvement, through USD 700 mm in guarantees, demonstrates the strategic importance of the upstream OCTP project in the country, out of which the FPSO plays an essential role. The World Bank has described this Project as "top priority" for Ghana. Long term charter contract (15 years (firm) + 5 years options) ENI International B.V. , a wholly owned subsidiary of ENI SpA provides a Parent Company Guarantee to cover the performance of ENI Ghana (the Charterer) under the Charter Contract till the maturity of the contract Timely project delivery: FPSO John Agyekum Kufuor achieved first oil in May 2017.
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Yinson’s most recent project, FPSO John Agyekum Kufuor, is testament and evidence of Yinson’s strategies.
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Excellent Record of Project Execution
10 Jack-Up Conversion Borgen Dolphin MOPU Mobil Oil – Nigeria FSO Conversion Knock Taggart Abacam – Nigeria Jack-Up Conversion Marc Lerenceau Addax – Nigeria FSO Conversion Knock Nevis Maersk – Nigeria FPSO Conversion Knock Allan CNR – Gabon FPSO Conversion Lam Son PTSC – Vietnam FSO Conversion Knock Dee Soekor – SA FPSO Conversion Petróleo Nautipa Ranger Oil – Angola FPSO Conversion Knock Taggart Addax – Nigeria FPSO Upgrade Petróleo Nautipa Vaalco – Gabon FPSO Conversion Knock Adoon Addax – Nigeria FPSO Upgrade Petróleo Nautipa Vaalco – Gabon FSO New Build Bien Dong 01 PTSC – Vietnam
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
FPSO Conversion John Agyekum Kufuor PTSC – Ghana
More than 22 years of experience in the timely delivery FPSO/FSO Solutions for clients
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Long-Term Charter Contracts
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Vessel / Year 2017 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 FPSO Adoon FPSO Allan PTSC Bien Dong 01 (49%) PTSC Lam Son (49%)(1) FPSO John Agyekum Kufuor FPSO CRD Project (49%) Total (as at Feb 2017)(2) USD 3.7 billion (of which USD 2.7 billion is firm)
Firm period until October 2018 Up to 4 year
- ption
Firm period until April 2019 Firm period until August 2023 Up to 10 year option Firm period until June 2021 Up to 3 year
- ption
Firm 15 year period until 2032 Up to 5 year option
Strong existing order book underpinned by long term contracts across FPSO & FSO units. Orderbook of ~USD 3.7 billion as of Feb 2017.
Counterparty:
- 1. Notice of termination for PTSC Lam Son contract announced on 3 April 2017 and contract termination to occur on 30 June 2017. However, Petrovietnam intends to continue production at the site using
PTSC Lam Son and negotiations are ongoing for this purpose.
- 2. Consisting of orderbook for bareboat charter and O&M revenues. Not adjusted for PTSC Lam Son contract termination and CRD Project’s orderbook of USD 490 million for charter contract with 10 years
firm and 5 years options period (49%). Firm 10 year period until 2029 Up to 5 year option
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- Mr. Lim Han Weng
Group Executive Chairman Appointed Managing Director of Yinson in 1993 and subsequently Group Executive Chairman in 2013. Responsible for the formulation and implementation of Yinson’s corporate strategies and oversees the overall financial and operational aspects.
- Mr. Lim Chern
Yuan
Group CEO & Executive Director Appointed to the Board in September 2009. Group CEO of Yinson Holdings Bhd,
- verseeing the overall performance.
- Mr. Lim Han Joeh
Non-Independent Non-Executive Director Appointed to the Board in 1996. Currently CEO of Yinson Corporation Sdn Bhd, primarily involved in business development and developing
- perational strategy.
Mdm Bah Kim Lian
Executive Director Appointed to the Board in 1993. In charge of Yinson’s general administration, customer services and maintaining close customer relationships.
Dato’ Mohamad Nasir bin AB Latif
Non-Independent Non-Executive Director Appointed to the Board in 2016. Started his career with EPF in 1982 and has held several positions before being promoted to Deputy Chief Executive Officer (Investment) in 2013. Also a Board member of United Plantations Berhad and Plus Malaysia Berhad.
Dato’ Wee Hoe Soon @ Gooi Hoe Soon
Independent Non- Executive Director
Appointed to the Board in 2016. Has more than 32 years of experience in the fields of accounting and corporate finance and was Finance Director of several private and public listed companies. Currently also sits on the Board of Hup Seng Industries Bhd, AIA Bhd and Perusahaan Sadur Timah Malaysia (Perstima) Bhd.
Datuk Raja Zaharaton binti Raja Zainal Abidin
Independent Non- Executive Director
Appointed to the Board in 2016. A former civil servant for 34 years with last post in the Government as Director General of the Economic Planning Unit specialising in policy analysis and financial evaluation. Currently also sits on the board of Media Prima Berhad and Taliworks Corporation Berhad.
Datuk Syed Zaid bin Syed Jaffar Albar
Senior Independent Non-Executive Director Appointed to the Board in 2016. Partner of Albar & Co, Managing Partner of Albar & Partners since 1999. Also a Board member of Malaysia Building Society Berhad and Malaysian Pacific Industries Berhad.
Board of Directors
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Key Management
- Mr. Lim Chern
Yuan
Group CEO & Executive Director Started career in Yinson as a Business Development Executive in 2005 and appointed as Group CEO in 2014. Oversees the overall performance of Yinson and holds a key strategic role in formulating the strategic planning of the
- rganisation.
- Mr. Daniel Bong
Ming Enn
Group Chief Strategy Officer Joined Yinson in 2011 and promoted to Group Chief Strategy Officer in 2014. Instrumental in transforming the company from logistics and trading to the current offshore production and marine industry based company.
- Mr. Tan Fang
Fing
Group Chief Financial Officer Joined Yinson in 1994 as Group Accountant and is the Group Chief Financial Officer from 2014. Fellow member
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the Chartered Association of Certified Accountants (FCCA).
- Mr. Eirik Barclay
Chief Executive Officer, Offshore Production Appointed CEO of Offshore Production Division in 2014 following the acquisition of Fred. Olsen Production ASA. Worked in the offshore oil industry since 1999, having previously held the position of CEO of Songa Floating Production.
- Mr. Andy Choy
Head of Legal, Offshore Production Appointed as Head of Legal of Offshore Production since 2013. Primarily responsible for providing advice and support on all legal issues and documentation. Experienced in legal practice across the upstream oil and gas industry.
- Mr. Flemming
Gronnegaard
Chief Operating Officer, Offshore Production Appointed COO of Offshore Production in April 2015. Worked in the offshore oil/shipping industry since 2001, having previously held the position of VP, Operations at Teekay Petrojarl and Group Technical Director at Svitzer.
Dato’ Mohamed Sabri Bin Mohamed Zain
Chief Executive Officer, Yinson Energy Joined Yinson in 2014 as CEO of Yinson Energy Sdn Bhd. Long service with Petronas since 1978. Joined MISC Berhad as VP of Offshore Business Unit in 2010 and GOM Resources Sdn. Bhd. as President in 2013.
- Mr. Lim Chern
Wooi
Chief Executive Officer, Marine Started career in Yinson as Business Development Executive in June 2008 and was promoted to CEO of Marine Division. Holds several directorships in subsidiaries of the Marine Division. Certified ISO 9001, ISO 14001, OHSAS 18001, ISM and ISPS internal auditor.
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Financial Snapshot
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Adjusted Core EBITDA Adjusted Net Leverage Net Gearing Project Financing
MYR mm FYE2017 Revenue 543.3 Reported EBITDA 273.2 EBITDA margin (%) 50.3 Add: FV loss on securities 1.0 Add: Impairment loss on PPE and Receivables 42.6 Add: Loss of disposal 3.5 Add: PPE write-off 2.3 Add: Accrued reimbursable tax 24.5 Less: Net unrealised FX gain (27.2) Adjusted EBITDA 319.9 Adjusted EBITDA margin (%) 58.9 MYR mm FYE2017 Short Term Debt 100.8 Long Term Debt 3,292.4 Total Reported Debt 3,393.2 Less: Cash at YHB (633.9) Net Reported Debt 2,759.3 Add: 49% of PTSC SEA(1) Debt 88.1 Add: 49% of PTSC AP(1) Debt 508.5 Less: 49% of PTSC SEA(1) Current Assets (99.5) Less: 49% of PTSC AP(1) Current Assets (144.3) Less: Trade and Other Receivables from JV (74.4) Net Adjusted Debt 3,037.7 Net Leverage(2) 8.6x Adjusted Net Leverage(3) 5.7x
(2) Net Leverage is taken with Net Reported Debt over Yinson’s adjusted EBITDA (3) Adjusted Net Leverage is calculated with Net Adjusted Debt over Adjusted Core EBITDA Source: Company filings and computation
634 2,759 2,406
- 2,500
5,000 Cash Net Debt Equity
MYR mm
Net Gearing: 1.15x
Note(s): (1) PTSC SEA holds FSO Bien Dong while PTSC AP holds FPSO Lam Son Source: Company filings
Project Level Debt
- Typically 70-80% of total project cost
- Tenors of the project financing are medium to long term in nature, and shorter
than the firm period of the charter contract Financing Structure
- Structured at DSCR of 1.2 – 1.3x, on the back of contractual cash flows
- Excess free cashflows from project (after debt servicing at the project level)
can be applied to servicing corporate level debt obligations
- Termination fee, received from a contract termination, will first be applied to
pay down project debt. Residual sums can be applied to extinguish corporate borrowings or to be reinvested into new project.
Debt Maturity Profile
222 368 726 2,076
- 500
1,000 1,500 2,000 < 1 year 1 - 2 years 2- 5 years > 5 years
MYR mm
MYR mm FYE2017 Revenue 543.3 49% of PTSC SEA Revenue 72.4 49% of PTSC AP Revenue 149.7 51% of Anteros Rainbow Offshore Revenue Adjusted Core Revenue 765.4 Adjusted EBITDA 319.9 Add: 49% of PTSC SEA EBITDA(1) 71.0 Add: 49% of PTSC AP EBITDA(1) 147.6 Add: 51% of Anteros Rainbow Offshore EBITDA (3.0) Adjusted Core EBITDA 535.5 Adjusted Core EBITDA margin (%) 70.0
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Key Assets
Name Allan Adoon PTSC Lam Son* PTSC Bien Dong 01 Four Rainbow** John Agyekum Kufuor*** FPSO / FSO / MOPU FPSO FPSO FPSO FSO FPSO FPSO Charterer / Client CNR Addax Petroleum PTSC PTSC Available for Deployment ENI Field (Country) Olowi (Gabon) Block OML123 (Nigeria) Block 1-2/97 (Vietnam) Block 05-2/05-3 (Vietnam) – Offshore Cape Three Points (OCTP) Block Ghana (Ghana) Storage Capacity 1.04 million barrels 1.7 million barrels 350,000 barrels 350,000 barrels 600,000 barrels 1.4 million barrels Production Capacity Oil: 35,000 BOPD Liquid: 50,000 BLPD Gas Compression: 75 MMSCFD Oil: 60,000 BOPD Liquid: 140,000 BLPD Gas: 7 MMSCFD Oil: 18,000 BOPD Liquid: 28,000 BLPD Gas Compression: 47 MMSCFD – Oil: 40,000 BOPD Liquid: 52,000 BLPD Gas Compression: 10 MMSCFD Oil: 58,000 BOPD Liquid: 75,000 BLPD Gas Injection: 165 MMSCFD Gas Export: 210 MMSCFD Contract Commencement Date 01-May-09 17-Oct-06 06-Jun-14 07-Aug-13 – 2017 Contract Duration 2009 - 2019 2006 - 2018 2014 - 2021 2013 - 2023 – Fixed:15 years (2017 – 2032) Optional Extension: 10 years x 1 year Up to 4 years 1 + 1 + 1 years 5 + 2 + 2 + 1 years – 5 years Total Remaining incl. Options as at Feb 2017 12 Years 5.7 years 7.3 Years 16.5 years – 20 years Ownership 100% Yinson 100% Yinson 51%: PTSC; 49%Yinson 51%: PTSC; 49%Yinson 51% Yinson; 49% Premuda 100% Yinson Uptime Above 99% Above 99% Above 99% Above 99% – –
*** Sailed on 1 March 2017
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** Four Rainbow FPSO for redeployment opportunity. In Sept -15, Yinson formed a 51%-49% JV with a subsidiary of Italy’s Premuda, owning the vessel. Such FPSO, a converted production platform requiring minor modifications (instead of a full scale conversion) is a cost effective solution and candidate for a number of small oilfield developments in both West Africa and South East Asia * Notice of termination for PTSC Lam Son contract announced on 3 April 2017. Contract termination to occur on 30 June 2017.
1 2 3 4 5 6 Gabon 1 Nigeria 2 Malaysia 5 Ghana 6 Vietnam 3,4
JOHN AGYEKUM KUFUOR FOUR RAINBOW ADOON PTSC BIEN DONG 01 PTSC LAM SON ALLAN JOHN AGYEKUM KUFOR
Our Fleet