Corporate Presentation January 2018 Overview of Yinson Key - - PowerPoint PPT Presentation

Yinson Holdings Berhad Yinson Holdings Berhad

Corporate Presentation

January 2018

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Overview of Yinson

Key Information Core Businesses - O&G Operations

 Production  5 FPSOs  1 FSO  Marine Services  1 Platform Supply Vessel (PSV)  3 Anchor Handling Tug Supply Vessels (AHTS)  Vessel & Crew Management

Floating Production, Storage & Offloading Solutions

 Yinson Holdings Berhad (“Yinson”) is the 6th largest independent FPSO leasing company globally  Fleet of:  5 FPSO vessels (Floating Production Storage and Offloading)  1 FSO vessel (Floating Storage and Offloading)  Headquartered in Malaysia with key offices in Singapore, Oslo, Nigeria, Gabon, Vietnam and Ghana  Listed on Bursa Malaysia with market cap of MYR 4.66 billion (c. USD 1.16 billion) as of January 08, 2018  Yinson is now a full-fledged FPSO company. Completed the divestment of all its non-oil & gas business segments in July 2016

Vessel and Crew Management

1  In April 2017, Yinson was awarded a USD 1 billion FPSO contract from Talisman Vietnam 07/03 (a wholly-

• wned subsidiary of Repsol).

 Yinson will be partnering PTSC in the USD 1 billion FPSO contract from Talisman Vietnam. Yinson has a 49% stake in the proposed JV.  This is for the supply of a FPSO for the Ca Rong Do field development in Vietnam.

Latest Developments

June 2017 FPSO John Agyekum Kufuor started receiving charter rates

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 In June 2017, FPSO John Agyekum Kufuor achieved provisional acceptance and started receiving charter rates and achieved final acceptance on 8 December 2017.  The USD 3.2 billion FPSO contract (USD 2.54 billion firm period + c.USD 717 million option period) was awarded by ENI Ghana Exploration and Production Ltd in 2015.

November 2017 Potential strategic alliance with Japanese Investors

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 On 3 July 2017, Yinson announced a potential offering of a 26% stake in FPSO John Agyekum Kufuor to form a strategic alliance with a Japanese consortium comprising of Sumitomo Corporation, Kawasaki Kisen Kaisha,

• Ltd. (“K Line”), JGC Corporation and Development Bank of Japan Inc.

 On 21 November 2017, the conditional share purchase agreement for the sale of 26% stake was executed for a consideration of up to USD117 million.

April 2017 Won USD 1 Billion FPSO Contract from Repsol’s Subsidiary, Talisman Vietnam

4.

December 2017 Receipt of FPSO PTSC Lam Son’s Termination Fees and full repayment of project loan

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 On 21 December 2017, Yinson signed a settlement and amendment agreement with PTSC in relation to the termination of the Bareboat Charter of FPSO PTSC Lam Son. Subsequently on 29 December 2017, PTSC AP had received the Termination Fee of USD209 million.  On 2 January 2018, PTSC AP had utilised part of the Termination Fee to fully repay the outstanding amount under the financing facility of project Lam Son.

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Company Strategies

High Quality Counterparties & Strategic Partners

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Robust Contractual Terms & Termination

• Protection. No Oil Price
• r Reservoir Risk

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Optimize Capital & Funding Structure

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Strong Local Content Application in Operating Countries

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Company Strategies

Winning Contracts With Innovative Solutions

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Key Credit Strengths

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Key Credit Strengths

6 7 8 4 3 2 1 Strong Counterparties

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Robust Contract Terms

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Well-Positioned Within O&G Life Cycle

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Prudent Track Record of Operations

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Experienced Management Team

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Long Term Contracts

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Supportive Shareholder Base

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Ample Financial Flexibility

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Well-Positioned Within O&G Life Cycle

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Offshore Oil & Gas Field Lifecycle

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
• f field infrastructure
• Reuse, recycle, dispose

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Crane Vessels Accommodation Units Decommissioning Vessels AHTs Well Intervention Pipe Laying Vessels Accommodation Units FPSO FSO MOPU Crane Vessels Pipe Laying Vessels Accommodation Units AHTs Drillship Semi-subs Jack Up AHTs Seismic Asset Class Stage 1

Offshore Oil & Gas Field Lifecycle

Stage 2 Stage 3 Stage 4 Stage 5

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Share Price – Resilient Despite Oil Price Fallout

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Methodology: The share prices (weighted by Market Cap) from the top 10 companies ranked by fleet size in each sector (OSV, Rigs/Drilling, FPSO) were used to create this chart. Companies were excluded if they were privately held, or if the listed company was heavily diversified (e.g. CNOOC and Swire were omitted from the OSV data). As the EPC sector does not have a “Top 10 companies by fleet size”, data from 23 publicly listed EPC companies were used.

Global Oilfield Service Sector Stock Price Performance

Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 20 40 60 80 100 120 140 160 Share Price* (Rebased to 100) EPC OSV Rigs / Drilling FPSO Brent Yinson (32.3%) (39.5%) (93.3%) (80.7%) (60.3%) +24.1%

(Source: Factset – Data from 01 June 2014 to 31 Dec 2017) *Share price for each sector is weighted by Market Cap

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Overview & Outlook of Global FPSO Industry

Global FPSO Fleet Status

Source: Energy Maritime Associates (EMA) – January 2017

 Brazil, West Africa, South East Asia and the North Sea, accounting for 67% of the total number of installed FPSO globally  Out of the 21 FPSO vessels on order, 11 are to be deployed in Brazil, 5 in West Africa, 3 in South East Asia, 1 in the North Sea and 1 in the Australia/New Zealand.  As of July 18, 2017, there are 169 FPSO vessels in active employment, with another 23 FPSO vessels available for hire and 1 FPSO vessel in long term repair.

2017 - 2021 FPSO Charter Contract & Awards Forecast

 In 2016:  11 total Floating Production System contracts awarded: 3 FPSOs, 7 FSRUs, and 1 Production Semi.  3 FPSOs were ordered, the lowest level going back more than 20 years.  In April 2017, Yinson entered into a time charter contract with Talisman Vietnam 07/03 (a wholly-owned subsidiary of Repsol) for the provision of a FPSO to the Ca Rong Do field development in Vietnam.  Looking ahead, EMA forecasts new FPSO vessels orders of 35 – 70 from 2017 to 2021.

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11 9 20 21 14 14 7 26 12 14 12 11 4 3 6 7 7 7 8 8 10 11 11 10 10 15 17 15 13 5 10 15 20 25 30 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017F 2018F 2019F 2020F 2021F FPSO Awards Low Case Mid Case High Case Source: Energy Maritime Associates (EMA) Floating Production Report Data – Q3 2017, 18 July 2017 Existing Well Centers

FPSO

Tanker-Offloading Buoy Production Platform Injection Lines

FPSO Typical Deployment

 FPSO unit is a floating vessel used by the offshore oil and gas industry for the production, the storage and for processing of hydrocarbons  FPSOs can be a conversion of an oil tanker or a new vessel built specially for the application  Popular for its mobility, once an existing field has been depleted an FPSO can then be refurbished, relocated and reused for production in another field.

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Strong Counterparties

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High Quality Counterparties

PetroVietnam Technical Services Corporation (“PTSC”) Canadian Natural Resources (“CNR”) Addax Petroleum Eni SpA / Eni Ghana

 Established in 1993, PTSC’s main operations involves providing technical services to the oil & gas industries. These technical services include: EPCI for

• ffshore facilities, EPC for industrial facilities, FSO/FPSO services, offshore

support vessels, seismic survey services, geophysical and geotechnical survey services, geochemical metocean and oceanographic survey services, ROV services and subsea works.  Listed at Hanoi Stock Exchange. Market cap. VND 12.1tn (USD 530m) as of Jan 08th, 2018  As of FY2016, PTSC has a revenue of c.VND 18.7tn (USD 835.3m) and NPAT

• f c.VND 0.99tn (USD 43m).

 PTSC is the charterer of FSO PTSC Bien Dong 01 of which they have 51%

• wnership in while Yinson holds the remaining 49%.

 Canadian Natural Resources (“CNR”) is one of the largest independent crude

• il and natural gas producers in the world.

 Over the years, CNR has established its market presence in North America, the North Sea and offshore America.  Listed on Toronto Stock Exchange. Market cap. CAD 55.2bn (USD 44.5bn) as

• f Jan 8th, 2018

 CNR is rated Baa3 / BBB+ by Moody’s and S&P respectively.  In 2016, revenues were c.CAD 10.5bn (USD 7.9bn) with operating cash flow of

• c. CAD 3.5bn (USD 2.6bn).

 CNR is the charterer of FPSO Allan, which is 100% owned by Yinson.  Established in 1994 and based in Geneva, Switzerland, Addax Petroleum engages in the exploration and production of oil and gas in Africa, the Middle East, and the North Sea.  Currently, Addax Petroleum has operations in Nigeria, Gabon, Cameroon, and the Kurdistan Region of Iraq.  Addax Petroleum is owned by Sinopec International Petroleum Exploration and Production Corporation (“SIPC”).  Sinopec Group is rated A1 and A+ by Moody’s and S&P respectively  Currently, Addax Petroleum is a charterer for FPSO Adoon which is wholly

• wned by Yinson.

 Eni SpA, is engaged in the exploration and production of oil and natural gas, processing, transportation, and refining of crude oil, transport of natural gas, storage and distribution of petroleum products, and the production of base chemicals, plastics and elastomers.  Listed on Milan Stock Exchange Market cap. EUR 52bn (USD 63bn) as of Jan 8th, 2018  ENI is rated Baa1 by Moody’s, BBB+ by S&P and A- Fitch (long-term).  In 2016, revenues were c.EUR 55.8bn (USD 61.7bn) and operating cash flow was c.EUR 7.7bn (USD 8.5bn).  Eni Ghana, a wholly-owned subsidiary of Eni SpA, is the charterer of FPSO John Agyekum Kufuor

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Repsol

 An integrated energy company based in Spain with operations in 37 countries, distributing and selling products across 90 countries.  Listed in Spain Stock Exchange. Market cap. EUR 24bn (USD 28.8bn) as of Jan 8th, 2018  Repsol is rated Baa2 and BBB by Moody’s and S&P respectively  As of FY16, Repsol has a revenue of c. EUR 34.7bn (USD 41.6bn)  Repsol is a new counterparty to Yinson with the award of Ca Rong Do project in Vietnam.

Sources: Bloomberg and Company Websites

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Robust Contract Terms

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Typical Charter Contracts

Contractual Terms

Typical Contractual Terms

Firm contracts over long tenors Charter rate: Highly reliable and predictable source of cash flow FPSO owner usually protected against contract termination 3 1) Events triggering charter termination include force majeure, charterers’ defaults, asset owner’s default, as well as for convenience; 2) Termination fees are typically contractually structured and calculated based on present value of lost future revenues payable as lump sum payments; 3) Termination fees payable depending on the trigger events. In case

• f FPSO owner’s default or bankruptcy, FPSO owner may not

receive any compensation; 4) Purchase option typically included in the charter, provides the charterer flexibility to acquire the vessel at a pre-agreed value at a specified timing. 1) Fixed, daily hire rate not linked to oil and gas prices nor to field/reservoir performance

• n

which the FPSO

• perates;

2) Cash flow may be linked to uptime since charter rates are potentially reduced if uptime falls below a pre-agreed threshold. 1) Signed between FPSO owner and charterers (charterers would typically be the field

• perator on behalf of the other

field partners); 2) Fixed, long-term period 3) Optional period (at discretion of the Charterer) 2 1

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FPSO leasing companies’ services have been provided under the following contracts types:  Time charters: FPSO leasing companies lease out their owned FPSO/FSO as well as operate and maintain these assets.  Bareboat charters: FPSO leasing companies would bareboat charter the FPSO to its partner who would then enter into time charter with the charterer.  Operation & maintenance contracts: Charterers appoint an FPSO leasing company to operate and maintain the vessel with the crew under the payroll of such FPSO leasing company . Charter contracts typically cover key clauses such as scope of work, contractual period, charter rates, termination events and termination fees, and charter guarantee.

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Contract Termination Explained

Source: Bursa Malaysia

 On 31 March 2017, PTSC AP received a notice of termination for convenience from PTSC, as charterer, for the Bareboat Charter contract of FPSO PTSC Lam Son.  On 30 June 2017, PTSC AP received a Letter of Intent (“LOI”) from PTSC expressing its intention to continue deploying the FPSO Lam Son at the Lam Son field with effective date from 1 July 2017. PTSC AP accepted the LOI. The petroleum operations within Lam Son Field will be taken over by PVEP and the Parties are currently negotiating a new charter contract for redeployment of FPSO Lam Son at the Lam Son Field.  PTSC AP had on 21 December 2017 signed a settlement and amendment agreement with PTSC in relation to the termination of the Bareboat Charter. Subsequently on 29 December 2017, PTSC AP had received the Termination Fee of USD209 million (net of bank transaction costs and tax of which will subsequently be reimbursed by PTSC).  On 2 January 2018, PTSC AP had utilised part of the Termination Fee to fully repay the outstanding amount under the financing facility of project Lam Son.

Summary of Lam Son Contract Termination Lam Son Contract Termination, With Compensation And Immediate Redeployment Lam Son Field Operating Structure Pre-Termination

PetroVietnam Exploration Production Corp. (PVEP) Petronas Carigali Vietnam Ltd. Lam Son Joint Operating Company (LSJOC)

50% 50%

PetroVietnam Technical Services Corp. (PTSC) PTSC Asia Pacific Pte Ltd (PTSC AP)

51% 49%

PTSC Time Charter Contract Provides bareboat,

• perations &

maintenance

• f FPSO to

LSJOC Bareboat Charter Contract Provides bareboat charter to PTSC

 Typical contract structure ensures that termination at charterers’ convenience will result in payment of termination fees covering the project’s

• utstanding loan, equity injected, plus cost of debt and equity as well as an additional amount generating the desired equity return. This ultimately

results in Yinson’s original investment being protected.  Post receipt of termination fees and settlement of loan obligations, the Free Cash Flow will be available for capital redeployment.  Post termination, Yinson will still own the vessel, which will then be available for new competitive bids or to be redeployed for future projects.  The contracts are supported by corporate guarantees from the parent of the charterer, reducing the risk of non payment of termination fees.

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Prudent Track Record of Operations

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6th Largest Indep. FPSO Leasing Company Worldwide

FPSO Leasing Company Fleet Size and Current Orders(1) (2) (#)

• 1. Source: EMA, EMA Floating Production Report Data – Q3 2017, 18 Jul 2017
• 2. This chart shows the top 10 FPSO leasing companies and does not take into account other non-leasing companies (Petrobras, CNOOC, other oil majors, etc.)

 FPSO market dominated by small number of players (Top 10 players account for c. 80% 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

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10 12 11 9 7 4 2 4 2 2 2 1 1 1 1 2 1 1 2 1 3 1 1

BW Offshore SBM Modec Teekay Offshore Bumi Armada Yinson Bluewater MISC Petrofac Rubicon

Under Repair Available On Order Installed

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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 1.7 million barrels Production Capacity Oil: 35,000 BOPD Liquid: 50,000 BLPD Gas Comp: 75 MMSCFD Oil: 60,000 BOPD Liquid: 140,000 BLPD Gas: 7 MMSCFD Oil: 18,000 BOPD Liquid: 28,000 BLPD Gas Comp: 47 MMSCFD – Oil: 40,000 BOPD Liquid: 52,000 BLPD Gas Comp: 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 04-Jun-13 – 04-Jun-17 Contract Duration (firm + options) 2009 - 2019 2006 - 2022 2014 – 2017 2013 - 2033 – 2017 – 2037 Optional extension – Up to 4 years – 5 + 2 + 2 + 1 years – 1 + 1 + 1 +1 +1 years Total remaining contract tenure as at 31 Jan 2018 (firm + options) 1.25 Years 4.75 years – 15.33 years – 19.35 years Ownership 100% Yinson 100% Yinson 51%: PTSC; 49%Yinson 51%: PTSC; 49%Yinson 100% Yinson 100% Yinson (Potential 26% Divestment) Uptime (Since 1 Jan 2014) Above 99% Above 99% Above 99% Above 99% – Above 99%

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• Based on original Bareboat Charter Contract with PTSC. Notice of termination for PTSC Lam Son contract announced on 3 Apr 2017. On 30 Jun 2017, PTSC AP had received a Letter of Intent from PTSC expressing its intention to

continue deploy the FPSO Lam Son at the Lam Son field with effective date from 1 Jul 2017. Parties are currently negotiating and finalizing the new charter contract. PTSC AP had on 21 December 2017 signed a settlement and amendment agreement with PTSC in relation to the termination of the Bareboat Charter. Subsequently on 29 December 2017, PTSC AP had received the Termination Fee of USD209 million. ** FPSO Four Rainbow for redeployment opportunity. *** Sailed on 1 March 2017. Provisional acceptance achieved in June 2017 and final acceptance in Dec 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

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Excellent Record of Project Execution

Jack-Up Conversion Borger Dolphine MOPU Mobil Oil – Nigeria FSO Conversion Knock Taggart Abacam – Nigeria Jack-Up Conversion Marc Lorenceau Addax – Nigeria FSO Conversion Knock Nevis Maersk – Qatar FPSO Conversion Allan CNR – Gabon FPSO Conversion Lam Son PTSC – Vietnam FSO Conversion Knock Dee Soekor – South Africa FPSO Conversion Petróleo Nautipa Ranger Oil – Angola FPSO Conversion Knock Taggart Addax – Nigeria FPSO Upgrade Petróleo Nautipa Vaalco – Gabon FPSO Conversion Adoon Addax – Nigeria 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 ENI – Ghana

More than 23 years of experience in the timely delivery FPSO/FSO Solutions for clients

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Long Term Contracts

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Long-Term Charter Contracts

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Strong existing order book underpinned by long term contracts across FPSO & FSO units. Orderbook of ~USD 3.1 billion (of which USD 2.2 billion is firm) as of 31 Jan 2018 excluding FPSO CRD Project and FPSO PTSC Lam Son Project.

• 1. Yinson have signed a contract award for the supply, operation and maintenance of a FPSO facility for Ca Rong Do Field Development - Block 07/03 Offshore Vietnam on 26 Apr 2017. The Group’s

portion of the project’s orderbook is USD495.0 million (49%).

• 2. The orderbook excludes the PTSC Lam Son as the notice of termination for PTSC Lam Son contract was announced on 3 April 2017. PTSC AP had on 21 December 2017 signed a settlement and

amendment agreement with PTSC in relation to the termination of the Bareboat Charter. Subsequently on 29 December 2017, PTSC AP had received the Termination Fee of USD209 million (net of bank transaction costs, and tax of which will subsequently be reimbursed by PTSC). On 2 January 2018, PTSC AP had utilised part of the Termination Fee to fully repay the outstanding amount under the financing facility of project Lam Son.

Vessel / Year 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 FPSO Adoon FPSO Allan PTSC Bien Dong 01 (49%) FPSO John Agyekum Kufuor

Orderbook of ~USD 3.1 billion (of which USD 2.2 billion is firm) (1) as of 31 Jan 2018 excluding newly awarded FPSO CRD Project and FPSO Lam Son Project (2) which was terminated.

FPSO for Ca Rong Do Project The FPSO CRD project contract value is USD 1.0 billion for a charter period of 10 years firm and 5 years option (of which the Group’s portion would be USD495.0 million). The Group’s total orderbook including the FPSO CRD Project would be USD 3.6 billion.

Until Oct 2018

Up to 4 years

Until Apr 2019

Until Jun 2023 Up to 10 years 15 years until Jun 2032 Up to 5 years Counterparty: 10 years until 2029 Up to 5 years

Firm period Options period

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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 (USD 2.5 billion for the firm period and USD 717 million for the option period). The OCTP project is a two-phase, offshore integrated oil and gas development involving the FPSO John Agyekum Kufuor. Yinson owns 100%

• f 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 700mm 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 of 15 years firm period + 5 years

• ptional period.

 ENI International B.V., a wholly owned subsidiary of ENI SpA, provides a Parent Company Guarantee to cover the performance

• f ENI Ghana (the Charterer) under the Charter Contract till the

maturity of the contract.  Timely project delivery: In April 2017, FPSO John Agyekum Kufuor was delivered safely and on time in Ghana. The OCTP block has started production ahead of scheduled delivery date and firm period of the charter contract commenced on 4th June

• 2017. Average uptime to date is 99.7%.

Yinson’s most recently completed project, FPSO John Agyekum Kufuor, is testament to Yinson’s capability as a trusted global FPSO player.

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 During the First Oil Ceremony on 6th July 2017, Ghanaian President Nana Akufo-Addo said the OCTP project “would ensure reliable and affordable clean energy to support economic activities and keep the country on the right path to growth” and that he was “optimistic that the addition of production from the OCTP […] would enhance significantly gas supply for domestic power generation”. Potential Strategic Alliance with Japanese Investors:  On 30 June 2017, Yinson entered into a Heads of Agreement with a consortium of Japan-incorporated companies for a proposed sale of 26% equity interest of Yinson Production (West Africa) Pte. Ltd, the entity which owns the FPSO John Agyekum Kufuor.  Japanese consortium comprises of Sumitomo Corporation, Kawasaki Kisen Kaisha, Ltd (K Line), JGC Corporation and Development Bank of Japan Inc.  On 21 November 2017, the conditional share purchase agreement for the sale of 26% stake was executed for a consideration of up to USD117 million.

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Yinson’s most recent award, FPSO Ca Rong Do is evidence of its ability to win new awards even in a difficult market. In April 2017, Yinson was awarded the Ca Rong Do FPSO charter contract in Vietnam with an estimated aggregate value of the bareboat charter contract at c.USD 1 billion by Talisman Vietnam. The FPSO will be operated in an environment that Yinson is very familiar with, given the Lam Son and Bien Dong 1 vessels. The Ca Rong Do (CRD) is an oil and gas field development located in Block 07/03, offshore Vietnam involving FPSO CRD.

FPSO Ca Rong Do – Vietnam

Ca Rong Do FPSO Operating Structure

The award comprises of 1) the bareboat scope of work under the Bareboat Charter Contract, and 2) operation and maintenance of the FPSO which will be performed by PTSC.  Talisman Vietnam 07/03 BV is a wholly-owned subsidiary of Repsol S.A who is a global integrated oil company, with strong operating capability and present in more than 50 countries  Long term charter contracts: 10 years firm period + 5 years options period  Estimated Bareboat Contract value: USD 1 billion (including options period)  Repsol is listed on Spain Stock Exchange. Market cap. EUR 24bn (USD 28.8bn) as of Jan 8th, 2018  Repsol is rated Baa2 and BBB by Moody’s and S&P respectively  FPSO conversion status:  An identified existing FPSO (currently under acquisition) to be upgraded/converted to become FPSO CRD. Delivery at the field planned by mid 2019 with firm charter period scheduled to commence from Aug 2019  FPSO with processing capacity of up to 35,000bopd (oil) and 900,000bbls storage capacity.  On 19 May 2017, Yinson entered into a joint venture agreement with PTSC to undertake the execution and performance of charter.

Talisman Vietnam PetroVietnam Technical Services Corp. (PTSC) Joint Venture Company 51% 49% PTSC Time Charter Contract Provides bareboat,

• perations &

maintenance

• f FPSO

Bareboat Charter Contract Provides bareboat charter to PTSC 100%

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Experienced Management Team

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Key Management & Board of Directors

• Mr. Lim Chern

Yuan

Group CEO & Executive Director

• Mr. Daniel Bong

Ming Enn

Group Chief Strategy Officer

• Mr. Tan Fang

Fing

Group Chief Financial Officer

• Mr. Eirik Barclay

Chief Executive Officer, Offshore Production

• Mr. Andy Choy

Head of Legal, Offshore Production

• Mr. Flemming

Gronnegaard

Chief Operating Officer, Offshore Production

Dato’ Mohamed Sabri Bin Mohamed Zain

Chief Executive Officer, Yinson Energy

• Mr. Lim Chern

Wooi

Chief Executive Officer, Marine 22

Key Management Board of Directors

• Mr. Lim Han Weng

Group Executive Chairman

• Mr. Lim Chern

Yuan

Group CEO & Executive Director

• Mr. Lim Han Joeh

Non-Independent Non-Executive Director

Mdm Bah Kim Lian

Non-Independent Executive Director

Dato’ Mohamad Nasir bin AB Latif

Non-Independent Non-Executive Director

Dato’ Wee Hoe Soon @ Gooi Hoe Soon

Independent Non- Executive Director

Datuk Raja Zaharaton binti Raja Zainal Abidin

Independent Non- Executive Director

Datuk Syed Zaid bin Syed Jaffar Albar

Senior Independent Non-Executive Director

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Strong & Experienced Project Execution Teams

• Mr. Lars Gunnar

Vogt Senior Vice President, Technology

 Joined Yinson in January 2014.  Lead Marine Engineer and Senior Vice President Concept Development in BW Offshore and Engineering consultant companies in Norway.  Naval Architect graduate from NTNU in Trondheim Norway.

• Mr. Frode Rødøy

HSEQ Director

 Appointed HSEQ Director in March 2015.  24 years of experience from Oil & Gas industry and has been HSEQ Director and Head of HSSEQ in Trelleborg Offshore, Golar Wilhelmsen and Høegh Fleet Services.  Holds a Master of Science degree in Petroleum Engineering from the Norwegian Institute of Technology in Thondheimand MBA degree from Heriot-Watt University Scotland.

• Mr. Miljenko

Vladovic Vice President, Projects & Business Development

 Joined Yinson in October 2013.  18 years of experience in shipping and Oil & Gas industry.  Has held numerous positions in FPSO companies such as Teekay, Petrofac and Songa Floating Production.  Worked on various projects in Korean shipyards.  Holds a Master of Science degree in Naval Architecture from the University

• f Zagreb, Croatia.
• Mr. Chris Lank

Engineering Manager

 Joined Yinson in November 2014.  Has over 20 years experience in high- integrity engineering industries including 10 years in offshore O&G.  Worked at Weir Strachan & Henshaw as Project Manager and Principal Engineer.  Prior to joining Yinson, has held several engineering positions in his 7 years with DPS Bristol and Singapore.  Chartered Engineer with Master of Engineering in Mechanical Engineering from University of Bristol.

• Mr. Filipe Costa

Topsides Delivery Manager

 Joined Yinson in May 2015.  World wide experience as Project Manager, Engineering Manager and Business Development Manager in the Oil & Gas, Petrochemical and Energy sectors.  Past experience in SBM Offshore and Bumi Armada.  Holds a Master in Mechanical Engineering from Universidade Do Algarve, Portugal.

Experienced Key Project Personnel with a wealth of experience in the offshore Oil & Gas industry.

• Mr. Per Dyberg

Project Director

 Joined FOP in July 2008.  Project Manager for the conversion of FPSO John Agyekum Kufuor.  Worked in the offshore Oil & Gas industry since 1986.  Spent 20 years in the ABB/Vetcogray system where he has held several management positions for Subsea EPCI Projects Worldwide.  Holds a Master of Science degree from Norwegian University of Science and Technology in Trondheim.

• Mr. Lars Eik

Country Manager, Ghana

 Joined FOP in October 2000.  Appointed Vice President, Asset Management & Business Development in May 2013.  Has 33 years experience in the

• ffshore O&G industry.

 Started career at Aker, holding several key management positions in North Sea EPC projects during his 16 years with the company.  Holds a BSc honors degree in Mechanical Offshore Engineering from Heriot-Watt University Scotland and a Naval Engineering degree from Bergen College of Engineering

• Mr. Ivar Lysberg

Senior Vice President, Operations

 Joined FOP in January 2007.  Worked in Vetco Aibel, Umoe Oil and Gas and ABB Offshore Systems.  Held several management positions in offshore O&G projects including FPSO Knock Allan conversion project.  Holds a Master of Science degree in Mechanical Engineering from Norwegian University of Science and Technology.

• Mr. Jahn Atle

Senior Vice President, Business Development and Projects

 Joined Yinson in 2015.  More than 15 years of experience in the Oil & Gas industry, whereof the last 12 specialising in FPSOs.  Has held various roles in the 10 years with BW Offshore such as Engineering Manager, Project Development Vice President, Marketing & Tenders Vice President and Business Development Vice President.  Master degree in Mechanical Engineering from Norwegian University of Science and Technology

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Supportive Shareholder Base

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Strong and Supportive Ownership

Ownership Summary

Note: Shareholdings as of January 5, 2018

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Collectively, the top 4 shareholders of Yinson owns more than 50% of stock

1) Lim Han Weng and Family – 28.06%  Founding Lim family remains heavily invested, with 28.06% ownership. Mr. Lim Han Weng serves as Group Executive Chairman of Yinson  Lim family has subscribed to all rights issues raised by Yinson to date 2) Kumpulan Wang Persaraan – 14.11%  Kumpulan Wang Persaraan is a key shareholder, being the second largest shareholder after the Lim family 3) Employees’ Provident Fund – 11.77%  Currently, the Deputy CEO of EPF (Investment) sits on Yinson’s Board of Directors  In 2015, EPF fully subscribed in Yinson’s private placement of MYR 169.8mm

Successfully Tapped the Equity Capital / Perp Markets 9 Times Since 2011 High-quality and supportive shareholder base and successful raisings of equity capital since 2011.

Top 4 Shareholders Stake (%) 1. Lim Han Weng and Family 28.06 2. Kumpulan Wang Persaraan 14.11 3. Employees’ Provident Fund 11.77 4. AIA Bhd 5.43 Total 59.37%

Private Placement MYR 11.3mm Rights Issue MYR 85mm Private Placement MYR 56.5mm Rights Issue MYR 568mm Private Placement MYR 169.8mm Perpetual Bond (NC5) USD 100mm Private Placement MYR 20.4mm Private Placement MYR 106.6mm Perpetual Bond (Private Placement) USD 100mm

1 2 3 4 5 6 7

2011 2012 2013 2014 2015

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2017

9

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Ample Financial Flexibility

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Financial Snapshot

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EBITDA Adjusted Net Leverage Net Gearing Project Financing

MYRmm YTD Q3’18 Revenue 652.8 EBITDA 451.9 EBITDA margin (%) 69.2 Less: FV gain on securities (0.1) Less: Impairment loss on PPE and Receivables 25.4 Add: Fair value loss on investment properties 2.9 Less: Gain on disposal of PPE (0.1) Less: Accrued reimbursements on tax (6.4) Add: Unrealised FX loss 11.7 Add: Realised FX loss 5.0 Core EBITDA 490.3 Core EBITDA margin (%) 75.1 MYRmm YTD Q3’18 Short Term Debt 314.7 Long Term Debt 2,854.2 Total Debt 3,168.9 Less: Cash at Consolidated YHB (747.5) Net Debt 2,421.4 Less: 49% of PTSC SEA(1) Net Debt(4) (52.4) Add: 49% of PTSC AP(1) Net Debt(4) 299.5 Less: Net Debt of other JV Entities and Associates (13.7) Adjusted Net Debt 2,654.8 Net Leverage(5) 3.7x Adjusted Net Leverage(6) 3.2x 747 2,421 2,647

• 2,500

5,000 Cash Net Debt Equity

MYRmm

Net Gearing: 0.91x

Note(s): (1) PTSC SEA holds FSO PTSC Bien Dong 01 while PTSC AP holds FPSO PTSC Lam Son (2) PTSC SEA Core EBITDA is calculated with profit before tax of MYR 54.1mm, finance costs of MYR 3.7mm, and depreciation of MYR 20.0mm (3) PTSC AP Core EBITDA is calculated with profit before tax of MYR 49.2mm, finance costs of MYR 26.8mm and depreciation of MYR 121.4mm (4) Net Debt for PTSC SEA, PTSC AP and other JV entities/associates is calculated with total borrowings and cash & bank balances at the respective JV & associate levels. (5) Net Leverage is taken with Net Debt over annualized Core EBITDA (6) Adjusted Net Leverage is calculated with Adjusted Net Debt over annualized Adjusted Core EBITDA 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

315 302 566 1,986

• 500

1,000 1,500 2,000 < 1 year 1 - 2 years 2- 5 years > 5 years

MYRmm

MYRmm YTD Q3’18 Revenue 652.8 Share of 49% of PTSC SEA Revenue 38.8 Share of 49% of PTSC AP Revenue 97.0 Share of Revenue of other JV Entities and Associates 29.3 Adjusted Revenue 817.9 Core EBITDA 490.3 Add: 49% of PTSC SEA Core EBITDA(1) (2) 38.1 Add: 49% of PTSC AP Core EBITDA(1) (3) 96.7 Add: Core EBITDA of other JV Entitles and Associates 0.1 Adjusted Core EBITDA 625.2 Adjusted Core EBITDA margin (%) 76.4

Debt Serviceability

MYRmm YTD Q3’18 Core EBITDA 490.3 Finance Costs 53.1 ISCR 9.2x

 Taking Core EBITDA of MYR 490.3mm against finance costs of c.MYR 53.1mm would give Yinson an ISCR

• f 9.2x, thus demonstrating its ability in servicing its interest obligations.

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Group Debt

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Debt Financing Structure(1)

YMSSB Yinson Holdings Berhad Camelia Indah Tulip Trillium YPL YPPL YPWAPL YPAS Allan AS Adoon AS KAPL Adoon PL

100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 96.67% 3.33%

Revolver + Senior Sukuk + Finance Lease: c.MYR 248.2mm(2)

(1) Figures shown are as at 31st October 2017 (2) Corporate level debt consists of holdco revolver of MYR 22.7mm, senior sukuk of MYR 224.9mm and finance lease of MYR 0.6mm (3) Project level debt figures is calculated as the balance after deducting revolver, senior sukuk and finance lease at corporate level USDMYR = 4.2320

YTMC

Total Corporate Level Debt(2):  c. MYR 248.2mm (excl. Perpetual Bond, which is accounted as equity)  Debt raised for the Group to fund its equity contribution in projects  Key pieces are: (1) MYR 80mm 5.250% Sukuk due 2018 (2) MYR 170mm 5.750% Sukuk due 2019

Corporate Debt: Project Debt:

LEGEND: Debt Holding Companies Operating Subsidiaries FPSO OSV FSO Total Project Level Debt(3):  c.MYR 2,920.7 mm (excl. PTSC AP Lam Son & PTSC SEA Bien Dong debt)  Raised at the respective operating subsidiary

• levels. These debt will be serviced by

contracted project cash flows

Total Existing Debt (c. MYR 3,168.9mm) Corporate Debt(2) (7.8%) (c. MYR 248.2mm, excl. Perpetual Bond) Project Debt (92.2%) (c.MYR 2,920.7 mm)

Financing is structured such that project level debt is self sufficient. Quantum of termination payment is enough to repay project level debt. On an ongoing basis, contracted project cash flows will be used to service project debt. Any excess may be used to service / pay down corporate borrowings. In the event of a contract termination, the early termination payment will be used to first extinguish project debt. Any excess may then be upstreamed and used to pay down corporate borrowings.

PTSC SEA PTSC AP

49% 49%

Nereus

100%

OYL

100%

YAL

100%

YHL YCL ARO PTSC CRD

100% 49% 100% 100%

YJL

100%

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Appendix

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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

• n 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 Board 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 – USD 331.2 mn 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 – USD 737.3 mn 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 3.2 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  Final Acceptance for FSPO John Agyekum Kufuor Awarded USD 1.0 bn FPSO contract by Repsol for the Ca Rong Do field development in Vietnam Proposed divestment of 26% equity interest in FPSO John Agyekum Kufuor Issued USD 100 mm perpetual capital securities via Reg S Received termination fees of USD 209m for FPSO PTSC Lam Son and repaid project loan

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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