EzionEzion Holdings Holdings LimitedLimited

Disclaimer

Certain statements in this presentation may constitute forward looking statements. Forward looking statements include statements concerning plans,objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historicalfacts. The words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similarexpressions identify forward looking statements.

Forward looking statements also include statements about our future growth prospects. Forward looking statements, involve a number of risks, anduncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to thesestatements include, but are not limited to, risks and uncertainties regarding our earnings, our ability to lease out our vessels, our ability to implement ourstrategy, dependence on credit facilities and new equity from capital markets to execute our strategy, insufficient insurance to cover losses from inherentoperational risks in the industry, dependence on key personnel, our short operating and financial history, possibility of pirate or terrorist attacks, competitioni th i d t liti l i t bilit h l fl d t li lit f th i d t d fl t ti i l l F f thin the industry, political instability where our vessels are flagged or operate, cyclicality of the industry and fluctuations in vessel values. For furtherinformation, please see the documents and reports that we file with the Singapore Exchange Securities Trading Limited (the “SGX-ST”).

You are advised not to place undue reliance on these forward looking statements, which are based on the Company’s current views concerning futureevents. Unless legally required, the Company undertakes no obligation to update publicly any forward looking statements, whether as a result of newinformation, future events or otherwise.

This presentation may include market and industry data and forecasts. Such information were extracted from various market and industry sources and theGroup has not sought the consent of these market and industry sources for their consent nor have they provided their consent to the inclusion of suchinformation in this presentation. You are advised that there can be no assurance as to the accuracy or completeness of such included information. While theCompany has taken reasonable steps to ensure that the information is extracted accurately and in its proper context, the Company has not independentlyverified any of the data or ascertained the underlying assumptions relied upon therein

This presentation does not constitute or form any part of any offer or invitation or inducement to sell or issue, or any solicitation of any offer to purchase orsubscribe for, any shares or other securities of the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in

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, y p y, y p ,connection with, any contract therefor. This document may not be forwarded or distributed to any other person and may not be copied or reproduced in anymanner whatsoever.

Agenda

� Section 1 : Business Overview

� Section 2: Financial Overview

� Section 3 : Investment highlights

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Section 1:

Business overview

Our Directors

From left to right (standing):

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From left to right (standing):Mr Lim Thean Ee. Dr Wang Kai YuenMr Tan Woon Hum, Capt Larry Glenn Johnson

From left to right (sitting)Mr Lee Kian Soo, Mr Chew Thiam Keng

Business overview

EzionEzionEzionEzion

•Production Platforms Repairs & M i t

•Production Platforms Repairs & M i t LNG Fi ld D l t S t S iLNG Fi ld D l t S t S i

Offshore LogisticsOffshore LogisticsOffshore LogisticsOffshore Logistics Long distance cargoLong distance cargoLong distance cargoLong distance cargo

Maintenance•Oil Well Servicing

Maintenance•Oil Well Servicing

•LNG Field Development Support Services•LNG Field Development Support Services

LiftboatsLiftboats / Service Rigs/ Service RigsLiftboatsLiftboats / Service Rigs/ Service Rigs

• Fleet of 20 Vessels consisting of:

• 13 Liftboats / Service Rigs

• Development and operation of Marine

Other Marine Other Marine ServicesServicesOther Marine Other Marine ServicesServices

• Procurement Services

Marine Supply Marine Supply BasesBasesMarine Supply Marine Supply BasesBasesOffshore LogisticsOffshore LogisticsVesselsVessels

Offshore LogisticsOffshore LogisticsVesselsVessels

Long distance cargoLong distance cargohaulagehaulage

Long distance cargoLong distance cargohaulagehaulage

• 50 / 50 Joint Venture on a long distance

- Flat top ballastablebarges

- Flat top barges- Tugs

Landing craft transport

• Levingston design• Bareboat charters• Strong demand

for current fleet • Enhanced design

Supply Bases in strategic locations in Australia

• Further enhances

• Maintenance and repair of strategicoffshore vessels

transocean multi-purpose vessel

• Haulage capability from United States of

- Landing craft transport

• Gorgon Project- Additional 11 Vessels in

service

• Enhanced designfor offshore wind farm

range of offshore logistics support services

America to Australia / Papua New Guinea

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• QCLNG• GLNG

•Production Platforms Repairs & M i t

•Production Platforms Repairs & M i tMaintenance

•Oil Well ServicingMaintenance

•Oil Well Servicing

Liftboats / Service Rigs

Key Functions

Ezion develops, owns and charters one of the largest and more sophisticated class of Liftboats in the world and was one of the first to introduce Liftboats to Asia Pacific, Middle East and West Africa

• Oil well intervention activities e.g. wireline and coiled tubing• Repairs of Offshore Platforms• Upgrading of Offshore Platforms• Maintenance of Offshore Platforms• Operational Support of Offshore Platforms• Temporary housing for Construction & Service Crews

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Ezion Liftboats – Robust Demand

Robust Demand for Liftboats in SEA and Middle East

Region Number of Liftboats

Number of Platforms

Ratio of Platforms per

LiftboatNorth America 240 3,257 14

S.E AsiaMiddle EastWest Africa

54 3,266 60

Source: Kennedy Marr Ltd ,Infield Systems Ltd

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Ezion’s Liftboats – Stable, efficient

Provides a stable work platform for offshore service functionsProvides a stable work platform for offshore service functions

Self-propelled – No need for mobilisation cost for rigSelf-propelled – No need for mobilisation cost for rig

More efficient and safer compared to workboats and barges More efficient and safer compared to workboats and barges

Allows operational support for platforms even during harsh weather conditionsAllows operational support for platforms even during harsh weather conditions

Operating capability of up to 220ft of water depthOperating capability of up to 220ft of water depthOperating capability of up to 220ft of water depthOperating capability of up to 220ft of water depth

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Ezion Liftboats / Service Rigs – (1)

Liftboats /Service Rigs Status

Unit 1 * 3 years + 2 years option contract in Africa from Feb 2010

Unit 2 Sale completed in March 2011

Unit 3 5 years contract in Middle East from end 2010

Unit 4 *** 3 years contract with a National Oil Company in Southeast Asia from end 2Q 2011Unit 4 *** 3 years contract with a National Oil Company in Southeast Asia from end 2Q 2011

Unit 5 3 years contract in Southeast Asia from 2Q 2012

Unit 6 Expected delivery in 2Q 2012; Secured LOI for 5 years contract in Middle East from 2Q 2012

Unit 7 ** Expected deployment in mid 2012;5 years contract in Alaska from mid 20125 years contract in Alaska from mid 2012

Unit 8 ** 2 years + 2 years option contract in the North Sea from end 2011

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*Partial divestment & leaseback** 50/50 JV*** Sale and Leaseback

Ezion Liftboats / Service Rigs – (2)

Liftboats /Service Rigs Status

Unit 9 Secured LOI for up to 5 years to support operations of South East Asian based National Oil Company; Expected deployment in 3Q 2013

E t d d l t i 3Q 2012Unit 10 Expected deployment in 3Q 2012;4.5 years contract with a National Oil Company in Central America

Unit 11 Expected deployment in 4Q 2012;2 years + 2 years option contract in the North Sea from 4Q 2012

Unit 12 Expected deployment by end of 2012;2 years + 1 year option contract in offshore Myanmar before end 2012

Unit 13 Expected deployment in 3Q 2013;4 years contract in the Yellow Sea from 3Q 2013

Unit 14 Expected deployment in 4Q 2012; 4 years contract with a National Oil Company in Central America

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•LNG Field Development Support Services•LNG Field Development Support Services

LNG Field Development Support Services provided by Ezion

LNG Field Development Support Services LNG Field Development Support Services

( II )Development and operation of

Marine Supply Bases in strategic locations in Australia

( II )Development and operation of

Marine Supply Bases in strategic locations in Australia

( III )Provision of long-distance cargo haulage vessel charter services

( III )Provision of long-distance cargo haulage vessel charter services

( I )Offshore Logistics Vessels for

LNG projects in Australia

( I )Offshore Logistics Vessels for

LNG projects in Australiastrategic locations in Australiastrategic locations in Australia

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(I) Offshore Logistics Vessels ( ) g

Key Functions of the Offshore Logistics Vessels

T t ti f ff h l tf j k tT t ti f ff h l tf j k t

Transportation of pre fabricated LNG processing plant modulesTransportation of pre fabricated LNG processing plant modules

Transportation of offshore platforms, jackets,piles and bridgesTransportation of offshore platforms, jackets,piles and bridges

Logistics support for commissioning and decommissioning of offshore oil & gas platformsLogistics support for commissioning and decommissioning of offshore oil & gas platformsg g pg g p

Logistics support for pipe-laying operationsLogistics support for pipe-laying operations

Maintenance of offshore oil and gas Maintenance of offshore oil and gas platforms, subsea pipelinesplatforms, subsea pipelines

Transportation of top-sides for FPSOs and FSOsTransportation of top-sides for FPSOs and FSOs

Engineering and management support for vessel conversionEngineering and management support for vessel conversion

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Gorgon LNG Project

� A$420 million contract with Chevron for the Gorgon LNG Project

� Contract is for the development of Greater Gorgon Area fi ldgas fields

� Greater Gorgon Area gas fields contains resources of approximately 40 trillion cubic feet of gas, located on the northwestern coast of Australia

� JV Company (33.3% owned) secured an initial contract of A$420 million to time charter a fleet of marine logistics vessels to Chevron for 3.5 years in May 2009

� Ezion’s profit is derived from:

� Chartering of the vessels to JV Company

� Equity income earned by JV Company from the contract with Chevron

Project is e pected to r n till earl 2015� Project is expected to run till early 2015

17Source: Chevron

Gorgon LNG Project

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QCLNG project

� Awarded a contract to provide full logistics and support services activities for the haulageof equipment and modules for the development of LNG facilities on Curtis Island,Queensland, AustraliaQueensland, Australia

� Initial project value of approximately US$55 million

�Expected to commence in 2nd half 2012

� LNG facility project secured by the Group is among the first of the 8 proposed inQueensland, Australia which is expected to have an initial capacity of 7.6 million tonnesper annum (Mtpa)per annum (Mtpa)

�Up to 50 Mtpa of LNG could be produced from Queensland, Australia

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3rd major LNG related project in Australia

� Awarded a 2nd project to provide full logistics and support services activities for thehaulage of equipment and modules for the development of LNG facilities on Curtis Island,Queensland, AustraliaQueensland, Australia

�Currently in discussion with clients to finalize on the final scope and contract value whichi t d t b bl t QCLNG j tis expected to be comparable to QCLNG project

�Expected to commence in 1st quarter 2013p q

� LNG facility project secured by the Group is the second of the eight proposed inQueensland Australia which is expected to have an initial capacity of 3 to 4 million tonnesQueensland, Australia which is expected to have an initial capacity of 3 to 4 million tonnesper annum (Mtpa)

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�Up to 10 Mtpa of LNG could be produced from this facility

Location of Curtis Island, Gladstone, Queensland, Australia

Curtis Island

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(II) Australia Marine Supply Bases( ) pp y

(III) Long distance cargo haulage Transocean Multi - Purpose Vessel( ) g g g p

Structure of long distance cargo haulage transocean multi -purpose vessel 50/50 Joint Venture

� 50/50 JV with BBC Chartering &50/50 JV with BBC Chartering &Logistic GMBH & Co. KG (“BBC”) to own Multi – Purpose Vessel (MPV)

� BBC will bareboat charter MPV from JV Co. for 6 years for approximately US$ 28 million from January 2011

� Vessel will be providing logisticsp g gsupport of equipment from America to Australia / Papua New Guinea

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Section 2: Financial Overview

1st Quarter FY2012 Results Highlights

Revenue increased 42% YOYRevenue increased 42% YOY

Net Profit before gain on disposal of Liftboatgrowth of 23% YOYgrowth of 23% YOY

Gross Profit Margin of 44%

Interest of Shareholders at US$359 million

Net Gearing at 0.20X

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Key Financials – Revenue (US$’000)

31,074

120,000117,091 106,951

80 000

100,000 124�%(9%)

13,50560,000

80,00052,379

141%

20,000

40,000

9,37821,727 21,483 30,570

141%

132�%42%

0

,

FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 1Q FY 1Q FY

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FY�2007 FY�2008 FY�2009 FY�2010 FY�2011 1Q�FY�2011

1Q�FY�2012

Key Financials – Net Profit (US$’000)

8,03860,000

58,117113%

50,00040,202

45%

4,01830,000

40,000

230%

20,000

2 855 5 620

12,18311,428

14,080117%

230%

97% 23%

0

10,000 2,855 5,62097% 23%

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FY�2007 FY�2008 FY�2009 FY�2010 FY2011 1Q�FY�2011*

1Q�FY�2012*

* Profit before gain on disposal of Liftboat

1st Quarter FY 2012 Performance

(US$’000) 1Q FY2011 1Q FY2012 Change (%)

Revenue 21,483 30,570 42

Gross profit 12,132 13,577 12

Gross profit margin 56% 44%

Other income, net 11,055 878 -92

Share of results of joint ventures

2,669 3,682 38

Profit before tax 22 694 15 018 34Profit before tax 22,694 15,018 -34

Profit after tax 22,479 14,080 -37

Profit before gain on

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Profit before gain ondisposal of Liftboat

11,428 14,080 23

Financial Performance

(US$’000) FY2008 FY2009 FY2010 FY2011 Revenue 21,727 52,379 117,091 106,951Revenue 21,727 52,379 117,091 106,951

Gross profit 9,966 20,869 44,703 55,302

Gross profit46% 40% 38% 52%

pmargin

46% 40% 38% 52%

Other income, t

2 1,145 11,139 12,183net

, , ,

Profit before tax 5,744 12,869 43,178 61,010

Profit after tax 5 620 12 183 40 202 58 117Profit after tax 5,620 12,183 40,202 58,117

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Revenue by Key Business Segments

FY2010 FY2011Offshore logistic support vessels’ services US$ 88 million US$ 65 million

Liftboats and jack-up rigs’ services US$ 29 million US$ 42 million

Offshore�logistic�support�vessels'�services

Liftboat�and�jack�up�rigs'�services

25% 39%

75%FY�2010

61%

FY�2011

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Fixed Assets by Key Business Segments

FY2010 FY2011Offshore logistic support

vessels’ servicesUS$ 71.8 million US$ 106.4 million

Liftboats and jack-up rigs’ services

US$ 78.7 million US$ 163.7 million

Other assets US$ 0.3 million US$ 0.7 million

Offshore logistic support vessels' services0.3%

0.2%

Offshore�logistic�support�vessels �services

Liftboats�and�jack�up�rigs�services

Unallocated�assets

39 3%

47.6%52 2%FY�2010

39.3%60.5%

FY�2011

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52.2%

Key Financials – Balance Sheet

(US$ mil) 31 Dec 09 31 Dec 10 31 Dec 11 31 Mar 12Fixed Asset 185.0 150.8 270.8 321.4

C & 63 2 133 6Cash & cash equivalents 28.7 75.5 63.2 133.6

Current assets 67.1 198.4 127.4 233.3

Total assets 259.4 397.3 470.4 640.0ota assets 59 39 3 0 6 0 0

Borrowings 110.8 130.5 157.7 205.3

Current liabilities 43.7 125.9 81.8 120.1

Non-current liabilities 89.3 61.4 120.2 160.5

Shareholders’ equity 126.3 209.9 268.3 359.4

Net Gearing (times) 0 65 x 0 26 x 0 35 x 0 20 xNet Gearing (times) 0.65 x 0.26 x 0.35 x 0.20 x

Current Ratio (times) 1.54 x 1.58 x 1.56 x 1.94 x

Interest Service Coverage R i ( i ) 13 6 x 22 4 x 28 4 x 22 1 x

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Ratio (times) 13.6 x 22.4 x 28.4 x 22.1 x

Interest Service Coverage Ratio = EBITDA/ Finance expenses

Long term cash flow visibility

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Section 3:

Investment highlights

Key Takeaways

Barriers to Entry-First mover advantage in development of Liftboats for Asia Pacific, Middle

East and West Africa-OligopolyOligopoly

-The market leader in Southeast Asia and Australia to have the experience and track record to handle offshore logistics projects in environmentally

challenging conditions

EzionClients

-Oil & Gas Majors-EPIC contractors for Oil &

Usage- Offshore production platform maintenance, repairs and upgrade Ezion Gas Majors- LNG fields/ facilities

development

Competition-No direct competition in LiftboatSegment owned by the Group

-Viewed as independent by EPIC contractor

Demand-Strong market demand from Oil

& LNG players

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contractor-Proven track record in offshore

logistics solutions

-Aging offshore platforms

Investment Highlights

� First mover advantage in Liftboats and a leading player in Offshore Logistics Support Services fordevelopment of LNG fields and facilities in Asia Pacific, Middle East and West Africa

� Proven management team with extensive experience in the oil & gas industry

� Strong recurring income

- Secured contracts with a total value of about US$1.6 billion.

- Average contract duration of 3 to 5 years- Average contract duration of 3 to 5 years

� Strong & consistent financial performance

- Net profit increased at a CAGR of 112% from US$2.9 million in 2007 to US$ 58.1 million in 2011

� Prudent capital structure

- High liquidity ratio of 1.94x at 31st March 2012

- Low net gearing of 0.20x as at 31st March 2012 g g

- High debt servicing coverage ratio of 22.1x as at 31st March 2012

� Robust demand for Group’s services and assets in the coming years as a result of aging offshoreproduction platforms and major gas field development in Australia

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production platforms and major gas field development in Australia