PT Wintermar Offshore Marine Tbk

Public Expose 20 June 2013

AGENDA

No Agenda Presented by Page

1 Resolutions passed at AGM 2013 Jonathan Jochanan – President Commisssioner 3

2 Company Profile Johnson W Sutjipto – Commissioner 4

3 Business Segments Sugiman Layanto – Managing Director 5

4 Industry Outlook Sugiman Layanto – Managing Director 5

5 Business Strategy Sugiman Layanto – Managing Director 6

6 2012 at a Glance Sugiman Layanto – Managing Director 96 2012 at a Glance Sugiman Layanto – Managing Director 9

7 Achievements in 2012 Sugiman Layanto – Managing Director 10

8 Business Outlook – 2013 Sugiman Layanto – Managing Director 12

9 4 year Financial review Pek Swan Layanto- Investor Relations 13

10 Analysis of business segments Pek Swan Layanto – Investor Relations 14

11 Targets – 2013 Pek Swan Layanto – Investor Relations 15

12 Questions and Answers 16

3

Keputusan RUPS Tahunan

AGENDA 1Approval of Financial report for FY 2012.

AGENDA 2a) Approval of Setting aside USD 100,000 as reserves under Clause70 of UU#40, 2007.

b) Approval of distribution of USD 3,149,951.60 as stock dividend or a total of 57.807.445 shares with nominal value Rp100 , at a ratio of 2 new shares for every 125

existing shares( 125:2).

c) Approval of distribution of USD 787,487.90 as a cash dividend for FY2012 with Exchange rate of USD9,910 or RP2.16 per share, which will be used toeards

payment of withholding taxes where applicable.

d) The balance of new profit will contribute to retained earnings and used for supporting the development nad growth of the Company’s business.

e) To give the Directors power of attorney to take the necessary steps to distribute the said dividends according to prevaiing regulations.

AGENDA 3AGENDA 3a) To authorise the Directors of the Company to appoint the Auditors for FY2013

b) To authorise the Commissioners to approve the appointment and compensation of the auditors.

AGENDA 4a) To approve up to USD140,000 as fees to the Board of Commissioners and to authorise the Board of Commissioners to set the remuneration for the Directors.

AGENDA 5To authorise the Board of Commissioners to take the necessary actions to issue new capital in relation to the issuance of non pre-emptive shares which was approved

in the Annual General meeting of Shareholders on 26 June 2012, including issuance of new shares in relation to exercise of convertible instruments and Management

and Employee share option programs.(MESOP).

AGENDA 6a) Approval for share buy back of up to 190,000,000 shares or 5.2% of the issued share capital of the Company.

b) Approval to allocate up to USD10,500,000 of retained earnings for the payment of the share buy back program.

c) To authorise the Directors of the Company to take the necessary action to effect the share buy back program.

Keputusan RUPS Tahunan

AGENDA 7a) To receive the resignation of Mr Ooi Ka Lok tas Director with effect from the close of the Annual General Meeting o 20th June 2013.

b) To appoint Mr Marc Peter Thomson, Mr John Stuart Anderson Slack, Mr Janto Lili and Mr Arif Budi Sayoga each as Directors of the Company with effect from the

close of the Annual General Meeting on 20th June 2013.

Curriculum Vitae of New Directors:

Marc Peter Thomson , British, Master of Arts – Economics & Management ,University of St. Andrews, UK

Work experience: Director -PT Swire Altus Shipping, Commercial Manager South East Asia, Swire Pacific Offshore Pte Ltd

Present Position : Chief Operating Officer &Head of Marketing &Business Development , PT Wintermar Offshore Marine Tbk

John Stuart Anderson Slack, British, BSc (Chemical Engineering),University of Manchester, FCA Fellow of Institute of Chartered Accountants in England & WalesaJohn Stuart Anderson Slack, British, BSc (Chemical Engineering),University of Manchester, FCA Fellow of Institute of Chartered Accountants in England & Walesa

Work Experience: Independent Commissioner - PT Jakarta Setiabudi Internasional Tbk (up to present) ; VP Director, PT Bumi Resources Tbk,

Business Director British International School; Finance Director PT Astra International Tbk, - Finance Director, El Paso Energy; CFO EAPRC Manila CFO El Paso

Energy/PT Energi Sengkang (IPP) ; Senior Manager Asia desk KPMG Melbourne; CFO Indonesia Standard Chartered Bank ; Accounting and Finance Manager

PT Kaltim Prima Coal; Treasurer and CFO PT Jan Darmadi Corporation; Senior Manager Price Waterhouse Jakarta ; Price Waterhouse Sydney Australia;

Helmore, Helmore & Co London, UK

Present Position: Strategic Director, PT Wintermar Offshore Marine Tbk

Janto Lili, Indonesian, Bachelor of Economics, Atmajaya University, Jakarta; Accounting Profession Program, University of Indonesia, Jakarta

Work Experience: Deputy Director of Finance, Singgar Mulia Group; Audit Manager, KAP Amir Abadi Jusuf & Aryanto,

Present position: Financial Controller and Head of Finance Division

Arif Budi Sayoga, Indonesian, Bachelor in Community Development, Gajah Mada University, Jogjakarta ;Certified Human Resouces Professional, Atmajaya

University, Jakarta

Work Experience: Director , PT Kalimantan Perkasa Abadi , HR Manager, PT Matsushita Components, Batam

Present Position: Head of HR Department and Head of Crewing Department

Company Profile

• National company with international standards

• Innovative and first market mover

• First Indonesian shipping company to obtain certification for Integrated

Management System from Lloyds Register Quality Assurance

• Professional and experienced management team

• Quality clients - multinational oil and gas companies• Quality clients - multinational oil and gas companies

• Good safety track record as owner and operator of offshore support vessels for oil

and gas companies

• Wide variety of vessels and young fleet provide a range of services to clients

• Transition from low value to high value fleet contributes to profit growth

2

Business Segments

1. Own Vessels Division

• Operations, Technical support, Commercial

• Gross Margins about 40%

2. Chartering Division

• Tender for 3rd party vessels - Commercial only• Tender for 3 party vessels - Commercial only

• Gross Margins 2-4%

3. Ship Management and other Services

• Manage third party vessels – operations and fleet

• Agency and other services

• Gross Margins 8-20%

3

Development of Blocks

Industry Outlook

200

250

300

350

Jumlah Wilayah Kerja (WK)

8Drilling ativity has surged from 2007 to 2012, driven by a jump in exploration concessions

0

50

100

150

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Jumlah Wilayah Kerja (WK)

WK Production

WK Exploration

WK Gas metana Batubara

Sumber: SKK Migas

Industry Outlook

Many offshore blocks awarded 2007-2010 will boost oil exploration

- Majority of oil and gas reserve are offshore

- Most of the new concessions are deepwater areaSource : BP Migas

6

Industry Outlook

Change in Government Policy toward Oil & Gas Industry

OLD APPROACH

REVENUE CONTRIBUTOROIL &

GAS

NEW APPROACH

People prosperity, Pro poor, Pro job and Pro growth

Source of revenue

Source of energy and Creating Multiplier

• Proceeds from oil and gas

• Saving of procurement cost and optimizing asset

• Oil and gas transaction and placement of ASR through state owned banks

Source of energy and raw material

• Energy source for industry, transportation and consumer

• Raw material for: feedstock, refining, gas and power

Creating Multiplier Effect

• Increase local content

• As the multiplier effect for local industry growth

One of the National Economic LocomotivesSource : BP Migas

7

Market share of local and foreign flagged OSVs

Industry Outlook

9863

45

Indonesian flagged

Increase in units of Indonesian flagged OSVs

Foreign flagged

Others79%

Total 531 vessels

Total 611 vessels

WINS fleet expansion contributed 21% of the increase in Indonesian flagged OSVs between Feb 2010 –

Dec 2011

468 468

Feb 2010 Dec 2011

WINS21%

Increase in units of

Indonesian flagged OSVs

Source : BP Migas and WINS

8

Industry Outlook

6

58

9

10

16

6 2 13 5

BP Migas Projection for OSV need 2011- 2015 (235 vessels)Type of vessel Unit

Accomodation work barge AW 6Anchor Handling Tug & Supply AHTS 58Cable Boat/Cable Laying Barge CLB 17Crew Boat CB 2Dynamic Positioning Vessel DPV 5Diving Support Vessel DSV 9Drilling Ship DS 8FSO / FPSO FSO/FPSO 9

17

2

59

8

9

131

17

11

9

Source : BP Migas

FSO / FPSO FSO/FPSO 9High Speed Craft HSC 1Jack-up Rig JR 31Multi Purpose Vessel MPV 17Pipe Laying Barge PLB 11Platform Supply Vessel PSV 9Semi Submersible Rig SSR 10Survey (Seismic) Vessel SV 16Tender Assist Rig TAR 6Transportation Barge TrB 2Utility Vessel UV 13Warehouse Barge WB 5Total 235

9

Business Strategy

Fleet

• Expand fleet in Higher value Vessels ( Mid and High Tier)

• Sell older and low value vessels

• Identify vessel segments that are in demand with the needs of drilling

• Higher technology Fleet

To build up capacity in Human resourcesTo build up capacity in Human resources

• Increase depth and breadth of management team through hiring experienced

professionals

• Training and development of offshore personnel to improve capability

Capital

• Seek Long term funding to match the business cycle

• Strategic alliances to develop capability in higher value vessels

13

Fleet composition as of

Type of vessels

31 Dec

2012

31 May

2013 +/+

31 Dec

2013

Crew boat 5 5 -- 5

Tug boat 9 8 (2) 8

Flat top barge 3 2 (2) 2

Landing craft 3 3 -- 3

Oil Barge 7 7 -- 7

Offshore tug 2 2 -- 2

Other 3 3 -- 3

32 30 (4) 30

Offshore tug 1 1 -- 1

Heavy Load Offshore barge 2 3 -- 3

Creating a Sturdy Business Platform with Young and Diversified Fleet

(lo

w-t

ier)

• Sale of 4-6 low value vessels

• Upgrade and retrain crew and

shore based teams

• Buy Mid and High tier Vessels to

raise margins

Reduce Low Value Vessels

Diversified fleet

• Provides a one-stop solution to

14

Heavy Load Offshore barge 2 3 -- 3

Accommodation Work Vessel 1 1 -- 1

Diving Support Vessel 1 1 -- 1

Fast utility Vessel 9 13 -- 13

Utility Vessel 2 2 1 3

Anchor handling tug 6 6 2 8

Azimuth Stern drive tug (ASD tug) 4 4 -- 4

Anchor Handling Tug and Supply 1 2 -- 2

27 33 3 36

Anchor Handling Tug and Supply 3 3 -- 3

Platform support vessel (PSV) 2 3 -- 3

5 6 -- 6

Total 64 69 3 68

(mid

-tie

r)(h

igh

-tie

r)

• Provides a one-stop solution to

valued customers

Focus on vessel in higher value chain

• Achieve better margins – fewer

competitors

• Higher barriers to entry as track

record counts with international oil

companies

• To differentiate from other

players which are mainly focused

on low-tier vessels

Industry Outlook

Positive Regulatory Environment - Cabotage Deadline *NO. TYPE OF ACTIVITY / TYPE OF VESSEL Deadline

Oil and gas survey

a. Seismic survey Up to December 2014

b. Geophysical survey Up to December 2014

c. Geotechnical survey Up to December 2014

Drilling

a. Jack rig up

b. Semi submersible rig Up to December 2015

c. Deep water drill ship Up to December 2015

d. Tender assist rig Up to December 2015

1

2

Up to December 2015

d. Tender assist rig Up to December 2015

e. Swamp barge rig Up to December 2015

Offshore construction

a. Derrick/crane, pipe/cable/Subsea Umbilical Riser Flexible

(SURF) laying barge /vessel; and

Up to December 2013

b. Diving Support Vessel Up to December 2012

Offshore operation support

a. Anchor handling tug supply vessel more than 5000

BHP with Dynamic Position (DP2/DP3);

Up to December 2012

b. Platform supply vessels; and Up to December 2012

c. Diving Support Vessel (DSV). Up to December 2012

Dredging

a. Drag-head suction hopper dredger; and Up to December 2013

b. Trailing suction dredger. Up to December 2013

3

4

5

* Based on Minister of Transportation Decree No PM 48/201110

Komposisi armada

Vessels 2010 2011 -/- 2012 +/- 2013E

Low value 40 38 (6) 32 (6) 26

High value 19 29 3 32 8 42

Total 59 67 (3) 64 2 68

By end 2013, 61% of fleet will comprise of mid to high value vessels

Total 59 67 (3) 64 2 68

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* Higher value includes mid and high tier vessels

2012 at a Glance

Joint Venture

IFC Loan and Convertible

Bond

Pembelian 1 AHT dan 2 unit AHTS 8000BHPs

Joint Venturedengan POSH Singapore

-Win Offshore

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Achievements – 2012

• Fleet

• Sold 6 low tier, added 2 high tier and 1 mid tier vessels

• Total Capex of approximately USD 50 million

• Financial Performance

• Net profit growth of 23% to USD 20.2million

• Owned vessel revenues grew 20% on new vessel additions

• Chartered Vessel revenues fell 13%, but gross profit grew 10%• Chartered Vessel revenues fell 13%, but gross profit grew 10%

• 27% rise in EBITDA to USD40million as business mix shift in favor of

higher margin owned vessels

• Strategic Alliances

• Signed Joint Venture with POSH Singapore to target high tier

AHTS market

13

Industry Prospects 2013

• Niko Resources drilling 22 wells in Indonesia with 5 year contract• BP Tangguh in Papua to start drilling in 4Q2012 for 3rd and 4th LNG

Train, total investment USD 12bn• ENI Djangkrik field with USD4bn project cost• Pertamina Hulu Energy, upstream arm of Pertamina, allocating

USD1bn in North West Java• Pertamina West Madura Offshore adding another rig in Madura• Chevron Indonesia Deepwater Development : USD 7 bn project • Chevron Indonesia Deepwater Development : USD 7 bn project

starting in June 2013 for a period of 10 years• Inpex Masela to start in 2013 to build world’s largest floating LNG

terminal• 2013 approved investment commitment in Indonesia is USD 26.2

bn, higher than of 2012 which was USD 21.88 bn:- 74 Exploitation Work Area of USD 23.50 bn - 200 Exlporation Blocks of USD 2.3 bn

Source : BP Migas & ESDM Ministry 14

4 Years Review

74.1

115.9

124.1

60.0

80.0

100.0

120.0

140.0 Revenue Gross profit Net income EBITDA

Consolidated Statement of Income (USD Million)

Revenue jumped in 2010 and 2011 with the introduction of high tier vessels

and start up of the chartering division. EBITDA has doubled since 2009.

39.2

20.6

28.835.1

11.310.8

16.420.2

5.8

24.4

31.9

40.4

12.4

0.0

20.0

40.0

60.0

FY2010 FY2011 FY2012 Q1-2013

15

4 Years Review

230.0 265.3

339.0 349.7

109.8 122.1

161.5 162.7 115.5 132.6 154.4

160.2

150.0

200.0

250.0

300.0

350.0

400.0

Assets Liabilities Equity

With the change in fleet composition from low tier to mid tier, assets and liabilites increased gradually from 2007 to

2009, and jumped in 2010 (with the acquisition of 2 high tier and 6 mid tier vessels) in 2010 and 13 vesselsi n 2011.

Equity increased significantly in 2010 due to IPO and new high tier vessels acquired.

109.8

-

50.0

100.0

31-Dec-2010 31-Dec-2011 31-Dec-2012 31-Mar-2013

Consolidated Financial Position (USD Million)

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4 Years Review & CAGR

74.1

115.9 124.1

39.2

0.0

20.0

40.0

60.0

80.0

100.0

120.0

FY2010 FY2011 FY2012 Q1-2013

Revenue (USD Million)

20.6

28.8

35.1

11.3

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

FY2010 FY2011 FY2012 Q1-2013

Gross Profit (USD Million)

*) CAGR : 2010 - 2012

Revenue (USD Million) Gross Profit (USD Million)

10.8

16.4

20.2

5.8

0.0

5.0

10.0

15.0

20.0

FY2010 FY2011 FY2012 Q1-2013

Net Income (USD Million)

24.4

31.9

40.4

12.4

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

FY2010 FY2011 FY2012 Q1-2013

EBITDA (USD Million)

17

Profitability - Segment

46% 46%

51%

43%

45%

48%

50%

53%

-

10

20

30

40

50

60

70

2011 2012 Q1-2013

Owned Vessel

Revenue (USD Mio) Gross Profit (USD Mio) GPM (%)

5%

6%

7%

0%

3%

5%

8%

-

10

20

30

40

50

60

2011 2012 Q1-2013

Chartering

Revenue (USD Mio) Gross Profit (USD Mio) GPM (%)Revenue (USD Mio) Gross Profit (USD Mio) GPM (%) Revenue (USD Mio) Gross Profit (USD Mio) GPM (%)

13%

18%

30%

0%

5%

10%

15%

20%

25%

30%

35%

-

2

4

6

8

10

12

14

2011 2012 Q1-2013

Others

Revenue (USD Mio) Gross Profit (USD Mio) GPM (%)

25%

28%29%

23%

25%

28%

30%

-

20

40

60

80

100

120

140

2011 2012 Q1-2013

TOTAL

Revenue (USD Mio) Gross Profit (USD Mio) GPM (%)

18

Profitability – Vessel Category

37%

45%

52%

30%

40%

50%

60%

15

20

25

30

35

FY-2012

43% 44%

61%

30%

40%

50%

60%

70%

15

20

25

30

35

Q1-2013

0%

10%

20%

--

5

10

15

Low Mid High

Revenue (USD Mio) Gross profit (USD Mio) GPM (%)

0%

10%

20%

30%

--

5

10

15

Low Mid High

Revenue (USD Mio) Gross profit (USD Mio) GPM (%)

19

Financials (in USD Million ) – Dec 31, 2012

116 124

40

FY2011 FY2012 265

122 143

339

162 177

Dec-11 Dec-12

29 23

16

32 35 28

20

40

Revenue Gross profit Operating

income

Net Income EBITDA

122

Asset Liabilities Equity

20

Target 2013

• Expand Fleet• Acquire up to10 medium to high value vessels• 3 vessels delivered in 1Q2013• Total Capex of approximately USD 60 million

• Financial Performance• Revenue growth will be higher than of 2012• Gross profit from own vessels higher because of full year impact• Gross profit from own vessels higher because of full year impact

of new vessels in 2012• Some start up costs relating to new vessel deliveries will affect

gross margins

• Strategic Alliances• Joint ventures with strategic partners to operate high tier vessels• Work with financial partners for longer term funding to support our

growth

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Attracting Prominent Oil Companies through Excellent Safety and Security Track Record

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DISCLAIMER

Certain statements made in this presentation involve a number of risks and uncertainties that could cause actual results to differ materially from those projected.

Certain statements relating to business and operations of PT Wintermar Offshore Marine Tbk and Subsidiaries (the Company) are based on management’s

expectations, estimates and projections. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are

difficult to predict. Certain statements are based upon assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results

may differ materially from what is expressed or forecasted in such statements. The Company makes no commitment, and disclaims any duty, to update or revise

any of these statements. This presentation is for informational purposes only and is not intended as a solicitation or offering of securities in any jurisdiction. The

information contained in this presentation is not intended to qualify, supplement or amend information disclosed under corporate and securities legislation of any

jurisdiction applicable to the Company and should not be relied upon for the purpose of making investment decisions concerning any securities of the Company.

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