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CARIM
IN PETRO
LEUM
BERHA
D(Com
pany No.: 908388-k)
Corporate Presentationin conjunction w
ith
Initial Public Offering on the
Main M
arket of Bursa Malaysia Securities Berhad
24 October 2014
IR Adviser
Se
t to S
ail…
Se
t to S
ail…
TABLE O
F CON
TENTS
�Corporate Profile
�Industry H
ighlights�
Grow
th Strategies�
Financial Highlights
�IPO
Statistics�
Investment M
erits�
Appendix
�Corporate Profile
�Industry H
ighlights�
Grow
th Strategies�
Financial Highlights
�IPO
Statistics�
Investment M
erits�
Appendix
CORPO
RATE PROFILE
CORPO
RATE PROFILE
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fileF
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An
inte
gra
ted
serv
icep
rov
ide
rsu
pp
ortin
gth
eo
ffsho
reo
ila
nd
ga
sin
du
stryin
Ma
lay
siasin
ce1
98
9…
de
live
red
mo
reth
an
RM
1b
illion
wo
rtho
fp
roje
ctsa
nd
serv
ices
4BA
CKGRO
UN
D
�Incorporated in 1989, Carim
in is principally involved in providing technical support services in the offshore oil and gas (O
&G
) industry in Malaysia
�Predom
inantly involved in the provision of: �
hook up and comm
issioning (HU
C)�
production platform system
maintenance and upgrading services (PM
US)
�inspection and m
anpower supply services
�Supporting activities include equipm
ent rental and minor fabrication services
�Carim
in supports O&
G PSC operators and contractors, engineering and fabrication com
panies, and supporting service providers. N
otable clients include Petronas Carigali, Shell, Murphy O
il, Talisman, ExxonM
obil, New
field, and Petrofac etc.
�To date, Carim
in has delivered more than RM
1 billion worth of projects and services
Telok Kalong Yard in Kemam
an, Terengganu
Corporate head office in Kuala Lum
pur
1 fabrication yard in Kem
aman, Terengganu
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fileF
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tsIn
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Offsh
ore
HU
C&
PM
US
an
dm
an
po
we
rsu
pp
lyse
rvice
sco
ntrib
ute
the
bu
lko
f
the
Gro
up
’sre
ve
nu
e…
5REV
ENU
E STREAM
S & PRIN
CIPAL A
CTIVITIES
Offshore H
UC &
PMU
S①
64.72%
FY14 Revenue
RM158.9 m
il
�Started production platform
system m
aintenance services in 2004 �
Received ISO 9001:2008 quality m
anagement system
certification in 2011
Manpow
er supply services②
35.08% RM86.2 m
il
�Supplying project developm
ent personnel, exploration & engineering personnel, and
production/operations including inspection services personnel to clients�
Involves identifying, screening, interviewing
and shortlisting personnel and expertise�
Obtained ISO
9001:2008 quality managem
ent system certification in 2011
Hook up process m
ainly involves inter-connecting and interfacing the various structures, process and control system
s that, together, form an offshore platform
, including steel structures, piping and equipm
ent.
Comm
issioningw
orks include all testing, pre-comm
issioning and/or preservation, and final com
missioning of all installed
facilities to ensure the platform is ready for production.
← P
rovisio
n fo
r HU
C o
f Pe
tron
as C
arig
ali fa
cilities in
Sa
ba
h
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Su
pp
ortin
gse
rvice
sin
clud
ee
qu
ipm
en
tre
nta
l,m
ino
rfa
brica
tion
an
dm
arin
e
serv
ices…
for
exte
rna
lcu
stom
ers
an
dto
sup
po
rtin
tern
al
offsh
ore
HU
C&
PM
US
pro
jects
6REV
ENU
E STREAM
S & PRIN
CIPAL A
CTIVITIES (cont)
FY14 Revenue
Minor fabrication services
③0.05%
RM0.1 m
il
�Supports internal H
UC &
PMU
S projects by fabricating structures and equipment
�Third-party w
orks include piping systems, skids and other m
inor steel structures �
Operates from
its Telok Kalong yard, Terengganu (land area: 7,288 sqm
; built-up area: 1,499 sqm
)
Marine services
⑤0.00%
Negligible
�Acquired Carim
in Airis, an Anchor Handling Tug Supply (AH
TS) vessel, in 2013 �
Has 14%
stake in SK Offshore, w
hich owns an accom
modation w
orkboat (AWB), nam
ely SK Deep Sea
�Carim
in Airis and SK Deep Sea are currently used to support internal offshore H
UC &
PMU
S projects
← C
arim
in A
iris, an
AH
TS v
esse
l with
larg
er o
pe
n d
eck
spa
ce to
tran
spo
rt sup
plie
s
Equipment rental services
④0.15%
RM0.4 m
il
�Started equipm
ent rental services by renting out welding equipm
ent in 2011�
Supports in-house offshore HU
C & PM
US projects
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OU
TSTAN
DIN
G W
ORK VA
LUE
RM
90
0m
illion
wo
rtho
fw
ork
va
lue
tok
ee
pG
rou
pb
usy
un
til2
01
8…
#Project D
escriptionClient
Contract D
urationA
pproximate
Contract Value
1Peninsular M
alaysia HU
C contractPetronas Carigali
2013-2018RM
800.0 mil^
RM
80
0.0
mil
2D
rilling programN
ewfield
2013-2015* RM
38.0 mil
3U
mbrella contract
Carigali Hess
2013-2017RM
7.5 mil
4M
anpower suppply contract
Hess (M
alaysia SB302)2011-2014
RM6.4 m
il
5D
rilling manpow
er supply (expatriates)N
ewfield
2014-2015RM
6.0 mil
6O
ther manpow
er supply contractsV
arious PSCV
ariedRM
42.9 mil
RM
10
0.8
mil
RM
90
0.8
mil
HU
C, and production platform system
maintenance and upgrading services
Manpow
er supply services
^ as at LPD, total contract value am
ounting to RM899.0 m
il, of which RM
92.4 mil of w
ork orders have been rolled out* w
ith 6-month extension option
Ou
tstan
din
g w
ork
va
lue
am
ou
nt fo
r HU
C &
PM
US
Ou
tstan
din
g w
ork
va
lue
am
ou
nt fo
r Ma
np
ow
er
To
tal o
utsta
nd
ing
wo
rk v
alu
e a
mo
un
t
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Clie
nte
lein
clud
es
the
O&
Gb
ign
am
es…
8M
AJO
R CUSTO
MERS
On-going contracts
Percentage of FY11-FY14 revenue
Percentage of FY14 revenue
Length of relationship
Customers
Types of servicesrendered
PetronasCarigali
PetrofacExxonM
obilN
ewfield
�H
UC &
PMU
S�
Manpow
er supply�
Minor fabrication
services
�M
anpower supply
�H
UC &
PMU
SM
anpower supply
Manpow
er supply
17 years8
years22 years
6years
59.7%
RM146.7 m
il
10.6% RM25.9 m
il
0.0% Negligible
12.4% RM30.4 m
il
58.8%
RM645.6 m
il
6.4% RM70.0 m
il
9.8% RM107.6 m
il
3.2% RM34.8 m
il
�H
UC Contract w
orth RM
899.0 mil that lasts
until 2018�
Manpow
er supply contracts w
orth RM3.3
mil that last until 2016
�M
anpower supply
contract worth RM
2.0m
il that lasts until 2015
�N
il�
Manpow
er supply contracts w
orth RM44.0
mil that last until 2015
Pro
fileF
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COM
PETITIVE A
DVA
NTA
GES &
KEY STRENG
THS
Inb
ette
rp
ositio
nto
bid
for
offsh
ore
HU
C&
PM
US
pro
jects
with
ow
no
ffsho
re
sup
po
rtv
esse
ls(O
SV)
an
dth
esu
pp
ort
of
am
ino
rfa
brica
tion
ya
rd…
Access to Skilled H
uman Resources
1�
Carimin
hasup-to-date
information
onabout
1,000experienced
personnelin
proprietarydatabase.
�This,
coupledw
ithaccess
tothird-party
databasesand
industrycontacts,
enablesCarim
into
fulfilcustom
ers’staffingneeds
onshort
notice.
PETRON
AS Licences
2�
Carimin obtained Petronas licences for supply of equipm
ent and services to exploration companies and
producer of O&
G in M
alaysia. �
Requirements for licencing and registration partly m
itigate the competitive intensity w
ithin the oil and gas industry in M
alaysia.
Ow
nership of a Vessel & Investm
ent in a Vessel Ow
ner3
�Carim
inow
nsan
AHTS
vessel(Carimin
Airis)andhas
a14%
stakein
anAW
Bow
ner(SK
Deep
Sea).�
Controlof
vesselsenhances
Carimin’s
capabilityto
complete
works
within
scheduleand
thusputting
Carimin
ina
betterposition
tobid
fornew
contracts.
In-house Minor Fabrication Facilities
4�
Them
inorfabrication
yardin
Kemam
an,Terengganuenables
Carimin
tofabricate
minor/sm
allstructuresto
beused
forH
UC
&PM
US
projectsand
tofunction
asa
“one-stop”centre
form
aintenance,repairs
andsupport
services.
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10
COM
PETITIVE A
DVA
NTA
GES &
KEY STRENG
THS (cont)
Co
mm
itted
toh
igh
HS
Esta
nd
ard
sw
itha
ne
xcelle
nt
track
reco
rd,
Ca
rimin
ha
se
stab
lishe
d
lon
g-te
rmre
latio
nsh
ips
with
itsclie
nts
an
dh
as
con
tinu
ou
slyse
cure
dn
ew
con
tracts…
Track Record5
�Carim
inhas
strongtrack
recordof
successfullydeveloping
andexpanding
itsbusiness
capabilitiessince
inceptionin
1989.�
Thishas
enabledCarim
into
establishits
customer
basew
hichhelps
tosecure
newprojects
andcustom
ers.
Long-term Contracts
6�
Carimin’s
abilityto
continuouslysecure
contractsw
ithterm
sof
more
than3
yearsprovides
assuranceof
businesssustainability
andenables
long-termbusiness
planning.�
Thishas
alsoenabled
toCarim
into
derivecost
savingsfrom
owning
assetsand
providedfor
sustainablegrow
ththrough
investment
inhum
anresource.
In-house Quality A
ssurance7
�Carim
inis
ISO9001:2008
accreditedfor
HU
C&
PMU
Sand
manpow
ersupply
servicesin
2011.�
Carimin
hasnot
experiencedany
losstim
eincident
sinceApril
2010and
receivedseveral
awards
andrecognitions
inrelation
tosafe
operationsfrom
itscustom
ers.
Pro
fileF
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lsIn
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tsIn
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erits
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ail…
Se
t to S
ail…
He
lme
db
yin
du
stryv
ete
ran
s…
11
KEY MA
NA
GEM
ENT
Mokhtar
Bin Hashim
Managing D
irector�
Involved in overall managem
ent and review for subm
ission of tender documents
�Engineer by training, he holds a Bachelor of Science in Civil Engineering from
the University of Salford, U
K �
25 years of hands-on operational experience, especially in hook-up, comm
issioning and onshore fabrication, ex Esso Production M
alaysia employee
ShatarBin A
bdul Ham
idExecutive D
irector�
In charge of project managem
ent�
Dip. in A
PI 653 Tank Managem
ent from Singapore W
elding Institute �
23 years of hands-on work experience in various roles e.g. Project
Director, Senior Construction Engineer/Project M
anager, Client Construction Site Representative (CSR)
Muham
mad H
attaBin
Noah
Supply Chain M
anagement M
anager
�Bsc. Petroleum
Engineering from
Texas Tech U
niversity, US
�23 years of w
ork experience in offshore oil &
gas industry
Mazhar
Bin PalilH
uman Resources
and Adm
inistration M
anager
�Bsc. Petroleum
Engineering from
Texas Tech U
niversity, US
�11 years of relevant experience in oil &
gas industry
Abd H
amid Bin H
usinD
eputy General
Manager of
Project Managem
ent
�Bsc. Civil Engineering from
University College
London, UK
�26 years of w
ork experience in offshore oil &
gas industry
Mad D
audBin
Sukarmin
Maintenance M
anager
�D
ip. in Mechanical
Engineering from
Akashi N
ational College of Technology, Japan
�24 years of relevant w
ork experience
Lee Heng A
unChief Financial
Officer
�FCCA
; MBA
from
Multim
edia University
�24 years of accounting and finance experience
RoslanBin M
oktiQ
uality Control M
anager
�D
ip. in Mechanical
Engineering from U
iTM�
32 years of work
experience in QA
/QC
IND
USTRY H
IGH
LIGH
TS
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IND
USTRY STRU
CTURE
Ca
rimin
sup
po
rtsth
eo
ila
nd
ga
su
pstre
am
secto
r…
Structure of the Oil and G
as Industry
Oil &
Gas Industry
Upstream
Midstream
Dow
nstream
TransportationRefining &
ProcessingD
istributionExploration
Developm
entProduction
Supporting ServicesCarim
in is involved in these segm
ents
1.Carim
in is primarily involved in the provision of the follow
ing oil and gas supporting services:�
Offshore
HU
C & PM
US w
hich supports operators in the development and production segm
ents�
Manpow
er supply to operators in the exploration, development and production segm
ents�
Minor fabrication w
hich supports operators in the development and production segm
ents
2.Carim
in is one of the top 10 main operators in the provision of offshore H
UC &
PMU
S and one of the two leading m
anpower
supply service providers for the Oil and G
as Industry in Malaysia by revenue.
3.Carim
in is estimated to have approxim
ately 1% m
arket share of the total investment m
ade in exploration, development and
production activities in Malaysia (w
hich is estimated to RM
42.5 billion in 2013).
Source: Vital Factor, Independent Market Research Consultant
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14
OU
TLOO
K AN
D PRO
SPECTS
Un
de
rE
con
om
icT
ran
sform
atio
nP
rog
ram
me
(ET
P),
the
go
ve
rnm
en
ta
ims
to
de
ve
lop
sma
llo
rm
arg
ino
ilfie
lds
inM
ala
ysia
thro
ug
hin
no
va
tive
solu
tion
s…
2.2B1.5B
2.5B
10.4B5.2B
2.4B3.7B
10.3B12.0B
12.0B
14.7B
17.1B
16.4B
22.9B7.3B
8.0B7.8B
3.6B
1.8B11.3B
13.4B
19.8B21.5B
22.3B
28.7B
24.1B
30.1B
40.0B
8588
104106
117124
132
20072008
20092010
20112011*
2012*
Investment in Exploration, D
evelopment and Production of O
il and Gas (RM
billion)
Expenditure for ExplorationExpenditure for D
evelopment and Production
Operational Expenditure
Num
ber of Oil and G
as Fields
* Petronas has changed their financial year end from 31 M
arch to 31 Decem
ber, starting in 2012.Source: Vital Factor, Independent M
arket Research Consultant
GRO
WTH
STRATEGIES
IND
USTRY H
IGH
LIGH
TSG
ROW
TH STRATEG
IES
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16
GRO
WTH
STRATEGIES
Toa
cqu
iren
ew
ve
ssel,
de
ve
lop
min
or
fab
ricatio
ny
ard
an
dp
urch
ase
ne
w
eq
uip
me
nt
tosu
pp
ort
HU
C&
PM
US
op
era
tion
so
ffsho
rep
en
insu
lar
Ma
lay
sia…
Grow
th Strategies
Delivering O
utstanding Work Value Efficiently
�Secured a H
UC &
PMU
S contract with total value of
RM899 m
il from Petronas Carigali in N
ovember
2013
�W
ork orders amounting RM
92.4 mil has been
rolled out; remaining RM
800 mil to last until 2018
Investing in New
VesselD
eveloping New
Revenue Stream
�To develop its m
inor fabrication yard in Kemam
an, Terengganu by constructing new
facilities to support in-house operations
�To also purchase new
equipment to equip the yard
and to expand equipment rental services
Enhancing Capability and Equipment
�Purchase an AW
B (Ca
rimin
Aca
cia) w
hich is scheduled for delivery in June 2015 to support in-house H
UC &
PMU
S operations and to provide m
arine services to external customers
oRM
2.48 mil deposit has been paid; balance to be
funded via IPO proceeds (RM
35.32 mil) and bank
financing (RM57.20 m
il)
�Carim
in owns an A
HTS vessel (C
arim
in A
iris) and has a joint venture com
pany that is owner of an
AWB (S
K D
ee
p S
ea
) to support HU
C & PM
US
�Together w
ith Ca
rimin
Aca
cia, Carimin intends to
provide marine services to external custom
ers by 2015 to diversify custom
er and revenue base
FINA
NCIA
L HIG
HLIG
HTS
FINA
NCIA
L HIG
HLIG
HTS
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ail…
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erits
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dix
21.3m
38.4m39.8m
43.1m
13.1m
25.5m27.8m
32.0m
9.5m16.8m
19.5m21.9m
FY2011FY2012
FY2013FY2014
Revenue & Profits (RM
)
Gross Profit
EBITDA
PAT
158.4m
368.9m325.8m
245.6mRevenue
13.4%
10.4%12.2%
17.5%
8.3%6.9%
8.5%
13.0%
6.0%4.6%
6.0%
8.9%
FY2011FY2012
FY2013FY2014
Profit Margins
GP M
argin
EBITDA
Margin
PAT Margin
18
FINA
NCIA
L PERFORM
AN
CE
Ma
rgin
s imp
rov
e a
s the
Gro
up
un
de
rtak
es m
ore
hig
h v
alu
e-a
dd
ed
HU
C jo
bs…
Revenuejum
ped to RM368.9 m
il in FY12 due to significant increase in billing from
Sarawak/Sabah H
UC Contract.
As the billing from
the project tapered down, group
revenue subsequently normalised to above RM
200 mil.
Gross Profit M
argin (GPM
), on the other hand, dipped to 10.4%
in FY12 as a result of concentration of cost plus contracts w
here GPM
range was fixed. D
espite the decline in revenue, G
PM rebounded and continued to im
prove in FY13 and FY14, m
ainly due to improved operational
efficiency.
EBITDA
margin and PAT m
argin dropped in FY12 and increased in FY13 and FY14, in tandem
with G
PM. Finance
costs, depreciation charges, and staff costs accounted for 0.8%
, 3.3%, and 28.7%
of EBITDA
respectively in FY14.
Revenue & Profits (RM
)
Financialyear ended 30 June
Financial year ended 30 June
Revenue & Profits (RM
)
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19
SEGM
ENTA
L REVEN
UE
Ma
np
ow
er su
pp
ly se
rvice
s ge
ne
ratin
g ste
ad
y re
ve
nu
e stre
am
wh
ile H
UC
& P
MU
S
seg
me
nt h
ad
be
com
e a
ma
jor re
ve
nu
e co
ntrib
uto
r…
Revenue by Market
(RM‘m
il)FY11
FY12FY13
FY14
Malaysia
158.4367.2
321.8237.3
Overseas
-1.7
3.98.2
Total Revenue158.4
368.9325.8
24
5.6
158.4
-
367.2
1.7
321.8
3.9
237.3
8.2
Malaysia
Overseas
Revenue by Market (RM
mil)
FY11FY12
FY13FY14
Revenue by Activities
(RM‘m
il)FY11
FY12FY13
FY14
Offshore H
UC &
PMU
S43.9
237.2206.0
158.9
Manpow
er
-Engineering &
exploration 16.0
18.622.7
31.4
-Project development
56.566.0
81.754.7
-Production/operations 18.4
24.213.2
0.0
90.9108.8
116.686.2
Minor fabrication
23.622.9
3.20.1
Equipment
rental*
-*
0.4
Total Revenue158.4
368.9325.8
24
5.6
27.7%
64.3%63.2%
64.7%
57.4%
29.5%35.8%
35.1%14.9%
6.2%1.0%
0%
20%
40%
60%
80%
100%
FY11FY12
FY13FY14
Revenue by Activities (%
)
HU
C & PM
US
Manpow
er
Minor Fabrication
Equipment Rental
*Negligible
Financial year ended 30 June
Financial year ended 30 June
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13.4%
10.4%12.2%
17.5%
FY11FY12
FY13FY14
Group G
PM
20
Gro
up
GP
M w
as la
rge
ly d
rive
n b
y G
PM
for H
UC
& P
MU
S se
gm
en
t…w
hile
GP
M fo
r
ma
np
ow
er su
pp
ly se
rvice
s rem
ain
ed
rela
tive
ly sta
ble
SEGM
ENT M
ARG
IN
35.8%
7.3%12.0%
19.5%
FY11FY12
FY13FY14
GPM
(HU
C & PM
US Segm
ent)
HU
C & PM
US
�The high G
PM 35.8%
in FY11 was m
ainly due to extension of Talisman’s H
UC contract
where associated costs w
ere already incurred in FY10. �
GPM
dipped in FY12 mostly due to m
anpower and m
aterial costs that had lower
gross margin.
�G
PM then im
proved in FY13 and FY14 largely due to lump sum
method of w
ork orders and the com
pletion of Sarawak/Sabah H
UC Contracts.
Manpow
er Supply Services�
GPM
for manpow
er supply business, ranging from 10.5%
to 13.2% from
FY11 to FY14, are relatively stable com
pared to HU
C & PM
US segm
ent. Segment G
PM w
as largely driven by scale of w
ork orders from project developm
ent segment.
SegmentG
P & G
PMFY11
FY12FY13
FY14RM
‘m
il%
RM
‘mil
%RM
‘m
il%
RM
‘mil
%
Manpow
er
-Engineering & exploration
0.85
.11.5
7.9
2.19
.63.2
10
.2
-Project development
6.51
1.5
9.11
3.8
11.31
3.8
7.91
4.5
-Production/operations 2.4
12
.83.3
13
.62.1
15
.90.0
16
.7
9.71
0.5
13.81
2.7
15.41
3.2
11.11
3.9
Offshore H
UC &
PMU
S15.7
35
.817.2
7.3
24.71
2.0
31.01
9.5
Minor fabrication
(4.1)(1
7.5
)7.7
33
.71.4
44
.81.2
98
1.7
Equipmentrental
0.00
.0(0.4)
*(1.7)
*(0.3)
(69
.0)
Total GP/G
roup GPM
21.31
3.4
38.41
0.4
39.81
2.2
43.11
7.5
* Not applicable as revenue is generated internally.
10.5%12.7%
13.2%12.9%
FY11FY12
FY13FY14
GPM
(Manpow
er Segment)
0
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BALA
NCE SH
EET
Ne
t ge
arin
g e
xp
ecte
d to
incre
ase
to still-co
mfo
rtab
le le
ve
l of 0
.3x
afte
r acq
uirin
g a
n
AW
B v
ia b
an
k b
orro
win
gs a
nd
IPO
pro
cee
ds…
RM’ 000
Pre Public IssueA
fter Public Issue
After Public Issue &
Utilisation of
ProceedsRem
arks
Property, Plant &
Equipment
53,06553,065
157,583CA
PEX to acquire an AW
B, to develop m
inor fabrication yard and to purchase new
equipment
Current Assets
147,728214,498
155,678
RM66.8 m
il IPO proceeds
earmarked for CA
PEX, working
capital expenditure and loan repaym
ent purposes
Current Liabilities63,849
63,84956,352
Repayment of short-term
loan
Non-Current Liabilities
33,21033,210
89,905Increased due to bank borrow
ings to acquire an AW
B
Shareholders’ Equity107,424
174,194170,694
Increased due to IPO
Borrowings (LT + ST)
41,89941,899
91,097
Cash & Cash Equivalents
33,689100,459
41,639
Gross G
earing0.39x
0.24x0.53x
Net* G
earing0.08x
Net cash
0.29x* net of cash
Increased due to bank borrow
ings to finance purchase of A
WB
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KEY FINA
NCIA
L RATIOS
Nu
mb
ers in
dica
ting
fun
da
me
nta
lly stro
ng
fina
ncia
ls…
FY11FY12
FY13FY14
Current Ratio2.92x
1.73x2.27x
2.31x
Gross G
earing Ratio0.06x
0.21x0.13x
0.39x
Net 1 G
earing RatioN
et cashN
et cashN
et cash0.08x
Interest Coverage141.43x
35.01x38.63x
19.51x
Receivable Turnover 2 (days)71
4432
42
Payable Turnover (days)9
1814
211 net of cash2 com
puted based on trade receivables (less accrued billings) as at year end over revenue of 365 days for FYEs 2011 -2014
IPO STATISTICS
IPO STATISTICS
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ISSUE STATISTICS
Toissu
e6
0.7
mil
IPO
sha
res
at
RM
1.1
0/sh
are
raisin
gR
M6
6.8
mil
of
IPO
pro
cee
ds…
IPO Price :
RM
1.10 per sharePar Value : R
M0.50 per share
No. of shares
RM%
1
60,700,000 Issue Shares for subscription by: 11,694,000
12,863,400
5.00%
46,006,000
50,606,600
19.67%3,000,000
3,300,000
1.28%
60,700,000
66,770,000
25.95%
5,890,000 Offer Shares for subscription by:
- Identified Investors via private placement
5,890,000
6,479,000
2.52%
Existing Share Capital 173,178,000
86,589,000
74.05%
60,700,000
30,350,000
25.95% Enlarged Share Capital
233,878,000
116,939,000
100.00%
257,265,800
Estimated M
arket Capitalisation2
Issue Shares
Change in Share Capital after Listing:
- Malaysian Public via balloting
- Identified Investors via private placement
- Eligible Directors and em
ployees Total num
ber of Issue Shares and Proceeds
1.based on enlarged num
ber of shares after listing2.
based on IPO price and the enlarged issued and paid-up capital after listing
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ISSUE STRU
CTURE &
POST IPO
SHA
REHO
LDIN
GS
Ab
ou
t2
8%
free
floa
t…
Private Placement to
Identified Investors
①46.0 m
il new shares, 19.7%
*②
5.9 mil vendor shares^, 2.5%
*
RM 57.1m
Eligible Directors
and Employees
(Pink form)
3.0 mil new
shares, 1.3%*
RM 3.3m
Balloting(w
hite form)
11.7 mil new
shares, 5.0%*
RM 12.9m
Public Shareholders
66.6 mil shares, 27.9%
*
Promoters &
Substantial Shareholders
167.3 mil shares, 72.1%
*RM
6.5m
RM 66.7m
CARIM
IN PETRO
LEUM
BERHA
DIssue Price
: RM 1.10 per share
Par Value: RM
0.50 per shareEnlarged Share Capital
: RM 116.9 m
il Enlarged N
umber of Shares
: 233.9 mil
Post IPO Shareholdings
1. Mokhtar
Bin Hashim
: 31.8%2. Cipta
Pantas: 17.4%
3. Platinum Castle Sdn Bhd : 12.8%
4. ShatarBin A
bdul Ham
id : 6.9%5. Tan Sri D
ato’ Kam
aruzzaman
Bin Shariff: 3.0%
6. Others
: 0.1%
* Percentage of enlarged number of shares after IPO
^ Offerors
of the vendor shares are MokhtarBin H
ashim(offering 3.39 m
il shares) and Platinum Castle Sdn Bhd (offering 2.5 m
il shares)# M
okhtarBin Hashim
, ShatarBin Abdul H
amid and Tan Sri D
ato’ Kamaruzzam
anBin Shariffare eligible to subscribe 1.05 m
il shares, ie. 0.45% of enlarged num
ber of share after IPO
1.05 mil shares, 0.45%
#
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UTILISATIO
N O
F IPO PRO
CEEDS
70
.8%
of
pro
cee
ds
or
RM
47
.3m
ilu
sed
for
the
pu
rcha
seo
fv
esse
la
nd
de
ve
lop
me
nt
of
min
or
fab
ricatio
ny
ard
toe
nh
an
cem
arin
ese
rvice
sa
nd
min
or
fab
ricatio
nca
pa
bilitie
s…
Utilisation of Proceeds
35.32m
12.00m
8.00m
7.95m
3.50m
Total: RM66.77m
%RM
Time fram
e
Purchase of offshore support vessel52.9%
12 months
Developm
ent of minor fabrication yard
18.0%18 m
onths
Repayment of bank borrow
ings12.0%
6m
onths
General w
orking capital11.9%
12 months
Estimated listing expenses
5.2%3 m
onths
100.0%
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VALU
ATION
Ma
rke
tca
pita
lisatio
ne
stima
ted
tob
eR
M2
57
.3m
ilw
ithP
Ea
t1
1.8
x…
Market Capitalisation
1RM
257.3 mil
PE Multiple (FY14) 2
11.8x
P/NTA
31.5x
1 Based on IPO price of RM
1.10 per share and enlarged number of shares of 233.9 m
il2 Based on pro form
a FY14 EPS of 9.36 sen and enlarged number of shares of 233.9 m
il 3 Based on pro form
a post-IPO N
TA of 74 sen per share and enlarged num
ber of shares of 233.9 mil
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TENTATIV
E IPO TIM
ELINE
Targ
et
tolist
by
ea
rlyN
ov
em
be
r2
01
4…
23 Oct 2014 (Thu)
Launch of Prospectus&
Application O
pen
29 Oct 2014 (W
ed)A
pplication Close
31 Oct 2014 (Fri)
Announcem
ent ofSubscription Results6
Nov 2014 (Thu)
Notice of A
llotment
To Shareholders
10 Nov 2014 (M
on)Listing on the M
ain Market
of Bursa Malaysia
INV
ESTMEN
T MERITS
INV
ESTMEN
T MERITS
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INV
ESTMEN
T MERITS
Po
sitive
po
licies
pro
mo
ting
gro
wth
ino
ila
nd
ga
sin
du
stry…
un
de
ma
nd
ing
va
lua
tion
with
po
ten
tial
cap
italg
ain
Industry Outlook
1
Track Record2
Work Value
3
Grow
th4
Valuation5
PETRON
AS’ policy of promoting and encouraging the participation of local
operators in the oil and gas industry would facilitate grow
th in the industry, especially in exploration and production segm
ents.
Carimin has established long-term
relationships with m
any oil majors, providing
earnings and deal flows sustainability.
Carimin’s outstanding w
ork value amounted to approxim
ately RM900 m
il lasting 5 years up to 2018.
Moving forw
ard, Carimin w
ill acquire an AWB and upgrade its fabrication yard,
enhancing operational efficiencies and putting Carimin in better position in bidding
for projects.
Undem
anding valuation at historical PE of 11.8x compared to other oil and gas
peers in Malaysia.
Dividend Policy
6Carim
in intends to pay dividends to shareholders in the future, subject to financial perform
ance, capital expenditure and cash flows.
31
IR Contacts:M
r. Terence LooT: 03-2711 1391 / 012-629 5618
.my
THA
NK YO
U
APPEN
DIX
APPEN
DIX
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33
GRO
UP STRU
CTURE
Carimin Petroleum
Berhad
Investment holding
Carimin
Engineering Sdn Bhd
HU
C & PM
US,
engineering and m
inor fabrication services
Carimin
Sdn Bhd(CSB)
Inspection, project m
anagement
support servicesOil &
Gas support
services
Dorm
ant
Investment holding
100%100%
Carimin
Corporate Services Sdn
Bhd
Corporate, m
anagement and
support services
Carimin
Airis
Offshore
Sdn Bhd
Marine related
support services
100%
Carimin
Marine
Services Sdn Bhd
Marine related
support services
Carimin
Equipment
Managem
entSdn Bhd
Provision of equipm
ent and tools
100%100%
Carimin
Resources Services Sdn
Bhd
Dorm
ant
100%100%
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KEY MILESTO
NES
PeriodM
ilestones
1989CSB w
as incorporated
1990CSB began business operations w
ith theprovision of m
anpower supply services
1992Secured
a 2-year contract from Esso M
alaysia to provide general inspection services
1997Secured a contract from
Petronas Carigali to supplytechnical professionals over 4-year period
2000Secured a m
anpower supply services contract to supply drilling professionals from
Murphy O
il
2003D
iversified itsbusiness to provide m
inor fabrication services for the offshore oil and gas industry
2004Started
to provide production platform system
maintenance services for Petronas Carigali
2005M
inor fabrication yard located at Kemam
an,Terengganu began operations
2006Carim
in Engineering began business operations
2007Secured first offshore H
UC contract from
Murphy O
il and another offshore HU
C contract from Talism
an
2010Secured the Saraw
ak/Sabah HU
C Contract from Petronas Carigali
2011
Began provision of equipment rental services
CSB received ISO 9001:2008 quality m
anagement system
certificationfor the scope of “provision of m
anpower supply for oil and
gas industry” while Carim
inEngineering
received ISO 9001:2008 quality m
anagement system
certificationfor the scope of
“provision of engineering, procurement, construction, hook up and com
missioning for oil and gas industry”
2012A
cquired Carimin M
arine, which has
a 14% investm
ent in SK Offshore, w
ho owns SK D
eep Sea, an AWB, to pave w
ay for the provision of offshore m
arine support vessel services
2013A
cquired Carimin A
iris Vessel, an AH
TS vessel
Secured the Peninsular Malaysia H
UC Contract from
Petronas Carigali
2014Com
missioned to build Carim
in Acacia, an AW
B
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AWA
RDS A
ND
RECOG
NITIO
NS
YearSubsidiary
Aw
ard and RecognitionA
ward
2000CSB
Certificate of Recognitionfor excellent safety perform
ance in 2000Esso M
alaysia
2001CSB
Certificate of Recognition for excellent safetyperform
ance in 2001ExxonM
obil
2002CSB
Contractor SafetyA
ward for safety excellence in 2002
ExxonMobil
2003CSB
“Safest Subcontractor Aw
ard” for the Talisman
Malaysia Lim
ited mobile
offshore application barge fabricationTalism
an
2003/2004CSB
“Gold A
ward” for safety excellence in 2003/2004
ExxonMobil
2004CSB
“Gold A
ward” for safety excellence in 2004
ExxonMobil
2005CSB
“Gold A
ward” for safety excellence in 2005
ExxonMobil
2005CSB
Certificate ofappreciation in 2005 for 100,000 hours without Lost Tim
e InjuryTalism
an
2006CSB
“Gold A
ward” for safety excellence in 2006
ExxonMobil
