Who is TMT • TMT currently employs almost 300 people.

• Still the only company building ROVs in Australia.

• Operates 31 ROVs worldwide

• Has a rental fleet of 300+ ROV tools

• Revenue exceeding USD 70 mil

2

Current Area of Operation

3

Build an ROV in 3 minutes

Why start an ROV company?

• People change when it becomes to

uncomfortable to stay the same.

• A belief in the ability to offer innovation and

value to fill a gap in the market.

• A belief by the competition that it would not be

possible

• A market where technology had not been

consolidated

Choose your partners carefully

• Choose your partners before you choose your business.

• Lifestyles can be different, principles need to be the same.

• Diversity is a strength.

• Trust and flexibility are the key.

• Wives, husbands, partners and kids.

What's your common vision?

• Vision should be 2 parts reality, 1 part

aspiration.

• Clear goals and expectations.

• Defining success and failure.

• Respecting timeframes.

• Guarding against myopia and hyperopia.

• Knowing when to stop.

Why build in Australia?

• Great place to live

• Stable government (Incentive driven R&D programs)

• Isolation is a key driver for innovation

• Skilled workforce (Mature supplier network)

• Same time zone as Asia

• A different Oil and Gas market

• Operator support for startup ventures

• Export credibility

What is your appetite for risk?

• Risk can be defined as questions

without answers.

• Always work to reduce risk to an

acceptable level.

• Leveraging opportunity from risk.

• Where is your no go threshold.

• Learn from your mistakes.

Where is the money coming from?

• How much money do you need?

• What are you prepared to risk?

• Banks are your friend.

• Tell everyone, build the story and commit

• Tell the truth enthusiastically.

• Respect your investors.

Building the team

• Employ people smarter than yourself.

• Balance experience and enthusiasm.

• Go for cultural diversity.

• Reward people for hard work.

• Be accessible and consistent.

• Have realistic expectations.

Establishing the cash flow

• Cash flow is king

• What can you do right now to bring cash into the business.

• Valuable work may not be interesting work.

• Don’t let go of what you already have.

• Develop entry points to your business at different pricing levels

Building capability through innovation

• Can I do something new that somebody else

wants?

• Can I reduce the risk involved with an activity?

• Can I increase the efficiency of an operation?

• Can I improve the reliability?

• Can I do it on demand?

Building capacity through expansion

• Replicating the good, getting rid of the bad

• Work smarter, not harder

• Back office process

• Training and experience are the key

• When a quick ‘no’ is better than a slow ‘yes’

• Vertical growth

• Diversified growth

Leveraging strength through listening

• Listening is a relationship skill

• Understanding is the fruit of empathy

• Answers are not always obvious

• Opportunity is realizing the potential

and solving the problem

Consolidation is not a dirty word

• It’s OK to pause and review the landscape

• Stress test the foundation and direction

• Preserve efficiency and agility

• Prepare people and structures for growth

• Look for macro-evolution and micro-revolution

Surviving the boom and the bust

• Remember everything is cyclic

• Maintain quality and integrity

• Maintain scalability and diversity

• Keep talking to your banks

• Respect the loyalty of your people

and clients

The challenge to go International

• When is the timing right to go international?

• What are you willing to give up to allow for growth?

• What are the options?

• What are the traps?

• Australia as a centre of excellence

When can I buy a Ferrari

• If you want your business to grow, reinvest

• R&D does not happen by accident

• A company without vision or the means to achieve it will

enter recession independent of the external environment

• Manufacturing in Australia is not short term gain

• Leaving a legacy

Concluding Points

• Profitable manufacturing in Australia remains a reality

• Market driven R&D for commercial return is a necessity

• Success requires a long term view

• International presence is a non-negotiable target

• Sustainability is measured through quality of relationships

Thank you

Questions?