Seatrium : Second Quarter 2024 Financial Results Speech by CEO

SEATRIUM LIMITED 1H2024 RESULTS BRIEFING

Address by Mr. Chris Ong, Chief Executive Officer

WEBCAST, 2 August 2024 (FRIDAY) 10.00AM

@ TUAS BOULEVARD YARD

Opening Remarks

1. Good morning, and welcome to Seatrium Group's First Half 2024 (1H2024) results presentation. I'm pleased to have with me, Mr Adrian Teng, Chief Financial Officer.
2. 1H2024 was a busy, fruitful first half for Seatrium. We clinched several prized contracts to value add to our portfolio of projects, including the much-anticipated newbuild FPSO platforms P-84 and P-85 for Petrobras and the third 2GW HVDC Offshore Converter Platform for TenneT, as well as a number of Repairs and Upgrades projects worth over half a billion to date1. We have also successfully completed our share consolidation exercise in May, and embarked on our inaugural S$100 million share buyback programme. At our Investor Day held earlier in March, we have laid out our longer-term strategy and 2028 financial targets, providing clarity on how the Group intends to leverage the strong industry tailwinds to chart our transformation journey from here.
3. This morning, we reported our 1H2024 financial results. I will spend some time to go through our operational performance and business outlook. Adrian will cover the financial performance in greater detail.

SEATRIUM ACHIEVES ITS FIRST PROFITABLE HALF YEAR RESULTS (slide 4)

4. I am pleased on behalf of the Group that Seatrium has delivered its first positive financial results in 1H2024.

1https://seatrium.listedcompany.com/newsroom/20240723_063758_5E2_TCJ0E4TKAFZW62II.1.pdfhttps://investors.seatrium.com/newsroom/20240403_065135_S51_334I2KOGKR37J3PE.1.pdf

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1. 1H2024 Revenue crossed S$4.0 billion, a 39% increase from S$2.9 billion in 1H2023. Underlying EBITDA was S$390 million in 1H2024, a more than nine-fold increase over S$36 million in the same period last year.
2. The Group achieved an Underlying Net Profit of S$115 million for 1H2024, reversing from a net loss of S$264 million for 1H2023, a S$379 million increase in absolute dollar terms.
3. Our profitability turnaround in 1H2024 and a significantly improved EBITDA reflects our strong focus on project execution, prudent cost management and improved operational efficiencies.

DECADE HIGH ORDER BOOK UNDERPINNING REVENUE VISIBILITY (Slide 5)

1. Seatrium's net order book at S$26.1 billion is at a decade high. In 1H2024 alone, we have secured over S$13 billion in new orders.
2. Our strong order backlog, comprising 32 projects with deliveries till 2031, will underpin our revenue visibility for the next few years, supported by our One Seatrium Global Delivery Model which enables us to scale our business.
3. Today, we have orders from the world's largest oil & gas and renewable players, many of whom are repeat customers. This reflects the trust that our customers have in our ability to deliver quality assets on time and safely.

A FRANCHISE OF SERIES-BUILD PROJECTS (Slide 6)

1. Across our key business segments, Seatrium is actively building a franchise of series- build projects to achieve operational efficiencies from project repeatability.
2. In the renewables space, our order book has three 2GW HVDC offshore Converter Platforms for TenneT other than Dolwin epilson and the Sofia HVDC platforms which have sailed away, as well as two wind turbine installation vessel (WTIV) projects and HVAC offshore substations. In Oil & Gas, we will solidify our leadership in offshore production assets across EPC projects in Floating Production Storage and Offloading platforms (FPSOs) and Floating Production Units (FPUs), as well as

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FPSO topsides fabrication/ integration contracts. Our robust order book currently comprises six P-series newbuild FPSOs for Petrobras, and we would have worked on six FPSOs for Exxon Mobil through SBM Offshore for Guyana, once the FPSO Jaguar comes online by 2027. In repairs and upgrades, we have inked 26 alliances and long-term strategic partnerships over time, and will continue to do more.

13. The ability to simplify and replicate designs and processes enhances productivity, reduces errors and quickens construction time, ultimately making it more sustainable and cost effective over time.

SUPPORTED BY THE ONE SEATRIUM GLOBAL DELIVERY MODEL (slide 7)

1. We are now organised around a "One Seatrium Global Delivery" model where operations are closely coordinated across different yards globally, supported by centralised engineering and integrated technology resources. It effectively integrates our global assets and workforce onto an efficient operating platform, enabling Seatrium to be the only global player with end-to-end delivery capability in key continents.
2. This will allow us to effectively scale, taking on new projects at any point in time, while harnessing the competitive advantage of the locations we operate in.

DRIVING THE GLOBAL ENERGY TRANSITION (slide 8)

16. We are looking at an artist impression of the 2GW HVDC Converter Platform which we are currently working on for TenneT. We announced our Framework Cooperation Agreement with our consortium partner, GE Vernova and TenneT in March last year, and more recently in June, the award of the third contract for the Nederwiek 2 offshore wind farm in the Netherlands. We spent 18 months on design and engineering work, with construction to commence shortly for the IJmuiden Ver Beta project and IJmuiden Ver Gamma thereafter.

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PLAYING OUR PART IN DECARBONISATION (slide 9)

1. Seatrium continues to play a critical supporting role in maritime decarbonisation.
2. In 1H2024, the Group added over S$2.9 billion of projects in renewables and cleaner/ green solutions to the net order book.
3. Even in the oil & gas space, we are helping our customers to extract more sustainably. The latest P-84 and P-85 platforms, which are part of Petrobras' new generation of FPSO platforms, are characterised by a high production capacity that prioritise sustainable practices with innovative technologies. Both FPSOs will incorporate advanced technologies such as zero routine flaring and venting, variable speed drives and measures to control emissions and capture CO2, including an all- electric concept, which focuses on efficient power generation and increased energy efficiency to achieve a 30% reduction in greenhouse gas emissions intensity. These features will enhance operational efficiency and reduce environmental impact, showcasing Seatrium's commitment to responsible and sustainable operations.
4. In addition, the HVDC offshore converter platforms that we are working on underscores our commitment to helping our customers achieve their renewable energy goals by providing innovative and cost-effective solutions to accelerate the global energy transition.

REPAIRS & UPGRADES (slide 10)

1. Our R&U business has been growing, contributing to a steady baseload revenue for us. In 1H2024, we completed over 130 repairs, upgrades and conversions projects that contributed S$517 million in revenue.
2. We have signed a total of 22 Favoured Customer Contracts (FCCs), including the six we have announced year-to-date. FCCs facilitate forward capacity planning, joint value creation and support a steady flow of Repairs & Upgrades orders that contribute towards a recurring revenue base. Every docking space in our shipyard is valuable, and forward planning allows us to plan ahead for future projects.

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OUTLOOK (slide 11)

1. The outlook for the offshore & marine industry remains positive, supported by broad- based demand across both the oil & gas and renewables sectors.
2. Seatrium is committed to sustaining its improved financial performance for the full year of 2024. The Group's overall performance for the year will depend on the completion of its legacy projects, the safe, timely, and on budget execution of its order book, and the implementation of identified cost saving initiatives to achieve a leaner cost structure.
3. Seatrium is well-positioned to benefit from the industry upturn, supported by a One Seatrium Delivery Model that integrates its global assets and workforce onto an efficient operating platform, allowing the Group to scale its business for accelerated growth.
4. We still have our challenges, and we are a work-in-progress in our transformation journey. We have a strong management and board that is focused on righting the ship, resolving legacy issues and putting us on the path to profitability. We are committed to delivering on our longer-term financial targets and creating value for our stakeholders.
5. I will now hand over to Adrian, our CFO, for the financial results review. Thank You.
6. • End -

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