Analysts Briefing for the financial year ended 31 December 2014

Disclosure Statement

1

The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase any securities (“Securities”) of Icon Offshore Berhad (“ICON”) in Malaysia, the United States or any other jurisdiction. This presentation should not, nor should anything contained in it, form the basis of, or be relied upon in any connection with any contract or commitment whatsoever. This presentation is confidential and is intended only for the exclusive use of the recipients thereof and may not be reproduced (in whole or in part), retransmitted, summarized or distributed by them to any other persons without ICON's prior written permission This presentation contains forward-looking statements that involve risks and uncertainties. Forward-looking statements are based on certain assumptions and expectations of future events. The future events referred to in these forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are beyond ICON's control, which may cause the actual results to be materially different from those expressed or implied by the forward-looking statements. These forward-looking statements are based on numerous assumptions regarding ICON's present and future business strategies and the environment in which ICON operates and are not a guarantee of future performance. Any reference to past performance should not be taken as an indication of future performance. ICON makes no representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. You are cautioned not to place undue reliance on these forward looking statements, which are based on current view of Icon's management on future events. This presentation has been prepared by ICON. No representation, warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions in this presentation. Certain data in this presentation was obtained from various external data sources, and ICON has not verified such data with independent sources. None of ICON or any of its directors, officers, employees, agents or advisers, or any of their respective affiliates, advisers or representatives, undertake to update, revise or re-affirm the presentation including any forward-looking statements, whether as a result of new information, future events or otherwise and none of them shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation and any liability therefore (including liability for any direct or indirect consequential loss or damage) is hereby expressly disclaimed and none of them accept any responsibility for any loss or damages howsoever arising, whether directly or indirectly from any use, reliance or distribution of the presentation, its contents or otherwise arising in connection with the prospectus.

Table of contents

ICON at a glance

Industry Outlook

FY2014 Operations Review

FY2014 Financial Overview

Key Investment Highlights

Business Strategies

Appendices

2

ICON at a glance…

3

(1) Source: Infield Systems Limited. . . (2) OSV peers include Bumi Armada, Perisai Petroleum, Perdana, Alam Maritim, Jasa Merin, EZRA, Pacific Radiance, POSH Semco, Jaya, Miclyn, CH Offshore and Gulf Marine

AHT/AHTS – 24

SSV– 4

UV – 1

Largest pure-play

OSV provider in

Malaysia(1) in terms of

vessels operating in

Malaysia OSV market

Healthy order book of

long-term contracts

providing earnings

visibility

High barriers of entry

on the back of

PETRONAS licenses

and cabotage rules

One of the youngest

and largest fleets in

SEA OSV industry

Profitable since its

incorporation and is

backed by

sustainable margins

Average fleet age of approximately 4.3 years as at 1 March 2015, which is lower than the industry average in Malaysia and in the world of 9.3 and 18.2 years respectively

ICON’s adjusted EBITDA margin FY2014 was 57.9% which is higher than peer(2) average of 50.1%(1)

PETRONAS license holder for OSV services, with all of its OSVs being Malaysian-flagged

Eligible to participate in all tender calls and quotation requests issued by PETRONAS Carigali and its Production Sharing Contractors ("PSC") for the segment of activity stated in the licence

Stringent Malaysian cabotage rules favour Malaysian-flagged vessels

We are the largest pure-play Offshore Supply Vessel (“OSV”) provider in Malaysia and one of the

largest in Southeast Asia (“SEA”) in terms of number of vessels

PSV – 1

AWB – 2

32 vessels in the current fleet as at 1 March 2015, with 6 vessels currently under construction and due for delivery in 2015 and 2016.

Focus on shallow water but selectively moving into deep waters through fleet expansion, diversification and fleet renewal programme

Malaysian-focused operations given with extensive international experience

Total orderbook of about RM760.2 mil (as at 31 Dec 2014), which approximately 53% will provide future revenue up to FY2016

ICON has an average success rate of 35% in tendering activities

Fleet as at March 2015

Industry Outlook

4

Industry trends and leading indicators

5

Extended weakness on crude oil prices expected

Oil Prices continue to face headwinds…

In Jan 2015, Brent prices continued to dip to about US$49/bbl,

as OPEC continues to battle the U.S. shale boom by resisting

production cuts in order to defend their market share, signalling

it is prepared to let prices decline further

Goldman Sachs analysts average 2015 forecast for benchmark

Brent stands at US$50.40, adding that prices would need to stay

near US$40 in the first half of 2015 (1H15) to help curb shale

investments

It is expected that the slowdown in U.S. shale oil production

would be sufficient to clear the market overhang

The next OPEC meeting is scheduled for 5 June 2015

According to a recent report, U.S. shale’s oil breakeven to range

from US$20/bbl to US$80/ bbl

…driven by influx of oil supply & curbed global oil demand

Non-OPEC crude oil supply remains the driving force behind

oil supply growth; particularly with U.S. shale drillers, who are

pumping at the fastest pace in three decades

OPEC oil production was boosted in September 2014 to 30.5

mb/d, the most since August 2013

Demand for crude is further compressed on the back of the

weakening Eurozone economy and other developing countries

coupled with more energy-efficient vehicles

Goldman Sachs analysts opine that oil prices will need to

remain lower for a longer period in order for demand to

recover

Lower prices in the longer term will affect CAPEX & OPEX

spending by major oil players; hence, disrupting supply which

will ultimately increase oil prices in the future

Sources: Various news articles; Bloomberg as at 12 January 2015; Goldman Sachs Asia Economics Analyst; Malaysian OSV association forum with Petronas

0

20

40

60

80

100

120

USD/Barrel

Brent Crude Oil Price

Brent Crude Oil Prices from 30 June 2015 to 2 March 2015 Divergence In Oil Demand and Supply

Production in Malaysia to continue despite signs of weakness in O&G market

6

Output is still low compared to past performance

Source: Various articles; CLSA Malaysia O&G Sector Outlook Oct 2014

Petronas

divesting non-

core foreign

assets; seeking

opportunities

with value

growth

Petronas to

restrategize

News reports and rumours indicated that Petronas is looking to make cuts in its OPEX by between 25% and 30% as oil prices continued to tumble

CAPEX spending by Petronas is expected to dip to RM44 bil this year from the expected RM55 bil in 2014

Petronas will continue to the divestment of non-core assets that offer little growth prospects, particularly in Africa – Mauritania & Cameroon

Divesting its non-core assets has been a strategy for Petronas for some time now

Hence, leaving more room for Petronas to refocus on domestic fields and assets, which favours Malaysian oilfield services companies

Additionally, oil production remains relatively low and the export to import gap continues to narrow; while the deep water project Gumusut Kakap could add a nice 135k bpd, numerous other fields such as EOR could face further decline.

Petronas needs to increase its capex spending to return Malaysia to the >800k bpd days and this cannot be achieved overnight

Petronas are looking to streamline their cost and are expected to meet industry players to work on an optimal solution in the current industry

Malaysia Offshore Support Vessels Owners’ Association (MOSVA) has officially written to Petronas in early January 2015 proposing to work together for a win-win situation

0

10

20

30

40

50

60

70

80

90

1/10/2014 1/11/2014 1/12/2014 1/1/2015 1/2/2015 1/3/2015

ICON's share price performance from October 2014 to March 2015

Brent Crude Oil Price ICON Share Price

Rebased to 100

ICON’s share price in tandem with volatile global Brent Crude prices (rebased to 100 on 30 June 2014)

7

Source: Various articles; Malaysian Institute of Economic Research; Investing.com

On October 7 2014, the International Monetary Fund (IMF) has downgraded its global growth forecast for 2014 and 2015 from

3.4% and 4.0% to 3.3% and 3.8% respectively, largely due to the stuttering recovery in the U.S., the continued fragility in the

Eurozone and the slowdown in China’s economy

Concurrently, Malaysia’s economy was dampened amid the impending implementation of Goods & Services Tax (GST) and the

slump in crude oil prices

Aside from the plunging oil market, Malaysia is also feeling the chill from the slowing economic growth in China, the second

largest market; also adversely impacting Petronas

These factors have led to the declining trend of Malaysia’s O&G stocks, which are in tandem with the falling global crude oil

prices and the regression of the Ringgit (RM) against the greenback

On the back of global market jitters and crude oil prices falling to a five-year low close to US$50 a barrel, ICON’s shares saw

some heavy selling amidst the end of a six-month lock up period

Lock up period ended

FY2014 Operations Review

8

2013 FY2014

AHTS 93.3% 86.5%

AHT 59.2% 41.3%

SSV 95.9% 68.9%

PSV 87.0% 68.7%

Others 61.3% 75.9%

84.4% 78.2%

9

Active fleet management – to continue assessing sale opportunities for smaller and older vessels

Successfully disposed of one (1) AHT and one (1) Utility

vessel in FY2014 and will continue to pursue disposal

opportunities for our AHT fleet and older vessels.

Fleet Utilisation Rate

Providing innovative solutions for our clients

Oil majors are placing more focus on fuel

consumption, pollution prevention and comfort on

board.

Company to continue to provide innovative solutions

for our client by investing in younger and energy

efficient vessels with higher technical specifications.

Replacement of small and older vessels will improve overall utilisation

Diversify into selective asset class to reduce dependency on AHT / AHTS

Competition is expected to remain tight especially for the 5k bhp AHTS segment. Management has taken initiative to

expand into other asset classes such as Accommodation Work Boat (“AWB”), Fast Crew Boat and 10k bhp AHTS

segments to reduce its dependency on 5k AHTS segment

During the year, Icon has added an AWB vessel (Icon Kayra) to its portfolio of OSV vessels. The Company managed

to secure a long-term (5 + 2 years) contract with Brunei Shell Petroleum (“BSP”) via Joint Venture (“JV”) with its local

partner

In addition, the Company has delivered another AWB (Icon Valiant) in Q1 2015 with the potential to secure a long-term

contract.

Operational Highlights (1/3)

Overall utilisation impacted by AHT and SSV vessels

10

PSV Tanjung Piai 2

FCB NB123 / (to be named)

AHTS G016 / Icon Astrid

AHTS SH128 / Icon Andra

AWB SH121 / Icon Aliza

PSV SH129 / Icon Pioneer

Labuan, Malaysia

Skagen, Denmark

Lumut, Malaysia

Guangzhou, China

Guangzhou, China

Guangzhou, China

Q1 2015

Q2 2015

Q1 2016

Q4 2015

Q4 2015

Q1 2016

Under Construction Shipyard Location Expected Completion

3

1

2

4

5

6

Disposal of one AHT vessel (Omni Solaris) in March 2014 for a total consideration of USD3.8 mil

Disposal of one utility vessel (Tanjung Manis) in August 2014 for a total consideration of USD3.9 mil

Vessels disposed during the year:

Operational Highlights (2/3)

Vessels under construction

16,512

10

12

1

3

0

11,260

4

11

1

0

0

FY2014 FY 2013

2,562

2

0

2

2

0

FY 2012

11

Received award from ExxonMobil Exploration and Production Malaysia Inc (EMEPMI) - GOLD AWARD – 2014 Safety

Recognition for Hurt-Free Operations exceeding 100,000 manhours

4th Quarter 2013 Marine Business Partner Award by ExxonMobil Malaysia

Outstanding Safety Performance Award: 1 Year without a Lost Time Injury by Maersk Oil Qatar

3 million man hours without lost time incident award by PETRONAS Carigali

Recent awards and recognition:

19.2 million man hours without LTI

First Aid Case

Property Damage

Near Miss

Unsafe Act & Unsafe Condition (UCUX)

Restricted Workday Case / Medical Treatment Case

Lost Time Injury (LTI)

Operational Highlights (3/3)

Excellent HSE record in line with target

FY2014 Financial Overview

12

Key takeaways…

13

Review of performance for the financial year ended 31 December 2014 (FY2014) against the corresponding financial year ended 31 December 2013 (FY2013)

FY2014 Revenue

RM318.9 mil

(FY2013 Revenue: RM334.9 mil)

FY2014 Adjusted PAT

RM90.8 mil

(FY2013 Adjusted PAT: RM89.6 mil)

FY2014 Adjusted PAT Margin

28.5%

(FY2013 Adjusted PAT Margin: 26.8%)

Average fleet utilisation

78.2%

(FY2013 Average fleet utilisation: 82%)

276.1291.1

42.06.5

16.8

21.3

250

300

350

FY2013 FY2014Revenue own Revenue forerunner Others

+5.4%

-4.8% 318.9334.9

79.770.5

1.75.1

6.6

0

10

20

30

40

50

60

70

80

90

100

Q4 2013 Q4 2014Revenue own Revenue forerunner Others

-11.5%

-10.9%77.186.5

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Group Financial Overview

Revenue (RM’ mil)

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Adjusted EBITDA (RM’ mil)

Adjusted PAT(RM’ mil)

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Total revenue for the year amounted to RM319 mil, lower by 4.8% from the previous year due to reduction in forerunner charter revenue. However, contribution from our own vessels have improved by 5.4% to RM291 mil (FY2013:RM 276 mil) Quarter-on-quarter revenue have reduced due to lower utilisation.

The Group’s adjusted EBITDA dipped slightly in FY2014, largely due to decreased vessel rental (~94%) and lower bareboat expenses (~38%). Quarter-on-quarter reduced mainly due to increase in bunkering activities.

The Group managed to record sustained FY2014 PAT despite the marginal drop in FY2014 topline and challenging market outlook.

Quarter-on-quarter showed a dip, mainly due to slightly higher depreciation and interest expenses during the quarter.

44.5

36.9

-

10.00

20.00

30.00

40.00

50.00

Q4 2013 Q4 2014

-17.0%

51.4% 47.9%

Margin

22.719.4

-

10.00

20.00

30.00

Q4 2013 Q4 2014

-14.7%

26.3% 25.2%

Margin

89.6 90.8

-

20.00

40.00

60.00

80.00

100.00

FY2013 FY2014

+1.3%

26.8% 28.5%

Margin

190.9 184.7

50.00

70.00

90.00

110.00

130.00

150.00

170.00

190.00

210.00

FY2013 FY2014

-3.2%

57.0% 57.9%

Margin

210

2441 30 29

222

1031 18

380

50000

100000

150000

200000

250000

AHTS AHT SSV PSV Others

Revenue -FY2013 Revenue - FY2014

FY2013

Malaysia Overseas

92%

Business Segment Financial Overview

15

Revenue by Vessel Type (RM’ mil) Revenue by Geography (RM’ mil)

EBITDA by Geography (RM’ mil)

AHTS. Our core fleet consisting of 68% fleet total and

contributed c.70% (FY2013: 63%) of total revenue, while

utilisation rates stood at 87%

AHT. Smaller vessels comprising of 3 units (10% of fleet

total). Weaker utilisation due to lower tendering activities.

SSV. Also known as small PSVs in other regions and

comprising of 4 units (13% of fleet total). 2 vessel

completed their contract in Q3 and tender activities on-

going for these vessels.

PSV. Higher FY2013 revenue attributed to additional

revenue from forerunner vessel.

Others. Includes AWB and UV vessels; the addition of

AWB contributed to higher FY2014 revenue.

FY2014

Malaysia Overseas

88%

176 172

15 13

-

20

40

60

80

100

120

140

160

180

200

FY2013 FY2014

Malaysia

Overseas

2.91x

0.62x

2.78x

0.55x

FY2013A FY2014

Gearing ratio (gross) Net gearing ratio

138.5

189.4

19.40

20

40

60

80

100

120

140

160

180

200

2014 2015 2016

1.4 1.6

1.8

1.0 1.1

0.7

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

FY2012A FY2013A FY2014

Total Assets

Total Debt

Leverage & Capitalisation

16

RM’ mil 2012 2013 2014

Total Assets 1427.9 1575.7 1779.5

Total Equity 265.8 379.4 1080.6

Total Debt (1) 1028.4 1103.3 668.9

Cash and cash equivalents 54.0 47.3 74.8

Revenue 291.7 334.9 318.9

EBITDA (adj) 166.9 190.9 184.7

Net Profit (adj) 64.8 89.6 90.8

Financial Ratios

Debt/EBITDA 6.16 5.78 3.62

Net debt (2) / EBITDA 5.83 5.53 3.22

Shariah compliant ratio (%) n/a n/a 23.8

(1) Total Debt = Total short term and long term borrowings

(2) Net Debt = Total Debt – Cash and cash equivalents

Debt Profile Analysis (RM’ bil)

Key Ratios as 31 December 2014 Capital Structure

CAPEX Commitments (RM’ mil)

Key Investment Highlights

17

Excellent HSE track record

Dynamic and experienced management team with proven

execution track record

Established relationship with high quality customers and shipyards

Embarking on talent management initiative and extensive trainings

for cadet and crew

Young and versatile Fleet resulting in sustained

utilisation rates

ICON is profitable since its incorporation and is backed by

sustainable margins

Fast growing and largest pure-play OSV provider in Malaysia

and one of the largest in SEA

Key investment highlights

1

2

3

4 5

6

7

ICON remains optimistic and wary of the volatile global economic conditions…

18

2 3

8 11

16

22 23

28 32 31

36(1) 38(1)

FY2005A FY2006A FY2007A FY2008A FY2009A FY2010A FY2011A FY2012A FY2013A FY2014 FY2015F 1Q2016F

New vessels to be delivered with latest

technology such as DP2 systems and higher BHP

engines

Fast growing and largest pure-play OSV provider in Malaysia and one of the largest in SEA

19

Source: (1) Assuming no disposals. (2) Company and Infield Systems Limited.

ICON’s fleet growth since inception

1

UV SSV AHT AHTS PSV AWB FCB TOTAL

FY

20

14

(F)

Quantity 1 4 3 21 1 1 - 31

% of fleet 3% 13% 10% 68% 3% 3% - 100%

Avg. Age 6.0 7.5 6.0 4.6 1.0 1.0 - 4.4

ICON’s revenue growth through fleet expansion and renewal

With 7 vessels under construction (includes Icon Valiant delivered in 1Q15), our fleet is expected to grow from 31 vessels to 38 vessels as at end FY2016, representing a CAGR of 10.7% over a 2 year period

New deliveries also helps ICON to maintain a young fleet; average fleet as at end FY2014 stood at 4.4 years. In the market (2), the average fleet age are 9.3 and 18.2 in Malaysia and worldwide, respectively.

ICON grown from 2 to 31(1) vessels at a CAGR of 35.6% in 9 years

With further expected growth of 7 vessels over next 2 years

44.5 64.8

89.6 90.8

(20%) (22%)

(27%) (28%)

FY2011A (pro-forma) FY2012A (pro-forma) FY2013A (audited) FY2014

Adjusted profit after tax

136.0 166.9 190.9 184.7

(60%) (57%) (57%) (58%)

FY2011A (pro-forma) FY2012A (pro-forma) FY2013A (audited) FY2014

Adjusted EBITDA

(in RM’ mil) 4-year average adjusted

profit after tax margin

= 24.3%

Adjusted profit after tax and margin

ICON is profitable since its incorporation and is backed by sustainable margins…

20

4-year average adjusted

EBITDA margin = 58.1%

(in RM’ mil)

2

Commentary

ICON has seen sustainable adjusted PAT growth over the years with a FY2011 to FY2014 adjusted profit after tax CAGR of 26.9%

Adjusted PAT margins increased by 1.7% from 26.8% in FY2013 to 28.5% in FY2014

ICON’s FY2014 adjusted PAT margin of 28.5% is 8.4% higher than Malaysian OSV peers’ average PAT margin of 20.1%

226.5 291.7 334.9 318.9

85% 81% 82% 79%

FY2011A (pro-forma) FY2012A (pro-forma) FY2013A (audited) FY2014A

Revenue

No. of operational

vessels

23 28 31 31

4-year average utilisation

rate= 81.8%

Revenue and utilisation rate

Adjusted EBITDA and margin

(in RM’ mil)

20

Young and versatile fleet resulting in sustained utilisation rates of vessel

ICON will continue to focus on its utilisation rates.

Core AHTS fleet are maintaining >80% utilisation rates due

to existing long term contracts.

2 SSV contracts were completed in Q3, 2014 resulting in

lower utilisation. Tender activities are on-going for these

vessels.

PSV lower utilisation attributed to the lower number of

tendering activities.

21

Overall utilisation rates of vessels…

3

Average age of AHT/AHTS fleet as at FYE 31 December 2014 Average age of PSV/SSV fleet as at FYE 31 December 2014

5.3

6.3

8.3

11.3

ICON Malaysia Southeast Asia Global

4.3

11.0

18.0 19.0

ICON Malaysia Southeast Asia Global

2013 FY2014

AHTS 93.3% 86.5%

AHT 59.2% 41.3%

SSV 95.9% 68.9%

PSV 87.0% 68.7%

Others 61.3% 75.9%

84.4% 78.2%

Young and versatile fleet resulting in sustained utilisation rates for vessels... (cont’d)

22

Business Development – New Charter Contracts

25 Feb 2015 Received Letter of Award from PETRONAS for the provision of the spot charter of marine vessels

(Umbrella Contract)

ICON was awarded six (6) out of eight (8) packages offered by PETRONAS under the Umbrella

Contract; ICON to provide marine vessels in the categories of Anchor Handling Tug / Supply

Vessel 60 MT, Straight Supply Vessel, Platform Supply Vessel, Utility Vessel, Workboat, and Work

barge on call-out basis

10 Dec 2014 Secured contract from EQ Petroleum Production Malaysia for the provision of one (1) unit SSV and

a contract extension by an established oil major for the provision of one (1) UV and one (1) AHTS

21 Oct 2014 Secured contract from Talisman Malaysia for the provision of one (1) 100MT AHTS for a period of

2+1 years with a total contract value of RM63.5 million

20 Aug 2014 Secured contract with Brunei Shell Petroleum for the provision of one (1) AWB for a period of 5+2

years. This is ICON’s first foray into Brunei through its local partner

3

Contracts with reputable oil majors limits credit risks

PETRONAS Carigali

ICON embarking on talent management initiative and extensive training for cadets and crew …

23

Talent Management

Awarded HR Asia™ Best Companies To Work

For In Asia 2014

High performance culture through alignment of

KPIs with corporate vision and mission

Staff retention and recognition of achievements

through ESOS scheme.

Staff Leadership Program for potential managers

to support the business and put in place succession

plans.

IMTC aims to enhance the skills of crew working on

offshore vessels through a continuous learning process

(e.g. deck operations for all levels from Ratings to Master)

The main goal of IMTC is to narrow the gap in skills

between conventional and O&G offshore mariners by

developing competency modules and providing training

when necessary for mariners to operate effectively and

safely during offshore operations

ICON’s IMTC syllabuses are closely connected to our

HSE Management System and industrial driven best

practises

As at March 2015, IMTC had so far trained 144 Icon’s

internal crews.

Approval by Jabatan Pembangunan Kemahiran (JPK) as a

Certified Training Centre is in progress.

Other modules being developed include, amongst others:

engine operations

superintendent training

simulator training

4

Icon Maritime Training Centre (“IMTC”)

24

Established relationship with high quality customers and shipyards

24

Key customer relationships Key shipyard relationships

PETRONAS

ICON has established good rapport across both customers and suppliers, attracting new

customers while retaining existing ones, and receiving favourable pricing and access to shipyards

Guangzhou, China

Miri P. Klang

Sibu

Lumut, Perak

Singapore

Johor, Pasir Gudang

Sandakan, Sabah Labuan, Malaysia

5

25

Integrated framework of procedures to continuously improve HSE performance

Management and employee training

Protective equipment

Inspection, safety and incident analysis

Promotion of safety culture

Emergency preparedness Health controls

Incident investigation Group meetings

Environmental protection

HSE management system

Safety Awareness Coaches

As we expand our business, we seek to deliver exceptional customer experience in terms of

operational performance that includes maintaining the highest HSE standards

6 Excellent HSE track record

ExxonMobil Exploration and Production Malaysia Inc (EMEPMI)- Gold Award – Safety Recognition for Hurt-Free Operations exceeding 100,000 manhours (2014)

26

Dr. Jamal bin Yusof @ Gordon Duclos

Chief Executive Officer & Non-Independent Executive Director

Co-founder & former Managing Director of ICON Fleet (formerly known as Omni Petromaritime Sdn Bhd) group of companies

Former Managing Director of Sisma Enterprise Sdn. Bhd. (a Malaysian provider of transformers, power utilities and OSVs)

President of Malaysia OSV Owners’ Association (MOSVA)

Over 18 years of experience in the OSV industry

Captain Hassan bin Ali

Chief Corporate Officer & Deputy Chief Executive Officer

Former Chief Executive Officer of ICON Ship (formerly known as Tanjung Kapal Services Sdn. Bhd.)

Holds a Master of Foreign Going Certificate of Competency (Class 1); MSc. Degree in Transport, University of Wales College of Cardiff

Over 39 years of experience in the shipping industry working with MISC Berhad (Malaysia International Shipping Corporation Berhad (now known as MISC Berhad), PETRONAS Carigali Malaysian Maritime Academy, Orient Overseas Container Line (Malaysia) Sdn. Bhd. and Gugusan Maritime Sdn. Bhd.

Zaleha binti Abdul Hamid

Chief Financial Officer

A fellow member of the Association of Chartered Certified Accountants (ACCA) and Malaysian Institute of Accountants (MIA)

Over 17 years of experience in audit and finance functions with PricewaterhouseCoopers (Malaysia), Commerce Takaful Berhad (now known as CIMB Aviva Takaful Berhad), Pantai Management Resources Sdn. Bhd. and Ekuinas

Rahman bin Yusof

Chief Operations Officer

Holds a 1st Class Chief Engineer’s Certificate of Competency of unlimited capacity (Steamship & Motorship, dual certification)

Incorporated Engineer (IEng) with the board of Marine Engineers in United Kingdom

Over 33 years of experience in the shipping industry working with Petronas Tankers Sdn. Bhd., MISC Berhad and Sabah Shipyard Sdn. Bhd.

Hands-on experience having been involved in ship building projects in France, Japan and South Korea (new building of LNG carriers)

Experience in Japan & Korea includes dry-docking

7 Dynamic and experienced management team with proven track record

Business Strategies

27

Business Strategies

28

Riding out current volatile oil prices with focus on long term sustainable growth and competitiveness

Earnings visibility

Order book growth and active fleet management

Operational & financial discipline

Sustained margins and liquidity

Future growth through fleet expansion & renewal

Shipbuilding and opportunistic acquisitions

Strategic expansion

Joint Ventures or M&As

Operational excellence

Safety and People

1

2

3 4

5

Earnings visibility

29

a) Grow and replenish order book through competitive bidding locally and overseas

1

Order Book Summary as at 31-Dec 2014

Charter Contract Success Rate as at 31-Dec 2014

Situation today Strategy forward

Large order book with several tenders still awaiting results

Total order book stood at RM760.2 mil, of which

RM522.0 mil (68.7%) are firm and RM216.2 mil

(28.4%) are extension options.

Approximately 53% of current order book will provide

future revenue up to FY2016.

16 tenders and awards are awaiting results with

contract value of over RM234.2 million.

Competitive bidding to grow order book and enhance utilisation

We have an average success rate of 35% in our

tendering activities. Management expects to be more

competitive in future tenders to increase the success

rate, thus resulting in an improved order book and fleet

utilisation.

More marketing activities for overseas charters

Management will also increase overseas marketing

activities of our vessels in the region and the Middle

East.

Contracts with reputable oil majors limits credit risks

PETRONAS Carigali

Order Book

RM'm 2015 2016 2017 >2017 Total

Firm Charter 198.6 156.9 123.5 42.9 522.0

Option Charter 8.1 20.7 33.4 154.0 216.2

Spot Charter 13.4 8.5 0 0 22.0

Contract Value 220.1 186.2 156.9 196.9 760.2

*During the year, Icon has added an AWB vessel (Icon Kayra) to its portfolio of OSV vessels

Successful Unsuccessful Total Success Rate Awaiting Results

AHTS 5 9 14 36% 8

AHT 1 4 5 20% 3

SSV 4 5 9 44% 3

PSV 1 4 5 20% 1

AWB 1 0 1 100% 1

Total 12 22 34 35% 16

Tenders Submitted YTD 2014

33%

53%

37%30%

67%

45%

62%

91%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

ALAM PERDANA BUMI A DAYANG ICON POSH PACIFIC R EZION

27%

61%

30%

39%

67%

41%

7%

77%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

ALAM PERDANA BUMI A DAYANG ICON POSH PACIFIC R EZION

Source: Quarterly Report Ended 31 December 2014

Operational and financial discipline

30

a) Sustained margins through efficiency by enhancing processes and operating culture

Streamline Procurement Processes

Enhance Capability and

Usage of IT

Optimise Hiring and Training

of Crew

• Generate costs savings through costs synergy initiatives (e.g. bulk purchases & price agreements)

• Streamline practices for ship repairs, maintenance and equipment type

• Train and develop cadets to reduce costs over the long term

• Invest in offshore crew training through IMTC to improve overall crew quality

• Enhance hiring process by recruiting better quality crews

Leader in operational efficiency… . . . with improvement opportunities

• Upgrading & investing in IT software & systems such as BASSnet system to drive productivity growth and enhance crew planning.

2

Notes: 1 Excludes depreciation 2 ICON @ adjusted EBITDA YTD Dec 2014

EBITDA Margin2

Malaysia Singapore

Cash GP Margin1

Malaysia Singapore

Median = 44%

Median = 52%

Operational and financial discipline… (cont’d)

31

b) Healthy balance sheet to capitalise on opportunities ahead

Summary of Key Financials

Improved cash flows to ensure sustainable operations

The company will continue to maintain its collection

days at no more than 100 days and plans to have

sufficient cash reserves to cover 12 months of

operations.

Credit risks are mitigated through the employment of

vessels with reputable clients.

Strong balance sheet for fund raising activities

Net gearing has improved to 0.55x as a result of our

IPO.

On-going discussion with our bankers are taking place

to raise funds for:

(i) financing of our vessels under construction; and

(ii) make available an additional war chest to

increase debt capacity to support future fleet

growth / expansion.

Management is of the view that the company can

maintain a gearing capacity at a comfortable level of

up to 1.2x for fleet expansion purposes, when

supported by fresh contract awards.

2

Notes:

1 Excludes Deferred Tax Liabilities

FY2012 FY2013 FY2014

RM'000 RM'000 RM'000

Working Capital

Current assets 227,112 135,284 166,692

Current liabilities 174,100 489,636 24,804¹

Net working capital ratio 1.30 0.64 6.72

Receivables turnover

Receivables turnover period (days) 172 75 101

Gearing

Total borrowings 1,033,009 1,103,252 668,940

less:RCPS-i 224,600 235,600 -

Other borrowings 808,409 867,652 668,940

Cash 53,952 47,303 74,818

Equity 265,763 379,364 1,080,606

Net gearing ratio 3.68 2.78 0.55

The group’s current net gearing ratio stands at approximately

0.55x and is able to gear up further to a comfortable level of

1.2x

This translates to potential additional capex of RM628 million.

An ROA of 10% on this amount of investment would provide

an additional PAT contribution of RM63 million per annum.

Vessel prices (especially small to medium sized vessels)

continue to be on a declining trend and may face further test

should oil prices continue to fall.

Revenue growth through fleet expansion and renewal…(cont’d)

32

b) Capitalise on strong balance sheet for future growth through additional ship building and/or off-the-shelf acquisitions

Source : Clarkson Research Services Limited

3

Opportunistic acquisitions from declining vessel prices

0.55

0.65

-

669

628

0

200

400

600

800

1000

1200

1400

-

0.50

1.00

1.50

2.00

2.50

3.00

Gearing Borrowings

Current gearing Highest gearing Current debt Higest debt

Strategic expansion

33

Joint ventures or M&As to create opportunities in other markets

Geographical presence of ICON

4

Revenue breakdown by geography Geographical presence and worldwide experience

ICON Vessel(s)

currently deployed ICON Experience

Malaysia

(88%)

Overseas

(12%)

Egypt

Saudi Arabia Malaysia

Indonesia :

Previous

experience and

potential future

dealings Australia

India

U.A.E

Iraq Myanmar

Thailand

Vietnam

Brunei

Further geographical diversification – Expanded

footprint into Brunei while securing new long-term

charter contracts:

During the year, the company successfully chartered our

vessel Icon Kayra to Brunei Shell Petroleum, thus improving

our diversification in terms of both client and geographic

exposure.

Management will continue to pursue other opportunities to

expand our geographical exposure and client base,

especially in Indonesia.

Qatar

Operational excellence

34

a) Maintaining high HSE standards

Drug & Alcohol Policy

Safety Management System Policy

Health, Safety and Environment Policy

4

1

2

Commitment to maintain a safe, healthy and conducive environment for all personnel

Commitment to provide safe and healthy working conditions on its

vessels and premises

Commitment to maintain safe and reliable operation of ships and environmental

protection

Stop Work Policy 3 Commitment to pursue the goal of “no harm” to people, properties and environment

Best HSE Performance award by PETRONAS Carigali (2012)

Outstanding Safety Performance without lost workday cases from Maersk Oil (2013 and 2014)

Excellent HSE Performance award by PetroVietnam Technical Services Corp (2011)

ICON has achieved ~19.2 million man hours with zero lost time injury

4th Quarter 2013 Marine Business Partner Award by ExxonMobil Malaysia (2014)

3 million man hours without lost time incident award by PETRONAS Carigali (2014)

Safety Awareness Coach 5 Commitment to uphold our HSE track record and maintain our zero Total Recordable Incident Case Frequency (“TRICF”)

5

ExxonMobil Exploration and Production Malaysia Inc (EMEPMI)- Gold Award – Safety Recognition for Hurt-Free Operations exceeding 100,000 manhours (2014)

THANK YOU

35

Appendices

36

Formation of ICON & Key Milestones…

37

Building a leading Malaysian OSV player with international experience

TKS(1) founded

by Tanjung

Offshore

Berhad and

began

operations by

acting as agent

and 3rd party

charterer

TKS took delivery

of its first two

vessels, 1 AHTS

and 1 UV

Strategic Consolidation between

TKS & OMNI(3) and launch of ICON. TKS

was subsequently renamed as ICON Ship Management

Sdn. Bhd. and OMNI(2) was subsequently renamed as ICON

Fleet Sdn. Bhd.

OMNI(2) acquired its

first vessel, an AHT

ICON Ship vessel was

awarded Best HSE

Performance by PETRONAS

Carigali

Source: Company. (1) Tanjung Kapal Services Sdn. Bhd. (2) Omni Power Sdn. Bhd. (3) Omni Petromaritime Sdn. Bhd.

1994 2005

2006 2012

2012

ICON took delivery of 5 new

AHTS vessels and 1 new PSV, the first Malaysian

constructed diesel electric and

Malaysian-flagged PSV

2013

ICON entered into a joint-

venture arrangement

with an affiliate of Odfjell

Eiendom AS

Apr

2014

On 20 August 2014, ICON

entered into a joint-venture

arrangement to penetrate into Brunei market

Aug

2014

ICON listed on

the Main

Market of

Bursa Malaysia

Jun

2014

ICON has grown from 2 to 31 vessels at a CAGR of 35.6% in 9 years

Playing within the offshore O&G value chain…

38

OSV deployment opportunities within upstream

ICON’s capability

Oil & gas industry structure

Exploration

Exploration geology & prospecting technology

Seismic data

Drilling equipment and systems

Drilling rigs and ships

Field Development

Security certification

Field development study and plan

Pipes

Platform, well, surface and subsea equipment

Production

Management systems for engineering & project; and well-reservoir-facility

Platforms and production vessels

Transportation

Maritime services

Supply ships and supply bases

Refining Distribution

Gas in pipes

Oil & LNG on ships

Consumer

Downstream Midstream Upstream

Exploration & Appraisal Field Development Operation & Maintenance Decommissioning

Appraisal wells commissioned to assess the potential of any discovery made during

the exploration phase

OSVs used to support drilling units by performing positioning duties, towing them

into place, handling anchors and performing supply runs

Pre-FEED & FEED studies

OSVs deployed to support installation vessels and the towing and positioning of

drilling rigs

Fabrication & procurement

Detailed engineering

Offshore construction, installation & commissioning

Flow rates assessed

Enhanced oil recovery

OSVs primarily used for the transport of personnel, provisions, fuel, equipment,

spares and other supplies

Working over of existing wells

Brownfield development and injection wells

Re-use / recycle / dispose

The decommissioning of end-of-field infrastructure

AHTS AHT PSV FCB AV

AHTS AHT PSV FCB AV

AHTS PSV FCB AV

AHTS AHT AV

Barges Tugs AWB

Barges Tugs AWB

OSVs are equipped to provide support for oil and gas operators in the process of

decommissioning

Source: Infield Systems Limited and Company. Note: “AV” refers to accommodation vessels and “FEED “refers to front-end engineering and design.

Computation of adjusted EBITDA and adjusted Profit After Taxation

39

Computation of PAT to EBITDA and Adjusted EBITDA Computation of Adjusted PAT

Quarter Ended

Cumulative Quarter

Ended

31.12.2014 30.12.2013 31.12.2014 31.12.2013

Profit After Taxation 12.93 86.35 59.35 113.601

Gain on disposal of

OSV/non-OSV (0.047) (0.47) (4.67) (1.36)

Other expenses :

- Amortisation of

intangible assets 4.52 4.85 11.76 19.38

- Impairment of assets - 38.50 - 48.78

Admin Expenses:

IPO Expenses (0.77) - 14.60 -

Transaction cost written off 0.81 - 5.25 -

RCPS-i profit rate - 2.75 4.35 11.00

Tax effect relating to : -

- Amortisation of intangible

assets (1.13) (1.21) (2.94) (4.84)

- Disposal of non-OSV 3.09 3.37 3.09 14.39

- Transfer of vessels to

Labuan subsidiaries - (111.38) - (111.38)

Adjusted PAT 19.40 22.75 90.83 89.57

Quarter Ended Cumulative Quarter

Ended

31.12.2014 31.12.2013 31.12.2014 31.12.2013

Profit After Taxation 12.93 86.35 59.35 113.601

Taxation (3.69) (112.20) (2.95) (96.05)

Profit before taxation 9.24 25.85 56.40 17.55

Finance costs 9.14 15.99 50.25 57.51

Depreciation 14.87 11.46 56.37 48.99

Amortisation of

intangibles assets 4.52 4.85 11.76 19.39

Share of profit from JV (0.046) - (0.036) -

EBITDA 37.72 6.45 174.74 143.44

Gain on disposal of

OSV/ non-OSV (0.047) (0.47) (4.67) (1.36)

Impairment of asset - 38.50 - 48.78

IPO related expenses (0.77) - 14.60 -

Adjusted EBITDA 36.90 44.47 184.71 190.87