Analysts’ Briefing4Q 2015

2 March 2016ICON OFFSHORE BERHADLevel 12A, East Wing, The IconNo. 1, Jalan 1/86F, Off Jalan Tun Razak55000 Kuala Lumpur, Malaysia

www.iconoffshore.com.my

Disclosure Statement

The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sellor 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, orbe relied upon in any connection with any contract or commitment whatsoever. This presentation is confidential and is intendedonly for the exclusive use of the recipients thereof and may not be reproduced (in whole or in part), retransmitted, summarized ordistributed 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 basedon certain assumptions and expectations of future events. The future events referred to in these forward-looking statementsinvolve known and unknown risks, uncertainties and other factors, many of which are beyond ICON's control, which may cause theactual results to be materially different from those expressed or implied by the forward-looking statements. These forward-lookingstatements are based on numerous assumptions regarding ICON's present and future business strategies and the environment inwhich ICON operates and are not a guarantee of future performance. Any reference to past performance should not be taken as anindication of future performance. ICON makes no representation, warranty or prediction that the results anticipated by suchforward-looking statements will be achieved, and such forward-looking statements represent, in each case, only one of manypossible scenarios and should not be viewed as the most likely or standard scenario. You are cautioned not to place unduereliance 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 relianceshould 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 withindependent sources. None of ICON or any of its directors, officers, employees, agents or advisers, or any of their respectiveaffiliates, advisers or representatives, undertake to update, revise or re-affirm the presentation including any forward-lookingstatements, whether as a result of new information, future events or otherwise and none of them shall have any liability (innegligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising inconnection with this presentation and any liability therefore (including liability for any direct or indirect consequential loss ordamage) 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 inconnection with the prospectus.

2

AHT, AHTS and Utility

SSV and PSV

AWB

Icon Offshore at a glance

3

Who we are

Largest pure-play OSV provider in Malaysia andone of the largest in Southeast Asia in terms ofnumber of vessels.

Diversified fleet of 33 vessels for the year ending31 December 2015 (FY2015).

Our vessels provide a wide range of logisticalsupport services throughout the entire offshore oiland gas life cycle. They operate primarily in shallowwaters.

Established relationships and experience with oilmajors and international client.

Led by highly qualified management team withexperience in the marine and oil and gas industries.

Our fleet

25

6

2PETRONAS Carigali

Group performance in summary

4

Financials Overview *

Revenue

RM 266.6 mil(2014: RM318.9mil)

Operations Overview *

Order Book

RM 686.0 mil

EBITDA (adjusted)

RM 128.1 mil(2014: RM184.8 mil)

PAT(adjusted)

RM 25.9 mil(2014: RM90.8 mil)

* 12 months year to-date results or as at 31 Dec 2015, whichever applicable.

Man hours without LTI

13.0 mil hours

Fleet Utilisation

60%(2014: 78%)

Expansion outside Malaysia

(by revenue)

27% (2014: 12%)

Net Gearing

85%(2014: 55%)

Impairment of vessels

(non-cash)

RM 195.4 mil

Impairment of Goodwill(non-cash)

RM 180.5 mil

Industry Trends and Leading Indicators

5

Supply and demand expected to rebalance from 2017 onwards

Demand growth to remain solid at 1.2mb/d through 2021. Oil useexpected to cross the symbolic 100 mb/d mark towards the endof the decade.

In 2014 and again in 2015 supply exceeded demand by massivemargins, 0.9 mb/d and 2 mb/d respectively, and for 2016 weexpect a further build of 1.1 mb/d. Only in 2017 will we finallysee oil supply and demand aligned but the enormous stocksbeing accumulated will act as a dampener on the pace ofrecovery in oil prices when the market, having balanced, thenstarts to draw down those stocks.

Rising oil supply from Iraq and Iran may be curtailed frompolitical uncertainties

Elsewhere, the determination of members of the Organisation ofPetroleum Exporting Countries to maintain and expand theirmarket share has clearly been shown by the fact that at twoministerial meetings following the historic November 2014decision not to cut production to support oil prices, ministershave resisted any temptation to change course. In mid-Februarysome OPEC members and Russia agreed to freeze productionand they indicated that further policy initiatives may follow. Risingoil production in 2015, notably from Iraq and Saudi Arabia, willnow be joined by Iran, freed from nuclear sanctions. Within thetime frame of this forecast we do not expect a major increasein the production capacity of either Iran or neighbouring Iraqdue to political uncertainties, but this outlook could, towards theend of the period, be revised.

Source: International Energy Agency 2015, Medium Term Oil Market Report 2016

…but the IEA predicts rebalancing of supply & demand from 2017

Brent oil price continues to slide over the last 12 months…

Source: Bloomberg.com

Our Strategic Roadmap

ICON’s strategic roadmap in the medium term is to weather the storm and re-shape its future for 2020

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Strategic Ro

admap

Weatherthe

Storm

Invest inbest in class

assets

Strategic Expansion Diversify into other geographical markets

Growth through JVs and/or M&As Export surplus vessels to other regional

markets

Investing in modern and best in class OSVs to meet future needs

Fleet renewal programme

Implement key short term strategies to ride out the downturn

Competitive bidding through robust cost review

1

Reduce costs by focusing on quick wins

2

Conserve cash flow

3

Operational Highlights

7

Operational Highlights (1/4)

8

Fleet utilisation rate

Utilisation rate trend

Competitive tenders have arrested the decline in utilisation Supported by a healthy order book

Order book

Total order book as at 31 Dec 2015 amount to RM686 million.

62%

38%

Firm Option

AHT, AHTS, UT

SSV, PSV

AWB

69% 45%

FY2014 FY2015

80% 62%

100% 93%

78% 60%

40%

60%

80%

100%

YTD4Q 2014

YTD1Q 2015

YTD2Q 2015

YTD3Q 2015

YTD4Q 2015

Fleet average utilisation rate

Operational Highlights (2/4)

A number of significant contract wins were announced in 2015.

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27 May 20152nd long-term contract through our JV partner with Brunei Shell Petroleum for the provision of one (1) AWB for a period of 2+1 years.

14 Jul 2015Two (2) letters of award from PCSB for the provision of two (2) AHTS for a period of 2+1 years.

24 Nov 2015Letter of award from Borneo Seaoffshore Sdn. Bhd. for the provision of one (1) deep water PSV to KPOC for a period of 2+1 years.

23 Oct 2015Letter of award from ExxonMobil Exploration & Production Malaysia Inc. for the provision two (2) AHTS. The contract tenure is for a period of 6+1 months and 3 months respectively.

11 Dec 2015Letter of award from CPOC for the provision of one Utility vessel for a period of 3+1+1 years.

Operational Highlights (3/4)

Conservation of capital through the deferment of vessels under construction.

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Vessels under construction

AHTS(Hull No. G016)

AHTS(Hull No. SH128)

AWB(Hull No. SH121)

PSV(Hull No. SH129)

Lumut, Malaysia

Guangzhou, China

Guangzhou, China

Guangzhou, China

1Q 2017

1Q 2017

1Q 2017

-

Under Construction Shipyard Location Targeted Delivery

3

1

2

4

Operational Highlights (4/4)

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Excellent HSE record in line with target

Awards in FY2015

OMNI MARISSAFirst vessel in Malaysia

to be awarded a 12 monthOSVIS validity period (PETRONAS Carigali)

HSE AWARD 2014SILVER AWARD

(Carigali – PTTEPI Operating Company)

HSE Statistics for FY2015

First Aid Case

Property Damage

Near Miss

Unsafe Act & Unsafe Condition (UCUX)

Restricted Workday Case /Medical Treatment Case

Lost Time Injury (LTI)

13.0 million man hours without LTI

OMNI PERKASAIn Appreciation For Active Contribution Towards Near

Miss Reporting FY2015(PETRONAS Carigali)

EORC Wells1,000,000 Man-Hours

LTI Free FY2015(Shell & PETRONAS

Collaboration)

0

3

1

6

10

14,169

Group Financial Overview

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Group Financial OverviewCumulative Period

13

Revenue (RM’ mil) Adjusted EBITDA (RM’ mil) Adjusted PAT (RM’ mil)

Total Group revenue for FY2015 stood atRM266.6 mil.The drop was largely attributable to lowerfleet utilisation rate of 60% (FY2014: 78%).

The Group’s adjusted EBITDA forFY2015 stood at RM128.1 mil.This is largely in line with the lowerrevenue coupled with higher cost of salesduring the year arising from the highernumber of vessels.

The Group’s adjusted PAT for FY2015stood at RM25.9 mil.In addition to the lower fleet utilisation,the Group also incurred additionaldepreciation for larger vessels deliveredin Q2 2015.

318.9

266.6

FY 2014 FY 2015

-16%

184.8

128.1

FY 2014 FY 2015

-31%

90.8

25.9

FY 2014 FY 2015

-71%

20.1

11.0

4Q2014

4Q2015

-45%

37.0 37.3

4Q2014

4Q2015

+1%

Group Financial OverviewQuarter on Quarter (4Q 2014 vs 4Q 2015)

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4Q 2015 revenue stood at RM65.3 mil(4Q 2014: RM77.1 mil)Decrease by RM11.8 mil primarily due tolower vessel utilisation during the quarterunder review.

4Q 2015 adjusted EBITDA was atRM37.3m (4Q 2014: 37.0 mil)The increase is a result of costoptimisation initiatives implemented byManagement during the year despite thereduction in revenue.

4Q 2015 adjusted PAT was lower atRM11.0 mil (4Q 2014: RM20.1 mil)The decrease is mainly attributable toadditional depreciation for larger vesselsdelivered in Q2 2015.

Revenue (RM’ mil) Adjusted EBITDA (RM’ mil) Adjusted PAT (RM’ mil)

77.1

65.3

4Q2014

4Q2015

-15%

Group Financial OverviewQuarter by Quarter (Trailing quarters)

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4Q 2015 revenue was at RM65.3 mil, compared to RM69.1 mil in 3Q 2015. Revenue was lower due to seasonalityand vessels completed their contracts.

4Q 2015 adjusted EBITDA rose by 15% to RM37.3 mil from RM32.4 mil in 3Q 2015.The increase is a result of costoptimisation initiatives implemented byManagement during the year.

4Q 2015 adjusted PAT was higher atRM11.0 mil, an 80% increase from 3Q 2015. The increase is mainly due to therecognition of deferred tax assets duringthe year.

Revenue (RM’ mil) Adjusted EBITDA (RM’ mil) Adjusted PAT (RM’ mil)

63.6 68.6 69.1 65.3

1Q2015

2Q2015

3Q2015

4Q2015

+8% -5%+1%

27.0 31.5 32.4

37.3

1Q2015

2Q2015

3Q2015

4Q2015

+15%

+3%+17%

3.3 5.2 6.1

11.0

1Q2015

2Q2015

3Q2015

4Q2015

+80%

+19%+57%

Group Financial OverviewReconciliation of PAT to Adjusted PAT

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Note: Please refer to our Quarterly Report for 4Q 2015 (Part C) for further information.

Significant non-cash impairment charges on vessels and goodwill were recognised during the year in light of drastic changes in the economic condition within the oil and gas industry. However, the Company remains profitable operationally.

RM'million

(363)

195

181

3  1  9 26 

(400)

(300)

(200)

(100)

0

100

PAT Impairmentof vessel

Impairmentof goodwill

Amortisationof

intangibleassets

Change inestimate

fordepreciation

Tax effectadjustments

AdjustedPAT

12%

88%

28%

72%

Overseas revenue Malaysia revenue

Group Financial Overview By business segments

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

Inner: 2015: RM266.6 milOuter: 2014: RM318.9 mil

Revenue255

49 15

174

2765

0

50

100

150

200

250

300

AHT,AHTS,Utility

SSV,PSV

AWB

YTD Dec 2014 YTD Dec 2015

AHT, AHTS, Utility

SSV, PSV AWB

Leverage and Capitalisation

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(1) Total debt = Total short-term and long-term borrowings(2) Net debt = Total debt – Cash and cash equivalents * Refer to appendix for adjusted calculations

Gearing Ratios as at 31 December 2015

Debt Profile Analysis (RM’bil)

CAPEX Commitments - vessels (RM’mil)

RM’mil FY2014 FY2015

Total Assets 1,781.7 1,467.9

Total Equity 1,080.6 728.0

Total Debt (1) 668.5 713.7

Cash and cash equivalents 74.8 95.4

Debt(1)/EBITDA 3.6 5.6

Net debt(2)/EBITDA 3.2 4.8

Capital Structure 

Key Financial Ratios

0.620.98

0.550.85

FY2014A FY2015A

Gearing ratio (Gross) Net gearing ratio

1.781.47

0.67 0.71

FY2014A FY2015A

Total Assets Total Debt

70.0 53.0

-

2016 2017 2018

Key takeaways

1 Icon has been taking positive steps to navigate the current challenging market conditions We are controlling costs, ensuring operational efficiency, and expanding into new

markets

We have a strong business that is continuing to win contracts

Our team blends decades of domestic, international and industry experience

2 Icon’s positive steps are starting to show results and have an impact Our adjusted net profit and revenue have all improved on a quarter-by-quarter

basis since the start of the financial year

There is a higher vessel utilisation arising from expansion overseas

Our vessels running costs are lower through enhanced operational efficiency –improved margins

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1

2

Thank you

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