1Q 2015 Results Briefing

26 May 2015

1| The headlines

2| Projects progress

3| Our focus

May 2015 | 3

1Q15 Results ended 31 March 2015

* Adjusted for one-off share-based payments of RM3.8m arising from fair valuation of ESOS

FY December (RM m) 1Q15 1Q14 yoy chg (%)

Revenue 191.0 84.4 +126.2

Core EBITDA* 30.2 20.3 +48.9

Pretax Profit 18.6 11.5 +62.4

Net Profit 15.1 9.4 +60.4

Core Net Profit* 18.9 10.5 +80.3

Basic net EPS (sen) 1.94 1.52 +27.7

F.d. net EPS (sen) 1.80 1.18 +52.9

May 2015 | 4

1Q15 vs 1Q14

• Revenue rose 2.3 times from projects progress• Lower margins due to a change in revenue mix- higher

contribution from long-term projects (1Q14: more from pipeline services)

84.4

191.0

20.3 30.2 10.5 18.9

-

50.0

100.0

150.0

200.0

250.0

Mar 14 Mar 15

Revenue Core EBITDA Core Net profit

RM'm

[24.1%][12.4%]

[9.9%][15.8%]

May 2015 | 5

Key Financial – 1Q15 vs 1Q14

Revenue (RM’mil)

Core EBITDA(RM’mil)

• Main contributors- Billing from Pan Malaysia

Transportation & Installation (T&I)

Pengerang Pipeline Pre-commissioning for EVA-

North Malay Basin project• Pan Msia Hook-Up & Commissioning

(HUC) generated RM20m/quarter on average

84.4

191.0

1Q14 1Q15

• Core EBITDA adjusted for one-off share-based payments of RM3.8m (relating to accounting valuation of 7.6 million ESOS granted )

• 1Q15 core margin of 15.8% (1Q14: 24.1%); revenue mix geared towards long-term projects- Pan Msia T&I, EPCC Prai & Pengerang

20.3

30.2

1Q14 1Q15

+48.9%

+126.2%

May 2015 | 6

Key Financial – 1Q15 vs 1Q14

Pretax Profit (RM’mil)

Core Net Profit (RM’mil)

• Net interest expense reduced by 23.3% yoy to RM2.8m

• The decrease of interest expense due mostly to repayment of short-term debts for working capital and lowered interest charges from refinanced term loan of KL101

• Effective tax rate at 18.9% (1Q14: 17.8%)

• Reported net profit at RM15.1m (+60.4% yoy)

• Core net profit adjusted for one-off share-based payments

11.5

18.6

1Q14 1Q15

10.5

18.9

1Q14 1Q15

+80.3%

+62.4%

May 2015 | 7

Revenue Breakdown

• “Installation & Construction” revenue +754.8% yoy to RM98.6m with contributions from Pengerang & Prai pipeline and Pan Malaysia T&I projects

• “Pipeline & Commissioning” revenue +26.8% to RM92.4m from Pan Malaysia HUC & pipeline services projects

Pipeline & Commissioning Installation & Construction

48 52

1Q15

86

14 1Q14

May 2015 | 8

Balance Sheet

Share base at 806.3 million; balance RCULS expiring on 24 Oct 18 at 29.4 million @ 15/5/15

173

278 288 301 331

352 356

57

150 162 155

117

249 226

244 216 210 216 226

297 262

-

50

100

150

200

250

300

350

400

Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15

Shareholders' Funds Cash Borrowings (inclg RCULS)

RM million

May 2015 | 9

Net Gearing 10.0% @ 31 March 15

Reduced short-term debts for working capital requirement trimmed gearing ratios

108.6%

23.5% 16.7% 20.4% 33.2%13.7% 10.0%

141.3%

77.6%72.8% 71.8%

68.5%84.4%

73.5%

0.0%

50.0%

100.0%

150.0%

200.0%

250.0%

Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15

Net Gearing Gross Gearing

May 2015 | 10

• Billings from Pan Malaysia T&I was the single largest revenue generator

• Lower margins due to a change in revenue mix

• Reduced net interest expense due to repayment of working capital debts and refinanced term loan for KL101

• Lower effective tax rate due mainly to the streamlined group structure (KL101 ownership with KL101 Ltd)

1Q15 Summary

1| The headlines

2| Projects progress

3| Our focus

May 2015 | 12

Unbilled Orderbook of RM1.79bn @ 31/3/15

Projects Client(s) Value(RM’m)

Unbilled @ 31/3

Balance(Year)

Hook-up and Commissioning (HUC) for platforms in West and East Malaysia

Petrofac, Talisman & SKEnergy Inc

511 318 3.25

Pipeline services,West & East Malaysia

Various PSC’s Recurring 44 < 1

HUC and topside major maintenance services

Lundin & KPOC 32(est)

11(est)

<1

PIG Trap System, W. & E Malaysia Petronas Carigali 110 (est) 109 (est) 2.25+1

Pan Malaysia Transportation & Installation Facilities Package A

11 PSCs 1,500(est)

1,111(est)

1.75+ 1

Pengerang Pipeline Petronas Gas 260 198 1.25

EPCC of Prai 2 Lateral Gas Pipeline Petronas Gas 95 3 <1

Pipeline & Commissioning Installation & Construction

May 2015 | 13

Projects Completion Timeline

Projects Remarks 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

Pan Malaysia Hook-up

and Commissioning

(HUC)

Progressing with ongoing

P.Os from clients

Pipeline services,W. & E

Malaysia

Progressing and bidding as

usual

HUC and topside major

maintenance

New project over 3 years,

with 1-year extension

PIG Trap System, W. & E

Malaysia

Started in late-Jan 15, early

stage. Contract until 2018

Pan Malaysia

Transportation &

Installation Package A

Engaging with clients for

2015 PO

Pengerang Pipeline

65% of pipes delivered. %

completion 3.4% ahead of

plan. 560,818 manhours with

zero LTI

Extension option

2015 2016 2017

1| The headlines

2| Projects progress

3| Our focus

May 2015 | 15

Business Strategy

Short-Term

Medium-Term

Long-Term

Prolong earnings visibility- Tender for existing business

Review supply chain

Operational & financial discipline- Cost saving exercises and financial structure optimisation

Synergistic

O&M of oilfield structures/ facilities- Strengthen our current business model

Fit-for-purpose solutions to clients- Planning, procurement, execution and risk management

Integrated solutions- Take action on our vision

- Move up value chain

- Technology-driven business

Increase recurring income

May 2015 | 16

• Visibility of sizeable projects for upstream and

downstream pending clients decision to implement the

projects

• Projects pre-qualification and bidding very active

• 2015 target orderbook replenishment of RM300m, future

replenishment pending clients’ capex programme rollout

• Planning and executing for long-term growth, expanding

into technology-driven business

Key Takeaways

May 2015 | 17

Thank You

Firdauz Edmin Mokhtar

Chief Financial Officer

Email : firdauzedmin@barakah.my

Abdul Rahim Awang

Chief Corporate Officer

Email : abdulrahim@barakah.my

Barakah Offshore Petroleum Berhad

No. 28, Jln PJU 5/4, Dataran Sunway,

Kota Damansara, 47810 Petaling Jaya,

Selangor Darul Ehsan.

http://www.barakahpetroleum.com

Tel : +603-6141 8820Fax : +603-6141 8857