Hdbs tanjung offshore 20060613 initiate

Company Focus
Company Focus
DBS Group Research . Equity . Malaysia
Malaysia Equity Research PP 11272/7/2006 XX March 2006
13 June 2006

BUY RM2.34 KLCI: 914.51 Tanjung Offshore
An emerging oil & gas service provider
Price Target : 1-year RM3.00
Reason for Report : Initiating coverage Story: We initiate coverage on Tanjung Offshore Berhad (TOFF)
Potential Catalyst: Abundant oil & gas with a BUY recommendation. Target price is set at RM3.00, based
opportunities for local operators in Malaysia, on sum-of-parts valuation. TOFF is essentially a local oil & gas (O&G)
sizeable new contracts service provider that offers marine charter operations, drilling rigs
services, engineering equipment and maintenance services to the oil
ANALYST majors in Malaysia.
Malaysia Research Team
general@hwangdbsvickers.com.my Point: TOFF has strong growth prospects, because it is
strategically entrenched to ride on the vast opportunities in the
FORECASTS AND VALUATION upstream O&G industry in Malaysia. TOFF should benefit from the
FY Dec (RMm) 2005A 2006F 2007F 2008F improving marine charter and drilling rates over the next few years,
Turnover 205.5 260.2 348.5 353.5 and has the opportunity to expand its fleet with the need for
EBITDA 12.8 26.8 41.0 43.3 Malaysian-flagged vessels. Of the estimated 250 vessels operating in
Pretax Profit 11.6 18.8 28.6 29.7 Malaysian waters, only 75-80 are locally-flagged. TOFF is also
Net Profit 16.1 16.9 25.7 26.7
primed to benefit from Petronas’ move to accelerate the
Net Profit ex. EI 16.1 16.9 25.7 26.7
EPS - FD (sen) 19.1 15.7 23.6 24.5 development of marginal fields in Malaysia, for it has the expertise,
EPS - FD (sen) ex. EI 19.1 15.7 23.6 24.5 strategic partnerships and track record to offer such services in the
Net profit Gth (%) 93.0 4.8 52.4 3.8 field.
PE (x) 12.8 15.6 10.4 10.0
P/Cash Flow (x) 12.4 9.4 6.2 5.8 Relevance: Based on current orderbook and locked-in charter
EV/EBITDA (x) 23.6 11.3 7.4 7.0 rates, we expect net profit of RM17m for FY06, and a higher
DPS (sen) 3.0 3.0 3.0 3.0 RM26m for FY07 (+53%), which translates into FD EPS of 16 sen and
Div Yield (%) 1.2 1.2 1.2 1.2
Net Gearing (%) 56.0 153.5 111.6 83.6 24 sen, respectively. At current levels, the stock is trading at 28%
ROE (%) 22.2 19.3 23.1 19.6 discount to our target price, with room for upgrade if several
Book Value (RM) 0.86 1.04 1.32 1.61 tenders are awarded to TOFF in the next few months.
P/Book Value (x) 2.8 2.4 1.9 1.5 2-year CAGR pretax profit growth of 57% p.a from FY06-07. This is
fueled by its fleet expansion program and higher charter & rigs rates.
SHARE PRICE CHART Marine and drilling operations will be the primary growth drivers,
RM accounting for a combined 44-53% of Group revenue and 58-79% of
3.00 EBIT for FY06-07. Complementary businesses such as engineering
TANJUNG OFFSHORE equipment and maintenance services will play a secondary role.
2.50
Delivery of 4 new vessels will be growth catalyst. Earnings will be
2.00 driven by additional vessels coming into operation and rising charter
1.50
rates. TOFF is on track to take delivery of 4 new vessels (4,962bhp
100 DAY MA supply vessels) in 2006, which is 62% completed. The 4 newbuilds
1.00
Jun-05 Aug-05 Oct-05 Dec-05 Feb-06 Apr-06 Jun-06
will expand its fleet to 8 vessels.
Charter rates surging due to acute shortage of rigs worldwide.
AT A GLANCE
Issued Capital (m shrs) 92.8 Demand for rigs remains strong, as reflected in rig charter rates,
Mkt Cap (RMm/US$m) 217.2 / 60.3 which has been rising steadily from US$45,000/day in 1999 to
Major Shareholders (%) US$125,000/day now. This is reflected in TOFF’s recent contract
Omar Bin Khalid 44.2 extension with Shell, which has agreed to a higher charter rate of
Abdullah Bin Hashim 14.9 US$142,000/day, effective 7 Nov 2006 to 31 Jan 2007.
Free Float (est.) 30.0 Rising oil prices make exploration of marginal fields more
Average daily volume (m’shrs) 0.09 economical. Armed with products like MOPU (Mobile Offshore
Production Unit) and TARPON system, TOFF (backed by its track
Earnings Rev : None record) is the Malaysian service provider that is capable of offering
Concensus EPS: FY06: 20.0sen; FY07: 30.1sen
such services in the field. Note that its maiden MOPU contract worth
Variance vs Cons: FY06: -20.3%; FY07: -21.6%
RM85m will kick-off from June 2006 onwards until June 2014.
Sector: Oil & gas
Bloomberg/Reuters Code: TOFF.MK / TOF.KL
Principal Business : Oil & gas service provider

Refer to important disclosures at the end of this report.

Company Focus Tanjung Offshore

Background

Founded in March 1990, TOFF started off as a contract drilling service provider, collaborating with a
Norwegian offshore drilling operator, Odjfell Drilling & Consulting Co. to provide drilling services for
exploratory and development wells in Malaysia. Since then, it has expanded into engineering equipment
and spare parts services in the mid 90s through tie-ups with various global and renowned principals in the
oil & gas sector. TOFF’s entry into the marine services operations came in 1995, where it undertook
chartering services for marine vessels on a leased basis.

Since then, TOFF has developed into an integrated oil & gas service provider of reputable size. To-date,
TOFF has grown to become a reputable integrated oil & gas service provider in the domestic oil & gas
industry and the Group’s operations can be categorized into 4 key activities; marine vessels services, rig &
platform services, engineering equipment operations and maintenance services. Comparatively speaking,
TOFF’s business model is most similar to Petra Perdana (Petra) except that the latter has no rig & platform
service operations. Fleet-wise, Petra has a larger fleet of vessels; 23 units vs. TOFF’s 8 but most of its vessels
are relatively old, averaging >20years versus TOFF’s 1-2 years old.

Listed on the 2nd Board in 2005. TOFF was subsequently listed on the 2nd Board of Bursa Malaysia on 27
May 2005, at an Initial Public Offer (IPO) price of RM1.30 per share.

Operational activities of TOFF

Tanjung Offshore

Engineering Vessel Rig & Platform Maintenance
Equipment Services Services Services

Source: Company

Location of business
Kuala Lumpur Head office, handles all administrative, financial and communication
matters. Recently set up a Controls & Instrumentation division (CID).
Teluk Kalong & Kemaman Support office for marine operations at the Kemaman Supply Base,
Supply Base Terengganu.
Has a complete operations centre for maintenance, repair works and
warehousing for equipment and spare parts at Teluk Kalong.
Miri Workshop and support centre for East Malaysia.
Manjung & Pasir Gudang Support centre for the provision of maintenance services to the Royal
Malaysian Navy and power generation plants within the vicinity.
Labuan New operations centre with maintenance facilities.
Source: Company

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TOFF Corporate Structure

Tanjung
Offshore Investment Holding

Ship management 100% Tanjung 100% Tanjung Integrated service provider
& ownership of Kapal S/B Offshore S/B to the oil & gas and related
vessels industries

100% Tanjung 98% Tanjung 65% Tanjung 50% Forsayth
Petroconsult S/B Maintenance S/B NewEnergy S/B Offshore Pte Ltd

Engineering and Maintenance Project management Ownership of vessel
professional services services MV Tanjung Jara
manpower services

Source: Company

Controlled by experienced management team... The major shareholders of TOFF are Haji Omar Bin Khalid
and Haji Abdullah Bin Hashim, each holding 44.2% and 14.9% equity stakes in the Company. Haji Omar
and Haji Abdullah are co-founders of TOFF and are the Managing Director and Finance Director of the
Company.

Very strong working relationship with Petronas. We understand that the management of TOFF has very
healthy and strong working relationships with Petronas’ operations and management.

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Directors’ Profiles
Y.B Senator Datuk Wira Syed Senator Datuk Wira Syed Ali is a holder of Professional Diploma in
Ali Bin Tan Sri Syed Abbas Leadership and Management by the New Zealand Institute of
Alhabshee, 44 Management, New Zealand and is a member of the Society of Business
Practitioners, UK.
(Chairman)
Presently a chairman of Yayasan Pendidikan Cheras and also serves as a
director of several public and privates companies; Composites Technology
Research Malaysia Sdn Bhd (CTRM), IIUM Holdings Sdn Bhd and C.I.
Holdings Berhad.
Haji Omar Bin Khalid, 51 Haji Omar is a graduate of Eastern Michigan University, USA and holds a
degree of Business Administration (Finance) and a Diploma in Accountancy
(Managing Director)
from Institute Teknologi Mara (now known as Universiti Teknologi Mara).
Started out as an auditor with Arthur Young & Co in 1975 and subsequently
moved to Bank Kewangan as a Finance Manager.
Co-founded TOFF with Haji Abdullah Bin Hashim in 1990 and has over 15 years
of experience in the Malaysia’s oil & gas industry. Developed strong working
relationships with Petronas’ operations and management.
Currently a member of Akademi Laut Malaysia and a trustee member of
Yaysan Pendidikan Cheras, Kuala Lumpur.
Haji Abdullah Bin Hashim, 52 Haji Abdullah holds a Bachelor in Accountancy from University of Central
Lancashore, UK. A qualified Chartered Accountant and a member of the
(Finance Director)
Malaysian Institute of Accountant since 1995.
Joined Arthur & Young & Co in 1977 and subsequently moved to Lembaga
Tabung Haji, Yayasan Pelajaran Mara and Rakyat Corporation Sdn Bhd before
joining Bank Kerjasama Rakyat Malaysia in 1993. Co-founded TOFF with Haji
Omar.
Presently a Board member of Golden Plus Holdings Berhad, a public listed
company involved in investment and property management, Managing
Director of Amona Permodalan Holdings Sdn Bhd, an investment holding
company with interests in property development.
Haji Hamidon Bin Md Khayon, An engineer by profession, Haji Hamidon is a graduate from Colorado School
37 of Mines, USA and holds a degree in Petroleum Engineering.
(Executive Director) Started off his career as a Drilling Fluid engineer with BW Promud Sdn Bhd in
1993 and joined Antah Baroid Sdn Bhd as Drilling Fluids Specialist Sales &
Services a year later, covering the ASEAN operations. He subsequently joined
TOFF in 1995 as a Project Sales Engineer and appointed to the Board of
Directors in 2005. Presently a member of Malaysia Oil & Gas Engineering
Consultants.
Y.B Haji Ab. Wahab Bin Haji He is a chartered accountant, a member of the Malaysian Institute of
Ibrahim, 54 Accountants and holds a Diploma and Advanced Diploma in Accounting from
University Technology Mara.
Independent Non-Exec.
Director Began his career in the Corporate Finance division at Petronas in 1978 and
later assumed the role of Finance Manager for Petronas Gas. Reassigned as
Chairman of the Audit Head of the Finance and IT division of the Oil, Gas and Petrochemical Technical
Committee Services in 1996 following the successful listing of Petronas Gas. Haji Ab.
Wahab is also active in politics as well as social and community services.
Edwanee Cheah Bin Abdullah, Holds a Masters in Business and Administration (Technology) from Deakin
55 University and is a Member of Association of Professional Engineers, Scientists
and Managers, Australia.
Independent Non-Exec.
Director Has over 30 years of international experience in the energy sector and has
served various business units of the Royal Dutch Shell Group in Europe, USA,
Africa, Middle East and Asia.
Source: Company

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Profile of Senior Management
Zaaba Bin Sidek, 42 Manages the technical and commercial matters, day-to-day issues on gas
turbines and compressors maintenance contract negotiations as well as
Manager, After-market
overseeing implementation.
services
Muhammad Sabri Bin Ab. A mechanical engineer graduate of School of Mechanical and Offshore
Ghani, 34 Engineering, The Robert Gordon University Aberdeen and holds a Diploma in
Petroleum Engineering from University Teknologi Malaysia.
Senior Manager, Application
engineering The Project Manager for the gas turbine compression package for Sarawak
Shell in Central Luconia Gas Field Develpoment and the Resak Platform gas
compressor packages for Petronas Carigali.
Joachim Tan Seow Hoe, 31 Holds a Bachelor of Management Studies (Honours) from University of
Waikato, NZ and is a member of the Institute of Chartered Accountants of
Manager of Corporate
New Zealand (ICANZ) and MIA.
Finance
Mainly involved in managing and overseeing all corporate exercises.
Source: Prospectus

Respectable institutional followings. 17.6% of the shares are held by local and foreign institutional
funds. Atlantis Asian Recovery Funds Plc. holds a 4.3% shareholdings in TOFF whilst Public Mutual,
Great Eastern Life Assurance (Malaysia) and Prudential Financial Asia Pacific Funds, just to name a
few, ranks among 30 of its largest shareholders to-date. To-date, foreign shareholdings account for
4.9% of total shareholders.

Overview of core operations

(i) Offshore marine charter operations

Domestic vessel operator. TOFF is among the selected few ‘bumiputra contractors’ licensed by Petronas
that provide marine support services in Malaysian waters. It commenced its marine charter services in 1995
by chartering an anchor handling tug supply (AHTS) vessel for Carigali Triton Operating Company Sdn Bhd
(CTOC).

Current owner of 4 vessels. Since then, it has expanded its fleets of vessels and is now the owner of 4
vessels, which comprise of 3 AHTS and 1 utility vessel, servicing oil majors like Petronas Carigali,
ExxonMobil Exploration and Production Malaysia Inc (EPMI), Talisman Malaysia Limited (Talisman), just to
name a few. Of the current 4, ’MV Sea Eagle’ is presently leased from Gulfmark Offshore Inc. whilst MV
Tanjung Jara is co-owned with CH Offshore, with an equal 50:50 stake. Both MV Tanjung Huma and MV
Tanjung Manis, fully-owned by TOFF are newbuilds, delivered in 2005.

Vessels are fully deployed. Except for MV Tanjung Manis, which is currently on spot charter, the other 3
vessels are on long-term contracts. Note that spot rates are generally 12-15% higher than long-term
charter. However, long-term charter offers stability in higher utilization rates and locked-in cashflows.

To double fleet size to 8 vessels by end 2006. Considering that demand for local-flagged vessels remains
ever strong, TOFF is leveraging on the shortage of such vessels by commissioning the construction 4 new
straight supply vessels (SSVs), thus expanding its size to 8 vessels. Construction for the 4 vessels was
awarded to Muhibbah Engineering and MSET Shipping for a sum of RM140m, or RM35m each. TOFF is on
track to take delivery of the 4 vessels by 4Q06, for construction of the vessels are already 62% completed.

Functions of AHTS and supply vessel
Vessel Description
AHTS Moving of drilling rigs, fire-fighting, provision of supply and transportation of equipment,
cargo pipe, cement, fuel, oil and freshwater between operation centres and offshore
platforms and facilities.
Supply vessel Transport manpower, fresh water, diesel oil, bulk cement, barite, liquid mud, base oil,
brine, drill water, deck cargo, materials and equipment. Provides towage duties.
Source: Company

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To take deliveries of the 4 vessels by Jul-Oct 2006. MV Tanjung Pinang 1 & 2 are scheduled for completion
by mid-July and early August 2006 whilst TOFF will take delivery of MV Tanjung Pinang 3 & 4 by a later
Aug & Oct 2006 respectively.

The 4 new vessels have yet to be contracted out but TOFF is in an advanced stage of negotiations with
several oil majors in securing long-terms contracts.

Details of vessels
Vessel Built year/ Details Client (s) Charters Contract
acquired*/leased**
Own
MV Tanjung Jara 2003* 8,000HP AHTS; 59m EPMI Long 5-year contract,
50%-owned term expires in 2008

MV Tanjung Huma Aug 2005 5,428HP AHTS; 60m PCG Long 3-year contract,
100%-owned term expires in 2009

MV Tanjung Manis Jul 2005 3,484HP utility EPMI, PCG, Spot Spot
100%-owned vessel; 45m Talisman

MV Tanjung Pinang 1 62% completed @ 4,962HP straight t.b.a t.b.a t.b.a
(built by Muhibbah Engr) May 2006 supply vessel; 60m

MV Tanjung Pinang 2 62% completed @ 4,962HP straight t.b.a. t.b.a. t.b.a.
(built by Muhibbah Engr) May 2006 supply vessel; 60m

MV Tanjung Pinang 3 62% completed @ 4,962HP straight t.b.a t.b.a t.b.a
(built by MSET) May 2006 supply vessel; 60m

MV Tanjung Pinang 4 62% completed @ 4,962HP straight t.b.a. t.b.a. t.b.a.
(built by MSET) May 2006 supply vessel; 60m

Leased
MV Sea Eagle 1976/ 2002** 3,850HP AHTS; 51m EPMI Long Spot
term
Source: Company

Fleet expansion program is expected to continue beyond 2006. Over the longer period, TOFF is committed
to expanding its vessels size by capitalizing on the demand for domestic marine support vessels, with a
preference for Malaysian-flagged vessels of larger newbuilds. Note that it is an open policy by Petronas to
promote greater local participation in the oil & gas services in Malaysia.

May take delivery of another 2 new vessels by 2008, which would expand its fleet by to 10 units. We
suspect TOFF will be looking out for vessels of higher horsepower (HP) with >10,000HP, which should
command better charter rates and operating margins, although we stress that the view is independently
ours.

The marine charter business will provide the catalyst to earnings growth over the next 2 years. For 2006,
TOFF will see full-year contributions from MV Tanjung Manis and MV Tanjung Huma whilst 2007 will see
earnings kicking-in for the 4 SSVs. Earnings should accelerate if TOFF manages to secure higher charter
rates and manages additional vessels on a leased basis. All in, we expect the division to contribute a
substantial 36-59% of TOFF’s EBIT in FY06-07 respectively.

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Graphics of TOFF’s vessels

MV Tanjung Jara MV Tanjung Huma MV Tanjung Manis

MV Tanjung Pinang 1 (Mid Jul, 06) MV Tanjung Pinang 2 (Early Aug,06)

MV Tanjung Pinang 3 (End Aug, 06) MV Tanjung Pinang 4 (Early Oct, 06)
Source: Company

(ii) Rigs & platform services

Rigs operations to ride on rising rates…
TOFF is 1 of the only 4 local players that offer drilling rigs services in Malaysia. In Malaysia, TOFF is the
exclusive agent of a jack-up rig (owned by Pride Offshore Inc., the largest rigs operator in the world,
owning 280 rigs), which is currently chartered out to Sarawak Shell. Sarawak Shell has been a client of
TOFF for the rigs services since 1999.

Stronger rig rates to charter growth. Demand and utilization rate for rigs will rise over the next few years
driven by higher drilling activities. This translates into improving day rates, which is of great benefit to
TOFF.

Shell’s extension of rig contract at above-market rates underlines tight supply of rigs. TOFF has recently
received a ‘lucrative’ 3-month contract valued at RM46mextension from Sarawak Shell to provide drilling
rig operations in East Malaysia. The contract, which runs from 7 Nov 2006 to 31 Jan 2007, is valued at a
daily charter rate of US$142,000, comparatively 15% higher than the current market rate of US$125,000
per day. The substantial rate hike is not surprising, for there is currently an acute shortage of rigs
worldwide.

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Contracted rigs rates from 1999 – present

(US$/ day) Contracted daily rig rates (1999 - Jan 2007) 142,000
140,000
120,000
100,000
80,000
55,000 57,000 59,000 60,000
60,000 45,000 48,000 50,000 52,000
40,000
20,000
0
1999 2000 2001 2002 2003 2004 2005 2006 2007

Source: Company

TOFF earns a higher 3% of rig rates. TOFF’s profits take the form of a percentage of rig rates. The charter
rate is presently 2.0% of rig rates, but will rise to 3% when the revised contract takes off in Nov 2006.
Benefits to TOFF are 2-fold i.e. from the higher charter rates and higher percentage of sharing from the
rate itself.

In negotiation for improved terms. With demand for offshore rigs on the rise due to increasing drilling
activities, we understand that Shell has begun negotiations with TOFF for a contract extension running
over the current Jan 2007 period.

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Demand for MOPU & TARPON Systems will improve as greater emphasis is given to the development of
marginal fields and matured assets in a buoyant oil price environment

Rising oil prices have created ‘new opportunities’ for the development of matured asset and marginal
fields. The prevailing high oil prices has undoubtedly accelerated Petronas’ efforts in enhancing oil
recovery in matured, abandoned and marginal fields, for it has become economically viable to extract oil
from such fields, in view of the low production cost of an estimated US$25-35/barrel per field.

25 marginal fields with ‘90 potential hotspots’ are to be developed by 2009. It is estimated that in
Malaysia, about ’90 hotspots’ have been identified as marginal fields potentials and are expected to be
developed between now and 2009. TOFF stands to benefit from Petronas’ commitment in enhancing oil
recovery (EOR) at these matured, abandoned marginal fields for TOFF is able to offer 2 of several
specialised offshore-drilling techniques for such fields.

TOFF’s MOPU & TARPON System to fuel marginal field development. TOFF is capable of engaging in 2
methods ‘with remarkable track records to boot’ for marginal fields. It offers:-

i) Mobile Offshore Production Unit (MOPU); and

ii) TARPON System.

The other ‘proven’ methods for the extraction of oil from marginal fields in Malaysia are the FSO & FPSO
vessels and sub-sea processing facilities. MISC is currently the owner of 3 FPSOs and 3 FSOs

Crude oil prices (2000 to present)

80

70

60

50

40

30

20

10

0
Jan-00

May-00

Sep-00

Jan-01

May-01

Sep-01

Jan-02

May-02

Sep-02

Jan-03

May-03

Sep-03

Jan-04

May-04

Sep-04

Jan-05

May-05

Sep-05

Jan-06

May-06

Source: Bloomberg

9 of 22


Mobile Offshore Production Unit (MOPU)

MOPU

MOPU Jack-up rig
Source: Company

About MOPU. MOPU is a jack-up drilling rig, which is converted into an oil & gas production platform and
it is designed to operate as a stand-alone oil & gas processing facility. Oil & gas processed on a MOPU is
then typically stored and transported onshore in an FSO.

MOPU is cost effective, flexible and requires shorter construction period. We believe Petronas Carigali’s
greater preference for MOPU concept over conventional rigs for small, marginal fields’ development
reflects its interest in pursuing necessary cost-efficient solutions. The preference for MOPU to conventional
rigs is greatly justified, for it wins hand-down in terms of costing, timing of delivery and flexibility.

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Advantages of a MOPU vs. a conventional rig
MOPU is a cheaper alternative for marginal field operations. The MOPU (used for the Cendor field) costs US$39m,
which is a fraction to a conventional rig, which averaged US$150m per unit.

Faster to commission for MOPU takes only 8-12 months versus 3 years for a conventional rig, thus enhances oil
recovery (EOR) operations.

MOPU is mobile and is able to operate as a stand alone process facility for a long period, utilizing a low cost
submerged flexible pipeline to a FSO. A conventional rig operation is less flexible, heavy and requires AHTS for
transportation.

Enables operators to deal with a number of reservoir uncertainties in a highly cost-effective manner that was not
previously conceived.

Description MOPU Conventional rig
Cost: US$39m US$150m
Construction period: 8-12 months 36 months
Extraction rate: Comparatively lower Comparatively higher
Design Very flexible, enables operators to deal Less flexible.
with a number of reservoir uncertainties
in a highly cost-effective manner.

Source: Company, Hwang-DBS Vickers Research

First Malaysian service provider to be awarded MOPU. In June 2005, TOFF was awarded its maiden
RM85m contract by Petrofac (Malaysia) for the provision of a MOPU for 2 years (effective June 2006 to
June 2008) with a 6-year extension option. Petrofac operates the Cendor Field Development Project, Block
PM-304, for its partners Petronas Carigali, Kuwait Petroleum Exploration and PetroVietnam Investment
Development. MISC will supply the FSO for this project.

About Cendor oil field in Block PM304. The oilfield is located at the northeast corner of PM 304, with water
depth of about 70 metres, with principal producing horizons in the H Group of Middle Miocene sands.
Cendor has gross production rate of 12,000 barrels per day (bpd) whilst reservoir size is estimated at 17-
25m barrels of oil with significant upside potential. First oil from the field is scheduled for Jul 2006.

Details of Cendor field
Operator Equity stake (%)
Petrofac Group 30%
Petronas Carigali 30%
Kuwait Foreign Petroleum Exploration Company 25%
PetroVietnam Investment Development Company 15%

1st oil Jul 2006
Initial key oil rate (Phase 1) Est. 12,000 bpd
Long term key oil rate Est. 25,000 bpd
Field life for Phase 1 8-10 yrs

Estimated reservoir size: 17-25m barrels of proven oil reserves
>50m barrels of probable oil reserves
Source: Company, Hwang-DBS Vickers Research

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About Petrofac. Petrofac, a public listed company on the London Stock Exchange, is a well-known
international surface facilities solutions provider serving the oil production, oil refining, natural gas and
petrochemical industries. Petrofac has 3 main operations, namely the engineering & construction,
operations services and resources (a strategic investment arm with oil majors) divisions.

Petrofac is a relatively newcomer to Malaysian waters, having entered into Malaysia in June 2004
following the acquisition of a 30% equity stake in the Cendor oil field in Block PN304 off Peninsular
Malaysia from Amerada Hess.

Has extensive marginal fields experience in North Sea. What is of interest here is that Petrofac is capable
in offering the expertise in developing ‘mature’ oil fields at effective developmet cost that commensurate
wih the size of oil reserves. Note that Petrofac has over 20 years of proven experience with mature oil
fields in the North Sea fields, where it focuses on incremental production with careful risk mitigation
rather than large scale investment.

As such, the experience and business solutions that Petrofac offers appeals to Petronas in its search for
partnerships to rejuvenate mature assets or marginal fields.

On a joint-venture (JV) basis for the construction of MOPU. Given the huge capital outlay of US$39m
(RM146m), TGO has set up a SPV with Global Process Systems (AP) & HL Engineering S/B with stakes of
10:70:20 respectively to undertake the construction of the MOPU.

TOFF’s principal, Pride Offshore will provide the jack-up rig for conversion into MOPU whilst Global Process
Syatems will offer turnkey capability in all areas of process equipment supply. It will take the lead for the
construction of the MOPU. HL Engineering will offer its fabrication facilities and TOFF will bareboat
charter the MOPU to PEtrofac.

Under the contract agreement, TOFF receives 2 sources of income from the MOPU operations.

TOFF will receive an annual dividends of US$0.5m (RM1.8m) from the SPV, based on its 10% stake.

Receives a 3% of the daily charter rate of US$US$42,000 or revenue of RM1.7m p.a. The SPV is unable to
charter the MOPU for it has no license to undertake such services.

All in, the MOPU will contribute about RM2.4m to TOFF’s net profit p.a, based on its 10% stake in SPV, 3%
daily charter rate of 330 days.

Sensitivity of MOPU’s SPV stake and charter rates to earnings
% stake in SPV Est. earnings (RM’m)
10% 1.3
15% 1.9
20% 2.6

% of charter rates Est. earnings (RM’m)
3% 1.1
4% 1.4
5% 1.8
Source: Hwang-DBS Vickers Research

Not ruling out the possibility of raising its stake in SPV. Our sensitivity analysis suggests that a 5% increase
in the SPV would increase its profits by RM0.6m (before taking account the interest cost).

Bidding for one more MOPU. Should the Cendor project progress positively, the likelihood of TOFF
clinching a similar MOPU contract with another oil operator in Peninsular Malaysia will improve immensely.
As we understand, a bid has been submitted although results remain inconclusive.

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About TARPON GUYED system.

The TARPON system is a patented product of Acergy Group Tarpon division (formerly known as Stolt
Offshore) and is uniquely designed for water depth that ranges between 75 ft and 300 ft, which allows it
to be applied at a series of potential development locations.

Field criteria Description
Water depth: 75 – 350 ft
Topside loading weight: Less than 400 tonnes
Conductor slots Less than 8

Source: Company

Various views of a TARPON SYSTEM

TARPON TARPON

Source: Company

Major components of the TARPON system
Central caisson
Termination clamp
Boat landing
Anchor piles (3)
Guy cables (6)
Rod and block cable tensioning assemblies
Topside (optional)
Source: Company

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The advantages of TARPON over monopods and tripod. The system is a low-cost solution for marginal
field development due to its simpler construction and design capabilities. The TARPON system is best
utilized for topside loading of <400 tonnes. Depending on the field requirement, the TARPON system can
handle heavier topside but it will lose its competitiveness. The TARPON system can be delivered within 6-8
months period, based on conventional fabrication method. TARPON is also practical, for offshore
installation is relatively easy and fast.

3 practical reasons for using the TARPON system

Low cost solution for marginal field development & matured assets

Fast delivery within a 6-8 month period

Installation is relatively easy and fast

Source: Company

For remote oilfield operations, the TARPON system is connected to an FPSO whilst the system is tied-in to a
central processing platform (CPP) for existing facilities.

Landscape of development Application
Remote/ virgin oilfield TARPON + FPSO
Existing oilfield with existing facilities TARPON + CPP

Source: Company

TARPON System has been in existence for over 20 years but…The system was widely used in the North Sea
since the 80s by oil majors like PENNZOIL, PetroQuest Energy, AMOCO, Canadian OXY, with over 30
installations to-date.

…but is relatively new in Malaysia. The system was first used at the Semarang Kecil oil field in 2000 and
was later applied at the North Lukut and Penara oilfields in 2002 and Ledang Anoa in 2006.

TARPONS’ track record in Malaysia
Field: Semarang Kecil North Lukut Penara Ledang Anoa
Date: 2000 2002 2002 2006
Water depth: 53m (180 ft) 61m (200 ft) 61m (200 ft) 79m (260 ft)
Conductors: 2+1 5+1 5+1 2+1
Topside: 250 tonnes 280 tonnes 280 tonnes 250 tonnes
Application: TARPON + CPP TARPON + FPSO TARPON + FPSO TARPON + CPP
Source: Company

TOFF’s net profit margin here is estimated to be 12-14%. Essentially, TOFF provides the engineering
expertise in terms of design, while the rig will be fabricated by Malaysia Marine & Heavy Engineering Sdn
Bhd (MMHE), a 65% subsidiary of MISC Berhad (MISC).

Bidding for more TARPON contracts. With TARPON gaining greater acceptance in Malaysia, TOFF is midst
of bidding for 2-3 new TARPON contracts worth ~RM60m, to be awarded by Petronas Carigali.

14 of 22


Engineering equipment & spare parts

Licensed by Petronas. TOFF is licensed by Petronas under the Vendor Development Program to supply
engineering equipment and spare parts to the oilfield operators in Malaysia. TOFF’s principals in these
operations are as follows:-

Major Principals & description of products
Principal: SIEMENS
Length of relationship: 4 years
Details: Supply of industrial gas turbines, compressors and rotating motors for
mechanical drive and power generation.
Client: PCG, Sarawak Shell, Sabah Shell, EPMI.

Principal: ABB
Details: Supply of distributed control system, fire & gas systems and shutdown systems
for platforms.
Client: PCG, Sarawak Shell, Sabah Shell, Talisman, EPMI, Murphy Oil.

Principal: GLOBAL PROCESS SYSTEM (GPS)
Details: Provision of complete turnkey capability in all areas of process equipment
supply, such as Water Injection System, Produced Water Treatment System and Gas
Dehydration System.
Client: PCG, Sarawak Shell, Sabah Shell, Talisman, Murphy Oil.

Principal: STORK H&E TURBO BLADING CORPORATION
Details: Manufacturer & supplier of rotating and stationary blading for steam and gas
turbines nad axial compressors.
Client: PCG, Sarawak Shell, Sabah Shell, Talisman.

Principal: SEVERN GLOCON
Details: Supply of industrial gas turbines, compressors and rotating motors for
mechanical drive and power generation.

Principal: FLOWGUARD
Details: Supply control pressure and pulsation dampeners.

Principal: NORDIC OFFSHORE
Details: Provide 2-D seismic studies.
Client: PCG.

Principal: TDI BROOKS
Details: Provide surface geochemistry studies.
Client: Amerada Hess, Newfield Sarawak Malaysia, Murphy Oil.
Source: Company

15 of 22


Products and services rendered. Being part of Petronas’ Vendor Development Program, TOFF is the
exclusive agent for various engineering equipment, for O&G platforms and other facilities. In terms of
services, TOFF also provides installation layout, planning and implementation, scheduled maintenance,
trouble shooting and various after-sales services.

Demand for engineering equipment & maintenance operations on the rise. It is estimated that ~65-70 new
oil & gas structures and platforms are expected to be built in the Malaysian waters from now until 2009,
averaging 16-18 units a year. On average, each platform will require substantial amount of engineering
equipment and, maintenance and offshore support vessels over the next 20-25 years. Notwithstanding
that, there are also maturing and aged platforms that require major maintenance services.

Big revenue contributor but small earnings generator. The engineering equipment division is a leading
contributor to TOFF’s sales due to the size of contracts. Sales are recognized on a progressed billings basis,
with contracts tend to be of short-term basis, of less than a year period. EBIT margins for the operations
have been razor-thin, at 2-4% for TOFF receives a percentage of trading fees.

Process flowchart of the engineering equipment, spare parts and maintenance
Identification
of potential Front-end
requirements Engineering
of prospective design
clients (“FEED”) Implementation Delivery

Ascertaining Recommending the Fully involved in
production best possible method construction and
& operations for the equipment and fabrication phase Maintenance
philosophy & parts to be installed
specifications of & used
new project

Constant Regular project Maintenance
technical progress schedule
discussion meetings drawn up
Source: Company
Engineering equipment contracts secured since listing
Date Description Value Operator Tenure
(RM'm)
29-May-06 Supply of distributed control systems, safety & fire gas 46.0 Muhibbah Engineering 4 mth
systems and field instrumentations
11-Jan-06 Maintenance services for mechanical rotating 80.0 Petronas Carigali 5 yrs
equipment at all Sabah & Sarawak offshore platforms
1-Dec-05 Supply of gas compressors for a platform 2.5 Sarawak Shell Berhad 5-6 mth

21-Nov-05 Provision of 1 unit of SIEMENS gas turbine 10.0 Petronas Carigali 3-4 mth

7-Nov-05 Supply of recripocating gaslift compressors to the Abu 7.0 Petronas Carigali 6-7 mth
Cluster Development Project
24-Oct-05 Provide general maintenance & mechanical services 3.0 Talisman Malaysia 3+1+1 yrs

18-Oct-05 Provision of high voltage switchgears to a FPSO at 3.0 Malaysia Deepwater 4 mth
Kikeh oilfield Floating Terminal (Kikeh)
23-Jun-06 Provision of complete re-blading and refurbishment 4.0 Petronas Carigali 1 mth
on the Gas Turbine Generator Rotor
Source: Company

16 of 22


Corporate exercises under implementation:

They include:

i) a 1-for-2 bonus. This will involve the issues of 46.m shares (before the exercise of ESOS and conversion
of warrants), on the basis of 1 new bonus shares for every 2 shares held. Post bonus issue, TOFF’s share
base will increase to 138.6m shares.

ii) Ascension to Main Board. The proposed transfer of TOFF’s listing status to the Main Board. We expect
the exercise to be completed by 2H2005

Effects of bonus issue to share base
Minimum scenario Maximum scenario
(‘m shares) (‘m shares)
Share base @ Mar 2006 92.6m 92.6
Exercise of ESOS 8.2
Conversion of warrants 18.4
Sub-total 92.6 119.3
1-for-2 bonus issue 46.3 59.7
Enlarged share cap (post bonus) 138.9 179.0
Source: Bursa announcement

Other issues

Stretching gearing for optimal growth. Net gearing stands at 0.8x as at Mar 2006, on the back of gross
cash, debt and shareholders’ funds of RM82m, RM158m and RM92m. However, cash position should fall
over the next few months for the purchase of 4 vessels, that are expected to be delivered in 2H06.

Cashflows from marine operations will reduce debt. We acknowledge that gearing could be a concern but
we believe TOFF is able to bring it down to a manageable level over the next few years, through its strong
operating cashflows from marine charters, which is strong & stable (long term contracts). Also, repayment
for its RM150m Serial bond, which carries a coupon rate of 4.5%, will commence from 2008 onwards,
which is a great boost for TOFF to facilitate the expansion of TOFF’s cash position.

Schedule of loan repayment
Year Repayment of loans (RM’m)
2006 -
2007 -
2008 20.0
2009 20.0
2010 25.0
2011 25.0
2012 30.0
2013 30.0
Total 150.0
Source: Company

Sub-par tax rate. Note that TOFF has been enjoying minimal tax rate (<1%) versus statutory tax of 28%,
benefitting greatly from the deferred tax assets arising from the capital allowances from the purchase of
vessels. As such, we incorporate tax rate of 10% in our earnings model through 2009. We anticipate TOFF
to enjoy capital allowance of RM140m over the next 5-6 years, or RM23-28m p.a

17 of 22


Prospects

Quantum leap in earnings with a 2-year CAGR pretax profit growth of 57% p.a from 2006-2007, driven by
its fleet expansion program and higher charter & rigs rates enjoyed. Marine and drilling operations will be
the key drivers to growth, accounting for a combined 49-62% of the Group’s revenue and 65-79% in EBIT
for 2006-07.

Growth in 2006 will come mainly from the full year charters of 2 vessels (i.e. MV Tanjung Huma & MV
Tanjung Manis) and contributions from MOPU from 2H06 onwards.

More earnings upside is expected should TOFF raises its stake in the SPV, which currently stood at 10%.
The estimated dividends from the SPV will total US$5m (RM18m) p.a., based on the MOPU contract. For
now, our forecast assumes a 10% stake for TOFF in the SPV.

Earnings in 2007 should improve on the back of 4 vessels (SSVs), which are expected to be chartered out
once the said vessels have been delivered. TOFF should also benefit from the full earnings contributions of
MOPU in 2007 versus 6-month in 2006.

Earnings could improve on the upside should TOFF:

secure additional contracts for TARPONS, MOPU

realised higher charter rates for its vessels and drilling rigs

enhance its engineering equipment & maintenance orderbooks

The bonus issue and transfer to the Main Board should improve liquidity in the market and enhance its
investment links among fellow investors.

Action

Attractive valuations. Valuations are undemanding, for the stock is trading at just 10x FY07
earnings (a year where TOFF will reap the full benefits of its marine & drilling operations). Based
on our sum-of-part calculations, we value TOFF at RM3.00. On PE analysis, we derived a fair value
of RM3.20, pegging earnings (fully diluted) to a PE of 12x for FY07.
Note that our forecasts are at the lower end of consensus’ estimates. Securing new orders and
higher charter rates should accelerate earnings, going forward.

Sum-of-part valuations
Division Value (RM’m) Comment
Marine charter services 223 Based on 14x FY07 earnings
Drilling operations 55 14x PE for MOPU and rigs operations. A 10% discount is
applied to the rigs ops for TOFF is not the asset owner.
Engineering equip. ops 36 Assigned a 10x PE multiple for FY07 operations
Maintenance services 19 Based on 10x FY07 earnings
Sub total 333

Fully diluted share cap 111 Incl. outstanding warrants, totaling 18.5m units

SOP 3.00
Discount (%) 23%

Source: Company

18 of 22


Peer comparison with marine operators in Malaysia & Singapore
EPS (sen) PE (x) ROE (%)
Company Price YE 06F 07F 06F 07F 06F 07F
TOFF 2.34 Dec 15.7 23.6 14.9 9.9 19.3 23.1
Petra 3.14 Dec 28.9 32.9 10.9 9.5 25.0 22.4
CHO* 0.335 Jun 3.6 3.8 9.3 8.8 14.6 18.0
Ezra* 2.28 Aug 11.2 21.3 20.4 10.7 32.8 23.1
Labroy* 1.19 Dec 8.2 9.2 14.5 12.9 24.0 22.9
Source: Hwang-DBSVickers Research, *DBS Vickers

TOFF’s Profit & Loss Model
FY Dec 2004 2005 2006F 2007F 2008F
Turnover 151.8 205.5 260.2 348.5 353.5
- Marine services 8.7 7.4 23.2 47.7 47.7
- Rigs services 52.3 74.0 106.0 169.7 169.7
- Eng equip. & parts 69.5 85.0 85.0 85.0 90.0
- Maintenance services 21.4 39.1 46.0 46.0 46.0

EBITDA 9.9 12.8 26.8 41.0 43.3
Depreciation (0.7) (2.0) (5.2) (10.5) (11.8)

EBIT 9.2 10.8 21.6 30.5 31.6
- Marine services 1.5 1.8 7.8 18.0 18.0
- Rigs services 1.8 2.1 4.7 5.9 6.8
- Eng equip. & parts 3.0 3.2 6.0 4.3 4.5
- Maintenance services 2.9 2.0 3.2 2.3 2.3

Interest income 0.0 0.0 0.0 0.0 0.0
Interest expense (0.1) (0.9) (5.8) (5.8) (5.8)
Investment income 0.0 0.3 1.6 2.5 2.5
Associates 1.8 1.4 1.4 1.4 1.4
Exceptional items 0.0 0.0 0.0 0.0 0.0
Pretax profit 10.9 11.6 18.8 28.6 29.7
Taxation (2.5) 4.4 (1.9) (2.9) (3.0)
Minority Interest (0.0) 0.0 (0.1) (0.1) (0.1)
Net profit 8.3 16.1 16.9 25.7 26.7
Source: Hwang-DBSVickers Research

Key statistics
FY Dec 2004 2005 2006F 2007F 2008F
No. vessels deployed (unit) 2 6* 8** 8 8
Avg. operating days 220 183 173 323 323
TOFF’s stake in SPV (%) - - 10 10 10

Charter rates
Avg. marine charter rates (bhp) 0.9x 1.1x 1.2x 1.2x 1.2x
Avg. rig rates (US$/day) 57,000 59,000 60,000 142,000 142,000
Avg. MOPU rates (US$/day) - - 42,000 42,000 42,000

Note:* 2 new vessels deployed in 4Q05, **4 new vessels to be deployed in 4Q06

19 of 22


Balance Sheet Model
FY Dec 2004 2005 2006F 2007F 2008F
LT assets
Fixed assets 38.9 130.4 253.5 278.7 292.6

Current assets 75.3 88.2 96.6 131.4 146.3
Inventories 0.7 1.0 1.4 1.9 1.9
Accounts receivable 35.0 76.6 74.1 98.3 102.5
Cash & ST investment 39.6 10.6 21.1 31.3 41.8
Others 0.0 0.0 0.0 0.0 0.0

Current liabilities 40.2 105.2 117.4 153.6 157.6
Accounts payable 27.5 94.8 106.9 143.2 147.2
Others 6.8 0.0 0.1 0.1 0.1
ST borrowings 5.9 10.4 10.4 10.4 10.4
74.0 113.4 232.7 256.5 281.2

Shareholders funds 56.3 72.6 87.5 111.2 135.9
Paid-in capital 42.0 42.1 42.1 42.1 42.1
Reserve 14.3 30.5 45.4 69.1 93.8

Minority interests 0.0 0.0 0.1 0.2 0.3

Non-current liabilities
Long-term debts 17.7 40.9 145.2 145.3 145.3
74.0 113.4 232.7 256.5 281.3

Cashflow
FY Dec 2004 2005 2006F 2007F 2008F
Operating cash flow (1.0) (4.3) 39.1 49.7 40.0
Net Profit 8.3 16.1 16.9 25.7 26.7
Depreciation &
amortisation 0.7 2.0 5.2 10.5 11.8
Change in working capital (8.2) (13.2) 14.2 11.6 (0.3)
Others (1.8) (9.1) 2.9 1.9 1.9
Investment cash flow (39.5) (47.1) (52.5) (50.0) (50.0)
Net capex (37.1) (46.9) (52.5) (50.0) (50.0)
Change in LT investment (2.5) 0.4 0.0 0.0 0.0
Change in other assets 0.0 (0.6) 0.0 0.0 0.0
Cash flow after invt. (40.5) (51.4) (13.4) (0.3) (10.0)
Financing cash flow 55.5 53.7 96.5 (7.8) (7.8)
Change in share capital 38.2 40.0 0.0 0.0 0.0
Net change in debt 17.4 23.4 104.2 0.0 0.0
Change in other LT liab. (0.1) (1.8) (7.7) (7.8) (7.8)
Net cash flow 15.0 2.4 83.1 (8.1) (17.7)

20 of 22


Descriptions of major approvals, licenses and permits
Authority License Description
MOF 357-010 037 64 (TMS) Eligible for submission of various tenders for MOF projects to supply
357-020 292 56 (TNE) equipment, machineries and services
357-000 287 47 (TOS)

357-000 287 47 (TOS) Recognition and conferment of bumiputra contractor status. Bumiputra
participation in equity shareholdings, board of directors, management and
workforce must be > 51%. Renewable every 1 year for Malaysian-flagged
vessels and 3-months for non-Malaysian flagged.
MOT Domestic Shipping
License

Petronas L-100697-T (TOS) To supply equipment & services to the oil & gas exploration annd production
L-421945-H (TNE) companies
L-388449-K (TMS)
L-227036-V (TPC)
Source: Company

APPENDIX: TANJUNG OFFSHORE – HISTORICAL ACHIEVEMENTS

Highlights & corporate milestones
1990 Founded Tanjung Offshore Services Sdn Bhd (TOS) in March to provide contract drilling services
1993 Expanded into engineering equipment & spare parts operations
1994 Moved into marine services in May. Chartered vessels on a leased basis
1996 Incorporated Tanjung Maintenance Services Sdn Bhd to provide other support services to the oil & gas
industry such as manpower, maintenance & repair works on offshore platforms and onshore power
plants. Operations are centred in Kemaman, Terengganu.
1997 Tanjung NewEnergy Services Sdn Bhd was incorporated to provide project management services to the
engineering and energy industries.
1999 TOS secured its 1st jack-up drilling rig services to Sarawak Shell in collaboration with Pride International
Pte. Ltd.
2000 Tanjung Petroconsult Sdn Bhd commenced operations via its engineering and professional manpower
services.
2003 Set-up of 50%-owned Forsayth Offshore Sdn Bhd to acquire MV Tanjung Jara (AHTS).
2005 27 May - Listed on the 2nd Board of Bursa Malaysia.
30 June – Secured 1st Mobile Offshore Production Unit (MOPU) contract from Petrofac (Malaysia PM-304)
for the development of Cendor oilfield off the coast of Terengganu.
15 Sep – Took delivery of MV Tanjung Huma
19 Sep – Undertook a private placement via the issuance of 8.4m new shares at an issue price of RM1.90
per share. Issued a RM150m 8-year 4.5% Serial Fixed Rate Bonds with 18.5m Warrants

Source: Company

21 of 22


This document is published by Hwang-DBS Vickers Research Sdn Bhd (“HDBSVR), a subsidiary of Hwang-DBS
Securities Berhad (“HDBS”) and an associate of DBS Vickers Securities Holdings Pte Ltd (“DBSVH”). The
research is based on information obtained from sources believed to be reliable, but we do not make any
representation or warranty as to its accuracy, completeness or correctness. Opinions expressed are subject to
change without notice. This document is prepared for general circulation. Any recommendation contained in
this document does not have regard to the specific investment objectives, financial situation and the particular
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