#1Asian Oilfield Services Ltd. Investor Presentation November 2019#2Safe Harbor Asian Dilfield Services An Oilmax Company This presentation and the accompanying slides (the "Presentation"), which have been prepared by Asian Oilfield Services Ltd. (the "Company"), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. This presentation contains certain forward looking statements concerning the Company's future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forward looking statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the Company. 2#3Q2FY20 Financial Performance#4Q2FY20 Consolidated Profit & Loss Statement Asian Dilfield Services An Oilmax Company Particulars (in Rs. Crore) Q2FY20 Q2FY19 Revenue from Operations 55.5 38.1 Y-o-Y 45.9% Updates on Q2FY20 performance: Oilfield services related expense 35.1 25.2 Gross Profit 20.4 12.8 59.2% Gross Margin 36.8% 33.7% Employee expense 2.4 4.1 Other expenses 5.5 2.8 EBITDA 12.5 6.0 110.1% ■ EBITDA Margin (%) 22.6% 15.7% Other Income 1.3 3.9 Depreciation 4.9 4.9 EBIT 9.0 5.0 80.6% EBIT (%) 16.1% 13.0% Finance Cost 0.1 2.9 Profit before exceptional items and tax 8.9 2.1 Exceptional Items 0.0 -3.0 Profit before Tax 8.9 -1.0 N.A. PBT Margin (%) 16.0% N.A. Tax 2.6 0.0 Profit after Tax 6.3 -1.0 N.A. PAT Margin (%) 11.3% N.A. Cash PAT 11.2 3.9 184.5% Commencement of execution of the Project from Amni International Petroleum for upgrading its production facility has primarily led to robust performance in Q2FY20 We faced disruption at the seismic project in Himalaya during the quarter on account of unforeseen weather challenges and prolonged monsoon. Work has now gathered momentum On account of monsoon season, there were no operations in any seismic projects in north east of India. The operations for the same has started from November '19 onwards Have repaid all external borrowings and the pledge on the company's assets has been removed The existing outstanding order book of ~Rs. 20 crore of Indian seismic business is expected to be executed in FY20 Design work for production asset for Charaideo field in Assam has begun and execution will further progress in FY20 Cash and bank balance (net of outstanding debt) is ~Rs. 69 crore as on 30th September 2019 Consolidated Net Worth as on 30th September 2019 is ~Rs. 149 crore Cash PAT Margin (%) 20.1% 10.3%#5Consolidated Balance Sheet ASSETS (Rs. Crs) Sep-19 Mar-19 Mar-18 EQUITY AND LIABILITIES (Rs. Crs) Sep-19 Mar-19 Mar-18 Non-current assets 95 100 114 Equity 149 152 141 Property, plant and equipment 78 84 97 Equity share capital 38 38 38 Intangible assets 2 3 3 Other equity 111 114 102 Financial assets Non-Current Liabilities 2 0 14 Loans 0 0 0 Financial liabilities Other financial assets 0 0 9 Borrowings 0 0 14 Income tax assets 15 14 5 Other Financial Liabilities 2 0 0 Other non-current assets 0 0 0 Provisions 0 0 0 Current Assets 216 118 138 Current Liabilities 160 66 98 Inventories 1 2 Financial liabilities Financial assets Borrowings 18 4 4 Trade receivables 100 59 62 Cash and cash equivalents 51 3 8 Trade payables 32 45 55 Other financial liabilities 7 11 32 Bank balances other than above 36 22 16 Loans 3 1 8 Other current liabilities 95 1 2 Other financial assets 3 2 20 Provisions 6 5 5 Other current assets 22 30 22 Current tax liabilities 2 0 0 TOTAL-ASSETS 311 218 253 TOTAL - EQUITY AND LIABILITIES 311 218 253 Asian Dilfield Services An Oilmax Company 5#6Order Book Details (1/2) Seismic Services Operations & Maintenance Services • • Total outstanding Outstanding Order Book ~Rs. 770 Cr Domestic: Client: ONGC & Oil India Scope of work: 2D Seismic Data Acquisition & Basic Processing Services in Himalaya & North East Region Order worth: ~Rs.20 Cr International: Client: Bashneft Scope of work: Executing 2D/3D work in Iraq Order worth: US $37 Million Asian Dilfield Services An Oilmax Company Client: Oilmax Energy Scope of work: Supply of Onshore facility + Provide O&M services for 10 years upon start of production at Charaideo (Assam) Order worth: Rs. 210 Cr Client: Amni International (Nigeria) Production Facility Construction and O&M Scope of work: Upgradation of an existing Mobile Offshore Production Unit (MOPU) in Nigeria Order worth: US $52 Million. Have booked US $11.5 Million in revenue and balance will be booked in coming quarters 6#7Order Book Details (2/2) Order Book: Asian Dilfield Services An Oilmax Company The total outstanding net order book as on 30th September 2019 is Rs. 770 crore, of which seismic constitutes 36.3%, Production Assets constitutes 36.4% and the balance 27.3% is comprised of O&M projects. Domestic orders constitute 30% and International orders constitute 70%. The total order inflow in H1FY20 is Rs. ~615 crore New Projects: The execution of Nigeria Langley Project has been initiated in May 2019 and is on schedule. This project is expected to be completed by next year. We expect delay in execution of Bashneft Seismic Data Acquisition Project in Iraq on account of some uncertainties in geopolitical environment and local unrest. Design work for production facility of Oilmax Energy Project at Charaideo (Assam) have been initiated. We are awaiting government clearance for the same. Executed Projects: Asian has successfully completed Rajasthan, Ganga and Mizoram seismic projects in last nine months Existing Projects: We plan to complete seismic projects at Assam, Himachal Pradesh & Arunachal Pradesh in FY20 Completion of projects will help Asian to secure additional work in seismic division and start execution of new projects immediately 7#8Asian Oilfield Services - Oil & Gas Services Specialist#9Introduction ||||||| Asian Oilfield Incorporated in 1992 Asian is an oil & gas industry service provider, offering end-to- end services across the entire upstream value chain. Currently offering Geophysical data acquisition (seismic), Production Facility Construction, Production Facility Operation and Maintenance (O&M). It also plans to provide Turnkey Drilling and Enhanced Oil Recovery services going ahead 19 Projects Completed 5 Ongoing Projects 380 People Strong Project Team 0 LTIF Oilmax - New Promoter Oilmax became the New Promoter of Asian Oilfield in 2016-17 and transformed the company from Seismic service provider to being a wide scale service provider in Oil-Gas services Business 6 Countries Footprint ~ Rs. 770cr O/S Order Book 9 Asian Dilfield Services An Oilmax Company#10Advantage ASIAN Strong Balance Sheet & Asset Base (((ps)) Debt free Balance Sheet with Net Worth of Rs. 149 Cr Strong asset base of Seismic Survey equipment's Technology Driven Solutions Only Indian company to offer 3D wireless seismic technology Attractive option to potential customers who are looking to work in challenging environments Asian Dilfield Services An Oilmax Company Experience Across Challenging Terrains Extensive work experience across challenging terrains and International geographies Diverse Services Seismic, Production Facility Construction, Production Facility Operation and Maintenance (O&M) ASIAN also plans to provide Turnkey Drilling and Enhanced Oil Recovery services going ahead Experienced Management Team Highly experienced Promoter Group & Professional Management Diverse Geography & Strong Customer Base Operating in Domestic as well as International Markets Strong asset base of Seismic Survey equipment's 10#11Comprehensive Service Offerings ((opp)) Existing Service Offerings E X Seismic Services Production Facility Construction Production Facility Operations & Maintenance Future Service Offerings Turnkey Drilling Asian Dilfield Services An Oilmax Company Enhanced Oil Recovery Services ASIAN is a leading service provider of 2D and 3D Seismic Services with extensive industry experience of over 20 years ASIAN has significant expertise and financial capability to create low cost, high quality onshore and offshore production facilities ASIAN has extensive experience and expertise in turnkey Operation & Maintenance (O&M) of onshore and offshore oil and gas facilities ASIAN has significant experience in the drilling. business with over 20 years of shot-hole drilling services offered alongside our Seismic services Partnering with global technology leaders ASIAN provides Enhanced Oil Recovery solutions 11#12Presence across the E&P Lifecycle E&P Lifecycle Exploration Services Offered by ASIAN Seismic✶ & Drilling^ Appraisal & Development Asian Dilfield Services An Oilmax Company Production Abandon Production Facility Construction* & Production Facility O&M*, Turnaround Maintenance^, Drilling Services^ Turnkey EOR Decommissioning^ * Existing Service Offerings ^ Future Service Offerings ASIAN Building capabilities and credentials across E&P services value chain 12#13Marquee Clientele Client List ओएनजीसी PremierOil Pre-Qualified Clients BASHNEFT AMNI CANORO RESOURCES LTD. Amni International Petroleum Development Company Limited ongc ऑयल इंडिया लिमिटेड Oil India Limited LARSEN & TOUBRO Reliance Industries Limited GGAZPROM Asian Dilfield Services An Oilmax Company Chevron 8 PETRONAS 画 STRATUM GeoEnpro गेल G GAIL GAIL (India) Limited SELAN EXPLORATION TECHNOLOGY LIMITED Z HINDUSTAN ZINC JUBILANT ENPRO Oil Search ROSNEFT TOTAL Marathon Oil Corporation. The Brand Names mentioned are the property of their respective owners and are used here for identification purposes only 13#14■ Partners and Certifications Partners ASIAN prides itself in providing the state-of-the-art technology data acquisition and processing technology for vibroseis, dynamite, or wireless seismic technology ■ To ensure top-of-the-line technical solutions ASIAN has partnered with world-class technology partners with a long history of excellence and consistency Our Partner wireless SEISMIC Real Time Matters Wireless Seismic, backed by Chesapeake Energy Corporation, one of the largest onshore producers and the largest user of seismic data in the United States, provides the industry's only fully scalable wireless seismic recording system with Real-Time (RT) seismic data acquisition Real-Time System is easy to use as the operator does not need to monitor data visibility & acquisition speed limitations that may be found in other cable-less systems A Real-Time System provides superior performance as compared to other systems, viz. Hybrid wireless or Nodal systems - " Certifications Asian Dilfield Services An Oilmax Company ISO 9001:2015 certified company 150 9001 BUREAU VERITAS Certification BURE UKAS 1820 ISO 9001:2008 certified company 150 9001 BUREAU VERITAS Certification BURE RITAS UKAS 1820 IAGC Certified Contractor Proud Member of AGC 14#15Strong Seismic Services Execution Capabilities Complete Equipment Base: • ~16,000 Wireless and Cabled channels ~50 Mechanical & Rotary Rigs with compressors and engines Other equipment's like Geophones, Recording Systems etc. Strong Team: ASIAN is the first Indian company to adopt wireless technology in seismic data acquisition • Team of ~50 experts in Geosciences, HSE, Seismology, QC, Surveying Asian Dilfield Services An Oilmax Company 15#16Capabilities to EXECUTE in Difficult Terrains Asian Dilfield Services An Oilmax Company Kurdistan & Rajasthan Rough terrain challenges Nigeria (Upgrade existing offshore MOPU) Indonesia Thick Vegetation North East India Slope challenges 16#17Production facility up-gradation contract at Nigeria Asian Dilfield Services An Oilmax Company Amni International is pursuing the development of petroleum exploration and production assets offshore in Nigeria The company intends to upgrade existing Mobile Offshore Production Unit (MOPU) ASIAN to provide engineering, procurement, installation and commissioning of MOPU Brownfield upgrade project Contract value of this project is US $52 Million Duration of the contract is about 12 to 16 months 17#18Seismic Services Contract at Iraq Receipt of order from Bashneft for 2D/3D work in Iraq The contract requires a detailed study of the area geological structure with the aim of geometry determination of the field, resource estimation and preparation of exploration drilling targets Contract value is US $37 Million Duration of the contract is 18 Months for both 2D & 3D project Scope of work includes: • 2D Studies Spatial 2D CPD seismic survey covering 1,226 linear km (through extreme line shot points) 3D Studies: Spatial 3D CDP seismic survey covering 500 km2 (along the SP perimeter) Asian Dilfield Services An Oilmax Company 18#19Focused Player in Oil-Gas Services#20Our Journey - Evolving from Seismic to many more... Incorporation of Asian Oilfields 1992 1995 Commenced First Shot-Hole Drilling Operations IPO Commenced Rig Operations 1997 1998 Executed 2D Seismic Contract Won 1st International for Premier Oil Order 2003 2010 2012 Asian Dilfield Services An Oilmax Company Completed a large 3D seismic survey of 630 sq.km over the Taza Block in the Kurdistan Region of Iraq over the spread of 13,000 wireless channels Widened Services Portfolio 2013 Executed 1st Seismic Survey Successfully executed 1st 3D Seismic Contract Contract Sets Seismic world record at Shakal field site for Russian major Gazprom 2014 2016 2017 2019 OILMAX becomes New Promoter First O&M contract awarded to ASIAN for a FPU in the EBOK field in Nigeria for 3 years, with a 2-year extension option Gross Order Book on Consolidated basis crosses Rs. 850 crores 20#21Our Core Values Trust Quality Asian Dilfield Services An Oilmax Company We strive to build close relationships with our customers, stakeholders and employees and we rigorously try to uphold our commitments We guarantee reliability and efficiency in meeting our customers' deliverables by employing a highly- experienced team of industry experts and implementing the latest technology, systems and processes in the industry I Core Values We implement the latest & best industry wide technology & practices to ensure the utmost quality of services to customers We leverage individual strengths to deliver outstanding performance while working in collaboration with customers and service providers Performance Team work 21 21#22Group Structure AOSL Petroleum Pte. Ltd. (Singapore) * * 100% subsidiary ^ 23% Joint Venture # 99.99% step-down subsidiary Oilmax Energy Pvt. Ltd. Promoter Group Asian Oilfield Services Ltd. Asian Oilfield & Energy Services DMCC (UAE) * AOSL Energy Services Ltd. (India)* Ivorene Oil Services Nigeria Limited (Nigeria) # Asian Dilfield Services An Oilmax Company Optimum Oil & Gas Pvt. Ltd. (India)^ 22 222#23Our Promoters - Oilmax Energy Private Limited QE. OILMAX ENERGY About Oilmax Energy Oilmax Energy is an integrated Oil & Gas company with a balanced portfolio spreading from Exploration, Production, Engineering Procurement and Construction (EPC) and Operation & Maintenance (O&M) C.C.CO Asian Dilfield Services An Oilmax Company Management Promoted by Mr. Kapil Garg and supported by Padma Shri Dr. Rabi Bastia, the company's management comprises of industry veterans who possess more than 2 decades of experience in the Oil & Gas industry Geographic Presence India, Romania and Myanmar. Targeting opportunities in Far East, Russia, Middle East and Africa Capabilities Oilmax Energy is a solution provider and it helps create value across value chain in upstream Oil & Gas business. It also has investments in E&P assets Acquisition of Asian Oilfields Oilmax Energy acquired Asian Oilfield Services Limited in 2016 to create a services portfolio in Oil-Gas 23#24Oilmax Energy Pvt. Ltd. - Complementing Asian Oilfield Strengths of Oilmax Recognized by global E&P companies Mr. Kapil Garg is a Director on the Board of Oilmax Mr Garg has done his Masters from IIT Roorkee He has been associated with Oil & Gas majors like ONGC, Enron Oil and Gas India He has also served as Managing Director of BG's upstream business in India Mr. Garg has many distinguished accomplishments in multi-disciplinary project managements and focused strategic business developments + Highly talented and motivated multinational workforce Low cost fast track, fit for purpose project solutions and delivery Asian Dilfield Services An Oilmax Company 24#25Experienced Management Team Asian Dilfield Services An Oilmax Company Mr. Ashutosh Kumar CEO & Whole Time Director Mr. Kumar is an Electronics engineer from Ranchi University with over 25 years of professional experience in Oil & Gas industry He has worked with companies like ONGC, Enron and BG and other oil & gas companies at various senior positions ◉ Mr. Sumit Maheshwari CFO Mr. Maheshwari is a Chartered Accountant (CA) and Chartered Financial Analyst (CFA) with 17 years of experience in the Accounting & Finance domain He has been associated with major oil and gas sector companies in his career Mr. A. K. Singh Vice President Technical Mr. Singh has over 20 years of experience in project management and operations in Oil & Gas industry. Areas of significant contributions are field development concepts, project assurance plans, risk assessment. He has worked in Reliance Industries Limited, ONGC and Mercator at various positions. 25 25#26Strong Board Driving Healthy Corporate Governance (1/2) Asian Dilfield Services An Oilmax Company ■ Mr. N. M. Borah Non-Executive Independent Director Mr. Borah has served as the Chairman & Managing Director of Oil India Ltd. (OIL) Mr. Borah has represented the Indian Govt. & his company in various technical seminars, conferences & business meetings globally He also served as the Appellate Tribunal for Electricity (APTEL) as a Technical Member (Petroleum & Natural Gas) He has been conferred with the "SCOPE" award for Excellence and Outstanding Contribution in Public Sector Management (2009-10) by the Hon'ble Prime Minister of India & also "The Business Leadership award (2010-11)" by NDTV " Dr. Rabi Narayan Bastia Non-Executive Professional Director Dr. Bastia has a vast experience of about 3 decades & is a renowned personality in the Hydrocarbon Industry He Headed the Exploration Group at Reliance for more than 16 years He has been conferred with the "Padma Shri Award", as he played a key role in the largest gas discovery of KG Basin in 2002 Dr. Basti has been awarded D. Sc for the first time in the field of Petroleum research in India from ISMU, Dhanbad which was highly applauded by Alberta University, Canada & Oklahoma University, USA Mr. Kadayam Ramnathan Bharat Non-Executive Independent Director Mr. Bharat has served as Managing Director at Credit Suisse First Boston Securities India He was the youngest individual to become both vice president and a member of the management committee at Citibank Mr. Bharat was instrumental in starting trading in 'units' of the UTI, concluding India's first ever GDR transaction (Grasim) and taking Citibank to the top 5 in India Currenty, Mr. Bharat is the Managing Director of Advent Advisory services India 26#27Strong Board Driving Healthy Corporate Governance (2/2) Asian Dilfield Services An Oilmax Company Mr. Devesh Bhargava Non-Executive Independent Director Mr. Bhargava led Lehman Brothers in India in 2005-06 and was Managing Director & Head, Fixed Income/SSG India He was responsible for incubating GE Real Estate and Corporate Finance/Distressed vertical in India; and in ING as Head, Corporate Finance Services He played an instrumental role in acquisition of Vysya Bank by ING Group Mr. Bhargava has also worked with Bank of America, India as VP Investment Banking & Global Market Group, Asia from 1992- 2001 Mrs. Anusha Mehta Non-Executive Independent Women Director Mrs. Mehta possesses a rich experience of over a decade in the financial industry and has been associated with HDFC Bank & Barclays Finance in the banking space She also has a vast experience in devising strategies aimed at enhancing overall growth, sustained profitability & performance improvement Currently she focuses on supporting entrepreneurs who want to use business to create a value-driven & sustainable world Mr. Mukesh Jain Non-Executive Professional Director Mr. Jain is alma mater of Shri Ram College of Commerce & Delhi School of Economics Mr. Jain practices Banking and Real estate law with focus on transaction structuring and regulatory framework. He also has experience in devising customized products for anchor HNI clients During his tenure at Oriental Bank of Commerce, he authored the first draft of documentation manual for the Bank in the year 1985 27#28Asian Oilfield Services moving in the right direction post Management change Asian Dilfield Services An Oilmax Company Balance Sheet cleanup Undertook Balance Sheet cleanup by settlement and repayment of old outstanding liabilities and writing-off non-recoverable amounts lying in debtors and advances Debt reduction The company retired high-cost borrowings and renegotiated interest rates Diversification Diversified into the O&M business to de-risk from the seasonality factor of seismic business (Q1 and Q2 lean period) Asset Light Disposal of non-strategic equipment and change in business model from Capital-intensive to Asset- Light by adopting lease and subcontracting model Cost rationalization Took a major drive to reduce non project-related expenses like corporate overheads, and general and administrative expenses by renegotiating all major costs related to the project Technology Focus Company became first in the world to adopt, operate and execute a large multi-channel 3D cable-less real time seismic data acquisition technology 28#29Our Service Offerings#30Seismic Services (Existing Service Offering) Asian Dilfield Services An Oilmax Company ◉ ASIAN is a leading service provider of 2D & 3D Seismic Services Company possesses a vast experience of over 20 years in this field ASIAN uses the latest technology to provide the entire gamut of Seismic Services which includes the following: 2D/3D Land Seismic Acquisition ➤ Transition Zone Acquisition ➤ On-Site Data Processing Borehole Seismic ➤ Multiclient Seismic Seismic Consulting & Interpretation Wireless Seismic, data acquisition in real time 30#31Production Facility Construction (Existing Service Offering) Asian Dilfield Services An Oilmax Company ASIAN has significant expertise & capabilities to create low cost onshore & offshore production facilities and maintain utmost quality at the same time ■ The company is capable to produce the following facilities: Floating Oil Production Units (FPU) ➤ Floating, Production, Storage, and Offloading (FPSO) Mobile Oil Production Units (MOPU) ➤ Onshore oil & gas terminals 31#32Production Facility Operations and Maintenance Services (Existing Service Offering) Asian Dilfield Services An Oilmax Company ASIAN has extensive experience and expertise in turnkey Operation & Maintenance (O&M) of onshore and offshore oil and gas facilities Company focuses to be a low-cost operator whilst providing the utmost quality of service to our customers The services covered herein are: Operations, oil production, crude stabilization, produced water conditioning & disposal, gas compression & injection, seawater treatment, water injection, crude oil storage, offloading of stabilized crude to the export tanker and custody transfer metering, HSSE, integrity management, process optimization and upgrades, well operation, and field logistics UZ PCE NO OL 32#33Turnkey Drilling Services (Future Offerings) Asian Dilfield Services An Oilmax Company ■ ASIAN has significant experience in the this segment Company possesses an experience of over 20 years in providing shot-hole drilling services Experienced team provides state-of-the-art well designed, drilling management, fracturing, and completion solutions to our customers, for either vertical or directionally drilled wells ASIAN specializes in providing cost effective solutions and ensure timely execution with minimal deviation and formation damage 33#34Enhanced Oil Recovery Services (Future Offerings) Asian Dilfield Services An Oilmax Company ◉ ASIAN has partnered with global technology leaders to provide customers solutions like EOR EOR services are used to extract more crude from their existing reserves which cannot be accessed through conventional methods These include complex and energy-intensive techniques such as injection of heat, chemicals, Carbon dioxide or other gases, cyclical steam injection, etc. We offer a combination of customized services which cater to the client needs This service aims at optimizing tertiary recovery and mitigate possible operational risk 34#35Historical Financial Performance#36Significant Improvement in Financial Performance FY16 Rs. in Crs FY19 Revenue 78 194 MOVING IN THE RIGHT DIRECTION Profit After Tax -27 9 Net Worth 10 152 Renewed focus post takeover by new Management Strong Balance Sheet Gross Debt 62 10 Healthy Order Pipeline Cash & Bank Balance 10 25 Asian Dilfield Services An Oilmax Company 36#37Consolidated Profit & Loss Statement Asian Dilfield Services An Oilmax Company New Management Previous Management Particulars (Rs. Crs) Revenue from Operations Oilfield services related expense Employee benefits expense Other expenses EBITDA EBITDA(%) Other Income Depreciation FY19 FY18 FY17 FY16 193.9 222.2 124.3 77.7 127.7 124.2 56.6 66.0 20.7 36.9 22.5 17.5 12.6 20.4 63.5 17.9 32.9 40.7 -18.3 -23.7 17.0% 18.3% -14.7% -30.5% 4.0 3.5 3.9 28.5 19.4 17.0 15.1 17.8 EBIT 17.4 27.2 -29.5 -12.9 EBIT(%) 9.0% 12.2% -23.7% -16.6% Finance Cost 5.7 6.3 7.7 10.9 Profit before exceptional Items, Share of Profit/Loss from JV & Prior Period expenses 11.7 20.8 -37.2 -23.8 Exceptional items -2.5 -10.3 19.2 0.0 Share of Profit/Loss from JV 0.0 0.0 0.0 0.0 Prior Period Expense 0.0 0.0 0.0 -1.4 PBT 9.2 10.5 -18.0 -25.2 PBT(%) 4.7% 4.7% NA NA Tax 0.1 0.2 0.2 1.9 PAT 9.1 10.3 -18.2 -27.1 PAT(%) 4.7% 4.6% -14.6% -34.8% 37#38Consolidated Balance Sheet Asian Dilfield Services An Oilmax Company New Management Previous Management New Management Previous Management ASSETS (Rs. Crs) EQUITY AND LIABILITIES (Rs. Crs) Mar-19 Mar-18 Mar-17 Mar-16 Mar-19 Mar-18 Mar-17 Mar-16 Non-current assets 100 114 121 106 Equity 152 141 82 10 Property, plant and equipment 84 97 80 95 Equity share capital 38 38 26 22 Intangible assets 3 3 4 1 Other equity 114 102 56 -12 Financial assets Non-Current Liabilities 0 14 9 18 Loans 0 0 0 6 Financial liabilities Other financial assets 0 9 34 0 Borrowings 0 14 9 18 Income tax assets 14 5 4 0 Other Financial Liabilities 0 0 0 0 Other non-current assets 0 0 0 5 Provisions 0 0 0 0 Current Assets 118 138 88 64 Current Liabilities 66 98 119 143 Inventories 1 2 2 6. Financial liabilities Financial assets Borrowings 4 4 66 44 Trade receivables 59 62 28 43 Cash and cash equivalents 3 8 27 10 Trade payables 45 55 35 27 Other financial liabilities 11 32 16 0 Bank balances other than above 22 16 2 0 Loans 1 8 0 2 Other current liabilities 1 2 0 72 Other financial assets 2 20 26 0 Provisions 5 5 1 0 Other current assets 30 22 3 4 Current tax liabilities 0 0 0 0 TOTAL-ASSETS 218 253 209 171 TOTAL - EQUITY AND LIABILITIES 218 253 209 171 38#39Industry Outlook#40Global Seismic Survey Market Outlook Expected Market size by 2022 USD 9.3 Billion CAGR Forecast Period $ 7.5 Billion (2017) 4.15% 2017 to 2022 $ 9.3 Billion (2022) Asian Dilfield Services An Oilmax Company $ Increasing exploration & production (E&P) activities in the deepwater & ultra-deepwater reserves, increasing shale gas exploration & efforts by the oil and gas majors to tap the undiscovered reserves $ North America to drive Seismic Services demand Due to increasing offshore exploration in the Gulf of Mexico (GOM) which possesses huge untapped resources $ US government's proposed plan to open up 90% of the Outer Continental Shelf, off the US coast SA The Middle East and African regions are expected to register one of the highest CAGR in the global seismic services market $ Steady growth in the 4D survey technology and multi-client seismic projects across the globe 40 40#41Global Deepwater and Ultra-Deepwater E&P Market ■ The appreciation in the Crude oil prices has lowered the breakeven point for the Oil & Gas companies ■ Due to this major operators have announced plans to invest in a number of Deepwater & Ultra-Deepwater projects ◉ On the back of this, the spending on Deepwater projects is expected to pick up from 2019 The capex on Ultra-Deepwater is expected to register a substantial growth during 2020-2023 85 2017 Source: Mordor intelligence Report Global Deepwater and Ultra-Deepwater E&P Market: Size in USD billion 80 84 80 93 106 133 120 Asian Dilfield Services An Oilmax Company 2018E 2019F 2020F 2021F 2022F 2023F 41#42Oil & Gas Sector in India ☐ 3rd Source: IBEF.org India is world's 3rd largest energy consuming nation India's energy demand is likely to increase up to 11% of the global energy demand by 2040 from 5.6% in 2017 " Asian Dilfield Services An Oilmax Company Estimated Growth in India's Energy Consumption Crude oil consumption (Mn Tonne) Investments: Oil & Gas companies are undertaking huge investments to cater to the ever increasing demand As per Directorate General of Hydrocarbons, the Oil & Gas industry is expected to attract $ 25 Bn in investments in exploration & production by 2022 Government Policies: ☐ 100% FDI through automatic route for exploration activities of oil and natural gas fields, etc. Government policies to boost domestic production like OALP, CBM, DSF auctions, etc. - " CAGR 3.6% 222 2017 500 2040 Natural Gas consumption (Mn Tonne) 54 CAGR 4.3% 143 2017 2040 42#43Domestic Seismic Survey Market Growth Drivers (1/2) Asian Dilfield Services An Oilmax Company Open Acreage Licensing Policy (OALP): Open Acreage Licensing Policy is one of the key features of Hydrocarbon Exploration and Licensing Policy (HELP) Under OALP, a bidder intending to explore hydrocarbons may apply to the Government seeking exploration of any new block (not already covered by exploration), without waiting for the formal bid round Government will then examine the Expression of Interest and take further action Acreage to be offered under various rounds of bidding under OALP: 1st: 60,000 sq. km; 2nd : 30,000 sq. km; 3rd : 30,000 sq. km; 4th: 50,000 sq. km; 5th: 40,000 sq. km Government expects the area under hydrocarbon exploration in the country to double to 300,000 sq km by March 2020 as availability of new seismic data is likely to draw more investors National Seismic Programme (NSP) of Unapprised Areas: This Programme was launched on 12th October, 2016 To undertake 2D seismic survey of entire unapprised areas The Government has approved to conduct studies of 48,243 Line Kilometres (LKM) OIL has been assigned to carry out 2D seismic API of 7,408 LKM falling in North East India ONGC has been assigned to carry out 2D seismic API of ~40,835 LKM seismic data in inland part of 22 sedimentary basins of India The Cabinet Committee on Economic Affairs has approved Rs 3,000 crore project, in respect of the appraisal of 48,243 per line km (LKM) of 2D seismic data 43#44Domestic Seismic Survey Market Growth Drivers (2/2) Asian Dilfield Services An Oilmax Company Hydrocarbon Vision 2030 for North East: The objectives of the plan are to leverage the region's hydrocarbon potential, enhance access to clean fuels, improve availability of petroleum products, among others The states covered include Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim and Tripura The Vision aims at doubling Oil & Gas production by 2030, with a targeted investment of Rs. 1.30 lakh crore The vision statement lays out a detailed roadmap for the entire hydrocarbons value chain, covering upstream, midstream and downstream segments National Data Repository (NDR): A National Data Repository had been set up to populate all the geo-scientific data available in the country It has been formulated to provide data to various Industry E&P operators through launching of OALP/HELP programme The interested E&P companies would be able to view geo-scientific data from anywhere in the world and firm up an opinion regarding the prospective of the blocks prior to bidding for the block 44 44#45Government Push to boost Oil & Gas Production (1/2) Vedanta, ONGC, 37 others put in 145 bids in oilfield auction At the close of bidding for the second round of Discovered Small Fields (DSF), state-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) placed bids for 10 fields each while Indian Oil Corp (IOC) bid for 3, according to upstream regulator DGH. DSF Round I: India grants 18 oil and gas mining leases under revamped policy The government has granted 18 Petroleum Mining Leases to winning bidders under DSF Round I and is in advanced stages of granting the rest, upstream regulator Directorate General of Hydrocarbons (DGH) said in a notice today. India to launch first auction of oil and gas exploration blocks on Thursday This will be the first auction under the new Hydrocarbon Exploration Licensing Policy, which lets companies carve blocks of their choice, and gives them freedom to market and price their oil and gas. These two policies will help achieve PM Modi's target to reduce oil imports by 10 percent Directorate General of Hydrocarbons is working on two key policies -- Performance Enhancement Contracts and a framework to incentivize Enhanced Oil Recovery. Source: Livemint, Business Standard, Economic Times, Moneycontrol, Business Line Express News Service Asian Dilfield Services An Oilmax Company Vedanta to invest $245 million in 10 oil, gas blocks 1 min read. Updated: 03 Jul 2019, 10:13 PM IST PTI The company will enter into 10 revenue sharing contracts (RSCs) with the government Vedanta had won 41 out of the 55 blocks in OALP-1 bid round and committed to invest $551 million Contracts signed for 23 blocks under Discovered Fields - II ONGC betting big on second, third rounds of OALP auctions, DSF-II ONGC likely to get five oil, gas blocks in second round of DSF auction CHENNAI: The Union government has awarded three new hydrocarbon blocks in the Cauvery basin to ONGC and Indian Oil Corporation Limited. The State-owned oil and gas majors have proposed to drill 20 wells in Nagapattinam, Karaikal and Ramanathapuram. 45#46Government Push to boost Oil & Gas Production (2/2) BLOCK DEAL 37 Total blocks on THE STORY OF DOMESTIC EXPLORATION AREAS ON OFFER 29,233 sq. km offer under OALP-II, III OALP-II 31,722 sq. km OALP-III 32 Number of blocks allotted STRIKE IT RICH Number of blocks 12 8 10 OIL Vedanta ONGC 1 1 RIL-BP IOC OALP: Open Acreage Licensing Policy; OIL: Oil India; RIL: Reliance Industries; ONGC: Oil and Natural Gas Corporation; 10C: Indian Oil Corp Rs 40,000 cr investment expected in OALP-II bid round In the first round of OALP last year, as much as Rs 60,000 crore was committed in the exploration of oil and gas in 55 blocks or areas. 25 contract areas offered under DSF II to generate Rs 45,000 crore: Dharmendra Pradhan The last date of bid submission under DSF-II has been extended by a month to 18 January this year. Source: Livemint, Business Standard, Economic Times, Moneycontrol, Business Line STORY SO FAR OALP-III ON OFFER: 23 Blocks spread over 12 Sedimentary Basins, 13 States and offshore areas covering 31,722 Sq km START OF BIDDING: February 11, 2019 BID CLOSING: April 11,'19 UNDER DSF-II 25 contract areas cover 59 discovered oil and gas fields, spread over 3,000 OALP-II ON OFFER: 14 blocks spread over seven sedimentary basins across four states and covering 29,233 sq km START OF BIDDING: January 8, 2019 BID CLOSING: March 12,'19 sq km with prospective resource base of over 190 million metric tonne on offer Asian Dilfield Services An Oilmax Company 46#47Key Takeaways#48Key Takeaways Scalable. Sustainable. Profitable Asian Dilfield Services An Olmax Company Diversified the Services Offerings. From Seismic Services to Facility Construction, O&M, Enhanced Oil Recovery & Drilling Services Prudent mix of Owned Assets and Outsourced Assets to result in higher Asset Turns and improved returns on Investments Large Executable Orderbook of ~ Rs. 850cr on Gross basis to provide Revenue visibility for FY20 and FY21 Positive Order outlook for Industry on back of favorable Government policies; Strong Client relationship and pre- qualifications by ASIAN augurs well Experienced and Strong Technical Team with proven execution capabilities Well funded Balance Sheet, to support Strong Bidding pipeline across Services 48#49Asian Oilfield Services An Oilmax Company SGA Strategic Growth Advisors Asian Dilfield Services An Oilmax Company Asian Oilfield Services Limited CIN: L23200MH1992PLC318353 Mr. Sumit Maheshwari - CFO Email id [email protected] - www.asianoilfield.com Strategic Growth Advisors Pvt. Limited CIN: U74140MH2010PTC204285 Mr. Pratik R. Shah [email protected] +91 97692 60769 www.sgapl.net Mr. Parin Narichania [email protected] +91 9930 025733 49 49