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Investor Presentaiton

For personal use only FY20 Summary - Oil & Gas GR Engineering's wholly owned subsidiary, Upstream Production Solutions Pty Ltd (Upstream), generates longer term operations and maintenance services revenue which results in baseline revenue alongside project based design and construction work. During FY20, revenue contributions were primarily from: · . Wellsite and plant maintenance work in the Bowen and Surat Basins (Origin Energy Ltd and Santos Ltd) Timor Sea operations and maintenance services (Australian Government and Eni Australia Ltd) Maintenance work on assets in the Perth Basin including Mitsui Co. (Australia) Pty Limited Commissioning, operations and maintenance support services and surface facility construction in Victoria to clients including APA Group. As reported at 31 December 2019, Upstream PS' FY20 results were negatively impacted by the impairment of $17.6 million relating to an outstanding receivable owned by Timor Sea Oil & Gas Pty Ltd (liquidators appointed) (TOGA). Following TOGA being placed into liquidation, the Australian Government engaged Upstream PS to provide operations and maintenance services to the Northern Endeavour FPSO, in a non-production environment. GR Reference: 2677358 9
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