CARIMIN PETROLEUM BERHAD

Transcription

1 CARIMIN PETROLEUM BERHAD (Company No.: k) Corporate Presentation in conjunction with Initial Public Offering on the Main Market of Bursa Malaysia Securities Berhad 24 October 2014 IR Adviser Corporate Industry Highlights Growth Strategies Financial Highlights IPO Statistics Investment Merits Appendix TABLE OF CONTENTS

2 CORPORATE PROFILE CORPORATE PROFILE An integrated service provider supporting the offshore oil and gas industry in Malaysia since 1989 delivered more than RM1 billion worth of projects and services Appendix Telok Kalong Yard in Kemaman, Terengganu 4 Incorporated in 1989, Carimin is principally involved in providing technical support services in the offshore oil and gas (O&G) industry in Malaysia Predominantly involved in the provision of: hook up and commissioning (HUC) production platform system maintenance and upgrading services (PMUS) inspection and manpower supply services Supporting activities include equipment rental and minor fabrication services Inv Merits Carimin supports O&G PSC operators and contractors, engineering and fabrication companies, and supporting service providers. Notable clients include Petronas Carigali, Shell, Murphy Oil, Talisman, ExxonMobil, Newfield, and Petrofac etc. 1 fabrication yard in Kemaman, Terengganu Financials Corporate head office in Kuala Lumpur Growth IPO Stats To date, Carimin has delivered more than RM1 billion worth of projects and services Industry BACKGROUND

3 Offshore HUC & PMUS and manpower supply services contribute the bulk of the Group s revenue 1 Offshore HUC & PMUS Started production platform system maintenance services in 2004 Received ISO 9001:2008 quality management system certification in 2011 Hook up process mainly involves inter-connecting and interfacing the various structures, process and control systems that, together, form an offshore platform, including steel structures, piping and equipment. Commissioningworks include all testing, pre-commissioning and/or preservation, and final commissioning of all installed facilities to ensure the platform is ready for production. Provision for HUC of Petronas Carigali facilities in Sabah FY14 Revenue 64.72% RM158.9 mil 2 Manpower supply services Supplying project development personnel, exploration & engineering personnel, and production/operations including inspection services personnel to clients Involves identifying, screening, interviewing and shortlisting personnel and expertise Obtained ISO 9001:2008 quality management system certification in % RM86.2 mil REVENUE STREAMS & PRINCIPAL ACTIVITIES 5 Supporting services include equipment rental, minor fabrication and marine services for external customers and to support internal offshore HUC& PMUS projects 3 Minor fabrication services Supports internal HUC & PMUS projects by fabricating structures and equipment Third-party works include piping systems, skids and other minor steel structures Operates from its Telok Kalong yard, Terengganu (land area: 7,288 sq m; built-up area: 1,499 sq m) 4 Equipment rental services Started equipment rental services by renting out welding equipment in 2011 Supports in-house offshore HUC & PMUS projects 5 Marine services Acquired Carimin Airis, an Anchor Handling Tug Supply (AHTS) vessel, in 2013 Has 14% stake in SK Offshore, which owns an accommodation workboat (AWB), namely SK Deep Sea Carimin Airis and SK Deep Sea are currently used to support internal offshore HUC & PMUS projects FY14 Revenue RM0.1 mil 0.05% RM0.4 mil 0.15% Negligible 0.00% Carimin Airis, an AHTS vessel with larger open deck space to transport supplies REVENUE STREAMS & PRINCIPAL ACTIVITIES (cont) 6

4 RM900millionworthofworkvaluetokeepGroupbusyuntil2018 # Project Description Client HUC, and production platform system maintenance and upgrading services Contract Duration Approximate Contract Value 1 Peninsular Malaysia HUC contract Petronas Carigali RM800.0 mil^ Manpower supply services Outstanding work value amount for HUC & PMUS RM800.0 mil 2 Drilling program Newfield * RM38.0 mil 3 Umbrella contract Carigali Hess RM7.5 mil 4 Manpower suppply contract Hess (Malaysia SB302) RM6.4 mil 5 Drilling manpower supply (expatriates) Newfield RM6.0 mil 6 Other manpower supply contracts Various PSC Varied RM42.9 mil Outstanding work value amount for Manpower RM100.8 mil Total outstanding work value amount RM900.8 mil ^ as at LPD, total contract value amounting to RM899.0 mil, of which RM92.4 mil of work orders have been rolled out * with 6-month extension option OUTSTANDING WORK VALUE 7 Clientele includes the O&G big names Customers Petronas Carigali Petrofac ExxonMobil Newfield Types of services rendered HUC & PMUS Manpower supply Minor fabrication services Manpower supply HUC & PMUS Manpower supply Manpower supply Percentage of FY14 revenue RM146.7 mil 59.7% 12.4% RM30.4 mil 0.0% Negligible RM25.9 mil 10.6% Percentage of FY11-FY14 revenue On-going contracts MAJOR CUSTOMERS Length of relationship RM645.6 mil 58.8% 17 years 8 years 22 years 6 years HUC Contract worth RM899.0 mil that lasts until 2018 Manpower supply contracts worth RM3.3 mil that last until % RM70.0 mil Manpower supply contract worth RM2.0 mil that lasts until 2015 RM107.6 mil Nil 9.8% 3.2% RM34.8 mil Manpower supply contracts worth RM44.0 mil that last until

5 In better position to bid for offshore HUC & PMUS projects with own offshore support vessels (OSV) and the support of a minor fabrication yard Access to Skilled Human Resources Carimin has up-to-date information on about 1,000 experienced personnel in proprietary database. This, coupled with access to third-party databases and industry contacts, enables Carimin to fulfil customers staffing needs on short notice. PETRONAS Licences Carimin obtained Petronas licences for supply of equipment and services to exploration companies and producer of O&G in Malaysia. Requirements for licencing and registration partly mitigate the competitive intensity within the oil and gas industry in Malaysia. Ownership of a Vessel & Investment in a Vessel Owner Cariminowns anahts vessel (CariminAiris) andhasa14%stakeinanawbowner (SKDeepSea). Control of vessels enhances Carimin s capability to complete works within schedule and thus putting Carimininabetter position tobidfornew contracts. 4 In-house Minor Fabrication Facilities The minor fabrication yard in Kemaman, Terengganu enables Carimin to fabricate minor/small structures to be used for HUC & PMUS projects and to function as a one-stop centre for maintenance, repairs and support services. COMPETITIVE ADVANTAGES & KEY STRENGTHS 9 Committed to high HSE standards with an excellent track record, Carimin has established long-term relationships with its clients and has continuously secured new contracts 5 Track Record Carimin has strong track record of successfully developing and expanding its business capabilities since inception in This has enabled Carimin to establish its customer base which helps to secure new projects and customers. 6 Long-term Contracts Carimin s ability to continuously secure contracts with terms of more than 3 years provides assurance of business sustainability and enables long-term business planning. This has also enabled to Carimin to derive cost savings from owning assets and provided for sustainable growth through investment in human resource. 7 In-house Quality Assurance CariminisISO9001:2008accredited forhuc&pmus andmanpower supply services in2011. Carimin has not experienced any loss time incident since April 2010 and received several awards and recognitions in relation to safe operations from its customers. COMPETITIVE ADVANTAGES & KEY STRENGTHS (cont) 10

6 Helmed by industry veterans Mokhtar Bin Hashim Managing Director Shatar Bin Abdul Hamid Executive Director Involved in overall management and review for submission of tender documents Engineer by training, he holds a Bachelor of Science in Civil Engineering from the University of Salford, UK 25 years of hands-on operational experience, especially in hook-up, commissioning and onshore fabrication, ex Esso Production Malaysia employee Mazhar Bin Palil Human Resources and Administration Manager Abd Hamid Bin Husin Deputy General Manager of Project Management Mad Daud Bin Sukarmin Maintenance Manager Dip. in Mechanical Engineering from UiTM 32 years of work experience in QA/QC Roslan Bin Mokti Quality Control Manager 11 FCCA; MBA from Multimedia University 24 years of accounting and finance experience Lee Heng Aun Chief Financial Officer In charge of project management Dip. in API 653 Tank Management from Singapore Welding Institute 23 years of hands-on work experience in various roles e.g. Project Director, Senior Construction Engineer/Project Manager, Client Construction Site Representative (CSR) Muhammad Hatta Bin Noah Supply Chain Management Manager Dip. in Mechanical Engineering from Akashi National College of Technology, Japan 24 years of relevant work experience Appendix Bsc. Civil Engineering from University College London, UK 26 years of work experience in offshore oil & gas industry Financials Inv Merits Bsc. Petroleum Engineering from Texas Tech University, US 11 years of relevant experience in oil & gas industry Growth IPO Stats Bsc. Petroleum Engineering from Texas Tech University, US 23 years of work experience in offshore oil & gas industry Industry KEY MANAGEMENT INDUSTRY HIGHLIGHTS

7 Carimin supports the oil and gas upstream sector Structure of the Oil and Gas Industry Oil & Gas Industry Upstream Midstream Downstream Exploration Development Production Carimin is involved in these segments Transportation Refining & Processing Distribution Supporting Services Source: Vital Factor, Independent Market Research Consultant INDUSTRY STRUCTURE 1. Carimin is primarily involved in the provision of the following oil and gas supporting services: Offshore HUC & PMUS which supports operators in the development and production segments Manpower supply to operators in the exploration, development and production segments Minor fabrication which supports operators in the development and production segments 2. Carimin is one of the top 10 main operators in the provision of offshore HUC & PMUS and one of the two leading manpower supply service providers for the Oil and Gas Industry in Malaysia by revenue. 3. Carimin is estimated to have approximately 1% market share of the total investment made in exploration, development and production activities in Malaysia (which is estimated to RM42.5 billion in 2013). 13 Under Economic Transformation Programme (ETP), the government aims to develop small or margin oil fields in Malaysia through innovative solutions Investment in Exploration, Development and Production of Oil and Gas (RM billion) B 30.1B B B 3.6B 24.1B 21.5B 22.3B 1.8B 19.8B 11.3B 14.7B 7.3B 8.0B 7.8B 17.1B 22.9B 16.4B 10.3B 12.0B 12.0B 10.4B 2.2B 1.5B 2.5B 5.2B 2.4B 3.7B * 2012* Expenditure for Exploration Operational Expenditure Expenditure for Development and Production Number of Oil and Gas Fields OUTLOOK AND PROSPECTS * Petronas has changed their financial year end from 31 March to 31 December, starting in Source: Vital Factor, Independent Market Research Consultant 14

8 INDUSTRY GROWTH GROWTH STRATEGIES HIGHLIGHTS STRATEGIES To acquire new vessel, develop minor fabrication yard and purchase new equipment to support HUC& PMUS operations offshore peninsular Malaysia Delivering Outstanding Work Value Efficiently Secured a HUC & PMUS contract with total value of RM899 mil from Petronas Carigali in November 2013 Work orders amounting RM92.4 mil has been rolled out; remaining RM800 mil to last until 2018 Enhancing Capability and Equipment To develop its minor fabrication yard in Kemaman, Terengganu by constructing new facilities to support in-house operations To also purchase new equipment to equip the yard and to expand equipment rental services Investing in New Vessel Growth Strategies Developing New Revenue Stream Purchase an AWB (Carimin Acacia) which is scheduled for delivery in June 2015 to support in-house HUC & PMUS operations and to provide marine services to external customers o RM2.48 mil deposit has been paid; balance to be funded via IPO proceeds (RM35.32 mil) and bank financing (RM57.20 mil) Carimin owns an AHTS vessel (Carimin Airis) and has a joint venture company that is owner of an AWB (SK Deep Sea) to support HUC & PMUS Together with Carimin Acacia, Carimin intends to provide marine services to external customers by 2015 to diversify customer and revenue base GROWTH STRATEGIES 16

9 FINANCIAL FINANCIAL HIGHLIGHTS HIGHLIGHTS Margins improve as the Group undertakes more high value-added HUC jobs Revenue & Profits (RM) Revenue & Profits (RM) 368.9m 325.8m 245.6m 158.4m 38.4m 39.8m 43.1m 32.0m 25.5m 27.8m 21.3m 13.1m 16.8m 19.5m 21.9m 9.5m FY2011 FY2012 FY2013 FY2014 Financialyear ended 30 June Profit Margins 17.5% Revenue Gross Profit EBITDA PAT GP Margin Revenue jumped to RM368.9 mil in FY12 due to significant increase in billing from Sarawak/Sabah HUC Contract. As the billing from the project tapered down, group revenue subsequently normalised to above RM200 mil. Gross Profit Margin (GPM), on the other hand, dipped to 10.4% in FY12 as a result of concentration of cost plus contracts where GPM range was fixed. Despite the decline in revenue, GPM rebounded and continued to improve in FY13 and FY14, mainly due to improved operational efficiency. 13.4% 8.3% 6.0% 10.4% 6.9% 4.6% 12.2% 8.5% 6.0% 13.0% 8.9% EBITDA Margin PAT Margin EBITDA margin and PAT margin dropped in FY12 and increased in FY13 and FY14, in tandem with GPM. Finance costs, depreciation charges, and staff costs accounted for 0.8%, 3.3%, and 28.7% of EBITDA respectively in FY14. FY2011 FY2012 FY2013 FY2014 Financial year ended 30 June FINANCIAL PERFORMANCE 18

10 Manpower supply services generating steady revenue stream while HUC & PMUS segment had become a major revenue contributor Revenue by Market (RM mil) Malaysia Overseas FY11 FY12 FY13 FY14 Financial year ended 30 June Revenue by Market (RM mil) FY11 FY12 FY13 FY14 Malaysia Overseas Total Revenue % 80% 60% 40% 20% 0% SEGMENTAL REVENUE 14.9% 57.4% 27.7% Revenue by Activities (%) 6.2% 1.0% 29.5% 35.8% 35.1% 64.3% 63.2% 64.7% FY11 FY12 FY13 FY14 HUC & PMUS Minor Fabrication Financial year ended 30 June Manpower Equipment Rental Revenue by Activities (RM mil) FY11 FY12 FY13 FY14 Offshore HUC & PMUS Manpower -Engineering & exploration Project development Production/operations Minor fabrication Equipment rental * - * 0.4 Total Revenue *Negligible 19 Group GPM was largely driven by GPM for HUC & PMUS segment while GPM for manpower supply services remained relatively stable 13.4% 10.4% 12.2% 17.5% FY11 FY12 FY13 FY % 7.3% Group GPM 12.0% SEGMENT MARGIN 19.5% FY11 FY12 FY13 FY % GPM (HUC & PMUS Segment) GPM (Manpower Segment) 12.7% 13.2% 12.9% 0 FY11 FY12 FY13 FY14 Segment GP & GPM FY11 FY12 FY13 FY14 Manpower RM mil % - Engineering & exploration Project development Production/operations HUC & PMUS The high GPM 35.8% in FY11 was mainly due to extension of Talisman s HUC contract where associated costs were already incurred in FY10. GPM dipped in FY12 mostly due to manpower and material costs that had lower gross margin. GPM then improved in FY13 and FY14 largely due to lump sum method of work orders and the completion of Sarawak/Sabah HUC Contracts. Manpower Supply Services GPM for manpower supply business, ranging from 10.5% to 13.2% from FY11 to FY14, are relatively stable compared to HUC & PMUS segment. Segment GPM was largely driven by scale of work orders from project development segment. RM mil % RM mil % RM mil Offshore HUC & PMUS Minor fabrication (4.1) (17.5) Equipment rental (0.4) * (1.7) * (0.3) (69.0) Total GP/Group GPM * Not applicable as revenue is generated internally. % 20

11 Net gearing expected to increase to still-comfortable level of 0.3x after acquiring an AWB via bank borrowings and IPO proceeds RM 000 Property, Plant & Equipment Pre Public Issue After Public Issue After Public Issue & Utilisation of Proceeds 53,065 53, ,583 Current Assets 147, , ,678 Remarks CAPEX to acquire an AWB, to develop minor fabrication yard and to purchase new equipment RM66.8 mil IPO proceeds earmarked for CAPEX, working capital expenditure and loan repayment purposes Current Liabilities 63,849 63,849 56,352 Repayment of short-term loan Non-Current Liabilities 33,210 33,210 89,905 Increased due to bank borrowings to acquire an AWB Shareholders Equity 107, , ,694 Increased due to IPO Borrowings (LT + ST) 41,899 41,899 91,097 Cash & Cash Equivalents 33, ,459 41,639 Gross Gearing 0.39x 0.24x 0.53x Net* Gearing 0.08x Net cash 0.29x * net of cash BALANCE SHEET Increased due to bank borrowings to finance purchase of AWB 21 Numbers indicating fundamentally strong financials FY11 FY12 FY13 FY14 Current Ratio 2.92x 1.73x 2.27x 2.31x Gross Gearing Ratio 0.06x 0.21x 0.13x 0.39x Net 1 Gearing Ratio Net cash Net cash Net cash 0.08x Interest Coverage x 35.01x 38.63x 19.51x Receivable Turnover 2 (days) Payable Turnover (days) net of cash 2 computed based on trade receivables (less accrued billings) as at year end over revenue of 365 days for FYEs KEY FINANCIAL RATIOS 22

12 IPO STATISTICS IPO STATISTICS To issue 60.7 mil IPO shares at RM1.10/share raising RM66.8 mil of IPO proceeds IPO Price : RM1.10 per share Par Value : RM0.50 per share 5.00% 19.67% 1.28% 25.95% %1 12,863,400 50,606,600 3,300,000 66,770,000 RM 11,694,000 46,006,000 3,000,000 60,700,000 No. of shares 60,700,000 Issue Shares for subscription by: - Malaysian Public via balloting - Identified Investors via private placement - Eligible Directors and employees Total number of Issue Shares and Proceeds 2.52% 257,265, ,589, % 30,350, % 116,939, % 6,479,000 Inv Merits 173,178,000 60,700, ,878,000 5,890,000 IPO Stats Appendix 5,890,000 Offer Shares for subscription by: - Identified Investors via private placement Change in Share Capital after Listing: Existing Share Capital Issue Shares Enlarged Share Capital Estimated Market Capitalisation2 Growth Financials 1. based on enlarged number of shares after listing 2. based on IPO price and the enlarged issued and paid-up capital after listing Industry ISSUE STATISTICS

13 About 28% free float Balloting (white form) RM 12.9m 11.7 mil new shares, 5.0%* Public Shareholders 66.6 mil shares, 27.9%* Eligible Directors and Employees (Pink form) RM 3.3m 3.0 mil new shares, 1.3%* Private Placement to Identified Investors RM 57.1m mil new shares, 19.7%* mil vendor shares^, 2.5%* RM 6.5m 1.05 mil shares, 0.45% # Post IPO Shareholdings 1. Mokhtar Bin Hashim : 31.8% 2. Cipta Pantas : 17.4% 3. Platinum Castle Sdn Bhd : 12.8% 4. Shatar Bin Abdul Hamid : 6.9% 5. Tan Sri Dato Kamaruzzaman Bin Shariff : 3.0% 6. Others : 0.1% Promoters & Substantial Shareholders mil shares, 72.1%* RM 66.7m ISSUE STRUCTURE & POST IPO SHAREHOLDINGS CARIMIN PETROLEUM BERHAD Issue Price : RM 1.10 per share Par Value : RM 0.50 per share Enlarged Share Capital : RM mil Enlarged Number of Shares : mil * Percentage of enlarged number of shares after IPO ^ Offerors of the vendor shares are MokhtarBin Hashim(offering 3.39 mil shares) and Platinum Castle Sdn Bhd (offering 2.5 mil shares) # MokhtarBin Hashim, ShatarBin Abdul Hamid and Tan Sri Dato Kamaruzzaman Bin Shariffare eligible to subscribe 1.05 mil shares, ie. 0.45% of enlarged number of share after IPO % of proceeds or RM47.3 mil used for the purchase of vessel and development of minor fabrication yard to enhance marine services and minor fabrication capabilities RM % Utilisation of Proceeds Time frame 3.50m 7.95m 8.00m 12.00m 5.2% Estimated listing expenses 3 months 11.9% General working capital 12 months 12.0% Repayment of bank borrowings 6 months 18.0% Development of minor fabrication yard 18 months 35.32m 52.9% Purchase of offshore support vessel 12 months Total: RM66.77m 100.0% UTILISATION OF IPO PROCEEDS 26

14 Market capitalisation estimated to be RM257.3 mil with PE at 11.8x Market Capitalisation 1 PE Multiple (FY14) x P/NTA 3 1.5x RM257.3 mil 1 Based on IPO price of RM1.10 per share and enlarged number of shares of mil 2 Based on pro forma FY14 EPS of 9.36 sen and enlarged number of shares of mil 3 Based on pro forma post-ipo NTA of 74 sen per share and enlarged number of shares of mil VALUATION 27 Target to list by early November Oct 2014 (Thu) Launch of Prospectus & Application Open 31 Oct 2014 (Fri) Announcement of Subscription Results 10 Nov 2014 (Mon) Listing on the Main Market of Bursa Malaysia 29 Oct 2014 (Wed) Application Close 6Nov 2014 (Thu) Notice of Allotment To Shareholders TENTATIVE IPO TIMELINE 28

15 INVESTMENT MERITS INVESTMENT MERITS Positive policies promoting growth in oil and gas industry undemanding valuation with potential capital gain 1 Carimin has established long-term relationships with many oil majors, providing earnings and deal flows sustainability. PETRONAS policy of promoting and encouraging the participation of local operators in the oil and gas industry would facilitate growth in the industry, especially in exploration and production segments. Track Record Growth Financials IPO Stats Inv Merits Appendix 30 Carimin intends to pay dividends to shareholders in the future, subject to financial performance, capital expenditure and cash flows. Undemanding valuation at historical PE of 11.8x compared to other oil and gas peers in Malaysia. Moving forward, Carimin will acquire an AWB and upgrade its fabrication yard, enhancing operational efficiencies and putting Carimin in better position in bidding for projects. Carimin s outstanding work value amounted to approximately RM900 mil lasting 5 years up to Valuation Growth Work Value Industry Outlook Dividend Policy Industry INVESTMENT MERITS

16 THANK YOU IR Contacts: Mr. Terence Loo T: / E: terence@aquilas.com.my 31 APPENDIX APPENDIX

17 Carimin Sdn Bhd (CSB) Inspection, project management support services Carimin Petroleum Berhad Investment holding 100% 100% 100% 100% 100% 100% Carimin Engineering Sdn Bhd HUC & PMUS, engineering and minor fabrication services Carimin Corporate Services Sdn Bhd Corporate, management and support services Carimin Equipment Management Sdn Bhd Provision of equipment and tools Carimin Marine Services Sdn Bhd Marine related support services Carimin Resources Services Sdn Bhd Dormant GROUP STRUCTURE Investment holding Oil & Gas support services Dormant 100% Carimin Airis Offshore Sdn Bhd Marine related support services 33 Period Milestones 1989 CSB was incorporated 1990 CSB began business operations with the provision of manpower supply services 1992 Secured a 2-year contract from Esso Malaysia to provide general inspection services 1997 Secured a contract from Petronas Carigali to supply technical professionals over 4-year period 2000 Secured a manpower supply services contract to supply drilling professionals from Murphy Oil 2003 Diversified its business to provide minor fabrication services for the offshore oil and gas industry 2004 Started to provide production platform system maintenance services for Petronas Carigali 2005 Minor fabrication yard located at Kemaman, Terengganu began operations 2006 Carimin Engineering began business operations 2007 Secured first offshore HUC contract from Murphy Oil and another offshore HUC contract from Talisman 2010 Secured the Sarawak/Sabah HUC Contract from Petronas Carigali Began provision of equipment rental services CSB received ISO 9001:2008 quality management system certification for the scope of provision of manpower supply for oil and gas industry while Carimin Engineering received ISO 9001:2008 quality management system certification for the scope of provision of engineering, procurement, construction, hook up and commissioning for oil and gas industry Acquired Carimin Marine, which has a 14% investment in SK Offshore, who owns SK Deep Sea, an AWB, to pave way for the provision of offshore marine support vessel services Acquired Carimin Airis Vessel, an AHTS vessel Secured the Peninsular Malaysia HUC Contract from Petronas Carigali 2014 Commissioned to build Carimin Acacia, an AWB KEY MILESTONES 34

18 Year Subsidiary Award and Recognition Award 2000 CSB Certificate of Recognition for excellent safety performance in 2000 Esso Malaysia 2001 CSB Certificate of Recognition for excellent safety performance in 2001 ExxonMobil 2002 CSB Contractor Safety Award for safety excellence in 2002 ExxonMobil 2003 CSB Safest Subcontractor Award for the Talisman Malaysia Limited mobile offshore application barge fabrication Talisman 2003/2004 CSB Gold Award for safety excellence in 2003/2004 ExxonMobil 2004 CSB Gold Award for safety excellence in 2004 ExxonMobil 2005 CSB Gold Award for safety excellence in 2005 ExxonMobil 2005 CSB Certificate of appreciation in 2005 for 100,000 hours without Lost Time Injury Talisman 2006 CSB Gold Award for safety excellence in 2006 ExxonMobil AWARDS AND RECOGNITIONS 35