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2012 AGM

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2012 AGM Chairman’s Address

Shaun Scott

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2012 AGM Managing Director’s Presentation

Jim Sturgess

FY12 Highlights

Successful IPO and ASX listing – Titan listed on the ASX on 7 December 2011 raising $5.0m

NPAT of $2.3m – a 130% increase on the previous financial year[(1)]

Pro forma EBITDA of $8.1m[(2)] – a 50% increase on the previous financial year in line with market guidance

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– 2.0c per share fully franked dividend c25% NPAT dividend payout ratio for FY12 as indicated in the prospectus.

Safety – days Lost Time Injury free (at 30 June 2012)

Rig 1 – 461 days
o Rig 2 – 361 days o Rig 3 – 331 days

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Titan Energy Services NPAT ($m)
2.3
1.4
1.3
0.9
FY09 (1) FY10 (1) FY11 (1) FY12
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Note 1 : Pro Forma Consolidated Results for Titan Energy Services for year ended 30 June 2011, assuming Titan Energy Services operated RCH and Atlas Drilling for year then ended . Prior year results based on audited management accounts of Atlas Drilling Co Pty Ltd and RCH that now form part of the Titan Group. For the FY11 year, RCH was owned by the Hinman Group with whom the Titan Group entered into an asset sale agreement to acquire the assets of RCH as of 1 July 2011. These results formed the basis of the historical data provided in the Titan Prospectus in November 2011.

Note 2: Proforma EBITDA is arrived at after adding back transaction costs associated with the RCH acquisition and share based expenses associated with the Company’s IPO.

•

FY12 Highlights

Record EBITDA for Atlas Drilling – $4.9m EBITDA contribution to the Group. This result driven by strong utilisation in the second half

Successful integration of RCH – in the nine months since acquisition the portable camps business has grown from 110 rooms on acquisition to 236 rooms and has made a strong contribution to the groups earnings

Organic business growth - Nektar Remote Hospitality established in April 2012 to provide high quality catering and camp management services in remote locations and won its first contract in June

RCH No. of Rooms available

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400
Commissioning
350 additional 100 rooms 336
Sept Qtr 12
300
115%
250 Increase 236
200
158 158
150
110
100
50
-
Sep 11 Dec 11 Mar 12 Jun 12 Sep 11 f
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Delivering on Strategy

Strategic objective	FY12 Result
List on the ASX	7 December 2011	
Proforma EBITDA guidance between $7.8 – 8.2m	EBITDA $8.1m(1)	
Acquired RCH	September 2011	
	(effective from 1 July 2011)
Profitable growth of the RCH business	110 -> 236 rooms	
	(as at 30 June 2012)
	$3.2m -> $4.2m EBITDA
Improved utilisation of Atlas rigs	95% 2H FY12	
Diversification – Organic	Nektar start-up, April 2012	
Diversification – Acquisition	Ongoing	
Employ experienced management team	Appointed CFO	
	Appointed GM of Atlas(2)
	Appointed GM of RCH
	Appointed GM of Nektar

Note 1: Proforma EBITDA is arrived at after adding back transaction costs associated with the RCH acquisition and share based expenses associated with the Company’s IPO. Note 2: Recently promoted to COO of Titan

Safety

Overall Total Recordable Injury Frequency Rate (TRIFR) of 17.9 per million man hours
As at 30 June 2012, the Rigs had recorded the following Lost Time Injury (LTI) free days: o Rig 1 – 461 days o Rig 2 – 361 days o Rig 3 – 331 days
Safety initiatives implemented during the year:
Improved management site visit and internal safety auditing processes
Additional site safety and training personnel coverage
Internal training programs for Rig crews mapped to national competency standards for the Oil and Gas drilling (on shore)
Positive rig safety KPIs will be included in personal KPIs
Qld Dept of Education and Training grants obtained

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Full Year Results Overview

$ Million	Actual	Proforma	% Change
	30 June 2012	30 June 2011(1)
Revenue	33.5	23.1	45%
Statutory EBITDA	7.4	5.0	48%
EBITDA margin %	22.1%	21.6%	0.5%
EBIT	3.9	2.6	50%
EBIT margin %	11.6%	11.3%	0.3%
Net Profit Before Tax	3.3	1.6	106%
Net Profit After Tax	2.3	1.0	130%
Basic earnings per share (cents)	10.81	n/a	n/a
Dividends per share (cents)	2.0	Nil	n/a
Statutory EBITDA	7.4	5.0	48%
Acquisition & Share based payments	0.7	0.4
Pro forma EBITDA (2)	8.1	5.4	50%

Note 1 :Pro Forma Consolidated Results for Titan Energy Services for the year ended 30 June 2011, assuming Titan Energy Services operated RCH and Atlas Drilling for year then ended. Prior year results based on audited management accounts of Atlas Drilling Co Pty Ltd and RCH that now form part of the Titan Group. For the FY11 year, RCH was owned by the Hinman Group with whom the Titan Group entered into an asset sale agreement to acquire the assets of RCH as of 1 July 2011. These results formed the basis of the historical data provided in the Titan Prospectus in November 2011.

Note 2: Proforma EBITDA is arrived at after adding back transaction costs associated with the RCH acquisition and share based expenses associated with the Company’s IPO.

Titan Overview

Titan Energy Services Limited (‘Titan’) is an oil and gas field services company focused on the coal seam gas (‘CSG’) to liquefied natural gas (‘LNG’) industry.
Titan has grown from its original business Atlas Drilling into a diversified services company leveraging from experience within the CSG industry.
Current services include:

Titan Energy Services

Atlas – CSG Drilling

RCH – Portable Accommodation

Nektar – Catering & Camp Management

Future Growth

3 Rigs, under contract
2 owned rigs, 1 operating contract
High utilisation
‘Blue chip’ customers
236 Rooms at year end
• Servicing CSG development and services industries
Experiencing rapid growth
Organic growth
Organic start-up business
Expand equipment hire business[(1)]
Operating for three months
Other
One long term contract complementary secured businesses
Significant growth expected

Note 1: Currently provided by Atlas Drilling

Diversification Strategy

Titan has a stated objective of expanding its current operations and diversifying its CSG service offerings
Diversification is important as the company can leverage off its current Oil and Gas and CSG experience into a number of service lines to capture more of the CSG services market

Portable Accommodation

CSG Drilling

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Catering & Camp Management

Equipment Rental & Transport

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CSG-LNG Market

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2,000
1,600
1,200
800
400
0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
CSG domestic consumption CSG LNG exports LNG auxiliary consumption
Qld CSG Consumption (PJ/a)
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QLD CSG-LNG production and consumption forecasts (2011 to 2025)

Qld production is forecast to increase from c. 250 PJ/a in 2011 to c.900 PJ/a by 2015

QLD CSG-LNG drilling No. of wells (2011 to 2025)

Number of wells has increased from c. 600 wells per year in 2010 to a forecast > c. 2,000 pa from 2015 ‐ 2025

Note:(1) Mid cost forecast from the ACIL Tasman forecast included in Titan’s IPO prospectus.

CSG LNG Market – production phase

QLD CSG-LNG drilling expenditure (1995 to 2026)

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$2,500
Actual Forecast
$2,000
$1,500
$1,000
$500
$0
1996 1999 2002 2005 2008 2011 2014 2017 2020 2023 2026
Low cost Mid cost High cost
Drilling expenditure ($m, real 2011)
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Qld drilling expenditure forecast to increase from c. $650m pa in 2011[(1) ] to > c. $1,500m pa by 2015

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Note 1

Mid cost forecast from the ACIL Tasman forecast included in TTN’s IPO prospectus

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