We are pleased to share highlights from Beng Kuang Marine Limited’s Non-Deal Roadshow 2026, where the Group outlined its differentiated earnings model anchored on the FPSO lifecycle.

Beng Kuang Marine continues to position itself as a lifecycle execution partner, capturing recurring, compliance-driven revenue streams across offshore assets. With 19 active FPSOs and over 80% recurring revenue mix, the Group’s earnings profile is increasingly repeatable, sustainable, and predictable.

Key investment highlights include:

•⁠ ⁠Lifecycle-driven earnings model – Revenue is anchored to mandatory maintenance, regulatory compliance cycles, and asset ageing dynamics, rather than dependent on new contract wins

•⁠ ⁠Strong recurring revenue visibility – Multi-year revenue generated from the same FPSO assets, with over S$219 million in cumulative lifecycle revenue across core assets

•⁠ ⁠Structural growth tailwinds – Expansion in fleet size, geographic footprint, and service scope continues to deepen embedded presence across offshore operations

•⁠ ⁠Attractive market opportunity – A global base of over 400 FPSO/FSO assets, with ageing fleets and compliance requirements driving sustained lifecycle
expenditure

•⁠ ⁠Margin resilience and earnings quality – Gross margins have expanded to 37.1%, supported by a strategic pivot towards higher-value lifecycle services, even amid revenue timing fluctuations

•⁠ ⁠Disciplined capital allocation – The ASOM acquisition enhances lifecycle exposure at attractive valuation multiples, supporting immediate earnings accretion

The Group’s strategy to deepen engagement with both FPSO operators and direct field owners further strengthens its long-term positioning, enhancing revenue visibility and margin profile.

As offshore assets continue to age and regulatory requirements intensify, Beng Kuang Marine remains well-positioned to capture structural, non-cyclical growth through its embedded role in lifecycle execution.

See full slides here: https://www.bkmgroup.com.sg/frontend/web/index.php?r=attachment/download&id=1423