T R A N S F O R M I N G

the way marine services are delivered

Annual Report

2022

Aberdeen

Delft

Houston

AFRICA

Key

Office

AMERICAS

Operational Facility

18

Vessels operating internationally

0.28

TRCF per million hours worked

EUROPE

MIDDLE EAST

Dubai

Kuala Lumpur

AUSTRALIA

Perth

1100+

Employees across the globe

Singapore

Batam

Acknowledgement of Country

MMA Offshore acknowledges the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respects to their Elders past and present and extend this respect to all Aboriginal and Torres Strait Islander peoples today and to Indigenous peoples around the world.

Contents

About Us

2

Our Purpose

3

Our Services

4

Our Markets

5

2022 Year in Review

6

Taiwan

Chairman's Report

8

Managing Director's Report

10

ASIA

Sustainability Report

17

Risk

32

Board of Directors

34

Corporate Governance

36

Directors' Report

40

Auditor's Independence Declaration

57

Independent Auditor's Report

58

Directors' Declaration

63

Financial Report 2022

65

Additional Securities Exchange Information

110

New Plymouth

NEW ZEALAND

MMA Offshore Limited | Annual Report 2022

1

A pioneering marine services business.

About Us

MMA Offshore is a global provider of high-specification vessels and a comprehensive suite of marine and subsea services to the offshore energy sector, government and defence and wider maritime industries.

Our combination of high-quality vessels, specialised subsea services, strategically located onshore facilities and in-house technical marine expertise enables us to partner with our clients to deliver innovative, fit-for-purpose marine solutions.

Our head office, located in Perth, Western Australia and our regional offices in Singapore and Aberdeen, provide technical support to our vessels, subsea and project logistics operations. We also have local offices in Malaysia, Taiwan, New Zealand, Dubai, the Netherlands and the United States.

The health and safety of our employees, contractors, clients and stakeholders is core to the way we do business. We pride ourselves on the world class safety, quality and reliability of our operations underpinned by our Target 365 safety culture which strives for

"a Perfect Day, Every Day."

Our Purpose

At MMA Offshore, we have developed a vision for our organisation that clearly articulates our purpose, who we are and what motivates us.

Why we matter

We solve the most demanding

marine challenges.

What

What we

Where we

want to be

we do

believe

We want to

We believe marine

We are a

transform

pioneering marine

resources should be

the way marine

services business.

developed sustainably.

services

are delivered.

How we'll get there

Our five principles are our lines in the sand, and guide how we think and act as an organisation every day.

Our Principles

Smarter

Do What's Right,

Think

Fail Fast

Create

Together

Not What's Easy

Bigger

& Learn

Tomorrow

Only by working

We have the courage to

We embrace big ideas

We back ourselves

The future we want is

together can we solve

do the right thing, even

and challenge ourselves

to innovate and support

up to us to create.

the biggest problems.

when it's hard.

to achieve big goals.

each other through

the process.

2

MMA Offshore Limited | Annual Report 2022

MMA Offshore Limited | Annual Report 2022

3

Our Services

Vessel Services

As a global provider of offshore marine solutions, MMA owns and operates a fleet of 18 offshore vessels capable of servicing an extensive range of complex marine projects. With an average age of nine years, our fleet incorporates modern technology, efficient propulsion systems and proven reliability to serve a wide range of work scopes - from subsea construction and maintenance, through to ongoing production support and towing operations. MMA also maintains a global pool of over 900 highly qualified offshore personnel capable of executing the most challenging offshore projects.

Subsea Services

Combining state-of-the-art equipment and highly experienced personnel, MMA provides an extensive range of subsea services for our clients. As leading experts in the delivery of survey, engineering, commercial diving, ROV, environmental and stabilisation and manufacturing assembly and test solutions, we are capable of servicing a wide range of marine markets. By delivering our services as either an integrated end-to-end solution or as a singular service provision, we are able to complement our clients' execution preferences with our in-house project management expertise.

Project Logistics

Managing complex marine logistics work scopes for global construction projects is a key service provided by MMA. Our bespoke services can be tailored specifically to our clients' requirements and include project managing complex marine and vessel spreads, logistics to remote greenfield sites, integrated marine logistics and marine transportation services.

Solving the most demanding marine challenges.

MMA Monarch departing Singapore for a campaign off the north west coast of Australia.

Our Markets

Oil & Gas

Supporting all phases of the oil and gas lifecycle, MMA has extensive experience providing support to the oil and gas industry. Our versatile fleet of vessels combined with our world-class subsea expertise provides integrated solutions to support offshore construction activities, ongoing production support, inspection, maintenance and repair operations, decommissioning works and stabilisation requirements.

Offshore Wind

MMA is facilitating the global energy transition through our comprehensive range of marine solutions for the offshore wind industry. We provide vessel, subsea and engineered solutions for field development, construction support, inspection, maintenance and decommissioning works, as well as specialised support services for cable installation and management.

Government & Defence

MMA is a panel member on the HydroScheme Industry Partnership Program ("HIPP"), providing hydrographic survey services to the Australian Government's Department of Defence as part of an extensive program to obtain high-quality bathymetric coverage of Australia's Exclusive Economic Zone by 2050. We also deliver a range of services to government and defence contractors including survey, bathymetry, vessels, ROVs, AUVs and commercial diving services.

Coasts & Ports

MMA provides stabilisation, marine grouting and coastal erosion solutions to ports and harbours, coastlines and inland marine infrastructure. Our unique approach of combining engineering with nature seeks to deliver resilient coastal infrastructure.

Engineered Reefs

MMA's newly acquired environmental and stabilisation business, Subcon, are accomplished pioneers of engineered reef solutions, with over 30 large scale reef projects delivered globally to date. Our engineered reefs provide solutions for fisheries enhancement, reef restoration, coastal erosion control, offshore wind farm ecology, decommissioning of oil and gas structures, tourism and living harbours.

4

MMA Offshore Limited | Annual Report 2022

MMA Offshore Limited | Annual Report 2022

5

2022 Year in Review

Revenue

EBITDA

NPAT

$283.8m

$32.3m

$33.8m

LVR

EBIT

Operating Cashflow

(Net Debt to Fixed Assets)

$1.3m

$15.2m

14%

Cash at Bank

$73.9m

NTA per Share

95c

Mermaid Cove providing production support services to Woodside facilities in Australia's north west.

6

MMA Offshore Limited | Annual Report 2022

Photo courtesy of Woodside.

MMA Offshore Limited | Annual Report 2022

7

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MMA Offshore Limited published this content on 25 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 August 2022 03:37:05 UTC.