Crown LNG Holdings Limited · OTC:CGBSF
Crown LNG — Catcha Investment — SPAC Merger (February 2024)
40 slides from Crown LNG's SPAC merger presentation, Feb 8, 2024
Slide 1: Analyst & Investor Day Presentation February 2024
Analyst & Investor Day Presentation February 2024 Rendering of GBS regas terminal Exhibit 99.1
Slide 2: Disclaimer
Disclaimer About this Presentation This presentation relates to a proposed business combination (the “Business Combination”) between Crown LNG Holdings Limited (“PubCo”), which will be a holding company of Crown LNG Holding AS (the “Company”) and Catcha Investment Corp (“Catcha”). The information co
Slide 3: Disclaimer (cont.)
Disclaimer (cont.) These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Catcha and its management, and PubCo and the Target Companies and their management, as the case may be, are inherently uncertain. Factors that may cause actual results to
Slide 4: Contents
Contents 1. Introduction Kit Wong – CFO, Catcha Investment Corp. 2. Our Market Opportunity 3. Our Market Opportunity and Current Projects 4. Transaction Overview
Slide 5: Crown LNG Execution Team
Crown LNG Execution Team 5 Co-founded Catcha Group in 1999 Founded and taken 5 digital business from their early stages to IPO in Australia and Southeast Asia Recognized for the Global Leader of Tomorrow award by the World Economic Forum and Asia’s Best Young Entrepreneur by Bloomberg Business Patri
Slide 6: Unique Opportunity to Invest in LNG Demand Growth Globally
Unique Opportunity to Invest in LNG Demand Growth Globally 6 Crown is Raising Capital to Fund Two Anchor LNG Terminal Projects in Kakinada, India and Grangemouth, Scotland to Final Investment Decision (FID)
Slide 7: Executive Summary Highlights
Executive Summary Highlights 7 Established technology with over 23 GBS facilities built and operated by third parties in harsh environments over 50 years(1) Leading provider of all-weather LNG liquefaction and regasification terminals infrastructure solutions Macro Tailwinds Accelerating LNG Demand
Slide 8: Contents
Contents 1. Introduction 2. Our Unique Approach Swapan Kataria – CEO, Crown LNG Gunnar Knutsen – President, Crown LNG 3. Our Market Opportunity and Current Projects 4. Transaction Overview
Slide 9: GBS facility video frame
9 Note(s): Photo depicted represents a frame extracted from third-party GBS facility video and is intended solely for informational purposes Video Link: https://1drv.ms/v/s!AlHjqAf8nB9Wg5B0WoG4MJfvLE3o9A?e=nXHH9o
Slide 10: Where Crown Fits in the LNG Value Chain
Where Crown Fits in the LNG Value Chain PRODUCTION TRANSPORTATION CONSUMPTION LIQUEFACTION REGASIFICATION 1 2 Natural gas is cooled (-162° C) for transportation by ship Liquid natural gas is turned back into gas and piped to consumers and business Crown LNG Helps Enable Critical Access to LNG by Eme
Slide 11: Offshore LNG Technology Overview
Offshore LNG Technology Overview Source(s): (1) Based on management estimates; (2) Based on established design requirement in Crown’s Design Basis CAPEX intensive Material land acquisition required Higher offtake threshold to secure financing Long build time Safety concerns especially in populated a
Slide 12: GBS – Proven Design Based on Years of Aker Experience
1977 GBS – Proven Design Based on 50 Years of Aker Experience 12 50-Year GBS Track Record Includes Prominent Offshore Oil and Gas Projects(3): Superior Bottom-fixed solution replaces floating and land-based alternatives Stable 97%+ LNG infrastructure uptime even in extreme weather conditions(1) Prov
Slide 13: GBS – Illustrative Structure
GBS – Illustrative Structure 13 Typical Cross Section View Illustrative Terminal Topside Layout Source(s): Kvaerner MSL 39.5m LNG Water ballast
Slide 14: Industry-Leading Partners
Industry-Leading Partners 14 Leading global EPCIC provider of off-shore energy installations for more than 50 years, with 23 GBS built in offshore environments to date(1) EPCIC CONTRACTOR Global leader in innovative technologies and lifecycle solutions for the marine and energy markets; has delivere
Slide 15: Crown is Uniquely Positioned Relative to Existing LNG Infrastructure Players
Crown is Uniquely Positioned Relative to Existing LNG Infrastructure Players 15 Protected Conditions Floating-Based Gravity-Based All Weather Conditions Liquefaction Regasification Adriatic LNG in Italy was the 1st (and only) offshore GBS for LNG, completed in 2009(1) Owned by SNAM, Exxon and Qatar
Slide 16: Contents
Contents 16 1. Introduction 2. Our Unique Approach 3. Our Market Opportunity and Current Projects Swapan Kataria – CEO, Crown LNG Jørn S. Husemoen – CFO, Crown LNG 4. Transaction Overview
Slide 17: Massive Addressable Market for Crown
Massive Addressable Market for Crown 17 The GBS solution’s total addressable market extends adjacently to power plants, green hydrogen, and ammonia Source(s): (1) Management assessment based on conversations to date; (2) Oxford Research Encyclopedia “The Global Climatology of Tropical Cyclones” as o
Slide 18: Diversified Project Pipeline
Grangemouth, United Kingdom Vung Tau, Vietnam Diversified Project Pipeline 18 Installation GBSRU FSRU GBSRU GBLNG First Gas Q1’2028 Q1’2027 Q2’2030 Q4’2032 Expected Capacity 7.2 MTPA 5.0 MTPA 10.0 MTPA 9.0 MTPA CAPEX $1.0B $533M $1.2B - $1.3B $8B - $9B FID Target Q3’2025 Q3’2024 Q4’2026 Q1’2028 Capi
Slide 19: Kakinada Development Update
Kakinada Development Update 19 Source(s): (1) Petroleum and Natural Gas Regulatory Board (PNGRB) “Natural Gas Pipelines Network in India” as of 3/31/2022; (2) National Centers for Environmental Information “Annual 2022 Tropical Cyclones Report” as of 1/2023; (3) Invest India “Oil & Gas” as of 7/28/2
Slide 20: Kakinada Key Preparations to FID
Kakinada Key Preparations to FID 20 Location Approval & Licenses Engineering Customers Exact location has been identified, 19Km offshore from Kakinada, along with pipeline route to Land Fall Point Gas distribution infrastructure in place via two pipelines: GAIL’s local pipeline and Brookfield’s East
Slide 21: Kakinada - Illustrative Timeline to First Gas
Kakinada - Illustrative Timeline to First Gas 21 Construction Expected FID Front End Engineering Development (FEED) Seabed survey EPCIC contract with Aker Detailed Engineering Purchase orders GBS structure construction LNG tank installations Engineering and Procurement Pre-Execution Contracting and
Slide 22: EPCIC Partners, Contracts and Counterparties Enhance Bankability
EPCIC Partners, Contracts and Counterparties Enhance Bankability 22 Sub-Contractor Regasification Development Partner Sub-Contractor Power & Electricals Contracts Structured for Bankability Illustrative Potential Customers Leading EPCIC Players in the Offshore, LNG and Power Sectors Blue Chip Custom
Slide 23: Illustrative Revenue Model for Kakinada
Illustrative Revenue Model for Kakinada 23 Note(s): Customer TUAs are envisaged to be signed with KGLNG, which is the Indian-incorporated entity holding relevant Kakinada terminal licenses. KGLNG will pass through the revenues received from customers to Crown, under the terms of the Terminal Lease A
Slide 24: Grangemouth Development Update
Grangemouth Development Update 24 Source(s): (1) Department for Energy Security & Net Zero, Energy Trends as of 03/30/2023; (2) Yahoo Finance “European Resilience on Russian Gas and Shift to LNG – Overview, Challenges, and Case Studies” as of 7/6/2023; (3) Scottish Government “Annual energy statemen
Slide 25: Grangemouth Key Preparations to FID
Grangemouth Key Preparations to FID Location Approval & Licenses Engineering Customers Entered exclusivity agreement with GBTron for use of the site Scottish Gas Networks grid access less than 7 miles from anchorage location National gas grid access within 10 miles of port All year access to open wa
Slide 26: Grangemouth - Illustrative Timeline to First Gas
Transaction Close Grangemouth - Illustrative Timeline to First Gas 26 Expected FID Search for LNG/C Candidates Sales and Purchase Agreement (SPA) Pre-FEED LNG/C conversion Contract for regas system Equity and debt construction financing LNG/C availability and conversion yard LNG/C conversion Enginee
Slide 27: Grangemouth – Illustrative Revenue Model
Target Customer Segment Term Years Volume MTPA / % Total Tolling Charge $USD / MMBtu (1) Timing of Revenues Tolling Revenues Per Annum $USD Grangemouth – Illustrative Revenue Model Note(s): (1) Based on GBP 0.90 / MMBtu, and GBP / USD exchange rate of 1.28 Clear visibility over demand pipeline In di
Slide 28: Near-Term: Vung Tau Development
Near-Term: Vung Tau Development 28 Source(s): (1) WorldData “Typhoons in Vietnam” as of 7/26/2023; (2) U.S. Embassy & Consulate in Vietnam “Typhoon and Tropical Cyclone Seasons in Vietnam” as of 7/26/2023; (3) Wikipedia “Typhoon Noru” as of 7/26/2023; (4) Reuters “Vietnam bets big on LNG, South Chin
Slide 29: Near-Term: Newfoundland Development
Near-Term: Newfoundland Development 29 Source(s): (1) Fraser Institute “Canada’s lost LNG opportunities due to dearth of export facilities” as of 3/4/2022; (2) EnergyNow “How Canada Can Help With the World’s Growing LNG Shortage” as of 7/5/2022 Natural Gas Infrastructure of Eastern Canada Crown’s Ma
Slide 30: Contents
Contents 30 1. Introduction 2. Our Unique Approach 3. Our Market Opportunity and Current Projects 4. Transaction Overview Kit Wong – CFO, Catcha Investment Corp.
Slide 31: Transaction Overview
Pro Forma Ownership Pro Forma Valuation Transaction Overview 31 Valuation $685M enterprise value to market Implied pro-forma market capitalization of $725M Financing Transaction expected to provide gross proceeds of up to approximately $50M to Crown LNG $40M of cash held on the pro-forma balance she
Slide 32: Transaction Expected to Fully Fund Both Anchor Projects to FID
Transaction Expected to Fully Fund Both Anchor Projects to FID 33 Breakout of anchor project costs ($M)
Slide 33: Crown LNG – Illustrative Financial Assumptions
Crown LNG – Illustrative Financial Assumptions 34 FID Economics Post First-Gas Run Rate To FID FID All-In Construction Costs Debt/Funding Revenue EBITDA (Margin) Crown PF Ownership Post Project Equity Raise Utilization Rate (MTPA) Kakinada Grangemouth 3.0 MPTA $166M $130M (78%) 80% Debt 20% Equity ~
Slide 34: Determining a Fair Valuation Range for Crown
LNG Determining a Fair Valuation Range for Crown 35 Forward EBITDA multiples for comparable companies Source(s): FactSet as of 7/20/2023 for 2023E Note(s): Crown multiples based off 2028E run-rate EBITDA 2028E CQP
Slide 35: Illustrative Valuation Framework For Crown LNG
Summary of Approach Illustrative Valuation Framework For Crown LNG 36 Illustrative Valuation Framework ($M) We apply a range of multiples to Crown’s expected 2028 run-rate EBITDA of $395M to arrive at an implied enterprise value (EV) in end-2027, using the below assumptions Est. $1.2B net debt from
Slide 36: Many Successful Precedents Of Energy Transition De-SPAC Listings
Many Successful Precedents Of Energy Transition De-SPAC Listings 37 Source(s): (1) Based on management estimates; (2) NET Power “NET Power PIPE Presentation” as of 12/2022; (3) SPAC Research as of 7/24/2023; (4) Factset as of 7/24/2023; (5) NuScale Power “NET Power PIPE Presentation” as of 5/2023; (
Slide 37: Why Crown?
Why Crown? 38 Established technology with over 23 GBS facilities built and operated by third parties in harsh environments over 50 years(1) Leading provider of all-weather LNG liquefaction and regasification terminals infrastructure solutions Macro Tailwinds Accelerating LNG Demand Globally Dramatic
Slide 38: Risk Factors
Catcha Investment Corp (“Catcha”), a Cayman Islands exempted company with limited liability, entered into a Business Combination Agreement (the “Business Combination Agreement”) with Crown LNG Holdings AS, a private limited liability company incorporated under the laws of Norway (the “Company”), Cro
Slide 39: Risk Factors (cont.)
Risk Factors (cont.) 40 Crown is subject to competition in all of its markets from competitors, some of which have significantly greater resources, technology, relationships or expertise. Crown’s ability to secure project level debt and equity financing for its initial LNG terminals in India and the
Slide 40: Risk Factors (cont.)
Risk Factors (cont.) 41 Because PubCo is incorporated in Jersey, Channel Islands, you may face difficulties in protecting your interests, and your ability to protect your rights through the U.S. federal courts may be limited. It may be difficult to enforce a U.S. judgment against PubCo or its direct