Background and Major Developments

Nathalin was established on 21^st July 1987, with registered capital of 1,000,000 Baht, and started its business with 2 ships with the approximate capacity of 1,000 DWT for service provision of transport of petroleum products to the Petroleum Authority of Thailand (currently PTT Public Company Limited (“PTT”)) and Siam United Service Co., Ltd. (currently SUSCO Public Company Limited) mainly in the route of Sri Racha – Bangkok.

Nathalin expanded its service provision of marine transport of goods via “Siam Natee” Vessel to transport JP-1 fuel to the Petroleum Authority of Thailand in the route of Sri Racha – Songkhla Petroleum Terminal in place of transport by rail for the first time.

Nathalin expanded its transport capacity and goods transport routes in order to transport oil, condensate oil and other types of oil for the Petroleum Authority of Thailand in routes between the Central Petroleum Terminal, Erawan Production Platform, Songkhla Petroleum Terminal and Sri Racha Petroleum Terminal.

Nathalin expanded its business of oil tankers to international routes for the first time from Thailand to nearby regions such as Cambodia, etc.

• Nathalin recognized by major customer group in the oil industry in terms of standard and quality of marine transportation; Nathalin expanded its business of oil tankers in that, NTL, a subsidiary of Nathalin at that time, entered into its initial contract for transport of goods for PTT.
• Then, NTL started to transport goods for Caltex (Thai) Co., Ltd., (currently Chevron (Thailand) Limited) to provide services of transportation in routes between Rayong and destinations as provided by customers.

Nathalin established NMC on 3^rd July 2001, with a registered capital of 5,000,000 Baht to expand its business of ship management to its affiliated companies in order to improve the efficiency of marine transportation to its customers.

Khunnathee Co., Ltd.^/1 , which was a subsidiary of Nathalin at that time, bought the first Aframaxoil tanker, namely, Sriracha Energy, with the approximate capacity of 90,000 DWT for service provision of transport of oil to the Petroleum Authority of Thailand, and Thai Oil Co., Ltd. (currently Thai Oil Public Co., Ltd.).

Note:

^/1 As of 31st December 2016, Khunnathee Co., Ltd., and Kanchana Marine Co., Ltd., were not under the supervision of the Group Company, and have changed their objectives of business operation and did not operate similar businesses to those of the Group Company.

Nathalin has expanded its business of oil tankers to transportation of liquefied petroleum gas; whereas, Kanchana Marine Co., Ltd./1 which was a subsidiary at that time, provided service of transport of petrochemical products to major oil trading companies mainly in routes between Thailand and port cities in China.

Note:

^/1 As of 31st December 2016, Khunnathee Co., Ltd., and Kanchana Marine Co., Ltd., were not under the supervision of the Group Company, and have changed their objectives of business operation and did not operate similar businesses to those of the Group Company.

Nathalin established Nathalin Offshore Co., Ltd., on 23rd January 2007, with registered capital of 5,000,000 Baht to be prepared for entry into the business of oil tankers and floating storage unit (FSU) and offshore support vessels.

Khunnathee Co., Ltd.^/1 , which was a subsidiary of Nathalin, bought Sriracha Trader/2, with the approximate capacity of 48,000 DWT to replace their existing vessel, and improved the quality of service provision of transport of goods for CEC for the first time.

Note:

^/1 As of 31st December 2016, Khunnathee Co., Ltd., and Kanchana Marine Co., Ltd., were not under the supervision of the Group Company, and have changed their objectives of business operation and do not operate similar businesses to those of the Group Company.

^/2 As of 31st December 2016, such vessel was no longer property of the Group Company because it had been sold to another company outside the Group.

• Nathalin extended its fleet of oil tankers; whereas, Khunnathee Co., Ltd./1, invested in an oil tanker, namely Sriracha Master^/2 ,with the approximate capacity of 90,000 DWT for service provision of transportof goods for CEC.
• The Company has expanded businesses to other related products in the supply and value chain of the oil and petrochemical industry, and inaugurated a business of floating storage unit (FSU) with the first “Very Large Crude Carrier (“VLCC”), namely Titan Gemini ( renamed to “One Emerald”) for service provision of transport and storage of crude oil and petroleum products to major oil trading companies in Malaysian waters.
• The Company has extended its fleet of floating storage unit (FSU) by using a second “Very Large Crude Carrier (“VLCC”), for the storage of crude oil and petroleum products to major oil trading companies in Malaysian waters.

Note:

^/1 As of 31st December 2016, Khunnathee Co., Ltd., and Kanchana Marine Co., Ltd., were not under the supervision of the Group Company, and have changed their objectives of business operation and do not operate similar businesses to those of the Group Company.

^/2 As of 31st December 2016, such vessel was no longer property of the Group Company because it had been sold to another company outside the Group.

• Nathalin expanded its businesses to offshore support vessels; whereas, Khunnathee Co., Ltd.^/1 , entered into the business of floating storage and offloading unit (FSO), with its first FSO vessel, namely “Sriracha Trader”^/2 , with the approximate capacity of 48,000 DWT for the storage of crude oil for oil rigs for CEC in waters of Gulf of Thailand.
• The Company invested and commenced operation of accommodation work barge (AWB) which is one of the offshore vessel businesses, with the passenger capacity of 300 people, for service of oil rig employees to PTT Exploration and Production Public Company Limited (“PTTEP”) at its sites of excavation and exploration of PTTEP such as Bongkot Field, Arthit Field, etc.
• Nathalin established NSSG (formerly known as Nathalin Offshore Pte., Ltd.) on 16th September 2011, with its objective to expand its business to Singapore which is a major maritime hub; whereas, NSSG was registered as a juristic person in Singapore, with registered capital of SGD 1,000,000.

Note:

^/1 As of 31st December 2016, Khunnathee Co., Ltd., and Kanchana Marine Co., Ltd., were not under the supervision of the Group Company, and have changed their objectives of business operation and do not operate similar businesses to those of the Group Company.

^/2 As of 31st December 2016, such vessel was not property of the Group Company because it had been sold to another company outside the Group.

• The Company started operation of tow boats and anchor handling tug vessels, which was one of the offshore vessel businesses.
• Nathalin has extended its fleet of floating storage and offloading unit (FSO); whereas, Khunnathee Co., Ltd.^/1 , invested in vessels, namely Sriracha Eagle and Sriracha Leader^/2 with the approximate capacity of 95,000 DWT and 44,000 DWT, respectively, for service in waters of Gulf of Thailand.
• Due to the increasing demands for transport and floating storage of goods, the Company has increased its capacity of transport and storage of goods with the floating storage unit (FSU) by using vessels, namely Fortune Star and Amity Star, which were categorized as“Very Large Crude Carrier” (“VLCC”) for transport and storage of goods to major foreign oil trading companies in Malaysian waters.

Note:

^/1 As of 31st December 2016, Khunnathee Co., Ltd., and Kanchana Marine Co., Ltd., were not under the supervision of the Group Company, and have changed their objectives of business operation and do not operate similar businesses to those of the Group Company.

^/2 As of 31st December 2016, such vessel was not property of the Group Company because it had been sold to another company outside the Group.

• Nathalin extended its fleet of floating storage unit (FSU) by investing in vessels, namely Energy Star, categorized as “Very Large Crude Carrier” (“VLCC”) for transport and storage of goods to major foreign oil trading companies in Malaysian waters.
• Nathalin envisaged the increasing demand for transport of oil, and has therefore provided Aframaxoil tankers, namely, Northern Pearl, for service of international transport.

• Then, SHT invested in the floating storage unit (FSU), namely, Jubilee Star, categorized as “Very Large Crude Carrier” (“VLCC”) for transport and storage of goods to major foreign oil trading companies in Malaysian waters.
• The Company increased its registered and paid-up capital to 850,000,000 Baht, divided into 8,500,000 ordinary shares, with the par value of 100 Baht, offered to the existing shareholders and was part of the restructuring plan of the Group Company.
• On 10^th August 2015, Nathalin Offshore Co., Ltd., was renamed to Prima Marine Co., Ltd. (“Company”).

• SHT invested in the floating storage unit (FSU), namely, Grace Star, categorized as “Very Large Crude Carrier” (“VLCC”) for transport and storage of goods to major foreign oil trading companies in Malaysian waters.
• The Group Company has envisaged the increasing demand for transport of oil, and has therefore provided Aframaxoil tankers, namely, Radiant Star, for service of international transport.
• The Company restructured the Group Company for merging of businesses in connection with the service provision of marine transportation and storage of goods, including service of transport vessels and marine operation support, and ship management by Nathalin under the supervision of the Company by means of acquisition of shares of subsidiaries and affiliates from Nathalin and existing shareholders, and has increased its registered and paid-up capital to 2,000,000,000 Baht, divided into 20,000,000 ordinary shares, with the par value of 100 Baht, offered to the existing shareholders.
• The Company purchased STC shares equal to 51% of the issued and paid-up capital from other shareholders; whereas, STC has operated its business of oil tankers and floating storage unit (FSU).

The Company has been transformed to a public limited company and was renamed to Prima Marine Public Company Limited (“Company”), and has changed its par value from 100 Baht to 1 Baht, and has issued its new ordinary shares, totally 500,000,000 shares to be offered to the general public; as a result, the Company has registered capital of 2,500,000,000 Baht, divided into 2,500,000,000 ordinary shares, with the par value of 1 Baht.

• In January, the Company Group was delivered of newly-assembled Vessel named " Sri Kanchanadit", a small vessel used in the business of oil tankers and storage of crude oil and petroleum products ("Floating Storage Unit Business") sized 3,000 DWT, to support the transportation of products that increase according to the demands of major domestic oil companies.
• In February, the Company Group sold the Vessel named "Northern Star" which is the VLCC-sized vessel used in the business of oil tankers and storage of crude oil and petroleum products ("FSU") to adjust its business plan to be in line with the volatile market conditions.
• The Company Group signed the asset acquisition transaction by purchasing a total of 360,000 ordinary shares in Big C Co., Ltd., which is a limited company operating a marine oil transportation service for oil companies in Thailand, phase I was on 2 July, 2018, the Company Group purchased 252,000 ordinary shares, representing 70% of the total ordinary shares with a total amount of 1,400,000,000 Baht.
• In July 2018, the Company Group sold the Vessel named "Amity Star" which is the VLCC-sized vessel used in the business of oil tankers and storage of crude oil and petroleum products ("FSU"), to adjust its business plan to be in line with the volatile market conditions.
• In July 2018, the Company Group purchased and was delivered of the second-hand vessel named "Siri Pipat", a small vessel used in the business of oil tankers and storage of crude oil and petroleum products ("FSU"), sized 3,500 DWT to support the transportation of liquid petrochemical products according to the demands of major domestic oil companies.
• NTL increased its registered capital amounting 250,000,000 baht (from 703,000,000 Baht to be 953,000,000 Baht) to prepare itself for the investment in 4 newly assembled vessels.
• The Company Group has been rated as a company with good corporate governance at 4 stars level or "very good" level in the 2018 Corporate Governance Report of Thai Listed Companies (or CGR 2018) organized by the Thai Institute of Directors Association.

• The Company Group received of 5 new vessels with capacity of 3,000 DWT (Sri Surat, Sri Chaiya, Sri Tahphet, Sri Phunpin and Sri Phumriang, respectively) and 1 new vessel with capacity of 5,300 DWT (BS106), all are vessels used in the Trading Business to support the increased transportation of goods as required by domestic major oil traders, between January - September 2019.
• The Company Group purchased 3 VLCC vessels to be used in the FSU Business (Aquarius Star, Crystal Star, and Darin Star, respectively) to support our customers’ needs for storage of Low Sulphur Fuel Oil, between January - August 2019.
• N.T.L. Marine Co., Ltd. increased its registered capital for 100,000,000 Baht (from 953,000,000 Baht to be 1,053,000,000 Baht) to invest in new vessels according to the 2019 investment plan.
• Singha Tankers Co., Ltd. increased its registered capital for 340,000,000 Baht (from 622,000,000 Baht to be 962,000,000 Baht) to support the Company’s business operations.
• The Company purchased additional ordinary shares of TMN Co., Ltd. from existing shareholders in the amount of 4,406,738 shares or 6.62% of a total issued share of TMN Co., Ltd. Total value of 43,359,552 Baht.
• The Company Group signed to acquire assets by purchasing additional ordinary shares of in Big Sea Co., Ltd. in the second phase for 36,000 shares, equivalent to 10 percent of the total issued shares of Big Sea Co., Ltd., resulting in holding totally 288,000 ordinary shares of Big Sea Co., Ltd., equivalent to 80 percent of the total issued shares of Big Sea Co., Ltd., totaling 1,687,953,608 Baht, on 13 August 2019.
• The Company Group has been ranked as a company with good corporate governance at “Excellent” or “5-star” level under the project of Corporate Governance Report of Thai Listed Companies for the year 2019 (or CGR 2019) organized by the Thai Institute of Directors.
• On 4 November 2019, the Company has been certified as a member of the Private Sector Collective Action Coalition Against Corruption (“CAC Project”) by the Private Sector Collective Action Coalition Against Corruption Council for 3 years period.
• On 23 December 2019, Orchard Navee Co., Ltd., a subsidiary company, completed the liquidation process to close its business due to none of internal business operations.
• On 26 December 2019, Srithai Capital Co., Ltd., a joint venture, completed the liquidation process to close its business due to the expiration of project contract.

• N.T.L. Marine Co., Ltd. increased its registered capital amounting 147,000,000 Baht (from 1,053,000,000 Baht to be 1,200,000,000 Baht) to support the expansion of its business.
• Singha Tankers Co., Ltd. increased its registered capital amounting 238,000,000 Baht (from 962,000,000 Baht to be 1,200,000,000 Baht) to support the expansion of its business.
• On 28 September 2020, Nathalin Shipping Pte. Ltd., a subsidiary of the Company, has established a new subsidiary in Republic of Panama named “Amity Asset Management Inc.” to operate the marine transportation of petroleum products with the registered capital of USD 10,000.
• The Company Group received a new build vessel named “Sri Lumphu”, a small vessel with capacity of 3,000 DWT for Trading Business, to support the transportation of products that increase according to the demands of major domestic oil companies.
• The Company has established a new subsidiary in Thailand named “Phurich Marine Company Limited” to operate the marine transportation of petroleum products with the registered capital of 1,000,000 Baht divided into 10,000 ordinary shares at the par value of 100 Baht per share.
• The Company has been ranked as a company with good corporate governance at “Excellent” or “5-star” level for the second year in a row under the project of Corporate Governance Report of Thai Listed Companies for the year 2020 (or CGR 2020) organized by the Thai Institute of Directors.
• On 23 December 2020, Phurich Marine Company Limited, a subsidiary of the Company, entered into the Share Purchase Agreement with Thai Oil Public Company Limited to acquire all ordinary shares of Thaioil Marine Company Limited totaling 97,000,000 shares, with a par value of 10 Baht per share.

• On January 14, 2021, the Company has purchased additional ordinary shares from the existing shareholders of Big Sea Company Limited in the second phase for 55,368 shares at the total purchase price of 200 million baht, raising the Company’s equity interests in Big Sea Company Limited to 95.38 percent.
• On February 8, 2021, the Company has established its subsidiary in British Virgin Islands named “Protea Investments Group Limited” to operate marine oil tanker service with a registered capital of USD 10,000.
• On April 1, 2021, the Company has purchased additional ordinary shares from the existing shareholders of Big Sea Company Limited in the second phase for 16,632 shares at the total purchase price of 60 million baht, raising the Company’s equity interests in Big Sea Company Limited to 99.99 percent.
• On April 30, 2021, Phurich Marine Company Limited, a Company’s subsidiary, completed its acquisition of Thaioil Marine Company Limited (currently “Truth Maritime Company Limited” and its subsidiaries (“TM Group”)) with a total value of 860.49 million baht.
• In April 2021, the Company sold the “Darin Star”, a Very Large Crude Carrier (VLCC) vessel, in the FSU business, to adjust its portfolio to respond to the declining demand for transport vessels in slow-growth markets.
• In June 2021, the Company sold the “Energy Star”, a Very Large Crude Carrier (VLCC) vessel, in the FSU business, to adjust its portfolio to respond to the declining demand for transport vessels in slow-growth markets.
• In September 2021, the Company sold the “Jubilee Star”, a Very Large Crude Carrier (VLCC) vessel, in the FSU business, to adjust its portfolio to respond to the declining demand for transport vessels in slow-growth markets.
• In September 2021, the Company has purchased the “Phoenix Star”, a Very Large Crude Carrier (VLCC) vessel, for the FSU business, to replace older vessels that had previously been sold.
• On September 29, 2021, N.T.L. Marine Company Limited increased its registered capital for another 350,000,000 baht (From 1,200,000,000 baht to be 1,550,000,000 baht) to repay bank loans and build up the Company’s working capital.
• The Company has purchased additional ordinary shares from the existing shareholders of T.I.M. Ship Management Company Limited for 10,002 shares at the total purchase price of 6.81 million baht, raising the Company’s equity interests in T.I.M. Ship Management Company Limited to 100 percent.

• On February 24, 2022, the Company has established its subsidiary in British Virgin Islands named “Premier Tanker Limited” to operate the marine transportation and storage of petroleum products with the registered capital of USD 10,000.
• On May 18, 2022, Big Sea Company Limited has purchased the vessel, BS Thepha, to support the business expansion.
• In June 2022, Protea Investments Group Company Limited has entered a long-term vessel lease and service agreement of Taiga (2nd VLCC).
• In June 2022, Premier Tanker Limited has purchased Very Large Crude Carrier (VLCC) vessel as in the addendum after the long-term service agreement for the FSU business named “Harmony Star”
• On July 21, 2022, Truth Maritime Company Limited increased its capital of 230,000,000 baht (From 520,000,000 baht to be 720,000,000 baht) to support the business expansion.
• On August 15, 2022, Bongkot Marine Company Limited sold the “MT Bongkot Star”, a Very Large Crude Carrier (VLCC) vessel, in the FSU business, after the completion of the service agreement.
• In September 2022, the Company has purchased Very Large Crude Carrier (VLCC) vessel named “Ivory Star” as in the addendum after the long-term service agreement and sold for the profit in the upside of sale and purchases market.
• In September, Protea Investments Group Company Limited has entered a long-term vessel lease and service agreement of Tamba (3rd VLCC).
• On November 8, 2022, Truth Maritime Services Company Limited increased its capital of 150,000,000 baht (From 750,000,000 baht to be 900,000,000 baht) to support the business expansion.
• The Company has been ranked as a company with good corporate governance at “Excellent” or 5-star level for the forth year continuously from the Annual Corporate Governance Report of Thai Listed Companies (CGR) organized by the Thai Institute of Directors