Who is TMT - AOG · •Still the only company building ROVs in Australia. •Operates 31 ROVs...
Transcript of Who is TMT - AOG · •Still the only company building ROVs in Australia. •Operates 31 ROVs...
Who is TMT • TMT currently employs almost 300 people.
• Still the only company building ROVs in Australia.
• Operates 31 ROVs worldwide
• Has a rental fleet of 300+ ROV tools
• Revenue exceeding USD 70 mil
2
Current Area of Operation
3
Build an ROV in 3 minutes
Why start an ROV company?
• People change when it becomes to
uncomfortable to stay the same.
• A belief in the ability to offer innovation and
value to fill a gap in the market.
• A belief by the competition that it would not be
possible
• A market where technology had not been
consolidated
Choose your partners carefully
• Choose your partners before you choose your business.
• Lifestyles can be different, principles need to be the same.
• Diversity is a strength.
• Trust and flexibility are the key.
• Wives, husbands, partners and kids.
What's your common vision?
• Vision should be 2 parts reality, 1 part
aspiration.
• Clear goals and expectations.
• Defining success and failure.
• Respecting timeframes.
• Guarding against myopia and hyperopia.
• Knowing when to stop.
Why build in Australia?
• Great place to live
• Stable government (Incentive driven R&D programs)
• Isolation is a key driver for innovation
• Skilled workforce (Mature supplier network)
• Same time zone as Asia
• A different Oil and Gas market
• Operator support for startup ventures
• Export credibility
What is your appetite for risk?
• Risk can be defined as questions
without answers.
• Always work to reduce risk to an
acceptable level.
• Leveraging opportunity from risk.
• Where is your no go threshold.
• Learn from your mistakes.
Where is the money coming from?
• How much money do you need?
• What are you prepared to risk?
• Banks are your friend.
• Tell everyone, build the story and commit
• Tell the truth enthusiastically.
• Respect your investors.
Building the team
• Employ people smarter than yourself.
• Balance experience and enthusiasm.
• Go for cultural diversity.
• Reward people for hard work.
• Be accessible and consistent.
• Have realistic expectations.
Establishing the cash flow
• Cash flow is king
• What can you do right now to bring cash into the business.
• Valuable work may not be interesting work.
• Don’t let go of what you already have.
• Develop entry points to your business at different pricing levels
Building capability through innovation
• Can I do something new that somebody else
wants?
• Can I reduce the risk involved with an activity?
• Can I increase the efficiency of an operation?
• Can I improve the reliability?
• Can I do it on demand?
Building capacity through expansion
• Replicating the good, getting rid of the bad
• Work smarter, not harder
• Back office process
• Training and experience are the key
• When a quick ‘no’ is better than a slow ‘yes’
• Vertical growth
• Diversified growth
Leveraging strength through listening
• Listening is a relationship skill
• Understanding is the fruit of empathy
• Answers are not always obvious
• Opportunity is realizing the potential
and solving the problem
Consolidation is not a dirty word
• It’s OK to pause and review the landscape
• Stress test the foundation and direction
• Preserve efficiency and agility
• Prepare people and structures for growth
• Look for macro-evolution and micro-revolution
Surviving the boom and the bust
• Remember everything is cyclic
• Maintain quality and integrity
• Maintain scalability and diversity
• Keep talking to your banks
• Respect the loyalty of your people
and clients
The challenge to go International
• When is the timing right to go international?
• What are you willing to give up to allow for growth?
• What are the options?
• What are the traps?
• Australia as a centre of excellence
When can I buy a Ferrari
• If you want your business to grow, reinvest
• R&D does not happen by accident
• A company without vision or the means to achieve it will
enter recession independent of the external environment
• Manufacturing in Australia is not short term gain
• Leaving a legacy
Concluding Points
• Profitable manufacturing in Australia remains a reality
• Market driven R&D for commercial return is a necessity
• Success requires a long term view
• International presence is a non-negotiable target
• Sustainability is measured through quality of relationships
Thank you
Questions?