Annual Results 2013 March 5, 2014 BUILDING TOGETHER A SEA OF TRUST
Financial performance Laurent RENARD Deputy CEO Finance & Administration
Improved profitability and stronger financial position Revenues of 1.3 billion (+13.1% at constant exchange rates) Impact of exchange rates on the second half (particularly /) Improved profitability, particularly in Shallow water…
A stable and still favorable environment Price per barrel (US) Oil & Gas investments 140 CAGR 2013-2018 8% 120 111 112 109 100 80 2011 2012 2013 Source: Rystad Energy research and analysis 4 05/03/2014 2013…
key figures: improvement of profitability In millions of euros 2013 2012 Change M Change % Revenues 1,311.9 1,186.9 +125.0 +10.5% EBITDAR* excluding capital gains 450.3 383.0 +67.3 +17.6% EBITDAR excluding capital gains/Revenues…
Growth and improvement of profitability Revenues Others Deepwater +10.5% Subsea offshore 17% 30% 1,312 million 1,312 22% 1,187 29% EBITDAR (excl. capital gains)/Revenues Crewboats Shallow water offshore 2012 In millions…
Strong improvement in profitability of Shallow water offshore Deepwater offshore Shallow water Offshore Crewboats Subsea In millions of euros +8.5% +11.7% +8.2% +17.5% Revenues 361 392 376 337 275 297 190 223 2012 2013…
53 million in exchange losses in 2013, 65% of which unrealized In millions of euros 40 realized 2011-2013 = (0.4 million) 30 20 20.4 10 8.9 11 0 2.6 -8.7 -5.1 -14.9 -0.5 -10 -18.9 -29.4 -20 -15.7 -30 -40 -18.2 -50…
ASSET SMART: achievement, impacts and objectives The achievement of the US 2.5 billions sale of vessels is largely engaged: US 1.5 billion with ICBCL of which US 860 million already received as at March 5, 2014 US 150 million with…
Transforming for Beyond : US925 million already received as of March 5, 2014 Objective : sale and bareboat charter of 30% of supply vessels < 5 years by 2015 With ICBCL 33 vessels already sold US860 million received With…
In parallel, sale of vessels either partly conforming or non-conforming with the BOURBON technical standards Vessels sales and bareboat charter (5 years) With Pareto 2 vessels US 130 million received Sales of old vessels to other…
Strong positive free cash flow* at 450m In millions 500 250 0 -250 -500 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 * Free cash-flow: Cash flows linked to operating activities outflows linked to…
449 million reduction in debt since June 30, 2013 ( millions) Net debt 2400 June 30, 2013 10 2,190 2,061 1,955 8 1,750 1,765 1,741 6 4 2 0 0 2009 2010 2011 2012 2013 Dette nette Dette Nette/EBITDA 13 05/03/2014…
Dividend per share Proposal of a 34% increase for 2013 ()*/share 1.00 +34% 0.75 0.74 0.74 0.75 0.75 0.68 2007 2008 2009 2010 2011 2012 2013 * Adjusted for bonus shares granted 14 05/03/2014 2013 results presentation…
CONCLUSION Net income for 2013 is 115 million as a result of: continued growth of the fleet improvement of costs the capital gains made on the sale of 31 vessels and despite adverse impact of variations in foreign exchange…
Activities Gal BODENES Directeur Gnral dlgu - Oprations
2013, towards operating excellence BOURBON MARKET Discipline in execution Solid fundamentals TRIR safety = 0.48 A high, stable barrel price Technical reliability 94.5% Strong activity in deepwater offshore but also in shallow water…
Safety results among the best in the industry, 45.3 million hours worked in 2013 1.12 2.28 0.69 0.75 0.64 0.70 0.67 0.68 0.69 0.48 0.65 0.64 0.48 0.22 0.10 0.10 0.10 0.07 0.05 0.07 2008 2009 2010 2011 2012…
A modern and standardized fleet in line with market needs, Modern fleet 484 vessels in operation 6.2 years average age 52 vessels on order Investment strategy: Standardization High manoeuvrability: DP2 Energy savings:…
Committed and professional team 20 million invested Sustainable growth in annual training based on local content Africa 31% Europe 35% 84 nationalities Asia & Americas Pacific 13% 21% 11,000 people Consistent…
94.5% fleet technical availability rate Operational downtime Statutory maintenance Nr. of days / DD In % 3 40 2.9 2.7 35 38 36 30 2 31 2.1 25 27 1.6 20 1 15 10 5 0 0 2010 2011 2012 2013 2010 2011 2012 2013 Average for…
Discipline in managing costs Operating costs Investment costs Crew Construction in series 2012 2013 2015 Total Maintenance 106.5 104 96 Standardization of equipment fleet Dockings Optimization of order timing Operating cost…
Solid indicators in a growing market In % Stable utilization rates and rising prices In US % 100 20,000 19,000 92% 90 18,000 87% 17,000 80 16,000 70 15,000 14,000 60 13,000 50 12,000 H1 2011 2011 H2 2011 H1 2012…
Strong demand for PSVs in Deepwater offshore Market Robust activity driven by a large number of exploration and development projects Strong demand in the PSV segment 337 Medium and Large PSVs under construction BOURBON…
The Deepwater offshore segment continued to grow all year An annual utilization rate of 88.9% A well oriented average daily rate 100% In US/d 23,000 92% 90% 21,000 87% 19,000 80% 17,000 70% 15,000 Q3 2012 Q4 2012 Q1 2013 Q2…
Increasing investments in Shallow water offshore Market Good level of activity led by delivery of the next generation jack-ups The phenomenon of replacing old vessels is continuing, particularly in Asia and the Middle East…
Solid indicators improving in Shallow water offshore An annual utilization rate of 89.8% Prices impacted by the geographical mix but positively oriented In US/d 100% 15,000 92% 90% 14,000 87% 80% 13,000 70% 12,000 Q3…
Crewboats: a competitive segment where service is key Market Healthy activity in West Africa in an increasingly competitive market An active market for the large units, in particular FSIVs (DP 2) BOURBON The Bourbon Shaal, 2nd…
Especially in the top of the range for large units Stable utilization rates for the year at 78.7% for Increase of the average daily price +7.1% the Crewboat segment In US/d 100% 5,500 90% 5,000 85% 80% 4,500 70% 4,000 Q3…
Increasing Subsea activity in a growing market Market 10.3% growth in well head installations over the 2013-2017 period Ageing of subsea equipment implies an increase in demand for IMR vessels. On average, the 5,000 well heads…
This is reflected by well oriented utilization and daily rates Annual utilization rates at 90.2% well oriented average daily rates In US/d 100% 45,000 42,500 92% 90% 40,000 87% 37,500 80% 35,000 32,500 70% 30,000 Q3 2012…
Focus on Bourbon Liberty: confirmation of a success A dynamic shallow water market led by investment growth in E&P: 7% per annum over the 2013-2018 period* Fleet growth in line with the market: Delivery of the 100th Bourbon…
Focus on Bourbon Liberty: Confirmation of a success Cumulative nr. of vessels Logarithmic scale 111 +23%/year 76 100 +34%/year +236%/year Bourbon Liberty 10 150 & 300 Bourbon Liberty 100 & 200 1 Q1 Q2 Q3 Q4 Q1 Q2…
Focus on Bourbon Liberty: Confirmation of a success In % In US 100 15,000 92% 14,000 90 87% 13,000 80 12,000 70 Bourbon Liberty 100, 150, 200 & 300 11,000 60 10,000 50 9,000 T1 T2 T3 T4 T1 T2 T3 T4 T1 T2 T3 T4 T1 T2…
A list of demanding customers throughout the world Bourbon Liberty Series Contractors Spot 7.1% Mediterranean/ 8.1% Middle East West Africa 25 36 National Oil Major 28.3% Mexico/ 37.4% Brazil 14 Asia 25 Independent 19.2%…
Transforming for beyond : a unique and personalized customer relationship Real-time tracking of vessel operational performance indicators available to our client (Web Platform): test under way with three of our customers : means…
Conclusion: Focus on operational excellence Discipline in execution Safety: TRIR = 0.48 Controlling operating costs and investments Modern vessels in line with market needs Modern, reliable and standardized vessels Success of…
Outlook Christian LEFEVRE Chief Executive Officer
Solid prospects in a favorable environment, underpinned by stable oil prices and growth in Oil & Gas demand BOURBON, a leader in offshore maritime services A steadily improving operational performance, reflecting the companys…
A leader in offshore maritime services: a global presence North Sea: 7 Supply vessels France: 8 Supply vessels and tugs Mediterranean +9 Middle East India 39 Supply & Subsea vessels Americas +1 4 Crewboats 31 Supply &…
Coastal protection Operations driven by French Marine Nationale For the vessels of our affiliates Les Abeilles and Bourbon Offshore Surf Salvage of cargo ship Just Mariiam off the coast of the Island of Recovery of containers lost…
Committed teams with strong local ties in Latin America, Africa and Asia Local content* reached 70% in 2013 167,000 hours of professional training delivered in 2013 Europe BOURBON Mediterranean Middle East Asia & Pacific 24%…
Operational performance steadily improving, reflecting fleet strategy Fleet standardization is becoming a key advantage Bourbon Evolution 800 10 Effective simulator-based training PSV large 12 Maintenance/Optimized purchasing GPA 670…
A service recognized by the most demanding clients 2013 Change vs 2012 Average residual Average residual Contractualization term of firm term including rate contracts options OTHERS 150 clients 41,4% Deepwater offshore 77.8%…
Outlook for Oil & Gas offshore market Demand for oil and gas is expected to grow 1.4% per annum over the 2013-2020 period Average growth in expenditures (investment & operation) Average growth in expenditurse (investment and on mid and…
Offering of shallow water offshore vessels AHTS (4,000-9,999 BHP) PSV (1,000-1,999 DWT) Future deliveries Current fleet Future deliveries Current fleet 60 97 on 60 36 on order order 50 Of which 50 388 25 Of which Number of…
Offering of deepwater offshore vessels AHTS ( 10,000 BHP) PSV ( 2,000 DWT) Future deliveries Current fleet Future deliveries Current fleet 140 Of which 140 59 on Of which 37 76 25 25 years 120 order 120 years old old 337 on…
Outlook for AHTS and PSV vessels for the BOURBON fleet AHTS PSV Shallow 87 vessels with a 73% contractualization rate 34 vessels with an 85% contractualization rate water 5 Bourbon Liberty under construction; the 7 Bourbon…
Focus on performance excellence with a target of: 0 incidents OBJECTIVE: 0 INCIDENT Personnel Integrity of equipment Expertise Design Qualifications Standardization Training Preventive maintenance Experience Commitment…
with the aim of improving profitability Quality of customer service Price premium High technical availability rate Higher potential revenues per of vessels vessel Reduction in opex and control Commitment to cost control…
Opportunistic management of B2015 investments Investments not yet committed under BOURBON 2015 plan represent 429 million at December 31, 2013 From now on, new orders for vessels will be executed as opportunities arise and will not…
BOURBON is committed to reduce its debt with growth of available cash flow An asset smart strategy Implementation of the US2.5 billion disposal plan, with 10-year bareboat charter, is well underway US1.650 billion worth of vessel…
Outlook still encouraging Demand for offshore vessels sustained by high level of costs in the offshore Oil & Gas sector The time lag on deep sea projects and the predicted fall in utilization rates of deep sea drilling equipment has…
APPENDICES 54 05/03/2014 2013 results presentation Buildin g together a sea of tr ust
Income statement (1/2) Change 2013 2012 2013/ 2012 Number of vessels * (end of period) 485 458 +6% In millions of euros Revenues 1,311.9 1,186.9 +10.5% Direct cost (excluding bareboat charter costs) (719.7) (684.1) +5.2%…
Income statement (2/2) Change In millions of euros 2013 2012 2013/ 2012 Operating income (EBIT) 302.6 161.6 +87.3% Financial income (135.6) (87.0) +55.9% Cost of net debt (73.0) (71.9) Other financial income and expenses…
Consolidated balance sheet Dec 31, Dec 31, Dec 31, Dec 31 , ASSETS (in millions of euros) LIABILITIES (in millions of euros) 2013 2012 2013 2012 Shareholders' equity 1,485 1,412 Net properties and equipment 2,538 3,327 Financial debt…
Cash Flow In millions of euros December 31, 2013 Net cash as of December 31, 2012 37.5 Net cash flow from operating activities 340.6 Net cash flow from investing activities 122.3 Net cash flow from financing activities (inc.…
Marine Services Activity Change 2013 2012 2013/ 2012 Number of vessels* (end of period) 466 439 +6.1% Utilization rate 83.0% 83.9% -0.9 pt In millions of euros Revenues 1,064.7 972.2 +9.5% Direct costs & General and…
Marine Services Deepwater offshore vessels Change 2013 2012 2013/ 2012 Number of vessels* (end of period) 72 72 - Utilization rate 88.9% 91.6% -2.7 pts In millions of euros Revenues 391.6 360.8 +8.5% Direct costs &…
Marine Services Shallow offshore vessels Change 2013 2012 2013/ 2012 Number of vessels* (end of period) 122 102 +19.6% Utilization rate 89.8% 89.9% -0.1pt In millions of euros Revenues 376.0 336.7 +11.7% Direct costs &…
Marine Services Crewboats Change 2013 2012 2013/ 2012 Number of vessels* (end of period) 272 265 +2.6% Utilization rate 78.7% 79.6% -0.9pt In millions of euros Revenues 297.2 274.8 +8.2% Direct costs & General and…
Subsea Services Activity Change 2013 2012 2013/ 2012 Number of vessels* (end of period) 18 18 - Utilization rate 90.2% 88.1% +2.1 pts In millions of euros Revenues 223.3 190.0 +17.5% Direct costs & General and…
KEY FACTORS Operating cost index Operating costs + structural costs of Marine and Subsea vessels (excluding taxes and duties on revenues) for 2013 Breakdown of operating costs Number of full-time equivalent vessels for 2013 Unit…
Key factors Fleet as of December 31, 2013 Average Vessels on Operating vessels TOTAL age order wholly- on bareboat TOTAL owned charter Total Marine Services 439 27 466 6.3 45 511 Deepwater offshore 65 7 72 8.5 19 91…
Activity Key data 2013 Marine Services Subsea Services Deepwater Shallow water Crewboats offshore offshore By Half-Year By Half-Year H1 2013 H2 2013 H1 2013 H2 2013 H1 2013 H2 2013 H1 2013 H2 2013 Number of vessels 73 72 109 122…
Key factors technical availability rate Sharp increase in technical availability rate Availability rate 2012 2013 Fleet total 94,3% 94.5 % 100 Maintenance operation on the Bourbon Thmis and Bourbon Ox at the Abidjan Repair…
BOURBON Contractualization as of December31, 2013 Contractualization Average residual term Average residual term rate of firm contracts including options Deepwater offshore vessels 77.8 % 11.8 months 22.3 months Shallow water…
Expected deliveries Number of vessels (including vessels under construction as part of the agreement signed with ICBCL Deliveries Deliveries Deliveries Deliveries TOTAL H1 2014 H2 2014 H1 2015 H2 2015 Valeur in m (excluding…
DISCLAIMER This document may contain information other than historical information, which constitutes estimated, provisional data concerning the financial position, results and strategy of BOURBON. These projections are based on…
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