Skip to main content H1 2012 RESULTS – Bourbon Investor Presentation | Shale Experts
Loading...
Pm

H1 2012 RESULTS – Bourbon

Bourbon · Aug 29, 2012 · 57 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. H1 2012 RESULTS – Bourbon – slide 1
    www.bourbon-online.com 2012 First half results Information Meeting August 29, 2012 B EFFICIENT
  2. H1 2012 RESULTS – Bourbon – slide 2
    Financial Results Laurent RENARD Executive Vice President Finance & Administration 2
  3. H1 2012 RESULTS – Bourbon – slide 3
    BOURBON Context Oil barrel price (/d) / rate 140 1,6 120 113 100 111 1,4 1.38 1.40 1.30 80 60 1,2 H1 2011 H2 2011 H1 2012 H1 2011 H2 2011 H1 2012 3
  4. H1 2012 RESULTS – Bourbon – slide 4
    BOURBON Income statement Change % In millions of euros H1 2012 H2 2011 H1 2011 H1 2012/ H1 2011 Number of owned vessels (end of period) 446 437 424 +5% Capital employed 3,456 3,397 3,294 Gross Capital Expenditure 169 189 175…
  5. H1 2012 RESULTS – Bourbon – slide 5
    BOURBON Income statement Change m In millions of euros H1 2012 H2 2011 H2 2011 H1 2012/ H1 2011 Operating Income (EBIT) 63.8 42.2 43.1 +20.7 Financial Income (32.3) (8.9) (62.7) Cost of net debt (33.7) (34.2) (30.2) -3.5 Other…
  6. H1 2012 RESULTS – Bourbon – slide 6
    BOURBON Income statement Revenues: o Slower fleet expansion o Better prices o Stronger dollar Operating Income (EBIT): o Increase proportionally higher than for revenues o Better cost control for crewboats o Impact of planned…
  7. H1 2012 RESULTS – Bourbon – slide 7
    Marine Services Titre Income statem ent Sous-titre Change % H1 2012 H2 2011 H1 2011 H1 2012/ H1 2011 Number of owned vessels (end of period) 428 418 406 +5.5% Utilization rate 83.2% 84.3% 83.4% -0.2 pt In millions of euros…
  8. H1 2012 RESULTS – Bourbon – slide 8
    Marine Services Deepwater Offshore vessels Change % H1 2012 H2 2011 H1 2011 H1 2012/ H1 2011 Number of owned vessels (end of period) 71 70 70 +1.4% Utilization rate 91.9% 92.1% 87.5% +4.4 pts In millions of euros Revenues 175.0…
  9. H1 2012 RESULTS – Bourbon – slide 9
    Marine Services Shallow water Offshore vessels Change % H1 2012 H2 2011 H1 2011 H1 2012/ H1 2011 Number of owned vessels (end of period) 97 91 85 +14.1% Utilization rate 88.5% 87.5% 87.5% +1 pt In millions of euros Revenues…
  10. H1 2012 RESULTS – Bourbon – slide 10
    Marine Services Crewboats vessels Change % H1 2012 H2 2011 H1 2011 H1 2012/ H1 2011 Number of owned vessels (end of period) 260 257 251 +3.6% Utilization rate 78.9% 80.9% 80.8% -1.9 pt In millions of euros Revenues 131.6 119.4…
  11. H1 2012 RESULTS – Bourbon – slide 11
    Subsea Services Income statement Change % H1 2012 H2 2011 H1 2011 H1 2012/ H1 2011 Number of owned vessels (end of period) 17 18 17 - Utilization rate 87.7% 92.7% 94.2% -6.5 pts In millions of euros Revenues 92.1 90.4 82.4…
  12. H1 2012 RESULTS – Bourbon – slide 12
    Balance sheet June 30, 2012 Slower growth of operating fleet, leading to stabilization of capital employed In millions of euros June 30, December 31, 2012 2011 Fleet in operation 2,568 2,493 Fleet under construction 709 711 Other…
  13. H1 2012 RESULTS – Bourbon – slide 13
    Financing of investments First half 2012 200 In millions of euros 57% 150 100 Taxes, 43% 50 interest, dividends 0 Cash generated Net cash from Change in net Gross capital from activity debt expenditure…
  14. H1 2012 RESULTS – Bourbon – slide 14
    Net operating debt June 30, 2012 In millions of euros 2,050 709 1, 387 1,341 Vessels under construction installments Shareholders equity Net debt as of Net operating as of June 30, 2012 June 30, 2012 debt 14
  15. H1 2012 RESULTS – Bourbon – slide 15
    BOURBON Further financing negotiated Renewed confidence of French banks Signing of a new club deal for 240 million euros with 8 of BOURBONs historic banks Continued geographic diversification of the banking pool New borrowings…
  16. H1 2012 RESULTS – Bourbon – slide 16
    Conclusion 17.7% growth in revenues, thanks mainly to better prices and satisfactory utilization rates Gross operating income (EBITDA) up 27.2% and operating income (EBIT) up 48.2%, more than proportional to the increase in…
  17. H1 2012 RESULTS – Bourbon – slide 17
    Activities Gal BODNS Executive Vice-President and Chief Operating Officer 17
  18. H1 2012 RESULTS – Bourbon – slide 18
    Key factors Safety performance 1st half 2012 Safety is every ones priority 2,28 2.21 2.00 2012 Objectives LTIR 0,00 TRIR 0,70 1.14 1,36 1.00 1.12 0.75 1,06 0.70 0.65 0.68 0.68 0.64 20.6 million hours 0.22 worked in…
  19. H1 2012 RESULTS – Bourbon – slide 19
    Key factors Change in workforce 280 new employees incorporated in H1 2012 Asia / Oceania Distribution of employees 16% Europe Americas 80 36% 14% nationalities 83% 17% Africa 34% Seagoing personnel Onshore…
  20. H1 2012 RESULTS – Bourbon – slide 20
    Key factors Fleet 445 vessels in operation Average age 5.8 years Figures at June 30, 2012 Le Bourbon Liberty 301 96* vessels on order Bourbon Liberty 301 Availability rate *N.B: Typhoon Haikui hit Zhejiang Shipyard…
  21. H1 2012 RESULTS – Bourbon – slide 21
    Key factors Supply + IMR vessels In % Higher rates In //d 100 Satisfactory utilisation rates 21000 95 92% 90 87% 19500 85 80 +6% 75 18000 70 65 16500 60 55 50 15000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2009…
  22. H1 2012 RESULTS – Bourbon – slide 22
    Dashboard indicators By activity Marine Services: increasing rates Deepwater offshore segment Shallow water offshore segment Crewboats segment Subsea Services: steady activity Bourbon Enterprise on a trenching operation…
  23. H1 2012 RESULTS – Bourbon – slide 23
    Deepwater offshore segment 1st half 2012 Market: In Mexico: budgets revised upwards to resolve production issues In Africa: demand remains modest for AHTS but new projects are requesting modern PSV In Asia: demand is increasing,…
  24. H1 2012 RESULTS – Bourbon – slide 24
    Dashboard indicators Deepwater offshore segment Stable utilization rate Stable average daily rates 100% 21 000 92% 20 000 90% 19 000 87% 18 000 80% 17 000 16 000 70% 15 000 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1…
  25. H1 2012 RESULTS – Bourbon – slide 25
    Shallow water offshore segment 1st half 2012 Market: Upturn in activity after the monsoon in Asia Production platform maintenance market is active in West Africa Improvement in utilization rates at the upper end of the 80T AHTS…
  26. H1 2012 RESULTS – Bourbon – slide 26
    Dashboard indicators Shallow water offshore segment Stable utilization rates Higher average daily rates 100% 14 000 92% + 3,6% 90% 13 500 87% 13 000 + 4,7 % 80% 12 500 70% 12 000 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1…
  27. H1 2012 RESULTS – Bourbon – slide 27
    Crewboat segment 1st half 2012 Market: Sustained activity in Africa during the 1st half Recovery of crewboat activity in Asia, particularly in Malaysia and Thailand Daily rates increasing at the upper end of the large crewboat…
  28. H1 2012 RESULTS – Bourbon – slide 28
    Dashboard indicators Crewboat segment Lower utilization rates for small crewboats Higher average daily rates 100% 5 000 90% + 7,1% 85% 4 500 + 2,3% 80% 70% 4 000 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q1…
  29. H1 2012 RESULTS – Bourbon – slide 29
    Subsea Services activity 1st half 2012 Market: Tree awards Contractors order book up 25% in a year +37% X-tree awards grow by +37% by 2015 4 new orders at the upper end of the large IMR segment Upturn in the seasonal North Sea…
  30. H1 2012 RESULTS – Bourbon – slide 30
    Dashboard indicators Subsea Services activity Utilization rates impacted by Stable average daily rates planned class dockings 100% 40 000 92% 38 000 ** 90% 87% 36 000 34 000 80% 32 000 70% 30 000 Q1 2011 Q2 2011 Q3…
  31. H1 2012 RESULTS – Bourbon – slide 31
    FOCUS ON BOURBON LIBERTY Confirmation of success Technology transfer from deepwater offshore to shallow water offshore vessels 76 vessels successfully commissioned Strong operational reliability High utilization rates…
  32. H1 2012 RESULTS – Bourbon – slide 32
    FOCUS ON BOURBON LIBERTY Confirmation of success 76 vessels delivered and dedicated to operational excellence Cumulative number of vessels Logarithmic scale 111 + 23% / yr 100 76 + 34% / yr + 236% / yr 10 Bourbon Liberty…
  33. H1 2012 RESULTS – Bourbon – slide 33
    FOCUS ON BOURBON LIBERTY Confirmation of success High utilization rates Utilization rates (%) 100 95 92% 90 87% 85 80 n.s. 75 70 65 60 55 Bourbon Liberty 100 & 200 50 T1 T2 T3 T4 T1 T2 T3 T4 T1 T2 T3 T4 T1 T2 T3…
  34. H1 2012 RESULTS – Bourbon – slide 34
    Performance recognized by the market Confirmation of success 2 Bourbon Liberty in towing operation off the Ivory Coast Bourbon Liberty 228 A worldwide presence Performance recognized by all clients West Africa Majors…
  35. H1 2012 RESULTS – Bourbon – slide 35
    Outlook MARKET The 182 drilling rigs under construction and the contractors substantial backlog boost the demand of vessels Average daily rates well oriented COMPREHENSIVE RANGE OF VESSELS In shallow water offshore, replacement…
  36. H1 2012 RESULTS – Bourbon – slide 36
    .. Strategy & Outlook Christian LEFVRE Chief Executive Officer 36
  37. H1 2012 RESULTS – Bourbon – slide 37
    Strategy & Outlook Operating and financial results on the right trend Market context continues to be favorable A rigorous investment strategy Teams focused on operational excellence and cost control 37
  38. H1 2012 RESULTS – Bourbon – slide 38
    BOURBON 2015 Leadership Strategy H1 2012 Growth H2 2011 Number of 446 2% 437 vessels Market well oriented with progressive price increase ACTIVITY Utilization rate 83.4% 1.2 pts 84.6 % Average daily rate 9,610 7% 8,981…
  39. H1 2012 RESULTS – Bourbon – slide 39
    Market context continues to be favorable Price per barrel trend is favorable for offshore Exploration-Production investments Oil barrel price (/d) 140 2013 Forecasts 113 125 Barclays 120 111 120 Pareto 114 Standard Chartered…
  40. H1 2012 RESULTS – Bourbon – slide 40
    Market context continues to be favorable Demand for deepwater offshore vessels Offshore Exploration-Production investments 1600 1400 1200 Number of vessels 1000 800 600 400 200 0 2009 2010 2011 2012 2013(e)…
  41. H1 2012 RESULTS – Bourbon – slide 41
    Market context continues to be favorable Clients are turning their back on old and/or obsolete vessels (AHTS/PSV) 100 90 80 70 60 Utilization % 50 40 Constructed Built up toearlier in 1991 and 1991* 30 Built…
  42. H1 2012 RESULTS – Bourbon – slide 42
    A rigorous investment strategy BOURBON is positioning on most promising markets Total estimated BOURBON orders orders** Market vs Orders August 2012 Nb vessels % Existing fleet AHTS PSV AHTS PSV AHTS PSV Deepwater offshore…
  43. H1 2012 RESULTS – Bourbon – slide 43
    A rigorous investment strategy Energy savings Investing in a fleet: High manoeuvrability Constructed in series at a competitive price Constructed in series at Energy savings High manoeuvrability competitive prices Diesel…
  44. H1 2012 RESULTS – Bourbon – slide 44
    A rigorous investment strategy 79% of our fleet already fully in line with our investment strategy (active fleet and vessels on order: AHTS, PSV, IMR as at June 30, 2012) Total strategic Partial strategic Not conforming BOURBON…
  45. H1 2012 RESULTS – Bourbon – slide 45
    Focused on operational excellence and cost control Progress towards excellence Strategic cooperation Commitment of personnel Consistency of the fleet with our clients 0% 100% 0% 100% 0% 100% Safety: deployment of OSM…
  46. H1 2012 RESULTS – Bourbon – slide 46
    Conclusion A promising market for offshore marine services A comprehensive fleet of innovative vessels offering clients high productivity throughout the world A rigorous investment strategy A focus on operational…
  47. H1 2012 RESULTS – Bourbon – slide 47
    APPENDICES 47
  48. H1 2012 RESULTS – Bourbon – slide 48
    Simplified Balance sheet June 30, 2012 June 30, Dec 31, June 30, Dec 31, In millions of euros 2012 2011 2012 2011 ASSETS LIABILITIES Shareholderss equity 1,387 1,417 Net property, plant and 3,319 3,244 Financial debt 1 year…
  49. H1 2012 RESULTS – Bourbon – slide 49
    Cash flow statement June 30, 2012 In millions of euros Net cash as of December 31, 2011 (44.0) Net cash flow from operating activities 168.1 Net cash flow from investing activities (164.1) of which property, plant and equipment…
  50. H1 2012 RESULTS – Bourbon – slide 50
    BOURBON Key data 1rst half 2012 Subsea Marine Services Services Deep Shallow Crewboats IMR Number of vessels (end of period) 71 97 260 78 17 Utilization rates 91.9% 88.5% 78.9% 73,2% 87.7% Revenues (m) 175.0 153.8 131.6…
  51. H1 2012 RESULTS – Bourbon – slide 51
    Key factors Position of the fleet as of June 30, 2012 North Sea: 9 vessels France : 8 vessels Bourbon Clear, the 4th vessel in the PX105 series American Continent Mediterranean 55 vessels Middle-East - India 30 vessels…
  52. H1 2012 RESULTS – Bourbon – slide 52
    Key factors Client portfolio at 30 June 2012 OTHER 38,0% 3,0% PEMEX 3,0% ENI FRENCH NAVY 3,0% 5,0% SUBSEA 7 SHELL 3,0% PETROBRAS 6,0% 5,0% CHEVRON BP 3,0% EXXON 9,0% Punta Delgada in Mexico, under contrat with…
  53. H1 2012 RESULTS – Bourbon – slide 53
    Key factors Fleet as of June 30 , 2012 Operating Vessels on Average age TOTAL vessels order Total Marine Services 428 5,9 87 515 Deepwater offshore vessels 71 7,8 24 95 Shallow water offshore 97 4,3 40 137 vessels…
  54. H1 2012 RESULTS – Bourbon – slide 54
    Activity Key data H1 2012 Marine Services Subsea Deepwater Shallow Services water Crewboats offshore Bourbon Front offshore Number of vessels 71 97 260 17 as of 06/30/2012 Utilization rate 91.9 % 88.5 % 78.9 % 87.7…
  55. H1 2012 RESULTS – Bourbon – slide 55
    BOURBON Contractualization as of 06/30/2012 Average residual Average residual Contractualization term of firm term including rate contracts options Deepwater offshore fleet 84.5 % 16.4 months 28.9 months Shallow water…
  56. H1 2012 RESULTS – Bourbon – slide 56
    Expected deliveries Number of vessels Deliveries Deliveries Deliveries Deliveries Value m (excl. TOTAL financial expense) H2 2012 H1 2013 H2 2013 2014 2015 Deepwater 2 1 4 17 24 offshore vessels 51 36 81 357 525m Shallow water…
  57. H1 2012 RESULTS – Bourbon – slide 57
    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…

From the store

Browse maps, data & reports in the Shale Experts store